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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 September 30, 20162017

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.)
   
1981 Marcus Avenue, Suite 130, Lake Success, New York 11042
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
____________________________________________  

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 and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted 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, or a smaller reporting company or an emerging growth company (all as defined in Rule 12b-2 of the Exchange Act).
Large accelerated filer ¨oAccelerated filer x
      
Non-accelerated filer ¨oSmaller reporting company ¨o
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 November 7, 20162017 there were 14,605,46418,004,247 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.
 

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TABLE OF CONTENTS
 
  Page
   
PART I - FINANCIAL INFORMATION
   
Item 1.
Financial Statements:
 
   
 
Condensed Consolidated Statements of Assets and Liabilities as of September 30, 20162017 (Unaudited) and December 31, 20152016
1
   
 
Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 20162017 and 20152016
2
   
 
Condensed Consolidated Statement of Changes in Net Assets (Unaudited) for the nine months ended September 30, 20162017
3
   
 
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 20162017 and 20152016
4
   
 
Consolidated Schedule of Investments as of September 30, 20162017 (Unaudited) and December 31, 20152016
6
   
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
123150
   
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
144174
   
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
167196
   
Item 4.
Controls and Procedures
169198
   
PART II - OTHER INFORMATION
   
Item 1.
Legal Proceedings
170199
   
Item 1A.
Risk Factors
170199
   
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
175199
   
Item 3.
Defaults Upon Senior Securities
175199
   
Item 4.
Mine Safety Disclosures
175199
   
Item 5.
Other Information
175199
   
Item 6.
Exhibits
175199

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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
2021 Notes7% Notes due 2021
2022 Notes7.5% Notes due 2022
ASCAccounting Standards Codification, as issued by the FASB
ASUAccounting Standards Updates, as issued by the FASB
ATM Equity Distribution AgreementAt the Market equity distribution agreement dated March 20, 2017 with JMP Securities, LLC, Compass Point Research & Trading, LLC and Ladenburg Thalman & Co., Inc., each Placement Agents. Amended and restated on September 6, 2017 to include D.A. Davidson as a Placement Agent
BDCBusiness Development Company under the 1940 Act
BoardThe Company's board of directors
Capital OneCapital One Bank, N.A.
CodeInternal Revenue Code of 1986, as amended
DRIPDividend reinvestment plan
EBITDAEarnings before interest, taxes, depreciation and amortization
Equity Incentive PlanThe Company's 2015 Equity Incentive Plan
Exchange ActSecurities and Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
Goldman FacilityCredit and Guaranty Agreement between UPSW and NTS and GS Bank; amended on September 18, to include Premier as a borrower; amended on June 21, 2017 to include BSP and SBL as borrowers
Goldman SachsGoldman Sachs Bank
LIBORLondon Interbank Offered Rate
Related Party RLOCUnsecured revolving line of credit agreement between UPSW, NTS, Premier, BSP and SBL as lenders and Newtek as borrower
PLPPreferred Lender Program, as authorized by the SBA
RICRegulated investment company under the Code
S&PStandard and Poor's
SBAUnited States Small Business Administration
SECSecurities and Exchange Commission
SMBSmall-and-medium sized businesses
SterlingSterling National Bank
Sterling 504 FacilityLoan and Security Agreement between NBCS and Sterling, as lender to fund SBA 504 loans
Sterling Receivable and Inventory FacilityLoan and Security Agreement between NBCS and Sterling, as lender to fund accounts receivable and inventory financing arrangements
Taxable SubsidiariesCompanies formed by Newtek which are taxed as corporations for income tax purposes
TrusteeU.S. Bank, N.A.
U.S. GAAPGenerally accepted accounting principles in the United States
Portfolio Companies and Subsidiaries

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NSBFNewtek Small Business Finance, LLC, a consolidated subsidiary which operates as a nationally licensed SBA lender under the federal Section 7(a) program with PLP status
UPSWUniversal Processing Services of Wisconsin, LLC dba Newtek Merchant Solutions, a wholly-owned controlled portfolio company which markets credit and debit card processing services, check approval services, processing equipment and software
PremierPremier Payments LLC, a wholly-owned controlled portfolio company which markets credit and debit card processing services, check approval services, processing equipment and software
NTSNewtek Technology Solutions, Inc., a wholly-owned controlled 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
IPMInternational Professional Marketing, Inc., a wholly-owned controlled portfolio company which provides consulting, design and implementation of technology solutions for enterprise and commercial clients
SIDCOSIDCO, LLC dba Cloud Nine, a wholly-owned controlled portfolio company which provides consulting, design and implementation of technology solutions for enterprise and commercial clients
EWSExcel WebSolutions, LLC, a controlled portfolio company which provides web design services to SMB's
NBCSCDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company which provides receivable and inventory financing, management services and managerial assistance to SMBs and originates loans under the SBA 504 loan program
SBLSmall Business Lending, LLC, a wholly-owned controlled portfolio company which provides third-party loan services for SBA and non-SBA loans
BSPADR Partners, LLC dba banc-serv Partners, LLC, a wholly-owned controlled portfolio company which provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing
NPSPMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company which provides payroll management, payment and tax reporting services to SMBs
NIANewtek Insurance Agency, LLC, a wholly-owned controlled portfolio company which specializes in the sale of commercial and health/benefits insurance products to the SMB market as well as various personal lines of insurance
TAMTitanium Asset Management LLC, a wholly-owned controlled portfolio company which provides 24/7 customer service and call center support



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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
 September 30, 2016 December 31, 2015
ASSETS(Unaudited) (Note 1)
Investments, at fair value   
SBA unguaranteed non-affiliate investments (cost of $204,459 and $166,752, respectively; includes $135,075 and $146,463, respectively, related to securitization trusts)$196,624
 $158,355
SBA guaranteed non-affiliate investments (cost of $7,849 and $2,069, respectively)8,754
 2,284
Controlled investments (cost of $41,094 and $35,781, respectively)120,420
 104,376
Non-control/non-affiliate investments (cost of $1,020 and $1,847, respectively)1,020
 1,824
Investments in money market funds (cost of $35 and $35, respectively)35
 35
Total investments at fair value326,853
 266,874
Cash and cash equivalents2,718
 4,308
Restricted cash24,781
 22,869
Broker receivable21,495
 32,083
Due from related parties3,012
 3,056
Servicing assets, at fair value15,619
 13,042
Credits in lieu of cash, at fair value216
 860
Other assets10,155
 9,338
Total assets$404,849
 $352,430
LIABILITIES AND NET ASSETS   
Liabilities:   
Bank notes payable$49,919
 $29,100
Notes due 2022 (Note 7)7,832
 7,770
Notes due 2021 (Note 7)38,680
 —
Notes payable - Securitization trusts (Note 7)73,471
 89,244
Dividends payable—
 5,802
Notes payable - related parties7,400
 5,647
Due to related parties1,191
 256
Notes payable in credits in lieu of cash, at fair value216
 860
Deferred tax liability5,327
 857
Accounts payable, accrued expenses and other liabilities12,641
 8,945
Total liabilities196,677
 148,481
Commitments and contingencies (Note 8)   
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, 14,594 and 14,509 issued and outstanding, respectively)292
 290
Additional paid-in capital188,647
 189,031
Undistributed net investment income(3,150) 4,437
Net unrealized appreciation, net of deferred taxes14,128
 8,062
Net realized gains8,255
 2,129
Total net assets208,172
 203,949
Total liabilities and net assets$404,849
 $352,430
Net asset value per common share$14.26
 $14.06
See accompanying notes to unaudited condensed consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
 September 30, 2017 December 31, 2016
ASSETS(Unaudited) (Note 1)
Investments, at fair value   
SBA unguaranteed non-affiliate investments (cost of $265,132 and $219,784, respectively; includes $176,934 and $197,927, respectively, related to securitization trusts)$257,136
 $211,471
SBA guaranteed non-affiliate investments (cost of $21,637 and $10,262, respectively)24,088
 11,512
Controlled investments (cost of $58,891 and $41,001, respectively)136,949
 121,302
Non-control/non-affiliate investments (cost of $0 and $904, respectively)—
 904
Investments in money market funds (cost of $9 and $35, respectively)9
 35
Total investments at fair value418,182
 345,224
Cash and cash equivalents3,915
 2,051
Restricted cash26,602
 20,845
Broker receivable25,003
 2,402
Due from related parties2,553
 3,748
Servicing assets, at fair value19,092
 16,246
Other assets10,980
 10,934
Total assets$506,327
 $401,450
LIABILITIES AND NET ASSETS   
Liabilities:   
Bank notes payable$66,146
 $5,100
Notes due 2022 (Note 7)7,915
 7,853
Notes due 2021 (Note 7)39,027
 38,767
Notes payable - Securitization trusts (Note 7)95,376
 118,122
Notes payable - related parties20,541
 1,400
Due to related parties812
 1,227
Deferred tax liabilities5,240
 5,983
Accounts payable, accrued expenses and other liabilities15,658
 13,904
Total liabilities250,715
 192,356
Commitments and contingencies (Note 8)   
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, 17,730 and 14,624 issued and outstanding, respectively)355
 293
Additional paid-in capital234,955
 188,472
(Distributions in excess of)/undistributed net investment income(3,069) 8,092
Net unrealized appreciation, net of deferred taxes11,347
 13,008
Net realized gains/(losses)12,024
 (771)
Total net assets255,612
 209,094
Total liabilities and net assets$506,327
 $401,450
Net asset value per common share$14.40
 $14.30

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
 Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015
Investment income:       
From non-affiliate investments:       
Interest income$2,583
 $2,153
 $7,404
 $6,509
Servicing income1,551
 1,262
 4,581
 3,373
Other income692
 472
 1,913
 1,331
Total investment income from non-affiliate investments4,826
 3,887
 13,898
 11,213
From controlled investments:       
Interest income92
 58
 251
 202
Dividend income2,933
 3,093
 7,719
 5,967
Other income—
 —
 —
 12
Total investment income from controlled investments3,025
 3,151
 7,970
 6,181
Total investment income7,851
 7,038
 21,868
 17,394
Expenses:       
Salaries and benefits3,439
 3,444
 10,412
 9,600
Stock-based compensation226
 —
 226
 —
Interest2,341
 1,864
 5,804
 4,948
Depreciation and amortization84
 87
 209
 257
Loss on lease(152) (74) 1,335
 (218)
Other general and administrative costs4,038
 3,208
 11,468
 9,069
Total expenses9,976
 8,529
 29,454
 23,656
Net investment loss(2,125) (1,491) (7,586) (6,262)
Net realized and unrealized gains (losses):       
Net realized gain on non-affiliate investments8,716
 6,620
 22,536
 21,659
Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments(78) (48) 690
 (3,210)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments1,418
 (531) 869
 (1,667)
Net unrealized appreciation on controlled investments4,638
 770
 10,362
 10,289
Provision for deferred taxes on unrealized appreciation on controlled investments(2,028) —
 (4,469) —
Net unrealized depreciation on non-control/non-affiliate investments—
 —
 (43) —
Net unrealized depreciation on servicing assets(500) (565) (1,341) (1,177)
Net unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash(1) (6) (2) (4)
Net realized and unrealized gains12,165
 6,240
 28,602
 25,890
Net increase in net assets$10,040
 $4,749
 $21,016
 $19,628
Net increase in net assets per share$0.69
 $0.46
 $1.45
 $1.92
Net investment loss per share$(0.15) $(0.14) $(0.52) $(0.61)
Dividends declared per common share$0.43
 $—
 $1.13
 $0.86
Weighted average shares outstanding14,556
 10,318
 14,515
 10,244
1
See accompanying notes to unaudited condensed consolidated financial statements.


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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Investment income:       
From non-affiliate investments:       
Interest income$4,363
 $2,583
 $13,233
 $7,404
Servicing income1,794
 1,551
 5,163
 4,581
Other income705
 692
 2,266
 1,913
Total investment income from non-affiliate investments6,862
 4,826
 20,662
 13,898
From controlled investments:       
Interest income188
 92
 456
 251
Dividend income2,551
 2,933
 7,326
 7,719
Other income—
 —
 54
 —
Total investment income from controlled investments2,739
 3,025
 7,836
 7,970
Total investment income9,601
 7,851
 28,498
 21,868
Expenses:       
Salaries and benefits4,776
 3,665
 14,407
 10,638
Interest2,986
 2,341
 8,133
 5,804
Depreciation and amortization107
 84
 292
 209
Professional fees605
 807
 2,054
 2,519
Origination and servicing1,433
 1,537
 4,086
 4,190
Change in fair value of contingent consideration liabilities(748) —
 (748) —
Other general and administrative costs1,634
 1,542
 5,239
 6,094
Total expenses10,793
 9,976
 33,463
 29,454
Net investment loss(1,192) (2,125) (4,965) (7,586)
Net realized and unrealized gains (losses):       
Net realized gain on non-affiliate investments9,938
 8,716
 27,537
 22,536
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments1,151
 (78) 1,201
 690
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments(1,023) 1,418
 238
 869
Net unrealized (depreciation) appreciation on controlled investments(500) 4,638
 (2,243) 10,362
Change in provision for deferred taxes on unrealized depreciation (appreciation) on investments335
 (2,028) 745
 (4,469)
Net unrealized depreciation on non-control/non-affiliate investments—
 —
 —
 (43)
Net unrealized depreciation on servicing assets(632) (500) (1,601) (1,341)
Net unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash—
 (1) —
 (2)
Net realized and unrealized gains9,269
 12,165
 25,877
 28,602
Net increase in net assets$8,077
 $10,040
 $20,912
 $21,016
Net increase in net assets per share$0.46
 $0.69
 $1.22
 $1.45
Net investment loss per share$(0.07) $(0.15) $(0.29) $(0.52)
Dividends declared per common share$0.44
 $0.43
 $1.20
 $1.13
Weighted average shares outstanding17,487
 14,556
 17,076
 14,515

2
See accompanying notes to unaudited condensed consolidated financial statements.


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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
 Nine Months Ended September 30, 2016
Increase in net assets: 
Net investment loss$(7,586)
Net realized gain on investments22,536
Net change in unrealized appreciation on investments7,409
Net change in unrealized depreciation on servicing assets(1,341)
Net change in unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash(2)
Net increase in net assets21,016
Distributions to stockholders: 
Distributions to stockholders from net realized gains(16,367)
Capital share transactions: 
Issuance of common stock under dividend reinvestment plan588
Stock compensation226
Repurchase of common stock under share repurchase plan(866)
Net decrease in net assets from capital share transactions(52)
Other transactions: 
Return of dividends related to common stock issued in connection with litigation settlement2
Consolidation of Exponential Business Development Co., Inc. (Note 2)(376)
Net decrease in net assets from other transactions(374)
Total increase in net assets4,223
Net assets at beginning of period203,949
Net assets at end of period$208,172
Common shares outstanding at end of period14,594
Capital share activity: 
Shares issued under dividend reinvestment plan52
Restricted shares issued under Stock Incentive Plan103
Shares repurchased under share repurchase plan(70)
Net increase in capital activity85
 Nine Months Ended September 30, 2017
Increase in net assets: 
Net investment loss$(4,965)
Net realized gains on investments27,537
Net change in unrealized depreciation on investments(59)
Net change in unrealized depreciation on servicing assets(1,601)
Net increase in net assets20,912
Distributions to common stockholders: 
Dividends to common stockholders from net investment income(6,151)
Distributions to stockholders from net realized gains(14,686)
Total distributions to stockholders(20,837)
Capital share transactions: 
Issuance of common stock under dividend reinvestment plan475
Stock-based compensation expense904
Issuance of common stock in connection with investment in International Professional Marketing, Inc.1,000
Purchase of vested stock for employee payroll tax withholding(644)
Issuance of common stock, net of offering costs44,708
Net increase in net assets from capital share transactions46,443
Total increase in net assets46,518
Net assets at beginning of period209,094
Net assets at end of period (includes $3,069 of distributions in excess of net investment income)$255,612
Common shares outstanding at end of period17,750
Capital share activity: 
Shares issued under dividend reinvestment plan30
Shares issued in connection with public offerings3,043
Shares issued in connection with investment in International Professional Marketing, Inc.61
Purchase of vested stock for employee payroll tax withholding(38)
Restricted shares issued under Equity Incentive Plan, net of forfeitures10
Net increase in capital activity3,106

3
See accompanying notes to unaudited condensed consolidated financial statements.


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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015
Cash flows from operating activities:   
Net increase in net assets$21,016
 $19,628
Adjustments to reconcile net increase in net assets to net cash used in operating activities:   
Net unrealized appreciation on controlled investments(10,362) (10,289)
Net unrealized (appreciation) depreciation on non-affiliate investments(1,516) 4,877
Net unrealized depreciation on servicing assets1,341
 1,177
Realized gains on non-affiliate investments(23,299) (22,287)
Realized losses on non-affiliate investments763
 628
Loss on lease1,335
 218
Amortization of deferred financing costs921
 1,037
Deferred income taxes4,469
 —
Depreciation and amortization209
 257
Purchase of loan from SBA(2,057) (703)
Funding of controlled investments(6,175) (14,230)
Funding of non-control/non-affiliate investments(1,020) —
Originations of SBA guaranteed non-affiliate investments(166,212) (128,672)
Principal payments received from controlled investments1,800
 800
Principal payments received from non-control/non-affiliate investments910
 84
Proceeds from sale of SBA guaranteed non-affiliate investments183,452
 176,973
Originations of SBA unguaranteed non-affiliate investments(51,567) (39,084)
Payments received on SBA non-affiliate investments15,336
 14,191
Other, net527
 548
Changes in operating assets and liabilities:   
Net increase in investments in money market funds—
 2,964
Broker receivable10,588
 (22,238)
Due to/from related parties542
 (2,634)
Other assets470
 5,613
Accounts payable, accrued expenses and other liabilities1,300
 438
Change in restricted cash(1,923) (6,797)
Capitalized servicing assets(3,919) (3,589)
Other, net23
 101
Net cash used in operating activities(23,048) (20,989)
Cash flows from investing activities:   
Purchase of fixed assets(294) (93)
Cash flows from financing activities:   
Net borrowings (payments) on bank lines of credit20,819
 (12,007)
Net borrowings on related party line of credit1,753
 18,121
Repurchase of common stock under share repurchase plan(866) —
Proceeds from Notes due 2022—
 8,200


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015
Proceeds from Notes due 202140,250
 —
Payments on bank term note payable—
 (9,167)
Dividends paid(22,168) (8,787)
Payments on Notes Payable - Securitization Trusts(16,297) (13,786)
Issuance of senior notes, net of issuance costs—
 32,029
Change in restricted cash related to securitization trusts11
 (4,536)
Exponential of New York, LLC distribution to members—
 (2,414)
Additions to deferred financing costs(1,740) (1,274)
Other, net(10) (12)
Net cash provided by financing activities21,752
 6,367
Net decrease in cash and cash equivalents(1,590) (14,715)
Cash and cash equivalents—beginning of period4,308
 17,813
Cash and cash equivalents—end of period$2,718
 $3,098
    
Supplemental disclosure of cash flow activities:   
Non-cash operating, investing and financing activities:   
Reduction of credits in lieu of cash and notes payable in credits in lieu of cash balances due to delivery of tax credits to Certified Investors$652
 $1,043
Foreclosed real estate acquired$387
 $832
Reversal of deferred tax asset$—
 $2,870
Issuance of common shares in connection with acquisition of Premier Payments LLC$—
 $2,472
Issuance of common shares in connection with legal settlement$—
 $215
Issuance of common stock under dividend reinvestment plan$588
 $87
Fixed assets acquired from tenant improvement allowance$1,288
 $—
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Cash flows from operating activities:   
Net increase in net assets$20,912
 $21,016
Adjustments to reconcile net increase in net assets to net cash used in operating activities:   
Net unrealized depreciation (appreciation) on controlled investments2,243
 (10,362)
Net unrealized appreciation on non-affiliate investments(1,438) (1,516)
Net unrealized depreciation on servicing assets1,602
 1,341
Realized gains on non-affiliate investments(27,668) (23,299)
Realized losses on non-affiliate investments131
 763
Loss on lease249
 1,335
Amortization of deferred financing costs1,075
 921
Change in fair value of contingent consideration liabilities748
 —
Deferred income taxes(745) 4,469
Depreciation and amortization292
 209
Purchase of loan from SBA(3,821) (2,057)
Purchase of SBA 7(a) loan portfolio(175) —
Funding of controlled investments(27,000) (6,175)
Funding of non-control/non-affiliate investments(3,255) (1,020)
Originations of SBA guaranteed non-affiliate investments(200,620) (166,212)
Principal payments received from controlled investments12,332
 1,800
Principal payments received from non-control/non-affiliate investments3,255
 910
Return of investment from controlled investment50
 —
Proceeds from sale of SBA guaranteed non-affiliate investments217,016
 183,452
Originations of SBA unguaranteed non-affiliate investments(62,185) (51,567)
Payments received on SBA non-affiliate investments20,327
 15,336
Other, net1,139
 527
Changes in operating assets and liabilities:   
Net decrease in investments in money market funds26
 —
Broker receivable(22,601) 10,588
Due to/from related parties780
 542
Other assets437
 470
Accounts payable, accrued expenses and other liabilities(133) 1,300
Change in restricted cash(4,585) (1,923)
Capitalized servicing assets(4,447) (3,919)
Other, net(80) 23
Net cash used in operating activities(76,139) (23,048)
Cash flows from investing activities:   
Purchase of fixed assets(345) (294)
Cash flows from financing activities:   
Net borrowings on bank lines of credit61,046
 20,819

4
See accompanying notes to unaudited condensed consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Performing SBA Unguaranteed Investments (1)
                
JJA Transportation Management Inc. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026
 $52.5
 $52.5
 $44.7
 0.02%
Seaway LLC and Reklaw LLC dba Allure Lounge Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041
 137.5
 137.5
 142.9
 0.07%
MegaPhase, LLC Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/30/2026
 150.0
 150.0
 143.5
 0.07%
Adelwerth Bus Corporation, Transportation Leasing Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029
 654.0
 654.0
 624.8
 0.30%
Adelworth Bus Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2041
 242.8
 242.8
 237.5
 0.11%
Thunderdome Racing Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/29/2026
 19.1
 19.1
 18.7
 0.01%
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/29/2029
 671.5
 671.5
 624.8
 0.30%
Las Casuelas Del Este Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2041
 800.0
 800.0
 813.2
 0.39%
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2041
 405.8
 405.8
 383.4
 0.18%
CNC Precision Machine, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041
 1,250.0
 1,250.0
 1,235.1
 0.59%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2026
 648.0
 648.0
 593.0
 0.28%
CD Game Exchange Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2026
 22.5
 22.5
 19.2
 0.01%
Beadon Inc Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026
 22.5
 22.5
 22.3
 0.01%
Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med Printing and Related Support Activities Term Loan Prime plus 2.75% 9/28/2041
 850.0
 850.0
 883.4
 0.42%
Kyle M Walker DDS,PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026
 217.8
 217.8
 191.1
 0.09%
Luna Nueva LLC dba Bio Builders Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2026
 15.0
 15.0
 13.2
 0.01%
Reynolds Fence & Guardrail Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026
 629.6
 629.6
 603.6
 0.29%
Luv 2 Play Nor Call, LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026
 52.5
 52.5
 46.8
 0.02%
Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sarah S Olelewe MD Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2041
 292.4
 292.4
 289.7
 0.14%
PeopleBest Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026
 15.0
 15.0
 12.8
 0.01%
TPFC,LLC dbaThe Picture Frame Company Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041
 58.8
 58.8
 58.3
 0.03%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026
 9.0
 9.0
 8.8
 —%
Mr. Mulch, Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2041
 405.8
 405.8
 376.8
 0.18%
B4 Fitness LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/23/2026
 87.5
 87.5
 79.0
 0.04%
GRA Financial Services Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/22/2026
 12.0
 12.0
 10.2
 —%
InformationTelevision Network Inc Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 9/22/2041
 836.8
 836.8
 859.0
 0.41%
Kids at Heart,LLC dba Monster Mini Golf Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/22/2026
 22.5
 22.5
 19.5
 0.01%
Wrecking Crew Media LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026
 50.0
 50.0
 42.6
 0.02%
Cuppiecakes LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041
 22.5
 22.5
 22.2
 0.01%
Benoit's Towing and Recovery LLC Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026
 12.0
 12.0
 10.4
 —%
Consulting Solutions Inc. and Mark Luciani Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026
 22.5
 22.5
 21.1
 0.01%
Brittany Burns LLC dba Dreams Come True Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2026
 12.9
 12.9
 13.0
 0.01%
Eyncon LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/16/2041
 50.0
 50.0
 50.0
 0.02%
Tresa S.Parris dba Wagging Tails Grooming Personal and Laundry Services Term Loan Prime plus 2.75% 9/16/2026
 8.0
 8.0
 6.8
 —%
The Merrin Group LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2026
 175.0
 175.0
 166.8
 0.08%
Atlantic Alarm Systems and Services LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/14/2026
 15.5
 15.5
 13.6
 0.01%
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Net borrowings on related party line of credit19,141
 1,753
Repurchase of common stock under share repurchase plan—
 (866)
Proceeds from common shares sold, net of offering costs44,708
 —
Purchase of vested stock for employee payroll tax withholding(644) —
Proceeds from Notes due 2021—
 40,250
Dividends paid(20,836) (22,168)
Payments on Notes Payable - Securitization Trusts(23,414) (16,297)
Change in restricted cash related to securitization trusts(1,172) 11
Additions to deferred financing costs(480) (1,740)
Other, net(1) (10)
Net cash provided by financing activities78,348
 21,752
Net increase (decrease) in cash and cash equivalents1,864
 (1,590)
Cash and cash equivalents—beginning of period2,051
 4,308
Cash and cash equivalents—end of period$3,915
 $2,718
    
Supplemental disclosure of cash flow activities:   
Non-cash operating, investing and financing activities:   
Reduction of credits in lieu of cash and notes payable in credits in lieu of cash balances due to delivery of tax credits$—
 $652
Foreclosed real estate acquired$212
 $387
Issuance of common shares in connection with investment in International Professional Marketing, Inc.$1,000
 $—
Issuance of common stock under dividend reinvestment plan$477
 $588
Fixed assets acquired from tenant improvement allowance$—
 $1,288


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Rich's Food Stores LLC dba Hwy 55 of Wallace Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2026
 145.5
 145.5
 139.4
 0.07%
Metropet Dog Center, Inc Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041
 109.3
 109.3
 109.6
 0.05%
Marquis Cattle Company Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026
 50.0
 50.0
 50.5
 0.02%
Bingham Enterprises, Inc and Full Belli Deli and Sausage Company Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2041
 82.5
 82.5
 79.8
 0.04%
Artisan Infrastructure Holdings, LLC Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/7/2026
 125.0
 125.0
 106.5
 0.05%
SRA Mechanicial Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041
 43.8
 43.8
 45.2
 0.02%
Sandia Enterprises Inc dba Massage Envy Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/6/2026
 62.5
 62.5
 53.3
 0.03%
Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026
 125.0
 125.0
 109.2
 0.05%
Suncrest Stone Products LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 8/29/2026
 586.8
 586.8
 523.7
 0.25%
Clark Realty LLC Real Estate Term Loan Prime plus 2.75% 8/29/2041
 237.5
 237.5
 226.0
 0.11%
Raem Corporation dba Dryclean Express Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041
 72.5
 72.5
 74.3
 0.04%
Suncrest Stone Products LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 8/29/2041
 649.6
 649.6
 599.2
 0.29%
TAGR Inc dba Miami Grill 137and John Nakis Food Services and Drinking Places Term Loan Prime plus 2.75% 8/26/2026
 106.8
 106.8
 93.3
 0.04%
Warren Dale Warrington dba Custom Paint and Body Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041
 101.3
 101.3
 102.2
 0.05%
Albert Basse Associates Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026
 62.5
 62.5
 62.2
 0.03%
TR Companies LLC dba True Value Rental and Liberty Rental 4 U Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026
 90.0
 90.0
 76.7
 0.04%
Tabadesa Associates Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/25/2026
 22.5
 22.5
 19.2
 0.01%
Avery Management Inc. dba Whetstone Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026
 10.7
 10.7
 9.1
 —%
Dean Technology Inc Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 8/25/2041
 387.1
 387.1
 398.5
 0.19%
Rosmel Pools Inc Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026
 22.5
 22.5
 19.6
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041
 500.0
 251.9
 261.9
 0.13%
Tim's Tire & Automotive Center, LLC Support Activities for Transportation Term Loan Prime plus 2.75% 8/16/2026
 816.6
 816.6
 737.6
 0.35%
Luv 2 Play Temecula, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026
 60.0
 60.0
 51.1
 0.02%
Bear Creek Entertainment LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 8/12/2041
 437.5
 81.2
 84.4
 0.04%
2 Cool Beans LLC dba Menchies's Frozen Yogurt Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026
 82.5
 82.5
 70.3
 0.03%
Grayson O Company Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041
 625.0
 625.0
 643.2
 0.31%
PCNKC Inc dba Plato's Closet Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/10/2026
 18.8
 18.8
 16.4
 0.01%
Charal Investments LLC dba Orange Theory Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/10/2026
 87.5
 87.5
 74.6
 0.04%
Paul Belanger dba Paul Belanger Landscaping Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026
 15.0
 15.0
 12.8
 0.01%
303 Tower Drive LLC Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041
 400.3
 399.7
 405.6
 0.19%
Nicolette Reiser dba Comfort & Balance Personal and Laundry Services Term Loan Prime plus 2.75% 7/29/2041
 75.0
 74.9
 75.5
 0.04%
R Performance LLC dba Performance Automotive of San Diego Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026
 15.0
 14.9
 13.1
 0.01%
The Hungry Rhino LLC Real Estate Term Loan Prime plus 2.75% 7/29/2041
 76.3
 76.1
 75.3
 0.04%
Little Tree Huggers Child Care LLC Social Assistance Term Loan Prime plus 2.75% 7/29/2041
 140.0
 139.8
 144.7
 0.07%
USA General Investment LLC dba Braniff Paint and Body Shop Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026
 22.5
 22.4
 19.7
 0.01%
MacIver Corporation dba Division Camera Rental and Leasing Services Term Loan Prime plus 2.75% 7/28/2026
 1,250.0
 1,242.4
 1,163.6
 0.56%
J And G Group Services LLC and United Vending of Florida Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/28/2026
 31.5
 31.3
 27.9
 0.01%
Intrepid Trinity LLC Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041
 62.5
 62.4
 62.7
 0.03%
Apple Tree NC Inc dba Williams Farm & Garden Center Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041
 337.0
 336.5
 329.4
 0.16%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026
 300.0
 298.2
 254.1
 0.12%
676 Club LP dba The Green Door Tavern/The Drifter Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041
 670.0
 669.1
 684.7
 0.33%
KJCKD Inc dba Camelot Print & Copy Centers/Copy A Second Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2041
 587.0
 586.2
 581.8
 0.28%
EPEC Juice LLC dba Jamba Juice Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 82.5
 82.5
 70.3
 0.03%
Kidtastic LLC dba The Little Gym of Audubon Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/27/2026
 53.8
 53.4
 45.5
 0.02%
GF Libations Inc dba Minuteman Press Printing and Related Support Activities Term Loan Prime plus 2.75% 7/27/2041
 40.5
 40.3
 35.5
 0.02%
Peckett's Inc Crop Production Term Loan Prime plus 2.75% 7/27/2041
 225.0
 224.7
 233.5
 0.11%
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 125.0
 124.2
 105.9
 0.05%
Pinco Pizza LLC dba Jet's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 72.9
 72.9
 71.3
 0.03%
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026
 91.0
 90.6
 82.3
 0.04%
Gino Italian American Deli and Meat Market Inc Food and Beverage Stores Term Loan Prime plus 2.75% 7/25/2041
 536.8
 538.2
 529.2
 0.25%
My Sainath Inc dba Motel 6 Accommodation Term Loan Prime plus 2.75% 7/22/2041
 305.4
 305.0
 310.3
 0.15%
Robert G Larson State Farm Insurance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026
 22.5
 22.4
 19.1
 0.01%
J and D Resources LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2026
 130.5
 129.7
 111.7
 0.05%
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026
 15.8
 15.7
 13.3
 0.01%
Billingsworks LLC dba Spoon Shine Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2026
 9.7
 9.6
 9.7
 —%
Franklin Firm LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041
 173.3
 120.9
 125.7
 0.06%
Be Beautiful LLC Personal and Laundry Services Term Loan Prime plus 2.75% 7/14/2041
 66.5
 66.4
 67.6
 0.03%
Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2026
 46.3
 46.0
 39.2
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Jacob Rugs LLC dba Rugs Outlet Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 7/13/2026
 65.6
 65.2
 65.8
 0.03%
RM Hawkins LLC dba Pure Water Tech West Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026
 50.0
 49.8
 47.3
 0.02%
Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/7/2026
 14.3
 14.2
 12.4
 0.01%
Nevey's LLC dba Stark Food III Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041
 293.9
 159.6
 165.8
 0.08%
Soregard Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/30/2041
 278.8
 278.0
 263.4
 0.13%
Martin Inventory Management LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026
 105.8
 104.5
 105.4
 0.05%
P L H Pharmaco Inc dba Farmacia San Jose Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026
 175.0
 173.0
 169.3
 0.08%
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2026
 482.5
 480.1
 415.4
 0.20%
Desert Tacos LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026
 98.8
 36.8
 37.1
 0.02%
VMA Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026
 22.5
 22.2
 18.9
 0.01%
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029
 195.5
 193.8
 196.9
 0.09%
Castone Creations Inc Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/29/2026
 87.5
 84.8
 75.4
 0.04%
WGI, LLC dba Williams Grant Inn Accommodation Term Loan Prime plus 2.75% 6/29/2041
 131.3
 130.9
 130.1
 0.06%
Ninsa LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2041
 112.5
 112.2
 116.5
 0.06%
KWG Industries, LLC dba Peterson & Marsh Metal Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041
 304.5
 304.1
 306.9
 0.15%
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026
 140.0
 138.3
 120.9
 0.06%
E & P Holdings 1 LLC and Evans & Paul LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026
 125.0
 123.7
 108.9
 0.05%
MaidPro Marin dba MaidPro Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2026
 17.6
 17.3
 14.8
 0.01%
Edge Pest Control LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2026
 750.0
 740.8
 630.8
 0.30%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
All Printing Solutions, Inc. dba Pryntcomm Printing and Related Support Activities Term Loan Prime plus 2.75% 6/27/2041
 545.6
 545.0
 520.4
 0.25%
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast Accommodation Term Loan Prime plus 2.75% 6/24/2041
 101.3
 101.0
 104.9
 0.05%
Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026
 50.0
 49.4
 42.1
 0.02%
El Basha Inc dba RPM West San Fernando Valley Real Estate Term Loan Prime plus 2.75% 6/24/2026
 22.5
 21.8
 18.6
 0.01%
Yellow Cab Company of Kissimmee Inc Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/24/2041
 56.8
 56.7
 53.8
 0.03%
Long Island Comedy LLC dba Governors and New York Comedy, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041
 187.5
 187.0
 186.3
 0.09%
Visual Advantage LLC dba Signs Now Perryberg Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041
 91.3
 91.0
 89.6
 0.04%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041
 494.8
 103.8
 107.8
 0.05%
SNS of Central Alabama, LLC dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2026
 57.5
 56.8
 51.5
 0.02%
Italian Heritage Tile and Stone Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/20/2026
 62.5
 61.7
 52.6
 0.03%
Evergreen Investment & Property Management LLC ,Universal Kidney Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/20/2041
 1,250.0
 1,248.5
 1,273.1
 0.61%
Bagelicious, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026
 54.6
 53.9
 46.2
 0.02%
T and B Boots Inc dba Takken's Shoes Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/17/2026
 225.0
 222.3
 221.9
 0.11%
NKJ Lusby Donuts LLC Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026
 22.5
 22.2
 18.9
 0.01%
Winegirl Wines LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 6/16/2026
 11.3
 11.1
 11.1
 0.01%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026
 583.0
 575.9
 490.3
 0.24%
Jai-Alexia Consulting, Inc. Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026
 11.8
 11.7
 9.9
 —%
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares Social Assistance Term Loan Prime plus 2% 6/15/2041
 515.3
 513.6
 487.5
 0.23%
Strag Industries LLC dba Meineke Car Care Center 841 Repair and Maintenance Term Loan Prime plus 2.75% 6/15/2026
 15.0
 14.8
 13.6
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Luv 2 Play AZ LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026
 62.5
 61.7
 59.9
 0.03%
Refoleen Inc dba Spice and Tea Exchange Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026
 85.0
 85.0
 72.4
 0.03%
VBGB Uptown, LLC dba VBGB Beer Hall & Garden Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2026
 84.0
 83.0
 70.7
 0.03%
ScimTech Industries Inc dba Archer Aerospace Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/6/2026
 12.0
 11.9
 10.1
 —%
Larry H. Patterson and Rainbow Movers, Inc Truck Transportation Term Loan Prime plus 2.75% 6/6/2026
 22.5
 22.2
 19.0
 0.01%
Solvit Inc and Solvit North Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026
 250.0
 246.9
 220.7
 0.11%
AP5 LLC dba Krauser's Food Store Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041
 242.5
 241.8
 241.5
 0.12%
ATI Jet Inc Air Transportation Term Loan Prime plus 2.75% 5/31/2026
 518.8
 509.6
 454.2
 0.22%
Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 5/31/2026
 50.0
 49.1
 49.5
 0.02%
Angelo Faia dba AVF Construction Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041
 100.0
 87.8
 88.3
 0.04%
Premier Athletic Center of Ohio, Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026
 87.5
 85.9
 86.6
 0.04%
MNM Printing and Marketing Solutions LLC dba AlphaGraphics of Saint Louis Printing and Related Support Activities Term Loan Prime plus 2.75% 5/27/2026
 18.8
 18.4
 15.7
 0.01%
Jack Frost Firewood Inc. and David Dubinsky Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041
 206.3
 205.4
 202.3
 0.10%
Mersada Holdings LLC Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2026
 337.5
 331.3
 334.2
 0.16%
Southwest Division Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026
 8.3
 8.1
 7.3
 —%
PennyLion LLC dba Creamistry Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2026
 81.0
 81.0
 70.9
 0.03%
International Kitchen Supply LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026
 186.8
 183.3
 164.7
 0.08%
Groth Lumber Co. Inc. dba True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026
 22.5
 22.1
 22.1
 0.01%
Island Life Graphics Inc dba FASTSIGNS #576 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026
 22.5
 22.1
 19.1
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Powerspec Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026
 87.5
 86.0
 73.2
 0.04%
Horseshoe Barbecue, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029
 15.0
 14.7
 14.9
 0.01%
Pro Auto Repair LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026
 7.5
 7.3
 7.1
 —%
Elderfriend Inc dba Granny Nannies dba GN Live Scan Social Assistance Term Loan Prime plus 2.75% 5/20/2026
 12.8
 12.5
 10.7
 0.01%
CM Lab Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/20/2026
 172.6
 169.5
 157.3
 0.08%
National Air Cargo Holdings Inc Air Transportation Term Loan Prime plus 2.75% 5/20/2026
 1,250.0
 1,227.1
 1,200.7
 0.58%
J&A Laundromat Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026
 67.5
 66.3
 58.0
 0.03%
Dedicated Incorporated Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041
 46.5
 46.3
 46.4
 0.02%
HBA LLC dba Palmetto Twist-Vista Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026
 22.5
 22.1
 19.3
 0.01%
Studio Find It Georgia Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026
 22.5
 22.1
 19.4
 0.01%
J. Harris Trucking, LLC Truck Transportation Term Loan Prime plus 2.75% 5/13/2026
 60.0
 58.9
 52.4
 0.03%
FJN Catering Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041
 262.5
 261.8
 269.3
 0.13%
LED Lighting Enterprises LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/13/2026
 22.5
 22.1
 19.3
 0.01%
Luv 2 Play OC Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/12/2026
 62.5
 62.5
 53.2
 0.03%
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano Social Assistance Term Loan Prime plus 2.75% 5/12/2041
 132.5
 131.9
 130.5
 0.06%
The Delon Group LLC dba I Love Juice Bar Food Services and Drinking Places Term Loan Prime plus 2.75% 5/12/2026
 55.0
 54.0
 46.0
 0.02%
Sabir Inc. dba Bear Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041
 123.8
 123.4
 125.3
 0.06%
Gator D'Lites LLC dba D'Lites Emporium Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026
 22.5
 22.1
 18.8
 0.01%
Warner Home Comfort, LLC dba Smith Piping Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041
 82.5
 82.0
 81.3
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Keller, Fishback & Jackson LLP Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026
 131.8
 127.5
 128.6
 0.06%
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026
 22.5
 21.9
 18.7
 0.01%
Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026
 7.5
 7.3
 6.3
 —%
La Nopalera Mexicano 2, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2026
 125.5
 93.8
 94.6
 0.05%
May-Craft Fiberglass Products Inc Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041
 247.5
 246.1
 255.7
 0.12%
Euro Car Miami LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 4/29/2026
 62.5
 61.0
 61.6
 0.03%
Hard Exercise Works Winter Park LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026
 40.8
 39.7
 33.8
 0.02%
Alpha Omega Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 4/29/2041
 175.8
 175.3
 182.1
 0.09%
Empowerschool LLC and Empower Autism Academy, LLC Social Assistance Term Loan Prime plus 2.75% 4/29/2041
 151.9
 151.0
 156.6
 0.08%
Scoler LLC dba Gold's Gym Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026
 262.5
 256.1
 228.5
 0.11%
Inner Beauty Salon and Suite LLC Personal and Laundry Services Term Loan Prime plus 2.75% 4/28/2041
 65.0
 64.6
 66.4
 0.03%
Atlantic Restaurant Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/28/2041
 262.5
 261.0
 265.5
 0.13%
Costume World Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041
 1,250.0
 1,244.9
 1,293.3
 0.62%
Pecos Inn LLC dba Econo Lodge Accommodation Term Loan Prime plus 2.75% 4/28/2041
 677.5
 673.7
 684.5
 0.33%
North American Manufacturing Company Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/28/2026
 160.0
 156.1
 157.4
 0.08%
Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma Real Estate Term Loan Prime plus 2.75% 4/28/2026
 9.0
 8.8
 7.5
 —%
Knowledge First Inc dba Magic Years of Learning Social Assistance Term Loan Prime plus 2.75% 4/27/2026
 80.0
 78.0
 73.6
 0.04%
Green Country Filter Manufacturing LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/27/2026
 84.3
 82.2
 71.9
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
NB & T Services, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/27/2026
 38.0
 37.1
 31.6
 0.02%
Accent Comfort Services, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026
 90.0
 87.8
 74.8
 0.04%
Homecare Casa Rhoda 123 Inc Ambulatory Health Care Services Term Loan Prime plus 2% 4/26/2041
 675.0
 670.7
 645.6
 0.31%
McIntosh Trail Management Services Organization Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/22/2041
 425.0
 422.6
 439.0
 0.21%
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041
 250.0
 248.6
 237.0
 0.11%
AAA Mill Direct, Inc. dba Carpet Mill Outlets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026
 7.9
 7.7
 7.7
 —%
Jande Graphics LLC dba FastSigns #103201 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/21/2026
 56.0
 54.6
 46.5
 0.02%
Miguel Fernando Borda, P.A. dba BGR Dental Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/15/2026
 22.5
 21.9
 19.3
 0.01%
LE & JS dba Laredo Mercado Y Carniceria Food and Beverage Stores Term Loan Prime plus 2.75% 4/13/2026
 20.0
 19.5
 16.6
 0.01%
Sushiya Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026
 87.5
 85.4
 75.7
 0.04%
Sierra Foothill Cremation & Funeral Service, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 4/7/2026
 53.0
 51.7
 44.0
 0.02%
Waterfalls Quick Lube LLC and Veracruz Shabo LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041
 271.3
 270.8
 273.3
 0.13%
KNS Early Learning Academy LLC Social Assistance Term Loan Prime plus 2.75% 4/6/2041
 51.0
 50.7
 49.9
 0.02%
Cameo Carter, MD A Professional Corporation Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026
 75.0
 72.7
 61.1
 0.03%
Duke's Cleaners Inc Personal and Laundry Services Term Loan Prime plus 2.75% 3/31/2026
 47.0
 45.6
 41.8
 0.02%
Christian Soderquist dba Soderquist Plumbing and Heating LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041
 56.8
 56.3
 58.1
 0.03%
Farhad Brothers LLC dba Lulu's Pizzeria & Family Restaurant and Marvin Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2026
 66.8
 60.9
 51.2
 0.02%
Vehicle Safety Supply LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026
 22.5
 21.8
 18.3
 0.01%
Men of Steel Enterprises LLC and Vogelbacher Properties LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041
 393.5
 390.7
 364.1
 0.17%
Gill Express Inc and Blue Speed LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2041
 518.0
 514.3
 508.2
 0.24%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Dana A. Farley dba Independent Cabinets Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041
 67.5
 67.0
 69.4
 0.03%
NOSO Development, LLC Real Estate Term Loan Prime plus 2.75% 3/30/2026
 187.5
 181.7
 152.9
 0.07%
Wyldewood Cellars, Inc. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041
 986.8
 986.2
 938.3
 0.45%
Tom Sawyer Country Restaurant LLC and AM 3208 LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041
 257.5
 255.7
 260.0
 0.12%
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Accommodation Term Loan Prime plus 2.75% 3/30/2026
 22.5
 22.1
 22.2
 0.01%
Beale Street Blues Company-West Palm Beach, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026
 93.8
 90.9
 78.7
 0.04%
MTS Car Service LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026
 10.5
 10.2
 8.6
 —%
Barrocas Gym LLC dba Snap Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026
 22.5
 21.7
 19.6
 0.01%
Atlantis of Daytona LLC and Pierre Mamane and Eva Mamane Clothing and Clothing Accessories Stores Term Loan Prime plus 2% 3/29/2041
 525.0
 516.9
 508.1
 0.24%
Vinmar Inc. dba Locanda Portofino Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2026
 81.3
 78.8
 66.2
 0.03%
Lust for Life Footwear, LLC Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 3/29/2026
 375.0
 363.5
 305.7
 0.15%
Marathon Engineering Corporation Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041
 45.0
 44.7
 45.0
 0.02%
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026
 50.0
 48.5
 43.3
 0.02%
ReNew Interior Surface Cleaning LLC dba Randy's Carpet Care and Upholstry Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2026
 12.4
 12.0
 11.7
 0.01%
RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 3/25/2026
 56.3
 54.5
 45.9
 0.02%
Revolution Physical Therapy LLC dba Apex Network Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026
 22.5
 22.1
 19.1
 0.01%
Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 3/25/2026
 125.0
 121.2
 108.8
 0.05%
Lowgap Grocery & Grill LLC General Merchandise Stores Term Loan Prime plus 2.75% 3/24/2041
 167.5
 166.3
 172.3
 0.08%
International Construction Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041
 50.0
 49.7
 48.7
 0.02%
ActKnowledge, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026
 125.0
 121.2
 121.9
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring Specialty Trade Contractors Term Loan Prime plus 2.75% 3/24/2026
 50.0
 48.5
 47.1
 0.02%
Acton Hardware LLC and Mark Allgood & Jamie Allgood Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/24/2041
 498.6
 495.1
 475.2
 0.23%
The Youth Fountain LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/23/2026
 47.5
 46.1
 38.7
 0.02%
Magnation Corporation and Misha Family Trust Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/22/2041
 101.3
 100.6
 104.2
 0.05%
growth.period LLC and Potomac Recruiting LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2026
 156.3
 151.4
 127.4
 0.06%
Precious Care LLC and Precious Care Management LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026
 557.5
 540.4
 457.8
 0.22%
Media Capital Partners, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/21/2026
 22.5
 21.8
 18.3
 0.01%
Pro Tech Technology LLC Support Activities for Transportation Term Loan Prime plus 2.75% 3/18/2026
 7.5
 7.3
 6.1
 —%
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041
 80.8
 80.2
 82.0
 0.04%
ERT Group Inc and Curt's Tools Inspection Inc Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041
 1,250.0
 1,241.2
 1,221.6
 0.59%
Kekoa Enterprises Inc dba Signarama Sandy Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026
 49.5
 48.0
 40.4
 0.02%
Mariam Diner Inc dba Country Kitchen Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 3/18/2026
 52.5
 50.9
 42.8
 0.02%
Brian T Rice dba BD Logging Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026
 15.8
 15.3
 13.7
 0.01%
Demand Printing Solutions Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 3/16/2026
 21.8
 21.1
 19.9
 0.01%
Auto and Property Insurance Solutions Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/16/2026
 16.4
 15.8
 13.3
 0.01%
LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/16/2026
 55.0
 53.3
 53.6
 0.03%
Evergreen Pallet LLC and Evergreen Recycle LLC Wood Product Manufacturing Term Loan Prime plus 2.75% 3/16/2026
 1,039.3
 1,007.8
 899.7
 0.43%
K Soles Corp dba Max Collections Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026
 22.5
 21.8
 18.3
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
R & D Enterprises Inc dba My Pool Man Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026
 50.0
 48.5
 40.8
 0.02%
HEWZ, LLC dba Hard Exercise Works Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026
 22.5
 21.8
 18.3
 0.01%
Mustafa Inc and Raouf Properties LLC Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041
 75.0
 74.5
 75.9
 0.04%
Country Paint and Hardware Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/11/2026
 87.4
 84.7
 72.9
 0.04%
Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/11/2026
 105.0
 102.2
 96.7
 0.05%
Accuair Control Systems LLC dba Accuair Suspension Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 3/11/2026
 150.0
 145.4
 125.2
 0.06%
Magill Truck Line LLC and Jeff J. Ralls Truck Transportation Term Loan Prime plus 2.75% 3/11/2029
 210.8
 206.3
 185.5
 0.09%
Dupre Capital LLC dba Fastsigns Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026
 58.4
 56.6
 47.6
 0.02%
ABCs & 123s Infant and Child Care Center LP Social Assistance Term Loan Prime plus 2.75% 3/11/2026
 11.3
 10.9
 9.2
 —%
Fayette Computer Consulting Company Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/10/2026
 22.5
 21.8
 19.3
 0.01%
State Painting & Decorating Co., Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/10/2026
 103.8
 100.6
 84.6
 0.04%
B.P.T.M. of NV LLC and Agentis Bros., LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/9/2041
 525.0
 521.3
 516.8
 0.25%
Step Up Academy of the Arts LLC Educational Services Term Loan Prime plus 2.75% 3/9/2026
 8.0
 7.8
 6.5
 —%
A & A Auto Care LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/9/2026
 12.2
 11.8
 11.2
 0.01%
Faith Summit Supply Inc dba Summit Supply and Summit True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026
 22.5
 21.8
 19.8
 0.01%
Swerve Salon LLC Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026
 79.0
 76.6
 64.4
 0.03%
J & W Hardwood Flooring Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026
 7.5
 7.3
 6.1
 —%
Labmates LLC and POV Holdings LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041
 109.3
 108.5
 112.4
 0.05%
Hueston and Company CPA LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026
 8.3
 7.9
 6.8
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 3/3/2026
 50.0
 48.5
 47.2
 0.02%
Miles of Smiles Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/2/2026
 93.5
 92.3
 79.5
 0.04%
Johnson & Dugan Insurance Services Corp Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/28/2026
 62.5
 60.2
 50.6
 0.02%
Living Essentials HVAC Corp Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026
 15.0
 14.4
 12.3
 0.01%
Consulting Solutions, Inc. and Mark Luciani Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026
 11.3
 10.9
 10.6
 0.01%
Drug Detection Laboratories, Inc. and Minh Tran Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026
 19.8
 19.1
 16.3
 0.01%
The River Beas, LLC dba Subway and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041
 135.9
 134.6
 137.4
 0.07%
Powerpits CS1, LLC dba Pita Pit Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026
 18.8
 18.1
 16.1
 0.01%
Doxa Deo Inc dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2026
 105.0
 87.1
 76.5
 0.04%
Blackstones Hairdressing LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026
 52.0
 50.4
 42.9
 0.02%
Aaradhya LLC dba Market Square Laundry Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026
 80.0
 77.0
 64.8
 0.03%
R-No-Landscaping LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/19/2026
 8.3
 7.9
 6.9
 —%
BER Enterprise 332 Inc dba Edible Arrangements Food and Beverage Stores Term Loan Prime plus 2.75% 2/19/2026
 22.5
 21.7
 18.4
 0.01%
R & K Contracting Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026
 15.8
 15.2
 14.8
 0.01%
Pacific Coast Medical Group LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/17/2026
 245.0
 235.9
 237.3
 0.11%
B for Blonde, LLC dba Blo Blow Dry Bar Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026
 62.0
 60.4
 50.9
 0.02%
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029
 310.3
 302.5
 276.3
 0.13%
Ei3 Corporation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026
 326.9
 314.8
 316.6
 0.15%
Jersey Shore Marina & Boat Sales, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041
 625.0
 620.1
 642.3
 0.31%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Base USA, Inc. Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026
 50.0
 48.2
 48.5
 0.02%
Zouk Ltd dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026
 22.5
 21.5
 21.7
 0.01%
Nowatzke Service Center Inc dba Nowatzke Truck and Trailer Repair and Maintenance Term Loan Prime plus 2.75% 1/29/2026
 105.0
 100.5
 101.0
 0.05%
SuzyQue's LLC dba SuzyQue's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026
 22.5
 21.6
 21.7
 0.01%
Wildflour Bakery & Cafe LLC Social Assistance Term Loan Prime plus 2.75% 1/28/2026
 62.5
 59.8
 58.4
 0.03%
Tammy Lavertue Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026
 11.3
 10.8
 10.4
 —%
New Image Building Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 1/19/2026
 83.1
 79.6
 70.5
 0.03%
Oak Tree Storage LLC Other Information Services Term Loan Prime plus 2.75% 1/19/2026
 78.8
 75.3
 64.7
 0.03%
Gendron Funeral and Cremation Services, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041
 112.5
 109.9
 113.8
 0.05%
Dolarian Realty LLC and OV's Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041
 67.8
 67.1
 69.5
 0.03%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025
 112.5
 106.9
 93.7
 0.05%
MCF Forte LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025
 18.8
 17.8
 15.2
 0.01%
Panditos LLC dba White Lotus Home Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025
 15.9
 15.1
 12.7
 0.01%
Bright Dialysis LLC and Ft Pierce Kidney Care LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2025
 1,250.0
 1,188.2
 1,002.7
 0.48%
V2 Tango LLC dba Palette 22 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2025
 250.0
 237.6
 206.6
 0.10%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040
 102.5
 101.3
 101.3
 0.05%
Optima Health Care Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2025
 62.5
 59.4
 59.7
 0.03%
800 on the Trax LLC and Matrix Z LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040
 240.0
 238.2
 236.4
 0.11%
B&B Organics LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 12/22/2040
 375.0
 370.6
 383.7
 0.18%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Joyce Outdoor Advertising Chicago LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040
 300.0
 298.1
 294.1
 0.14%
The LAX Shop Inc Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/22/2025
 125.0
 118.8
 119.4
 0.06%
Premier Athletic Center of Ohio Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028
 882.0
 851.7
 862.0
 0.41%
Hattingh Incorporated dba Prosthetic Care Facility Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025
 18.0
 17.1
 15.2
 0.01%
G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2040
 1,025.0
 1,013.0
 1,048.7
 0.50%
Trip Consultants U.S.A. Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025
 175.0
 166.4
 139.8
 0.07%
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2025
 73.0
 71.2
 61.7
 0.03%
Abbondanza Market LLC dba Hampton Falls Village Market Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025
 73.8
 69.3
 60.2
 0.03%
Labmates LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040
 162.5
 160.6
 166.3
 0.08%
Capital Scrap Metal LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2025
 36.0
 34.2
 29.3
 0.01%
Accent Tag and Label Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040
 665.8
 658.0
 655.4
 0.31%
Mustafa Inc dba Adiba Grocery Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025
 103.8
 98.6
 98.1
 0.05%
Learning Skills LLC and Christopher Shrope Educational Services Term Loan Prime plus 2.75% 12/17/2025
 10.8
 10.3
 8.6
 —%
Sourceco Limited Liability Company Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2025
 62.5
 59.9
 52.3
 0.03%
New York Home Health Care Equipment, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025
 875.0
 836.0
 819.3
 0.39%
Moments to Remember USA LLC dba Retain Loyalty Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025
 75.0
 71.4
 66.6
 0.03%
Swalm Sreet LLC and New York Home Health Care Equipment LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2040
 375.0
 371.7
 378.3
 0.18%
JAG Unit 1, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025
 250.0
 237.6
 199.8
 0.10%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
D&G Capital LLC dba Miami Grill 277 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025
 83.8
 87.2
 80.7
 0.04%
Abitino's JFK LLC dba Abitino's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022
 125.0
 117.6
 104.0
 0.05%
SDA Holdings LLC and Les Cheveux Salon Inc Personal and Laundry Services Term Loan Prime plus 2.75% 12/15/2040
 428.8
 425.0
 416.3
 0.20%
Evans & Paul LLC and E&P Holdings I LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025
 125.0
 118.8
 103.5
 0.05%
Basista Family Limited Partnership and UPE, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040
 342.5
 338.5
 335.8
 0.16%
DC Enterprises Ltd. dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025
 22.5
 21.4
 20.3
 0.01%
Tri-State Remodeling & Investments, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2025
 15.9
 15.1
 14.6
 0.01%
Alexandra Afentoulides dba Vi's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2040
 46.3
 45.7
 47.3
 0.02%
ENI Inc. dba ENI Group, Inc Other Information Services Term Loan Prime plus 2.75% 12/11/2025
 36.0
 34.2
 30.3
 0.01%
AGR Foodmart Inc Gasoline Stations Term Loan Prime plus 2.75% 12/11/2025
 22.5
 21.4
 20.3
 0.01%
Cares, Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 12/10/2025
 7.5
 7.1
 7.1
 —%
Custom Exteriors, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025
 100.0
 95.1
 83.1
 0.04%
Sushiya, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025
 108.8
 103.4
 90.7
 0.04%
My Jewels, LLC dba The UPS Store #6712 Administrative and Support Services Term Loan Prime plus 2.75% 12/7/2025
 56.3
 34.6
 29.0
 0.01%
Food & Fuel Company LLC dba Lowery Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2040
 122.5
 121.1
 125.0
 0.06%
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040
 502.5
 496.6
 500.2
 0.24%
American Campgrounds LLC dba Whit's End Campground Accommodation Term Loan Prime plus 2.75% 12/4/2040
 293.0
 289.6
 292.2
 0.14%
Blue Ox Trucking Inc. Truck Transportation Term Loan Prime plus 2.75% 12/4/2025
 12.3
 11.7
 11.8
 0.01%
Tariq, LLC dba 76 Food Mart Gasoline Stations Term Loan Prime plus 2.75% 12/2/2040
 375.0
 370.6
 373.7
 0.18%
401 JJS, Corp and G. Randazzo's Trattoria Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2040
 52.8
 52.3
 51.9
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Delta Aggregate, LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/30/2025
 100.0
 95.9
 96.4
 0.05%
Block and Grinder LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 200.0
 191.3
 190.3
 0.09%
Hurshell Leon Dutton dba High Jump Party Rentals Rental and Leasing Services Term Loan Prime plus 2.75% 11/30/2025
 17.6
 16.5
 16.4
 0.01%
Japp Business Inc dba Pick and Eat and Japp Drink Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 125.0
 118.0
 104.8
 0.05%
Smokeyard Inc dba Smokeyard BBQ and Chop Shop Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 125.0
 118.0
 101.6
 0.05%
Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/25/2040
 146.3
 144.5
 149.3
 0.07%
State Painting and Decorating Co Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 11/25/2025
 100.0
 94.4
 79.4
 0.04%
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 11/25/2025
 22.5
 21.2
 17.9
 0.01%
DWeb Studio, Inc. Educational Services Term Loan Prime plus 2.75% 11/25/2025
 11.3
 10.6
 8.9
 —%
Play and Learn Child Care and School Inc Social Assistance Term Loan Prime plus 2.75% 11/23/2025
 11.1
 10.5
 10.5
 0.01%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/23/2040
 750.0
 749.8
 768.2
 0.37%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025
 89.0
 85.1
 73.1
 0.04%
Haven Hospitality Group Inc. dba Haven Gastropub Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2025
 132.5
 125.1
 107.3
 0.05%
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2040
 244.4
 241.1
 225.9
 0.11%
^S.B.B. Enterprises Inc dba Williamston Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040
 108.8
 107.2
 100.8
 0.05%
^Key Pix Productions Inc. dba Air Bud Entertainment Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040
 839.8
 828.6
 857.9
 0.41%
^Holloway & CO. P.L.L.C. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2025
 75.0
 70.8
 71.2
 0.03%
^RDT Enterprises, L.L.C. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2025
 22.5
 21.2
 19.9
 0.01%
^E.S.F.P. LLC dba Volusia Van and Storage Truck Transportation Term Loan Prime plus 2.75% 11/11/2025
 91.3
 86.1
 74.3
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Green Life Lawnscapes LLC dba Green Life Lawn Care Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025
 127.3
 120.1
 117.0
 0.06%
^Joseph Nich and Tina M. Nich dba Vic's Greenhouses Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/4/2025
 62.5
 59.0
 59.3
 0.03%
^Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025
 306.3
 286.1
 277.8
 0.13%
^Bisson Transportation Inc dba I & R Associates and Document Secutiry Truck Transportation Term Loan Prime plus 2.75% 10/30/2025
 22.5
 21.1
 19.8
 0.01%
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand Specialty Trade Contractors Term Loan Prime plus 2.75% 10/28/2025
 711.3
 667.5
 584.5
 0.28%
^L.M. Jury Enterprises, Inc dba Midwest Monograms Textile Product Mills Term Loan Prime plus 2.75% 10/28/2025
 77.0
 72.2
 62.1
 0.03%
^Windsor Direct Distribution LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/26/2025
 14.3
 13.4
 11.2
 0.01%
^Financial Network Recovery Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025
 40.0
 37.5
 31.5
 0.02%
Insurance Fire & Water Restorations, LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/23/2025
 22.5
 21.1
 20.0
 0.01%
Jacksonville Beauty Institute Inc. dba Beauty Institute's Educational Services Term Loan Prime plus 2.75% 10/23/2025
 50.0
 46.9
 39.4
 0.02%
New Hampshire Precision Metal Fabricators, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/23/2025
 22.5
 21.1
 21.2
 0.01%
Werthan Packaging Inc. Paper Manufacturing Term Loan Prime plus 2.75% 10/14/2025
 1,162.5
 1,104.0
 1,032.1
 0.50%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 10/14/2025
 87.4
 81.9
 68.9
 0.03%
^ADMO Inc dba Mid States Equipment Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025
 22.5
 21.1
 18.2
 0.01%
SCJEN Management Inc dba Bowl of Heaven Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025
 71.3
 67.0
 56.3
 0.03%
^Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/30/2025
 125.0
 116.4
 97.8
 0.05%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028
 66.5
 63.3
 61.3
 0.03%
^Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027
 767.5
 726.4
 653.6
 0.31%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040
 143.0
 140.7
 144.8
 0.07%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Binky's Vapes LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025
 22.5
 21.0
 17.6
 0.01%
^R.H. Hummer Jr., Inc. Truck Transportation Term Loan Prime plus 2.75% 9/30/2025
 375.0
 361.4
 345.0
 0.17%
Bat Bridge Investments Inc dba Kalologie 360 Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2025
 85.5
 81.2
 68.2
 0.03%
^Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/29/2040
 234.8
 232.0
 236.4
 0.11%
^Greensward of Marco Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040
 87.5
 86.1
 84.9
 0.04%
^RIM Investments LLC and RIM Architects LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040
 399.0
 392.5
 385.3
 0.19%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025
 518.8
 483.9
 482.3
 0.23%
^South Towne Dental Center, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025
 50.0
 46.6
 46.8
 0.02%
^Hemingway Custom Cabinetry LLC Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/25/2025
 220.0
 204.9
 176.4
 0.08%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park Accommodation Term Loan Prime plus 2.75% 9/25/2040
 13.5
 13.3
 13.7
 0.01%
^Sandlot Ventures LLC and Sandbox Ventures LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040
 442.5
 436.0
 421.3
 0.20%
^Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040
 962.5
 946.8
 913.3
 0.44%
^Prestigious LifeCare for Seniors LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025
 9.8
 9.1
 8.4
 —%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn Accommodation Term Loan Prime plus 2.75% 9/24/2040
 625.0
 614.8
 612.2
 0.29%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2040
 327.5
 322.2
 333.4
 0.16%
^J.R. Wheeler Corporation dba Structurz Exhibits and Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/24/2025
 21.0
 19.6
 19.7
 0.01%
^Rutledge Enterprises Inc dba BLC Property Management Administrative and Support Services Term Loan Prime plus 2.75% 9/23/2040
 62.5
 61.0
 60.8
 0.03%
^Finish Strong Inc dba FASTSIGNS St Peters Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025
 50.0
 46.6
 39.1
 0.02%
^J3K LLC dba Ronan True Value Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2025
 152.5
 142.0
 119.3
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Stormrider Inc dba Shirley's Stormrider Inc Truck Transportation Term Loan Prime plus 2.75% 9/23/2025
 67.5
 64.0
 53.7
 0.03%
^Frozen Treats of Hollywood FL, LLC dba Sub Zero Ice Cream Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2025
 15.8
 14.7
 13.0
 0.01%
^Nova Solutions Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/22/2040
 320.0
 314.8
 313.8
 0.15%
^Pine Belt Wood Products LLC Forestry and Logging Term Loan Prime plus 2.75% 9/22/2040
 163.8
 161.1
 147.6
 0.07%
^IIoka Inc dba New Cloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025
 665.0
 622.3
 522.7
 0.25%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025
 50.0
 46.6
 41.5
 0.02%
^MiJoy Inc dba Imo's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025
 8.3
 7.7
 6.5
 —%
^Vanderhoof LLC dba Soxfords Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025
 15.9
 14.8
 12.4
 0.01%
^Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025
 125.0
 116.4
 97.8
 0.05%
^Import Car Connection Inc dba Car Connection Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/16/2040
 407.5
 400.9
 409.0
 0.20%
^FirstVitals Health and Wellness Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025
 150.0
 139.7
 117.3
 0.06%
Johnson Carwash LLC and Johnson Petroleum LLC Gasoline Stations Term Loan Prime plus 2.75% 9/14/2040
 340.0
 336.3
 347.3
 0.17%
^Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 9/11/2025
 62.5
 58.2
 57.4
 0.03%
^Veliu LLC dba FASTSIGNS #15901 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/10/2025
 50.0
 47.2
 40.8
 0.02%
^B and A Friction Materials Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/9/2025
 102.5
 95.2
 80.0
 0.04%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040
 140.0
 137.7
 142.5
 0.07%
^AIG Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/4/2040
 363.8
 357.8
 340.7
 0.16%
^Empower Autism Academy Social Assistance Term Loan Prime plus 2.75% 9/4/2040
 685.0
 673.8
 697.3
 0.33%
^Higher Grounds Community Coffeehouse, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/2/2025
 8.3
 7.7
 6.7
 —%
^Delray Scrap Recycling LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025
 22.5
 20.6
 17.3
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^The Camera House Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025
 1,250.0
 1,155.9
 1,058.5
 0.51%
^LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2025
 81.3
 75.1
 68.2
 0.03%
^Elite Institute LLC dba Huntington Learning Center Educational Services Term Loan Prime plus 2.75% 8/28/2025
 15.0
 14.0
 11.8
 0.01%
^P and D Enterprises Ind dba Wallaby's Liquor Warehouse Food and Beverage Stores Term Loan Prime plus 2.75% 8/28/2040
 888.9
 873.0
 867.8
 0.42%
J and K Fitness L.L.C. dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2041
 93.8
 93.0
 94.0
 0.05%
Zephyr Seven Series LLC dba 18/8 Fine Men's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 8/28/2025
 81.3
 77.9
 67.1
 0.03%
^Trading Group 3 Inc Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2025
 50.0
 46.2
 38.8
 0.02%
B and J Catering Inc dba Culinary Solutions Food Services and Drinking Places Term Loan Prime plus 2.75% 8/27/2040
 547.5
 542.5
 526.2
 0.25%
^3000 CSI Property LLC and Consulting Solutions Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040
 137.5
 135.0
 137.6
 0.07%
^God Be Glorified Inc dba GBG Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025
 53.0
 49.0
 41.2
 0.02%
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040
 145.0
 142.4
 140.9
 0.07%
Screenmobile Management Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 8/14/2025
 47.0
 43.4
 36.9
 0.02%
^Gold Jet Corp. Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025
 68.3
 66.7
 60.4
 0.03%
^SKJ Inc dba Subway Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025
 84.8
 78.4
 66.9
 0.03%
^LP Industries Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025
 125.0
 117.8
 110.0
 0.05%
^Advanced Machine & Technology, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/29/2025
 90.3
 82.9
 76.4
 0.04%
^Pauley Tree and Lawn Care Inc Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2025
 65.8
 60.5
 54.1
 0.03%
^Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025
 66.3
 60.8
 53.3
 0.03%
^Forever & Always of Naples Inc dba Island Animal Hospital Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2025
 107.5
 98.7
 89.8
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^C& D Medical of Naples, Inc and Forever & Always of Naples, Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2040
 135.0
 132.4
 123.9
 0.06%
^Pooh's Corner Realty LLC and Pooh's Corner Inc Social Assistance Term Loan Prime plus 2.75% 7/23/2040
 103.8
 101.9
 104.5
 0.05%
^Smart Artists Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025
 22.5
 20.7
 17.4
 0.01%
^Free Ion Advisors LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025
 64.3
 59.0
 49.6
 0.02%
Murrayville Donuts, Inc dba Dunkin' Donuts Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040
 344.5
 341.3
 330.7
 0.16%
^Union 2 LLC dba The Standard Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025
 91.5
 87.5
 80.5
 0.04%
^The Smile Place LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2040
 283.9
 277.9
 277.8
 0.13%
^BJ's Tavern LLC and BJ's Cabana Bar Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 212.5
 208.1
 207.2
 0.10%
^Jonathan E Nichols and Nichols Fire and Security LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025
 75.0
 68.4
 65.1
 0.03%
^Thrifty Market, Inc. dba Thrifty Foods Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030
 262.5
 249.4
 222.9
 0.11%
^All About Smiles P A Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2040
 237.7
 232.7
 232.5
 0.11%
^Danny V, LLC dba Hugo's Taproom Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 54.0
 51.5
 48.3
 0.02%
^Anglin Cultured Stone Products LLC dba Anglin Construction Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2025
 281.8
 256.8
 226.7
 0.11%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2025
 337.5
 307.6
 263.5
 0.13%
^Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030
 291.9
 277.6
 253.6
 0.12%
^R2 Tape Inc dba Presto Tape Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/29/2025
 176.3
 160.7
 153.4
 0.07%
^Myclean Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025
 15.9
 14.5
 12.2
 0.01%
^E & G Enterprises LLC dba Comfort Keepers Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025
 22.5
 20.5
 17.3
 0.01%
^SofRep, Inc dba Force 12 Media Other Information Services Term Loan Prime plus 2.75% 6/26/2025
 66.3
 60.4
 50.7
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^TJU-DGT Inc dba The Lorenz Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029
 20.6
 19.5
 19.6
 0.01%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040
 380.0
 372.0
 367.4
 0.18%
^CEM Autobody LLC dba Dawn's Autobody Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040
 135.5
 132.6
 129.4
 0.06%
^Wolf Enviro Interests, LLC and Enviromax Services Inc Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040
 246.5
 241.3
 225.2
 0.11%
^Ohs Auto Body, Inc. dba Ohs Body Shop Repair and Maintenance Term Loan 7.2775% 6/25/2040
 1,207.5
 1,192.2
 1,161.4
 0.56%
^Evinger PA One, Inc. dba Postal Annex, Falcon Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025
 22.5
 20.4
 18.4
 0.01%
^Amboy Group, LLC dba Tommy's Moloney's Food Manufacturing Term Loan Prime plus 2.75% 6/24/2025
 454.0
 419.8
 421.5
 0.20%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical Specialty Trade Contractors Term Loan Prime plus 2.75% 6/23/2040
 551.8
 540.2
 558.8
 0.27%
^RJI Services, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025
 22.5
 20.3
 17.1
 0.01%
^Real Help LLC dba Real Help Decorative Concrete Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025
 53.1
 48.4
 47.4
 0.02%
^Balthazar Management Virgin Islands, LLC dba The Beach Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2025
 15.8
 14.4
 14.4
 0.01%
^PM Cassidy Enterprises, Inc. dba Junk King Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025
 14.9
 13.6
 11.4
 0.01%
^KRN Logistics, LLC,Newsome Trucking, Inc Truck Transportation Term Loan Prime plus 2.75% 6/19/2025
 543.5
 495.5
 451.2
 0.22%
^Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025
 61.3
 55.8
 46.9
 0.02%
^Square Deal Siding Company,LLC dba Square Deal Siding Company Specialty Trade Contractors Term Loan Prime plus 2.75% 6/18/2025
 22.5
 20.7
 20.8
 0.01%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2025
 437.5
 398.8
 393.8
 0.19%
^AM PM Properties, LLC and AM PM Willington, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040
 87.1
 85.0
 86.6
 0.04%
^Nelson Sargsyan dba HDA Trucking Support Activities for Transportation Term Loan Prime plus 2.75% 6/16/2025
 130.5
 119.2
 100.1
 0.05%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040
 338.8
 135.9
 121.9
 0.06%
^Bizzare Foods Inc dba Trooper Foods Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/12/2025
 125.0
 110.8
 93.0
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Anturio Marketing Inc dba Logic Consulting Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/12/2040
 290.3
 284.2
 294.0
 0.14%
^Eldredge Tavern LLC dba Gonyea's Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040
 56.3
 55.1
 57.0
 0.03%
^Nicor LLC dba Fibrenew Sacramento Repair and Maintenance Term Loan Prime plus 2.75% 6/5/2022
 13.8
 11.9
 9.9
 —%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025
 16.1
 14.3
 12.0
 0.01%
^ViAr Visual Communications, Inc. dba Fastsigns 281701 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025
 62.0
 56.5
 48.7
 0.02%
^Video Vault & Tanning LLC and Mosaic Salon LLC Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040
 90.5
 88.6
 91.7
 0.04%
^Medworxs LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025
 125.0
 114.0
 96.6
 0.05%
^DTM Parts Supply Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/2/2025
 62.8
 57.2
 48.0
 0.02%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025
 8.3
 7.5
 6.3
 —%
^God is Good LLC dba BurgerFi Food Services and Drinking Places Term Loan Prime plus 2.75% 5/27/2025
 67.3
 18.5
 18.6
 0.01%
^Villela CPA PL Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025
 9.0
 8.1
 7.1
 —%
^Pen Tex Inc dba The UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 5/20/2025
 22.0
 19.9
 16.7
 0.01%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse Accommodation Term Loan Prime plus 2.75% 5/20/2040
 174.1
 170.2
 171.6
 0.08%
^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/15/2025
 717.3
 651.6
 562.4
 0.27%
^15 McArdle LLC and No Other Impressions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040
 257.1
 251.3
 240.0
 0.12%
^E-Z Box Storage, Inc. Real Estate Term Loan Prime plus 2.75% 5/11/2025
 89.3
 75.1
 75.4
 0.04%
^Guard Dogs MFS LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025
 65.0
 58.8
 49.9
 0.02%
^George S Cochran DDS Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/7/2025
 130.0
 117.8
 99.2
 0.05%
^South Park Properties LLC and Midlothian Hardware LLC dba Grill Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040
 170.5
 165.5
 171.0
 0.08%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^200 North 8th Street Associates LLC and Enchanted Acres Fa Food Manufacturing Term Loan Prime plus 2.75% 5/4/2028
 494.6
 469.3
 474.5
 0.23%
Matthew Taylor and Landon Farm LLC Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040
 100.0
 98.4
 89.3
 0.04%
^Cares Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 5/1/2040
 81.9
 77.6
 80.3
 0.04%
^RDRhonehouse ENT. LLC dba Chill Skinz Miscellaneous Store Retailers Term Loan Prime plus 2.75% 4/29/2025
 88.9
 79.8
 67.0
 0.03%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025
 15.0
 13.5
 11.3
 0.01%
^Ragazza Restaurant Group, Inc. dba Bambolina Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2025
 22.5
 20.2
 17.9
 0.01%
^Diamond Solutions LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025
 22.5
 19.9
 16.7
 0.01%
^Giacchino Maritime Consultants Inc Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025
 22.5
 20.2
 17.0
 0.01%
^Sound Coaching Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025
 44.4
 39.9
 33.5
 0.02%
^Carolina Beefs, LLC dba Beef O'Brady's Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2025
 19.5
 17.5
 14.7
 0.01%
^Faramarz Nikourazm dba Car Clinic Center Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040
 73.8
 71.8
 70.8
 0.03%
^Advance Case Parts RE Holdings LLC and Advance Case Parts Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2040
 758.3
 741.0
 732.2
 0.35%
^T and B Boots Inc dba Takkens Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/31/2025
 807.8
 720.7
 705.7
 0.34%
^HAVANA CENTRAL NJ1, LLC dba Havana Central Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2025
 250.0
 230.4
 231.4
 0.11%
^Mid-South Lumber Co. of Northwest Florida, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/31/2040
 428.8
 417.8
 411.2
 0.20%
^Copper Beech Financial Group LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025
 125.0
 111.5
 106.4
 0.05%
^Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 3/30/2025
 90.0
 84.2
 85.3
 0.04%
^Balthazar Management Virgin Islands LLC dba The Beach Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 3/27/2025
 123.3
 109.9
 111.3
 0.05%
^Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac Accommodation Term Loan Prime plus 2.75% 3/27/2040
 301.8
 294.0
 307.8
 0.15%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Shorr Enterprises Inc dba New Design Furniture Manufacturers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025
 106.5
 95.0
 91.6
 0.04%
^South Florida Air Conditioning and Refrigeration Corp. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/27/2040
 155.5
 151.5
 157.0
 0.08%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Real Estate Term Loan Prime plus 2.75% 3/27/2025
 1,238.3
 1,104.1
 999.0
 0.48%
^Shellhorn and Hill Inc dba Total Fleet Service Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040
 1,040.3
 1,009.8
 994.1
 0.48%
^Geo Los Angeles LLC dba Geo Film Group Rental and Leasing Services Term Loan Prime plus 2.75% 3/26/2025
 130.0
 116.0
 111.3
 0.05%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040
 54.0
 52.6
 54.6
 0.03%
^Zero-In Media Inc Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025
 22.5
 20.1
 18.2
 0.01%
^Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/25/2040
 810.0
 789.3
 822.1
 0.39%
^Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025
 12.0
 10.7
 9.7
 —%
^Shelton Incorporated dba Mrs. Winners Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040
 112.5
 109.6
 114.4
 0.05%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040
 42.9
 41.8
 42.3
 0.02%
^R & R Security and Investigations Inc dba Pardners Lake Buchanan Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040
 85.4
 83.3
 87.2
 0.04%
^MMS Realty, LLC and Molecular MS Diagnostics LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040
 160.7
 156.6
 157.6
 0.08%
^Royal Crest Motors LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040
 91.3
 88.9
 90.6
 0.04%
^BND Sebastian Limited Liability Company and Sebastian Fitness L Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2040
 172.5
 168.1
 173.0
 0.08%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/9/2040
 191.8
 186.9
 188.1
 0.09%
^Luigi's on Main LLC and Luigi's Main Street Pizza Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025
 11.3
 10.0
 10.2
 —%
^Calhoun Satellite Communications Inc and Transmission Solutions Group Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/27/2025
 952.8
 844.2
 787.5
 0.38%
^Road to Sedona Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 2/27/2025
 56.6
 50.1
 45.8
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Baystate Firearms and Training, LLC Educational Services Term Loan Prime plus 2.75% 2/27/2025
 63.4
 56.0
 51.0
 0.02%
^Kingseal LLC dba Desoto Health and Rehab Center Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040
 1,250.0
 1,216.0
 1,273.2
 0.61%
^Pace Motor Lines, Inc. Truck Transportation Term Loan Prime plus 2.75% 2/26/2025
 66.2
 58.6
 59.3
 0.03%
^Nelson Financial Services LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025
 12.5
 11.0
 10.0
 —%
^Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 2/19/2040
 61.8
 60.3
 60.4
 0.03%
^Triangle Trash LLC dba Bin There Dump That Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025
 74.4
 65.7
 62.5
 0.03%
^Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. dba T Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2040
 171.6
 167.1
 167.7
 0.08%
^740 Barry Street Realty LLC and Wild Edibles Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/10/2040
 492.5
 479.1
 501.6
 0.24%
^Kostekos Inc dba New York Style Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 2/6/2040
 66.3
 64.4
 65.4
 0.03%
^DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty Wood Product Manufacturing Term Loan Prime plus 2.75% 2/2/2040
 225.1
 219.0
 218.1
 0.10%
^Limameno LLC dba Sal's Italian Ristorante Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025
 83.3
 73.1
 67.5
 0.03%
^Palmabak Inc dba Mami Nora's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025
 21.5
 17.4
 17.6
 0.01%
^Jung Design Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022
 8.4
 6.8
 6.1
 —%
^Grand Blanc Lanes, Inc. and H, H and H, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039
 133.0
 129.2
 134.1
 0.06%
^Bear Creek Entertainment, LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 12/30/2024
 106.3
 92.7
 93.7
 0.05%
^Evans and Paul LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024
 223.8
 195.0
 193.1
 0.09%
^FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2039
 245.5
 239.4
 237.2
 0.11%
^First Prevention and Dialysis Center, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024
 273.3
 255.6
 249.3
 0.12%
^Bowlerama Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039
 1,202.5
 1,167.7
 1,222.0
 0.59%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039
 530.3
 514.1
 506.8
 0.24%
^401 JJS Corporation and G. Randazzo Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2039
 473.5
 463.2
 477.3
 0.23%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039
 500.0
 484.8
 507.4
 0.24%
^Carolina Flicks Inc dba The Howell Theater Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/23/2032
 163.3
 154.4
 153.1
 0.07%
^Atlantis of Daytona LLC and Ocean Club Sportswear Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/23/2039
 240.0
 217.8
 228.0
 0.11%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024
 187.5
 163.4
 153.1
 0.07%
^MM and M Management Inc dba Pizza Artista Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025
 46.3
 41.3
 37.9
 0.02%
^B.S. Ventures LLC dba Dink's Market Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039
 53.8
 52.1
 54.5
 0.03%
^The Jewelers Inc. dba The Jewelers of Las Vegas Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024
 1,250.0
 1,091.0
 993.4
 0.48%
^B & W Towing, LLC and Boychucks Fuel LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039
 164.5
 160.0
 160.3
 0.08%
^All American Games, LLC and Sportslink - The Game, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/10/2024
 400.0
 348.5
 328.2
 0.16%
^Kemmer LLC and Apples Tree Top Liquors LLC Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039
 138.4
 134.2
 133.2
 0.06%
^Trading Group 3, Inc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/26/2024
 22.5
 19.5
 17.6
 0.01%
^The Red Pill Management, Inc. dba UFC Gym Matthews Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/26/2024
 54.3
 47.7
 44.7
 0.02%
^Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039
 148.8
 144.0
 145.3
 0.07%
^DeRidder Chiropractic LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/25/2024
 13.2
 11.4
 11.5
 0.01%
^Modern Manhattan LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024
 220.0
 190.2
 173.7
 0.08%
^Stormrider Inc dba Shirley's Stormrider, Inc Truck Transportation Term Loan Prime plus 2.75% 11/25/2024
 150.0
 132.1
 119.4
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Meridian Hotels, LLC dba Best Western Jonesboro Accommodation Term Loan Prime plus 2.75% 11/25/2039
 228.0
 221.7
 232.0
 0.11%
^Legacy Estate Planning Inc dba American Casket Enterprises Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024
 42.0
 36.3
 32.8
 0.02%
^J&D Resources, LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2024
 767.9
 656.8
 602.6
 0.29%
^DC Real LLC and DC Enterprises LTD dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039
 119.4
 116.1
 119.5
 0.06%
^MLM Enterprises LLC and Demand Printing Solutions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 11/18/2024
 70.5
 61.0
 59.2
 0.03%
^JEJE Realty LLC and La Familia Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2039
 205.8
 198.1
 200.2
 0.10%
^Joey O's LLC and Jennifer Olszewski Specialty Trade Contractors Term Loan Prime plus 2.75% 11/7/2024
 13.1
 4.5
 4.1
 —%
^Heartland American Properties LLC and Skaggs RV Outlet LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039
 479.0
 462.9
 475.0
 0.23%
^Golden Transaction Corporation dba Bleh Sunoco Gasoline Stations Term Loan Prime plus 2.75% 10/30/2039
 156.7
 151.6
 156.8
 0.08%
^Seelan Inc dba Candleridge Market Gasoline Stations Term Loan Prime plus 2.75% 10/27/2039
 90.5
 87.5
 88.2
 0.04%
^185 Summerfield Inc and Valcon Contracting Corp Construction of Buildings Term Loan Prime plus 2.75% 10/24/2039
 162.3
 156.8
 161.7
 0.08%
^Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy Personal and Laundry Services Term Loan Prime plus 2.75% 10/24/2039
 89.0
 86.1
 85.6
 0.04%
^3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/17/2024
 131.3
 112.6
 105.8
 0.05%
^One Hour Jewelry Repair Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024
 20.6
 17.6
 15.9
 0.01%
^DNT Storage and Properties LLC Real Estate Term Loan Prime plus 2.75% 10/10/2039
 101.8
 98.3
 101.8
 0.05%
^Capitol Waste and Recycling Services LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 10/10/2024
 257.8
 221.1
 209.2
 0.10%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024
 187.5
 161.0
 150.4
 0.07%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/10/2039
 1,250.0
 1,221.1
 1,278.0
 0.61%
^Boilermaker Industries LLC dba PostNet Administrative and Support Services Term Loan Prime plus 2.75% 10/9/2024
 18.8
 6.3
 6.3
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Smith Spinal Care Center P.C. and James C. Smith Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039
 60.0
 58.0
 59.3
 0.03%
^Doctors Express Management of Central Texas LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024
 105.0
 79.7
 78.6
 0.04%
^Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039
 126.9
 121.0
 124.7
 0.06%
^Sumad LLC dba BrightStar Care of Encinitas Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024
 92.5
 45.6
 46.1
 0.02%
^Roccos LLC and Sullo Pantalone Inc dba Rocco's Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039
 255.8
 246.7
 247.4
 0.12%
^Keller Holdings LLC and David H Keller III and Carie C Keller Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 9/30/2039
 100.0
 96.5
 100.5
 0.05%
^Orange County Insurance Brokerage Inc dba Beaty Insurance Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/29/2039
 325.1
 314.7
 329.1
 0.16%
^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC Accommodation Term Loan Prime plus 2.75% 9/29/2039
 513.3
 496.6
 519.5
 0.25%
^Gordon E Rogers dba Stonehouse Motor Inn Accommodation Term Loan Prime plus 2.75% 9/26/2039
 57.5
 55.5
 58.0
 0.03%
^Keys Phase One LLC dba The Grand Guesthouse Accommodation Term Loan Prime plus 2.75% 9/26/2039
 736.3
 710.3
 731.2
 0.35%
^Colts V LLC and Nowatzke Service Center, Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/26/2039
 601.8
 581.5
 596.8
 0.29%
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud Gasoline Stations Term Loan Prime plus 2.75% 9/26/2024
 22.5
 19.1
 17.8
 0.01%
^6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc Administrative and Support Services Term Loan Prime plus 2.75% 9/24/2039
 452.5
 437.3
 427.1
 0.21%
^North Columbia LLC and Loop Liquor and Convenience Store LLC Food and Beverage Stores Term Loan Prime plus 2.75% 9/24/2039
 159.3
 153.6
 157.9
 0.08%
^R A Johnson Inc dba Rick Johnson Auto and Tire Repair and Maintenance Term Loan Prime plus 2.75% 9/23/2039
 301.3
 290.6
 304.0
 0.15%
^Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024
 37.8
 30.3
 27.5
 0.01%
^Utek Corporation dba Arcade Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 9/22/2039
 405.5
 400.2
 416.4
 0.20%
^Play and Stay LLC dba Zoom Room Tinton Falls Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2024
 42.1
 36.3
 32.8
 0.02%
^Modern Leather Goods Repair Shop Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024
 58.8
 49.5
 44.7
 0.02%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039
 145.5
 140.6
 147.1
 0.07%
^Tavern Properties LLC and Wildwood Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039
 425.0
 412.7
 423.2
 0.20%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024
 272.5
 231.9
 218.4
 0.10%
^RDT Enterprises LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 9/15/2027
 162.8
 145.9
 146.1
 0.07%
^KW Zion, LLC and Key West Gallery Inc Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/12/2039
 1,250.0
 1,206.0
 1,240.7
 0.60%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024
 630.2
 536.3
 486.5
 0.23%
^B&P Diners LLC dba Engine House Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024
 80.0
 68.1
 61.5
 0.03%
^Feel The World Inc dba Xero Shoes and Invisible Shoes Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 9/5/2024
 51.9
 44.2
 40.7
 0.02%
^Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 8/28/2039
 911.3
 862.4
 902.2
 0.43%
^Lamjam LLC (EPC) Goldsmith Lambros Inc (OC) Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024
 133.8
 113.0
 114.3
 0.05%
^Orange County Cleaning Inc Administrative and Support Services Term Loan Prime plus 2.75% 8/27/2024
 41.3
 34.8
 31.5
 0.02%
^Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/26/2024
 121.0
 102.2
 97.5
 0.05%
^Atlas Auto Body Inc dba Atlas Auto Sales Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039
 51.6
 49.7
 50.1
 0.02%
^Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc (OC) Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/21/2039
 1,226.0
 1,180.8
 1,206.9
 0.58%
^Katie Senior Care LLC dba Home Instead Senior Care Social Assistance Term Loan Prime plus 2.75% 8/15/2024
 124.3
 104.8
 94.7
 0.05%
^S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/15/2039
 433.5
 407.7
 426.5
 0.20%
^Alpha Preparatory Academy LLC Social Assistance Term Loan Prime plus 2.75% 8/15/2039
 145.2
 140.4
 146.9
 0.07%
^Almost Home Property LLC and Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 8/7/2039
 715.8
 690.4
 715.9
 0.34%
^AGV Enterprises LLC dba Jet's Pizza #42 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024
 54.8
 45.9
 42.2
 0.02%
^iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024
 379.1
 329.7
 313.8
 0.15%
^575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039
 22.5
 21.5
 22.4
 0.01%
^L&S Insurance & Financial Services Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/25/2024
 22.5
 18.8
 17.2
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 7/24/2039
 150.0
 144.2
 150.5
 0.07%
^Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039
 100.0
 96.8
 99.0
 0.05%
^AMG Holding, LLC and Stetson Automotive, Inc Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039
 208.0
 199.7
 208.8
 0.10%
^Highway Striping Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/30/2024
 53.1
 44.1
 41.2
 0.02%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024
 100.0
 83.1
 83.9
 0.04%
^iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039
 629.8
 605.2
 594.1
 0.29%
^Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 6/30/2039
 875.3
 841.6
 877.6
 0.42%
^FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2039
 321.8
 308.9
 315.6
 0.15%
^Zinger Hardware and General Merchant Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/26/2024
 110.5
 91.7
 88.7
 0.04%
^JPM Investments LLC and Carolina Family Foot Care P.A. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039
 136.1
 132.6
 136.4
 0.07%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039
 476.3
 457.1
 468.5
 0.23%
^RDJ Maayaa Inc dba RDJ Distributors Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/23/2024
 8.7
 7.1
 6.5
 —%
^Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039
 233.4
 224.0
 228.9
 0.11%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/19/2024
 332.0
 276.3
 277.4
 0.13%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn Accommodation Term Loan Prime plus 2.75% 6/17/2039
 920.3
 883.3
 923.6
 0.44%
^Hotels of North Georgia LLC dba Comfort Inn and Suites Accommodation Term Loan Prime plus 2.75% 6/17/2039
 837.5
 803.9
 840.5
 0.40%
^Global Educational Delivery Services LLC Educational Services Term Loan Prime plus 2.75% 6/16/2024
 60.0
 50.5
 51.0
 0.02%
^Rainbow Dry Cleaners Personal and Laundry Services Term Loan Prime plus 2.75% 6/13/2024
 122.5
 101.7
 95.6
 0.05%
^NVR Corporation dba Discount Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 6/11/2039
 68.3
 64.0
 66.9
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Sico & Walsh Insurance Agency Inc and The AMS Trust Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039
 250.0
 88.0
 94.1
 0.05%
^Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024
 22.5
 18.7
 17.4
 0.01%
^Long Island Barber + Beauty LLC Educational Services Term Loan Prime plus 2.75% 6/2/2039
 55.5
 53.3
 54.0
 0.03%
^Pocono Coated Products, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024
 22.5
 18.5
 18.3
 0.01%
^CJR LLC (EPC) and PowerWash Plus, Inc. (OC) Repair and Maintenance Term Loan Prime plus 2.75% 5/30/2024
 53.0
 43.7
 43.0
 0.02%
^EGM Food Services Inc dba Gold Star Chili Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2024
 19.2
 15.8
 14.7
 0.01%
^R. A. Johnson, Inc. dba Rick Johnson Auto & Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/29/2039
 943.8
 904.5
 945.7
 0.45%
^Wilton Dental Care P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/29/2024
 128.1
 107.5
 98.1
 0.05%
^Jonesboro Health Food Center LLC Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024
 60.0
 49.4
 44.8
 0.02%
^USI Properties LLC dba U Store It Real Estate Term Loan Prime plus 2.75% 5/23/2039
 144.6
 138.6
 144.2
 0.07%
^Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc(OC) Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2039
 134.9
 129.6
 135.5
 0.07%
^Hae M. and Jin S. Park dba Buford Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039
 166.5
 158.8
 159.5
 0.08%
^Moochie's LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2024
 100.5
 83.8
 76.9
 0.04%
^The River Beas LLC and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039
 90.3
 86.5
 88.3
 0.04%
^AS Boyals LLC dba Towne Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039
 117.5
 112.4
 117.5
 0.06%
^ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/25/2024
 500.0
 408.0
 369.1
 0.18%
^Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP dba Golden Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027
 78.8
 68.7
 69.7
 0.03%
^Complete Body & Paint, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039
 20.8
 19.9
 20.8
 0.01%
^Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Executives Real Estate Term Loan Prime plus 2.75% 4/22/2039
 103.8
 99.4
 103.9
 0.05%
^Wilshire Media Systems Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024
 186.3
 152.0
 140.3
 0.07%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039
 137.5
 130.6
 134.7
 0.06%
^Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039
 449.0
 428.8
 451.2
 0.22%
^Dantanna's Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024
 164.3
 134.9
 133.0
 0.06%
^RDT Enterprises, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2028
 141.2
 125.6
 129.8
 0.06%
^Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) Social Assistance Term Loan Prime plus 2.75% 3/31/2039
 101.5
 97.7
 101.1
 0.05%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC Truck Transportation Term Loan Prime plus 2.75% 3/31/2024
 1,250.0
 606.7
 618.4
 0.30%
^Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039
 117.5
 112.4
 115.0
 0.06%
^Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) Social Assistance Term Loan Prime plus 2.75% 3/31/2039
 92.1
 88.5
 91.7
 0.04%
^Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2039
 427.5
 410.2
 430.7
 0.21%
^Lake Area Autosound LLC and Ryan H. Whittington Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/28/2039
 125.0
 121.1
 126.6
 0.06%
^Sapienzo Properties LLC (EPC) CNS Self-Storage Inc (OC) Real Estate Term Loan Prime plus 2.75% 3/27/2039
 193.8
 184.1
 195.2
 0.09%
^Hascher Gabelstapler Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/26/2024
 143.3
 117.5
 117.8
 0.06%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox Social Assistance Term Loan Prime plus 2.75% 3/21/2039
 145.0
 138.7
 144.3
 0.07%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039
 110.8
 105.9
 112.3
 0.05%
^636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039
 497.5
 477.3
 505.9
 0.24%
^Kinisi, Inc. dba The River North UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024
 41.3
 27.6
 27.7
 0.01%
^SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park LLC Social Assistance Term Loan Prime plus 2.75% 3/14/2039
 408.0
 390.7
 414.0
 0.20%
^Tortilla King Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2039
 216.9
 208.0
 215.3
 0.10%
^Tortilla King, Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2029
 1,033.1
 938.6
 949.2
 0.46%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/13/2039
 223.5
 213.4
 226.2
 0.11%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Avayaan2 LLC dba Island Cove Gasoline Stations Term Loan Prime plus 2.75% 3/7/2039
 157.5
 150.4
 157.9
 0.08%
^Onofrio's Fresh Cut Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/6/2024
 75.0
 60.7
 61.3
 0.03%
^R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039
 417.5
 398.1
 416.1
 0.20%
^Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024
 350.6
 281.2
 281.0
 0.13%
^952 Boston Post Road Realty, LLC and HNA LLC dba Styles International Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039
 211.0
 201.2
 209.5
 0.10%
^Choe Trade Group Inc dba Rapid Printers of Monterey Printing and Related Support Activities Term Loan Prime plus 2.75% 2/28/2024
 159.3
 127.7
 130.2
 0.06%
^Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039
 214.2
 204.6
 212.8
 0.10%
^96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039
 141.3
 135.4
 143.5
 0.07%
^JWB Industries, Inc. dba Carteret Die Casting Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024
 280.0
 224.5
 219.9
 0.11%
^986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039
 99.1
 94.9
 99.6
 0.05%
^Sovereign Communications LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/7/2024
 907.8
 738.3
 718.6
 0.35%
^Awesome Pets II Inc dba Mellisa's Pet Depot Miscellaneous Store Retailers Term Loan Prime plus 2.75% 2/7/2024
 83.2
 67.5
 66.3
 0.03%
^Sarah Sibadan dba Sibadan Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039
 129.4
 123.1
 129.9
 0.06%
^3Fmanagement LLC and ATC Fitness Cape Coral, LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/24/2024
 425.0
 337.7
 332.4
 0.16%
^JDR Industries Inc dba CST-The Composites Store, JetCat USA Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 1/21/2024
 140.3
 111.5
 110.3
 0.05%
^Icore Enterprises Inc dba Air Flow Filters Inc Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024
 21.8
 17.3
 17.6
 0.01%
^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2027
 712.5
 626.4
 645.1
 0.31%
^Nutmeg North Associates LLC (OC) Steeltech Building Products Inc Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038
 897.8
 871.5
 906.2
 0.44%
^CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's Food Manufacturing Term Loan Prime plus 2.75% 12/27/2023
 656.3
 533.3
 543.1
 0.26%
^Shane M. Howell and Buck Hardware and Garden Center, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2038
 322.5
 306.3
 317.9
 0.15%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^KK International Trading Corporation Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028
 190.0
 167.3
 170.9
 0.08%
^Mosley Auto Group LLC dba America's Automotive Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038
 221.5
 210.4
 221.9
 0.11%
^Kurtis Sniezek dba Wolfe's Foreign Auto Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038
 88.9
 84.4
 89.4
 0.04%
^Lefont Theaters Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/19/2023
 14.4
 11.3
 11.2
 0.01%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2038
 555.3
 527.4
 550.0
 0.26%
^TAK Properties LLC and Kinderland Inc Social Assistance Term Loan Prime plus 2.75% 12/18/2038
 405.0
 385.2
 402.4
 0.19%
^Any Garment Cleaner-East Brunswick, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2023
 53.8
 42.4
 42.8
 0.02%
^TOL LLC dba Wild Birds Unlimited Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023
 18.0
 14.7
 14.5
 0.01%
^8 Minute Oil Change of Springfield Corporation and John Nino Repair and Maintenance Term Loan Prime plus 2.75% 12/12/2038
 196.8
 183.6
 193.9
 0.09%
^920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC) Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038
 418.1
 397.2
 420.7
 0.20%
^DKB Transport Corp Truck Transportation Term Loan Prime plus 2.75% 12/5/2038
 138.8
 131.8
 139.6
 0.07%
^Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038
 104.3
 99.0
 101.9
 0.05%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023
 387.3
 304.9
 302.7
 0.15%
^BVIP Limousine Service LTD Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038
 76.5
 72.5
 76.3
 0.04%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 11/27/2023
 67.2
 52.5
 51.2
 0.02%
^Wallace Holdings LLC (EPC) GFA International Inc (OC) Professional, Scientific, and Technical Services Term Loan Prime plus 2.5% 11/25/2023
 125.0
 97.3
 94.1
 0.05%
^AcuCall LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023
 15.8
 12.3
 11.9
 0.01%
^Seven Peaks Mining Inc and Cornerstone Industrial Minerals Corporation Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/18/2038
 1,250.0
 1,182.0
 1,212.2
 0.58%
^Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023
 45.0
 35.8
 34.9
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Yousef Khatib dba Y&M Enterprises Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 11/15/2023
 75.0
 58.5
 57.2
 0.03%
^Howell Gun Works LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/14/2023
 8.3
 6.5
 6.3
 —%
^Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC) Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038
 62.5
 59.3
 62.8
 0.03%
^1 North Restaurant Corp dba 1 North Steakhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038
 212.5
 201.1
 212.0
 0.10%
^Master CNC Inc & Master Properties LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038
 596.6
 564.7
 583.5
 0.28%
^Janice B. McShan and The Metropolitan Day School, LLC Social Assistance Term Loan Prime plus 2.75% 10/31/2023
 42.8
 34.0
 34.7
 0.02%
^Twinsburg Hospitality Group LLC dba Comfort Suites Accommodation Term Loan Prime plus 2.75% 10/31/2038
 945.0
 896.3
 934.3
 0.45%
^Mid-Land Sheet Metal Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038
 137.5
 130.5
 137.2
 0.07%
^Meridian Hotels LLC dba Best Western Jonesboro Accommodation Term Loan Prime plus 2.75% 10/29/2038
 664.5
 628.7
 665.8
 0.32%
^New Image Building Services Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 10/29/2023
 331.3
 256.0
 251.6
 0.12%
^A-1 Quality Services Corporation Administrative and Support Services Term Loan Prime plus 2.75% 10/29/2023
 8.9
 6.8
 6.6
 —%
^Greenbrier Technical Services, Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023
 240.1
 169.2
 172.3
 0.08%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038
 246.3
 233.1
 242.1
 0.12%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2023
 87.5
 67.6
 66.5
 0.03%
^Discount Wheel and Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038
 223.8
 211.2
 220.3
 0.11%
^Onofrios Enterprises LLC (EPC) Onofrios Fresh Cut, Inc Food Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 312.5
 296.2
 311.0
 0.15%
^Cencon Properties LLC and Central Connecticut Warehousing Company, In Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038
 344.5
 325.8
 344.5
 0.17%
^Shepher Distr's and Sales Corp and The Lederer Industries Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2023
 1,050.0
 649.4
 660.8
 0.32%
^First Steps Real Estate Company, LLC (EPC) and First Steps Preschool Social Assistance Term Loan Prime plus 2.75% 9/30/2038
 97.6
 92.2
 95.5
 0.05%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 322.7
 310.5
 325.3
 0.16%
^Top Properties LLC and LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 120.0
 115.3
 122.1
 0.06%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038
 335.1
 316.3
 331.2
 0.16%
^Gabrielle Realty, LLC Gasoline Stations Term Loan Prime plus 2.75% 9/27/2038
 757.6
 715.2
 745.1
 0.36%
^Handy 6391 LLC dba The UPS Store #6391 Administrative and Support Services Term Loan Prime plus 2.75% 9/27/2023
 62.5
 48.4
 49.3
 0.02%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038
 100.0
 94.5
 100.1
 0.05%
^Eastside Soccer Dome, Inc . Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038
 463.8
 437.8
 463.5
 0.22%
^Southeast Chicago Soccer, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038
 51.3
 48.4
 51.2
 0.02%
^HJ & Edward Enterprises, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2023
 262.5
 207.6
 208.1
 0.10%
^Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 9/25/2038
 89.3
 85.9
 89.1
 0.04%
^Diamond Memorials Incorporated Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023
 14.3
 10.1
 9.8
 —%
^Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038
 268.4
 253.8
 265.7
 0.13%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta Educational Services Term Loan Prime plus 2.75% 9/20/2023
 46.3
 35.6
 34.8
 0.02%
^Westville Seafood LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2038
 112.3
 106.0
 110.6
 0.05%
^Maynard Enterprises Inc dba Fastsigns of Texarkana Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023
 16.1
 12.5
 12.2
 0.01%
^Grafio Inc dba Omega Learning Center-Acworth Educational Services Term Loan Prime plus 2.75% 9/13/2023
 156.3
 126.6
 124.1
 0.06%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028
 54.8
 47.6
 48.1
 0.02%
^The Berlerro Group, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023
 421.3
 333.0
 325.8
 0.16%
^Prospect Kids Academy Inc Educational Services Term Loan Prime plus 2.75% 9/11/2038
 124.3
 117.3
 123.2
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Alma J. and William R. Walton (EPC) and Almas Child Day Care Center Social Assistance Term Loan Prime plus 2.75% 9/11/2038
 39.5
 37.3
 39.5
 0.02%
^B for Brunette dba Blo Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023
 53.4
 41.4
 40.2
 0.02%
^Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038
 224.2
 210.4
 219.3
 0.11%
^Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 8/30/2023
 130.3
 98.8
 100.1
 0.05%
^IlOKA Inc dba Microtech Tel and NewCloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023
 687.5
 521.7
 514.5
 0.25%
^ACI Northwest Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023
 906.3
 475.2
 480.1
 0.23%
^Spectrum Radio Fairmont, LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 8/30/2023
 187.5
 164.3
 166.9
 0.08%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis Social Assistance Term Loan Prime plus 2.75% 8/30/2023
 43.3
 32.8
 33.2
 0.02%
^Ramard Inc and Advanced Health Sciences Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023
 187.5
 142.4
 137.5
 0.07%
^RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023
 85.8
 61.6
 62.7
 0.03%
^JSIL LLC dba Blackstones Hairdressing Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023
 19.5
 14.6
 14.4
 0.01%
^Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC) Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/14/2038
 445.0
 330.2
 342.4
 0.16%
^Caribbean Concepts, Inc. dba Quick Bleach Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023
 22.5
 17.2
 16.7
 0.01%
^209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc (OC) Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/29/2038
 83.9
 78.9
 82.8
 0.04%
^Majestic Contracting Services, Inc. dba Majestic Electric Specialty Trade Contractors Term Loan Prime plus 2.75% 7/26/2038
 190.0
 178.7
 186.0
 0.09%
^Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023
 11.3
 8.5
 8.6
 —%
^Angkor Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038
 93.0
 87.5
 92.2
 0.04%
^Harbor Ventilation Inc and Estes Investment, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038
 92.1
 22.4
 23.7
 0.01%
^Tri County Heating and Cooling Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023
 87.8
 65.9
 66.8
 0.03%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC Truck Transportation Term Loan Prime plus 2.75% 7/17/2023
 53.8
 40.4
 39.0
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Maxiflex LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023
 153.5
 114.0
 115.9
 0.06%
^GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038
 97.5
 91.5
 96.9
 0.05%
^JRA Holdings LLC (EPC) Jasper County Cleaners Inc dba Superior Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038
 121.0
 112.6
 119.2
 0.06%
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower) Truck Transportation Term Loan Prime plus 2.75%��6/19/2026
 1,250.0
 802.9
 824.0
 0.40%
^CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028
 875.0
 748.7
 772.8
 0.37%
^KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023
 343.8
 255.8
 248.4
 0.12%
^Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038
 932.8
 852.8
 902.2
 0.43%
^(EPC) Willowbrook Properties LLC (OC) Grove Gardens Landscaping Inc. Administrative and Support Services Term Loan Prime plus 2.75% 6/5/2038
 186.3
 174.9
 183.6
 0.09%
^(EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038
 188.3
 176.9
 182.9
 0.09%
^RKP Service dba Rainbow Carwash Repair and Maintenance Term Loan Prime plus 2.75% 5/31/2023
 300.0
 223.5
 217.7
 0.10%
^RXSB, Inc dba Medicine Shoppe Health and Personal Care Stores Term Loan Prime plus 2.75% 5/30/2023
 186.3
 137.5
 132.7
 0.06%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023
 63.5
 46.7
 46.4
 0.02%
^Ryan D. Thornton and Thornton & Associates LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023
 68.8
 39.3
 37.9
 0.02%
^PowerWash Plus, Inc. and CJR, LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2038
 550.0
 515.2
 536.7
 0.26%
^Peanut Butter & Co., Inc. Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023
 100.0
 72.6
 70.4
 0.03%
^Brothers International Desserts Food Manufacturing Term Loan Prime plus 2.75% 4/26/2023
 230.0
 167.7
 167.0
 0.08%
^Kidrose, LLC dba Kidville Riverdale Educational Services Term Loan Prime plus 2.75% 4/22/2023
 78.8
 58.1
 57.2
 0.03%
^Vernon & Stephanie Scott and Little Stars Day Care Center, Inc. Educational Services Term Loan Prime plus 2.75% 4/18/2038
 151.0
 141.3
 149.5
 0.07%
^Capital Scrap Metal, LLC and Powerline Investment, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/29/2038
 500.0
 444.5
 473.5
 0.23%
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads Food Manufacturing Term Loan Prime plus 2.75% 3/29/2038
 336.0
 314.3
 331.4
 0.16%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC) Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038
 124.6
 116.4
 123.0
 0.06%
^Neyra Industries, Inc. and Edward Neyra Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/27/2023
 217.5
 157.0
 160.3
 0.08%
^A & M Commerce, Inc. dba Cranberry Sunoco Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038
 330.3
 308.2
 327.3
 0.16%
^Xela Pack, Inc. and Aliseo and Catherine Gentile Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028
 271.8
 229.2
 237.8
 0.11%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038
 537.5
 501.9
 531.1
 0.26%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038
 67.5
 63.0
 66.9
 0.03%
^M & H Pine Straw Inc and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/21/2023
 288.8
 208.0
 211.4
 0.10%
^Truth Technologies Inc dba Truth Technologies Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023
 79.5
 57.4
 57.6
 0.03%
^J. Kinderman & Sons Inc., dba BriteStar Inc. Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/20/2023
 181.3
 135.1
 137.9
 0.07%
^Stellar Environmental LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/18/2023
 56.3
 40.7
 41.4
 0.02%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023
 523.0
 376.7
 381.5
 0.18%
^Golden Gate Lodging LLC (OC) Accommodation Term Loan Prime plus 2.75% 3/12/2038
 115.0
 107.4
 114.0
 0.05%
^Bakhtar Group LLC dba Malmaison Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023
 103.8
 74.8
 74.8
 0.04%
^River Club Golf Course Inc dba The River Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2038
 475.2
 442.8
 469.5
 0.23%
^Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038
 86.3
 80.4
 85.3
 0.04%
^Java Warung, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038
 51.0
 47.6
 50.6
 0.02%
^Nancy & Karl Schmidt(EPC) Moments to Remember USA, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038
 106.3
 99.0
 105.1
 0.05%
^Orient Direct, Inc. dba Spracht, Celltek, ODI Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/12/2023
 84.9
 59.9
 59.9
 0.03%
^Knits R Us, Inc. dba NYC Sports / Mingle Textile Mills Term Loan Prime plus 2.75% 2/11/2038
 125.0
 116.7
 124.3
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^North Country Transport, LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023
 15.0
 10.7
 10.9
 0.01%
^MJD Investments, LLC dba The Community Day School Social Assistance Term Loan Prime plus 2.75% 1/31/2038
 258.3
 240.2
 254.4
 0.12%
^Sherill Universal City dba Golden Corral Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038
 440.5
 411.4
 435.8
 0.21%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2022
 97.5
 68.3
 68.3
 0.03%
^Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037
 500.0
 466.6
 496.8
 0.24%
^WI130, LLC (EPC) & Lakeland Group, Inc (OC) dba Lakeland Electrical Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/31/2028
 271.5
 229.8
 235.9
 0.11%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027
 46.3
 34.9
 35.5
 0.02%
^John Duffy Fuel Co., Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/28/2022
 513.8
 359.8
 367.1
 0.18%
^Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037
 517.5
 482.6
 513.8
 0.25%
^Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022
 66.3
 46.2
 46.5
 0.02%
^United Woodworking, Inc Wood Product Manufacturing Term Loan 6% 12/20/2022
 17.3
 11.9
 12.1
 0.01%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/20/2022
 225.0
 157.5
 159.2
 0.08%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2027
 389.6
 323.7
 330.7
 0.16%
^The Amendments Group LLC dba Brightstar Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/17/2022
 22.5
 15.7
 16.0
 0.01%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/30/2037
 286.5
 266.3
 282.7
 0.14%
^Aegis Creative Communications, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2022
 387.5
 260.9
 260.9
 0.13%
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037
 223.8
 207.4
 220.7
 0.11%
^D&L Rescources, Inc. dba The UPS Store Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022
 9.8
 6.7
 6.7
 —%
^Richmond Hill Mini Market, LLC Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037
 185.3
 171.7
 182.2
 0.09%
^DRV Enterprise, Inc. dba Cici's Pizza # 339 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022
 65.0
 44.0
 44.9
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037
 96.3
 89.2
 95.0
 0.05%
^Clean Brothers Company Inc dba ServPro of North Washington County Repair and Maintenance Term Loan Prime plus 2.75% 11/21/2022
 17.0
 11.7
 11.8
 0.01%
^Pioneer Windows Manufacturing Corp, Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022
 275.0
 190.5
 192.4
 0.09%
^R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037
 180.0
 166.8
 177.2
 0.09%
^St Judes Physical Therapy P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022
 21.0
 14.5
 14.8
 0.01%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022
 22.2
 15.4
 15.5
 0.01%
^Reidville Hydraulics Mfg Inc dba Summit Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037
 265.9
 246.5
 259.7
 0.12%
^Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022
 180.0
 126.1
 126.1
 0.06%
^LA Diner Inc dba Loukas L A Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/28/2037
 677.5
 630.1
 670.5
 0.32%
^ATC Fitness LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2022
 180.0
 125.1
 126.9
 0.06%
^University Park Retreat, LLC dba Massage Heights Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022
 76.0
 51.4
 52.4
 0.03%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery Food and Beverage Stores Term Loan Prime plus 2.75% 9/26/2037
 183.8
 170.9
 180.9
 0.09%
^LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2037
 252.3
 232.8
 246.2
 0.12%
^O'Rourkes Diner LLC dba O'Rourke's Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037
 65.5
 60.4
 63.8
 0.03%
^Michael J. Speeney & Joyce Speeney and R2 Tape, Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/31/2037
 367.5
 338.5
 360.1
 0.17%
^AJK Enterprise LLC dba AJK Enterprise LLC Truck Transportation Term Loan Prime plus 2.75% 8/27/2022
 16.5
 11.0
 11.2
 0.01%
^New Image Building Services, Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 8/23/2037
 285.7
 263.2
 276.9
 0.13%
^Suncoast Aluminum Furniture, Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037
 360.0
 331.7
 353.0
 0.17%
^Georgia Safe Sidewalks LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022
 15.0
 9.8
 9.9
 —%
^Hofgard & Co., Inc. dba HofgardBenefits Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022
 107.3
 70.8
 71.9
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Scoville Plumbing & Heating Inc and Thomas P. Scoville Specialty Trade Contractors Term Loan Prime plus 2.75% 7/25/2022
 50.0
 34.8
 35.5
 0.02%
^Central Tire, Inc. dba Cooper Tire & Auto Services Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037
 288.5
 264.4
 279.5
 0.13%
^WPI, LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/29/2024
 129.5
 94.4
 95.8
 0.05%
^Havana Central (NY) 5, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2022
 1,166.8
 797.7
 810.2
 0.39%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2037
 69.8
 63.9
 67.8
 0.03%
^KIND-ER-ZZ Inc dba Kidville Educational Services Term Loan Prime plus 2.75% 6/15/2022
 50.0
 32.3
 32.3
 0.02%
^Graphish Studio, Inc. and Scott Fishoff Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022
 20.3
 13.2
 13.2
 0.01%
^ALF, LLC (EPC) Mulit-Service Eagle Tires (OC) Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037
 62.9
 57.6
 61.0
 0.03%
^Craig R Freehauf d/b/a Lincoln Theatre Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/31/2022
 47.9
 22.8
 23.2
 0.01%
^Spectrumit, Inc, (OC) dba LANformation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2030
 154.9
 131.2
 136.5
 0.07%
^Lefont Theaters, Inc. Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 5/30/2022
 137.0
 88.4
 89.4
 0.04%
^Christou Real Estate Holdings LLC dba Tops American Grill Food Services and Drinking Places Term Loan Prime plus 2.75% 5/17/2037
 284.0
 259.5
 275.6
 0.13%
^Tracey Vita-Morris dba Tracey Vita's School of Dance Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022
 22.5
 14.5
 14.5
 0.01%
^Bisson Transportation, Inc. Truck Transportation Term Loan Prime plus 2.75% 5/7/2037
 588.1
 554.3
 584.6
 0.28%
^Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real Truck Transportation Term Loan Prime plus 2.75% 5/7/2022
 528.8
 366.9
 372.1
 0.18%
^Fair Deal Food Mart Inc dba Neighbors Market Gasoline Stations Term Loan Prime plus 2.75% 5/3/2037
 381.3
 348.7
 370.8
 0.18%
^Tanner Optical, Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022
 8.3
 5.2
 5.3
 —%
^Zane Filippone Co Inc dba Culligan Water Conditioning Nonstore Retailers Term Loan Prime plus 2.75% 4/12/2022
 558.2
 357.5
 362.0
 0.17%
^Indoor Playgrounds Limited Liability Company dba Kidville Educational Services Term Loan Prime plus 2.75% 4/5/2022
 19.5
 8.8
 9.0
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/30/2031
 231.5
 198.1
 207.8
 0.10%
^Access Staffing, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022
 187.5
 118.1
 119.0
 0.06%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2037
 755.4
 698.8
 745.4
 0.36%
^Manuel P. Barrera and Accura Electrical Contractor, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028
 103.7
 84.0
 86.7
 0.04%
^Shweiki Media, Inc. dba Study Breaks Magazine Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027
 1,178.8
 932.9
 962.3
 0.46%
^ATC Fitness, LLC d/b/a Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2022
 10.2
 6.3
 6.4
 —%
^ATI Jet, Inc. Air Transportation Term Loan Prime plus 2.75% 12/28/2026
 852.8
 651.0
 672.0
 0.32%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036
 495.0
 456.8
 486.9
 0.23%
^K's Salon, LLC d/b/a K's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021
 73.6
 44.6
 44.9
 0.02%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021
 250.0
 150.2
 152.3
 0.07%
^M & H Pinestraw, Inc. and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2021
 238.3
 144.1
 145.9
 0.07%
^Taylor Transport, Inc Truck Transportation Term Loan Prime plus 2.75% 12/8/2021
 515.5
 245.9
 250.5
 0.12%
^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/16/2021
 62.5
 37.1
 37.8
 0.02%
^MRM Supermarkets, Inc. dba Constantin's Breads Food Manufacturing Term Loan Prime plus 2.75% 12/31/2018
 137.5
 82.3
 82.6
 0.04%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021
 58.8
 35.8
 36.2
 0.02%
^28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021
 22.5
 13.2
 13.5
 0.01%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036
 83.3
 74.7
 79.4
 0.04%
^PTK, Incorporated dba Night N Day 24 HR Convenience Store Food and Beverage Stores Term Loan Prime plus 2.75% 9/30/2036
 137.5
 123.7
 131.6
 0.06%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036
 28.5
 25.4
 27.0
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Robert E. Caves, Sr. and American Plank dba Caves Enterprises Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021
 302.5
 175.4
 178.5
 0.09%
^Polymer Sciences, Inc. dba Polymer Sciences, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/28/2036
 422.6
 379.9
 404.7
 0.19%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2021
 1,070.0
 615.6
 619.4
 0.30%
^Equity National Capital LLC & Chadbourne Road Capital, LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 9/26/2021
 62.5
 36.3
 36.7
 0.02%
^Bryan Bantry Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/8/2021
 400.0
 154.7
 155.6
 0.07%
^SBR Technologies d/b/a Color Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/31/2021
 806.2
 460.6
 468.6
 0.23%
^Michael S. Decker & Janet Decker dba The Hen House Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036
 16.4
 14.8
 15.7
 0.01%
^Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/19/2021
 187.5
 101.5
 102.5
 0.05%
^Trademark Equipment Company Inc and David A. Daniel Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036
 133.6
 119.9
 127.4
 0.06%
^Valiev Ballet Academy, Inc Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036
 91.5
 38.0
 40.5
 0.02%
^A & A Auto Care, LLC d/b/a A & A Auto Care, LLC Repair and Maintenance Term Loan Prime plus 2.75% 8/12/2036
 101.0
 91.1
 97.1
 0.05%
^LaHoBa, LLC d/b/a Papa John's Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036
 77.5
 69.1
 73.6
 0.04%
^Kelly Chon LLC dba Shi-Golf Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/29/2021
 17.5
 7.2
 7.3
 —%
^MTV Bowl, Inc. dba Legend Lanes Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2036
 248.5
 223.7
 237.3
 0.11%
^Lavertue Properties LLP dba Lavertue Properties Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036
 44.8
 40.1
 42.7
 0.02%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036
 338.1
 314.1
 333.8
 0.16%
^Pierce Developments, Inc. dba Southside Granite Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/13/2036
 256.1
 228.8
 242.4
 0.12%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Major Queens Body & Fender Corp Repair and Maintenance Term Loan Prime plus 2.75% 6/10/2021
 28.6
 15.9
 16.2
 0.01%
^J&K Fitness, LLC dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/8/2036
 449.3
 407.6
 433.3
 0.21%
^Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021
 65.5
 35.2
 35.4
 0.02%
^Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand Printing and Related Support Activities Term Loan Prime plus 2.75% 5/27/2021
 16.5
 9.0
 9.2
 —%
^Modern on the Mile, LLC dba Ligne Roset Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/25/2021
 212.5
 115.4
 116.2
 0.06%
^Music Mountain Water Company, LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/25/2036
 138.1
 122.2
 130.1
 0.06%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C. Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036
 127.5
 113.4
 120.7
 0.06%
^Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036
 129.5
 117.0
 124.5
 0.06%
^Michael S. Korfe dba North Valley Auto Repair Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036
 15.5
 13.7
 14.6
 0.01%
^Actknowledge,Inc dba Actknowledge Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021
 57.3
 30.4
 31.0
 0.01%
^Food & Beverage Associates Of N.J. Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/11/2021
 10.0
 4.6
 4.7
 —%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins Food and Beverage Stores Term Loan Prime plus 2.75% 3/10/2021
 153.0
 81.4
 82.4
 0.04%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2023
 63.0
 37.4
 38.4
 0.02%
^SuzyQue’s LLC dba Suzy Que’s Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036
 61.0
 54.2
 57.8
 0.03%
^Little People’s Village, LLC dba Little People’s Village Social Assistance Term Loan Prime plus 2.75% 1/31/2036
 31.1
 27.4
 29.2
 0.01%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036
 113.4
 100.1
 106.7
 0.05%
^Metro Used Cars Inc. dba Metro Auto Center Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/14/2027
 117.6
 88.1
 91.4
 0.04%
^Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2020
 7.6
 3.7
 3.7
 —%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown Support Activities for Transportation Term Loan 5.25% 12/28/2035
 145.9
 137.4
 146.0
 0.07%
Groundworks Unlimited LLC Specialty Trade Contractors Term Loan 6% 12/17/2023
 120.0
 83.1
 85.3
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Shree OM Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 12/17/2035
 27.7
 24.4
 26.0
 0.01%
^Lodin Medical Imaging, LLC dba Watson Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020
 66.4
 32.4
 32.9
 0.02%
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035
 34.0
 29.9
 31.8
 0.02%
^Any Garment Cleaner-East Brunswick, Inc dba Any Garment Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 11/18/2020
 42.5
 17.5
 17.7
 0.01%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/12/2035
 148.7
 130.8
 139.0
 0.07%
^Lincoln Park Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/20/2020
 43.5
 21.0
 21.4
 0.01%
^K9 Bytes, Inc & Epazz, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020
 18.5
 9.2
 9.3
 —%
^Elan Realty, LLC and Albert Basse Asociates, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035
 228.2
 199.8
 212.6
 0.10%
^Success Express,Inc. dba Success Express Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020
 91.8
 43.5
 43.9
 0.02%
^Modern Manhattan, LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/20/2020
 204.0
 97.9
 98.8
 0.05%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking Truck Transportation Term Loan Prime plus 2.75% 9/17/2020
 17.7
 8.3
 8.4
 —%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035
 50.1
 43.7
 46.6
 0.02%
^Newsome Trucking Inc and Kevin Newsome Truck Transportation Term Loan Prime plus 2.75% 9/2/2035
 423.1
 209.7
 222.8
 0.11%
^California College of Communications, Inc. Educational Services Term Loan Prime plus 2.75% 11/2/2020
 172.5
 84.2
 85.0
 0.04%
^DDLK Investments LLC d/b/a Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2020
 7.5
 2.8
 2.8
 —%
^Planet Verte,LLC d/b/a Audio Unlimited Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2020
 40.0
 18.9
 19.1
 0.01%
^Members Only Software Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020
 40.3
 18.7
 18.9
 0.01%
^New Life Holdings, LLC and Certified Collision Services, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2035
 76.2
 65.8
 69.9
 0.03%
^ActKnowledge,Inc dba ActKnowledge Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020
 50.0
 22.7
 23.0
 0.01%
^I-90 RV & Auto Supercenter Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035
 74.9
 65.1
 69.2
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^WeaverVentures, Inc dba The UPS Store Postal Service Term Loan Prime plus 2.75% 7/28/2020
 23.8
 10.9
 11.1
 0.01%
^Zouk, Ltd. dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020
 27.5
 12.9
 13.1
 0.01%
^CJ Park Inc. dba Kidville Midtown West Educational Services Term Loan Prime plus 2.75% 6/25/2020
 26.4
 9.5
 9.5
 —%
^Tanner Optical Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035
 94.6
 82.0
 86.9
 0.04%
^M & H Pine Straw, Inc.and Harris Maloy Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 7/10/2020
 67.5
 30.9
 31.3
 0.02%
^Excel RP, Inc./Kevin and Joann Foley Machinery Manufacturing Term Loan Prime plus 2.75% 7/8/2028
 50.0
 38.4
 40.0
 0.02%
^ValleyStar, Inc. dba BrightStar HealthCare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020
 0.6
 2.7
 2.8
 —%
^ValleyStar, Inc. dba BrightStar Healthcare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020
 7.5
 3.4
 3.4
 —%
^Diag, LLC dba Kidville Educational Services Term Loan Prime plus 2.75% 6/21/2020
 37.5
 16.5
 16.7
 0.01%
^M & H Pine Straw, Inc and Harris L. Maloy Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020
 183.3
 63.3
 64.2
 0.03%
^New Economic Methods LLC dba Rita's Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2020
 24.8
 0.8
 0.8
 —%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2020
 6.3
 2.7
 2.7
 —%
^Vortex Automotive LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/5/2035
 76.6
 66.1
 70.3
 0.03%
^ATC Fitness LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2019
 15.0
 5.0
 5.0
 —%
^Lahoba,LLC dba Papa John's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034
 42.5
 36.5
 38.8
 0.02%
^Music Mountain Water Company,LLC dba Music Mountain Water Co. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 12/29/2019
 185.4
 74.2
 75.1
 0.04%
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024
 126.5
 29.7
 30.6
 0.01%
^David A. Nusblatt, D.M.D, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2019
 9.0
 3.5
 3.6
 —%
^CMA Consulting dba Construction Management Associates Construction of Buildings Term Loan Prime plus 2.75% 12/11/2019
 58.5
 21.0
 21.2
 0.01%
^KMC RE, LLC & B&B Kennels Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034
 58.3
 49.9
 53.1
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Demand Printing Solutions, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 12/12/2019
 10.0
 3.9
 4.0
 —%
^Planet Verte, LLC dba Audio Unlimited of Oceanside Administrative and Support Services Term Loan Prime plus 2.75% 11/28/2019
 57.0
 21.9
 22.2
 0.01%
^Demand Printing Solutions, Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 10/29/2034
 147.5
 125.9
 133.8
 0.06%
^Supreme Screw Products Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/17/2019
 308.2
 96.4
 97.5
 0.05%
^Gray Tree Service, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2018
 50.0
 13.4
 13.6
 0.01%
^Envy Salon & Spa LLC Personal and Laundry Services Term Loan Prime plus 2.75% 12/4/2018
 20.3
 5.5
 5.5
 —%
^Gourmet to You, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2019
 12.1
 3.5
 3.5
 —%
The Alba Financial Group, Inc. Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 1/10/2019
 22.5
 12.5
 12.6
 0.01%
^Grapevine Professional Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 1/22/2019
 8.2
 2.2
 2.3
 —%
^Inflate World Corporation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/30/2018
 7.5
 1.5
 1.5
 —%
^Peter Thomas Roth Labs LL Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/26/2018
 425.0
 105.8
 106.7
 0.05%
^Dream Envy, Ltd. d/b/a Massage Envy Personal and Laundry Services Term Loan Prime plus 2.75% 11/9/2018
 88.0
 23.1
 23.3
 0.01%
^CBA D&A Pope, LLC dba Christian Brothers Automotive Repair and Maintenance Term Loan Prime plus 2.75% 6/14/2018
 144.9
 33.1
 33.3
 0.02%
^Gilbert Chiropractic Clinic, Inc. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/7/2018
 22.5
 4.7
 4.8
 —%
^D & D's Divine Beauty School of Esther, LLC Educational Services Term Loan 6% 8/1/2031
 57.7
 51.8
 54.6
 0.03%
^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2018
 9.4
 2.0
 2.0
 —%
^Burks & Sons Development LLC dba Tropical Smoothie Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 3/22/2018
 49.8
 9.5
 9.6
 —%
Bliss Coffee and Wine Bar, LLC Food Services and Drinking Places Term Loan 6% 3/19/2018
 87.5
 70.2
 70.7
 0.03%
Zog Inc. Other Information Services Term Loan 6% 3/17/2018
 97.5
 64.1
 64.5
 0.03%
^Saan M.Saelee dba Saelee's Delivery Service Truck Transportation Term Loan Prime plus 2.75% 3/12/2018
 9.8
 1.9
 1.9
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Integrity Sports Group, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan 6% 3/6/2018
 75.0
 32.0
 32.2
 0.02%
^Enewhere Custom Canvas, LLC Textile Product Mills Term Loan Prime plus 2.75% 2/15/2018
 12.0
 2.3
 2.3
 —%
^A & A Acquisition, Inc. dba A & A International Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/15/2018
 100.0
 16.8
 16.9
 0.01%
^All American Printing Printing and Related Support Activities Term Loan Prime plus 2.75% 10/26/2032
 69.8
 37.7
 39.9
 0.02%
^Seo's Paradise Cleaners, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2018
 9.8
 0.9
 0.9
 —%
^Margab, Inc. dba Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2017
 44.0
 7.1
 7.1
 —%
^RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2017
 21.2
 4.2
 4.2
 —%
^Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2017
 8.4
 1.0
 1.0
 —%
^Parties By Pat, Inc. and Jose M. Martinez Jr. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2017
 93.1
 15.7
 15.8
 0.01%
^Tammy's Bakery, Inc. dba Tammy's Bakery Food Manufacturing Term Loan Prime plus 2.75% 12/10/2017
 71.8
 12.1
 12.2
 0.01%
^Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store Food and Beverage Stores Term Loan Prime plus 2.75% 11/28/2017
 18.6
 2.8
 2.8
 —%
^MJ Mortgage & Tax Services, Inc. Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 11/14/2017
 6.9
 0.8
 0.8
 —%
^Kings Laundry, LLC Personal and Laundry Services Term Loan Prime plus 2.75% 10/30/2017
 64.5
 9.2
 9.2
 —%
^Quality Engraving Services Inc. and Ian M. Schnaitman Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/17/2017
 15.0
 2.0
 2.0
 —%
^Flourishing Fruits, LLC dba Edible Arrangements Food Manufacturing Term Loan Prime plus 2.75% 12/29/2017
 21.1
 0.5
 0.5
 —%
^Louis B. Smith dba LAQ Funeral Coach Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/15/2017
 12.6
 1.6
 1.6
 —%
^1911 East Main Street Holdings, Corp Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032
 15.8
 12.5
 13.2
 0.01%
^Metano IBC Services, Inc. and Stone Brook Leasing, LLC Rental and Leasing Services Term Loan Prime plus 2.75% 8/17/2017
 315.0
 33.4
 33.5
 0.02%
^Mala Iyer, MD dba Child and Family Wellness Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/11/2017
 50.0
 6.4
 6.4
 —%
^Twietmeyer Dentistry PA Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2017
 148.9
 14.7
 14.8
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Water Works Laundromat, LLC Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027
 267.3
 185.8
 188.6
 0.09%
^Dave Kris, and MDK Ram Corp. Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026
 221.0
 33.0
 34.2
 0.02%
^No Thirst Software LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/26/2017
 6.8
 0.3
 0.3
 —%
^Zeroln Media LLC, Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/25/2017
 7.5
 0.6
 0.7
 —%
^CCIPTA, LLC Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 1/17/2017
 47.0
 0.5
 0.5
 —%
^Gill Express Inc. dba American Eagle Truck Wash Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027
 286.9
 190.6
 198.1
 0.10%
^Spain Street LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2017
 63.0
 1.4
 1.4
 —%
^Kyoshi Enterprises, LLC Educational Services Term Loan Prime plus 2.75% 12/29/2016
 22.5
 0.8
 0.8
 —%
^Nora A. Palma and Julio O Villcas Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2017
 56.3
 0.3
 0.3
 —%
^Contractors Pumping Service, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/3/2016
 9.9
 0.1
 0.1
 —%
Smooth Grounds, Inc. Food Services and Drinking Places Term Loan 7.75% 10/11/2016
 64.5
 31.3
 31.4
 0.02%
^Fran-Car Corporation dba Horizon Landscape Management Administrative and Support Services Term Loan Prime plus 2.75% 3/3/2028
 407.8
 165.2
 172.3
 0.08%
^Head To Toe Personalized Pampering, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031
 52.0
 9.1
 9.6
 —%
^Maxwell Place, LLC Nursing and Residential Care Facilities Term Loan 6.5% 12/31/2018
 1,076.8
 774.7
 782.3
 0.38%
^Christopher F. Bohon & Pamela D. Bohon Social Assistance Term Loan Prime plus 2.75% 10/28/2026
 14.2
 3.3
 3.4
 —%
Shree Om Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 5/2/2030
 333.3
 64.5
 67.7
 0.03%
^Pedzik's Pets, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 3/31/2030
 53.5
 9.1
 9.6
 —%
^Nancy Carapelluci & A & M Seasonal Corner Inc. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/1/2025
 106.9
 14.9
 15.3
 0.01%
^Moonlight Multi Media Production, Inc. Other Information Services Term Loan 5.3% 2/1/2025
 19.7
 3.5
 3.6
 —%
David M. Goens dba Superior Auto Paint & Body, Inc. Repair and Maintenance Term Loan 6% 8/26/2024
 250.0
 17.2
 17.7
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^McCallister Venture Group, LLC and Maw's Vittles, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029
 75.0
 11.7
 12.3
 0.01%
^Computer Renaissance dba Dante IT Services, Inc. Electronics and Appliance Stores Term Loan Prime plus 3.75% 3/1/2018
 100.0
 1.9
 1.9
 —%
^Chong Hun Im dba Kim's Market Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024
 80.0
 9.7
 9.8
 —%
^Whirlwind Car Wash, Inc. Repair and Maintenance Term Loan Prime plus 2% 4/9/2029
 333.3
 65.6
 65.8
 0.03%
^West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge Amusement, Gambling, and Recreation Industries Term Loan 6% 6/5/2026
 1,333.0
 872.8
 905.0
 0.43%
^Center-Mark Car Wash, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2024
 221.3
 28.6
 29.5
 0.01%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028
 109.8
 17.5
 17.7
 0.01%
^Min Hui Lin Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028
 134.3
 17.7
 18.5
 0.01%
^Delta Partners, LLC dba Delta Carwash Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029
 280.9
 43.1
 44.5
 0.02%
^Oz B. Zamir dba Zamir Marble & Granite Specialty Trade Contractors Term Loan Prime plus 2.5% 8/6/2028
 54.0
 8.4
 8.6
 —%
^Auto Sales, Inc. Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023
 75.0
 8.0
 8.3
 —%
^B & J Manufacturing Corporation and Benson Realty Trust Fabricated Metal Product Manufacturing Term Loan Prime plus 2% 3/30/2021
 250.0
 19.7
 19.7
 0.01%
^RAB Services, Inc. & Professional Floor Installations Specialty Trade Contractors Term Loan Prime plus 2.5% 1/31/2023
 62.5
 7.3
 7.4
 —%
^Taste of Inverness, Inc. dba China Garden Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025
 73.8
 9.0
 9.0
 —%
^Ralph Werner dba Werner Transmissions Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021
 26.6
 2.4
 2.5
 —%
^M. Krishna, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2% 3/20/2025
 250.0
 9.7
 9.7
 —%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023
 185.8
 31.8
 32.7
 0.02%
^OrthoQuest, P.C. Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022
 56.8
 4.5
 4.5
 —%
^CPN Motel, L.L.C. dba American Motor Lodge Accommodation Term Loan Prime plus 2.25% 4/30/2024
 379.0
 31.6
 32.0
 0.02%
^Track Side Collision & Tire, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025
 44.8
 5.0
 5.2
 —%
^Duttakrupa, LLC dba Birmingham Motor Court Accommodation Term Loan Prime plus 2.25% 9/8/2023
 98.8
 12.5
 12.7
 0.01%
^Deesha Corporation, Inc. dba Best Inn & Suites Accommodation Term Loan Prime plus 2.25% 2/14/2025
 250.0
 28.1
 28.4
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Maruti, Inc Accommodation Term Loan Prime plus 2.25% 11/25/2024
 220.0
 26.1
 26.4
 0.01%
Willington Hills Equestrian Center LLC Animal Production and Aquaculture Term Loan Prime plus 2.75% 10/19/2022
 85.0
 12.9
 13.2
 0.01%
^LABH, Inc. t/a Ramada Ltd. Accommodation Term Loan Prime plus 2.25% 9/27/2024
 555.0
 41.9
 42.4
 0.02%
^Randall D. & Patricia D. Casaburi dba Pat's Pizzazz Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023
 68.8
 7.2
 7.4
 —%
^Gain Laxmi, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2.25% 5/31/2023
 202.5
 20.7
 20.9
 0.01%
^Naseeb Corporation Accommodation Term Loan Prime plus 2.25% 3/31/2024
 402.5
 30.7
 31.0
 0.01%
^Stillwell Ave Prep School Social Assistance Term Loan Prime plus 2.75% 1/14/2023
 72.0
 6.6
 6.7
 —%
^Karis, Inc. Accommodation Term Loan Prime plus 2% 12/22/2023
 148.8
 13.7
 13.8
 0.01%
^Five Corners, Ltd. Gasoline Stations Term Loan Prime plus 2.75% 12/11/2019
 85.0
 5.1
 5.1
 —%
^Alyssa Corp dba Knights Inn Accommodation Term Loan Prime plus 2.25% 9/30/2023
 350.0
 42.6
 43.0
 0.02%
^Bhailal Patel dba New Falls Motel Accommodation Term Loan Prime plus 2.75% 3/27/2023
 100.0
 4.0
 4.1
 —%
^Pegasus Automotive, Inc. Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022
 112.5
 11.3
 11.6
 0.01%
^Delyannis Iron Works Fabricated Metal Product Manufacturing Term Loan 6% 12/8/2022
 16.0
 1.1
 1.2
 —%
^P. Agrino, Inc. dba Andover Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021
 150.0
 9.5
 9.7
 —%
^Golden Elevator Co., Inc. Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 1/31/2022
 50.0
 0.8
 0.8
 —%
^RJS Service Corporation Gasoline Stations Term Loan Prime plus 2.75% 8/20/2021
 79.0
 6.5
 6.6
 —%
Chez Rurene Bakery Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2017
 150.0
 15.0
 15.0
 0.01%
Total Performing SBA Unguaranteed Investments         $218,585.1
 $189,486.5
 $187,779.5
 90.20%
                 
Non-Performing SBA Unguaranteed Investments (3)
                
^*214 North Franklin, LLC and Winter Ventures, Inc. Nonstore Retailers Term Loan 6% 11/29/2037
 133.4
 133.5
 63.7
 0.03%
^*A + Quality Home Health Care, Inc. Ambulatory Health Care Services Term Loan 6% 8/1/2016
 1.3
 1.3
 1.2
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^*Aaron Delgado and Associates Inc Administrative and Support Services Term Loan Prime plus 2.75% 7/22/2025
 7.6
 7.6
 —
 —%
*Almeria Marketing 1, Inc. Personal and Laundry Services Term Loan 7.75% 10/15/2015
 4.4
 4.4
 0.6
 —%
^*AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc. Ambulatory Health Care Services Term Loan 6% 3/14/2038
 305.3
 305.7
 29.3
 0.01%
*AWA Fabrication & Construction, L.L.C. Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025
 34.7
 34.8
 20.6
 0.01%
^*B&B Fitness and Barbell, Inc. dba Elevations Health Club Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035
 211.3
 211.6
 126.3
 0.06%
*Baker Sales, Inc. d/b/a Baker Sales, Inc. Nonstore Retailers Term Loan 6% 3/29/2036
 177.0
 177.4
 92.2
 0.04%
^*Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B Gasoline Stations Term Loan 6% 9/30/2038
 646.4
 648.0
 347.4
 0.17%
^*Barber Investments LLC and Fieldstone Quickstop LLC and Maine DollarGasoline Stations Term Loan Prime plus 2.75% 8/15/2039
 146.0
 146.3
 —
 —%
*Bwms Management, LLC Food Services and Drinking Places Term Loan 6% 7/7/2027
 69.9
 70.1
 63.7
 0.03%
^*Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/18/2040
 129.3
 129.5
 123.6
 0.06%
^*Chickamauga Properties, Inc., MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035
 66.6
 66.7
 62.7
 0.03%
^*Chickamauga Properties, Inc. and MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan 6.25% 10/19/2022
 43.4
 43.5
 —
 —%
*Clean Way Service LLCAdministrative and Support Services Term Loan Prime plus 2.75% 3/18/2026
 22.2
 22.2
 0.8
 —%
^*Custom Software, Inc. a Colorado Corporation dba M-33 Access Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021
 288.5
 289.2
 44.3
 0.02%
^*Custom Software, Inc. a Colorado Corporation dba M-33 Access Broadcasting (except Internet) Term Loan 6.25% 4/30/2022
 94.1
 94.3
 7.3
 —%
^*Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 3/31/2035
 177.6
 177.8
 167.1
 0.08%
^*Danjam Enterprises, LLC dba Ariel Dental CareAmbulatory Health Care Services Term Loan 6% 3/29/2023
 64.7
 64.8
 50.7
 0.02%
^*DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6% 3/23/2037
 2,687.9
 2,715.1
 2,562.4
 1.23%
^*DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6.25% 3/23/2022
 186.6
 187.1
 175.1
 0.08%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^*Dean 1021 LLC dba Pure Pita Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025
 66.1
 66.3
 50.2
 0.02%
^*Dill Street Bar and Grill Inc and WO Entertainment, Inc Food Services and Drinking Places Term Loan 6% 9/27/2027
 78.2
 78.4
 1.1
 —%
^*DocMagnet Inc Professional, Scientific, and Technical Services Term Loan 6% 1/23/2025
 13.9
 13.9
 4.3
 —%
*Dr. Francis E. Anders, DVM Professional, Scientific, and Technical Services Term Loan 6% 8/9/2015
 1.6
 1.6
 1.6
 —%
^*Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022
 316.1
 316.9
 40.8
 0.02%
^*Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan 6% 5/31/2023
 155.2
 155.6
 113.1
 0.05%
^*Event Mecca LLC Other Information Services Term Loan 6% 4/10/2023
 12.6
 12.6
 9.3
 —%
^*EZ Towing, Inc. Support Activities for Transportation Term Loan 6% 1/31/2023
 123.2
 123.5
 113.7
 0.05%
^*Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 8/31/2021
 340.4
 341.3
 325.8
 0.16%
^*Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 3/30/2022
 316.5
 317.3
 114.3
 0.05%
^*Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 4/25/2022
 157.4
 157.8
 —
 —%
^*Gator Communications Group, LLC dba Harvard Printing Group Printing and Related Support ActivitiesTerm Loan Prime plus 2.75% 3/27/2023
 13.3
 13.3
 —
 —%
*Goetzke Chiropractic, Inc. Ambulatory Health Care Services Term Loan 6% 10/25/2017
 2.7
 2.7
 2.6
 —%
^*Grand Manor Realty, Inc. & Kevin LaRoe Real Estate Term Loan 6% 2/20/2023
 18.9
 19.0
 18.7
 0.01%
*Guzman Group,LLC Rental and Leasing Services Term Loan 6% 1/30/2016
 191.4
 191.9
 191.4
 0.09%
^*Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039
 185.7
 186.2
 180.5
 0.09%
*Harrelson Materials Management,Inc Waste Management and Remediation ServicesTerm Loan 6% 6/24/2021
 464.2
 465.4
 38.1
 0.02%
^*Home Again Restaurant LLC Food Services and Drinking Places Term Loan 6.25% 6/30/2040
 58.7
 58.8
 52.1
 0.03%
^*J Olson Enterprises LLC and Olson Trucking Direct, Inc. Truck Transportation Term Loan 6% 6/28/2025
 647.5
 649.1
 276.8
 0.13%
^*J&M Concessions, Inc.dba A-1 Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 3/3/2039
 130.2
 130.6
 92.2
 0.04%
^*J&M Concessions Inc dba A 1 Liquors Food and Beverage StoresTerm Loan Prime plus 2.75% 2/27/2025
 79.8
 80.0
 12.3
 0.01%
*Jenny's Wunderland, Inc. Social Assistance Term Loan 6% 6/29/2036
 149.7
 150.1
 65.9
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^*Karykion, Corporation dba Karykion Corporation Professional, Scientific, and Technical Services Term Loan 6% 6/28/2022
 144.4
 144.8
 138.2
 0.07%
^*Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/29/2039
 63.4
 63.5
 57.2
 0.03%
*Krishna of Orangeburg, Inc. Accommodation Term Loan 6% 2/20/2032
 10.3
 10.3
 5.7
 —%
^*Kup's Auto Spa Inc Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2038
 375.4
 376.3
 348.3
 0.17%
*Kup’s Auto Spa, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 10/23/2025
 60.6
 60.8
 56.2
 0.03%
^*Las Torres Development LLC dba Houston Event Centers Real Estate Term Loan 6% 8/27/2028
 51.0
 51.0
 3.9
 —%
^*M and C Renovations Inc Construction of Buildings Term Loan Prime plus 2.75% 10/31/2024
 17.0
 17.0
 12.6
 0.01%
^*Matchless Transportation LLC dba First Class Limo Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/3/2022
 133.9
 134.2
 107.8
 0.05%
^*Milliken and Milliken, Inc. dba Milliken Wholesale Distribution Merchant Wholesalers, Durable Goods Term Loan 6% 6/10/2036
 152.8
 152.9
 119.5
 0.06%
^*Mojo Brands Media, LLC Broadcasting (except Internet) Term Loan 6% 8/28/2023
 723.1
 725.0
 392.4
 0.19%
*Morris Glass and Construction Specialty Trade Contractors Term Loan 6% 3/7/2021
 44.8
 44.8
 2.9
 —%
^*New Paltz Dental Care, PLLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 6/19/2025
 97.3
 97.5
 —
 —%
*Our Two Daughters L.L.C. dba Washington's Restaurant Food Services and Drinking Places Term Loan 6% 6/18/2026
 169.8
 170.3
 22.9
 0.01%
^*E & I Holdings, LP & PA Farm Products, LLC Food Manufacturing Term Loan 6% 4/30/2030
 1,230.9
 1,233.9
 479.8
 0.23%
^*Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton Accommodation Term Loan 5.25% 10/3/2028
 38.3
 38.3
 12.5
 0.01%
*Professional Systems, LLC and Professional Cleaning Administrative and Support Services Term Loan 6% 7/30/2020
 132.0
 132.1
 7.3
 —%
^*Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) Food Services and Drinking Places Term Loan 6.25% 9/30/2039
 535.1
 536.4
 362.0
 0.17%
^*Seven Stars Enterprises, Inc. dba Atlanta Bread Company Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2018
 22.4
 22.4
 21.7
 0.01%
*Sheikh M Tariq dba Selbyville Foodrite Gasoline Stations Term Loan 6% 3/13/2023
 21.2
 21.2
 —
 —%
^*Shivsakti, LLC dba Knights Inn Accommodation Term Loan Prime plus 2.75% 8/26/2024
 69.7
 69.9
 66.7
 0.03%
^*STK Ventures Inc dba JP Dock Service & Supply Specialty Trade Contractors Term Loan 6% 5/9/2037
 31.6
 31.6
 4.1
 —%
*Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr. Furniture and Home Furnishings Stores Term Loan 6% 12/29/2035
 104.5
 104.6
 98.8
 0.05%
*Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 11/7/2036
 404.9
 405.9
 334.9
 0.16%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
*Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 11/7/2036
 201.1
 201.6
 —
 —%
^*Summit Treatment Services Inc Social Assistance Term Loan 6% 3/11/2025
 21.8
 21.8
 —
 —%
^*Summit Treatment Services, Inc. dba Summit Treatment Services Social Assistance Term Loan 6% 11/30/2037
 35.8
 35.8
 33.7
 0.02%
*Tequila Beaches, LLC dba Fresco Restaurant Food Services and Drinking Places Term Loan 6% 9/16/2021
 0.2
 0.2
 0.2
 —%
^*The Conibear Corporation and Conibear Trucking, LLC Truck Transportation Term Loan Prime plus 2.75% 12/5/2024
 7.9
 7.9
 7.6
 —%
*The Lucky Coyote, LLC Miscellaneous Manufacturing Term Loan 6% 5/8/2017
 7.6
 7.6
 2.5
 —%
^*Will Zac Management LLC dba Papa John's Food Services and Drinking Places Term Loan 6.25% 12/19/2024
 42.4
 42.5
 40.6
 0.02%
^*Winter Ventures Inc and 214 N Franklin LLC Nonstore Retailers Term Loan 6% 4/29/2024
 56.5
 56.6
 —
 —%
^*Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan 6% 12/23/2024
 149.1
 149.3
 —
 —%
^*Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan 6% 4/3/2029
 134.4
 134.5
 —
 —%
^*Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan 6.25% 6/30/2024
 456.1
 457.2
 445.8
 0.21%
^*Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan 6.25% 7/3/2024
 137.9
 138.3
 12.2
 0.01%
*Woody's Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 1/12/2026
 11.7
 11.7
 3.1
 —%
Total Non-Performing SBA Unguaranteed Investments         $14,918.4
 $14,972.9
 $8,844.9
 4.25%
                 
Total SBA Unguaranteed Investments         $233,503.5
 $204,459.4
 $196,624.4
 94.45%
                 
Performing SBA Guaranteed Investments (4)
                
Luna Nueva LLC dba Bio Builders Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2026
 100.0
 85.0
 94.6
 0.05%
Luv 2 Play Nor Call, LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026
 210.0
 157.5
 174.5
 0.08%
Beadon Inc Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026
 150.0
 127.5
 141.9
 0.07%
CD Game Exchange Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2026
 150.0
 127.5
 141.9
 0.07%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2026
 2,592.0
 1,944.0
 2,143.3
 1.03%
Adelwerth Bus Corporation, Transportation Leasing Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029
 2,616.0
 1,962.0
 2,182.8
 1.05%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JJA Transportation Management Inc. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026
 210.0
 157.5
 174.5
 0.08%
Pinco Pizza LLC dba Jet's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 291.7
 218.8
 242.4
 0.12%
La Nopalera Mexicano 2, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2026
 375.2
 281.4
 310.6
 0.15%
Doxa Deo Inc dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2026
 348.3
 261.2
 288.1
 0.14%
Angelo Faia dba AVF Construction Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041
 354.0
 263.5
 298.4
 0.14%
Bear Creek Entertainment LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 8/12/2041
 324.9
 243.7
 275.7
 0.13%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041
 415.0
 311.3
 352.1
 0.17%
Nevey's LLC dba Stark Food III Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041
 638.5
 478.9
 542.3
 0.26%
Desert Tacos LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026
 147.2
 110.4
 125.0
 0.06%
Franklin Firm LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041
 483.6
 362.7
 410.8
 0.20%
Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041
 1,007.8
 755.8
 855.0
 0.41%
Total SBA Guaranteed Performing Investments         $10,414.2
 $7,848.7
 $8,753.9
 4.21%
                 
Total SBA Unguaranteed and Guaranteed Investments         $243,917.7
 $212,308.1
 $205,378.3
 98.66%
                 
Controlled Investments (5)
                
Advanced Cyber Security Systems, LLC (6), (16)                                         
 Data processing, hosting and related services. 50% Membership Interest —% —
 —
 —
 —
 —%
    Term Loan 3%  December 2014 1,120.0
 381.0
 —
 —%
*Automated Merchant Services, Inc. (7), (16)
 Data processing, hosting and related services. 100% Common Stock —% —
 —
 —
 —
 —%
CDS Business Services, Inc. (8)                                                                                         
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —
 —
 4,428.0
 —
 —%
    Line of Credit Prime plus 2.5% August 2018 1,970.0
 1,970.0
 1,970.0
  

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
CrystalTech Web Hosting, Inc. (11)                                                                                         
 Data processing, hosting and related services. 100% Common Stock —% —
 —
 8,764.0
 20,109.0
 9.66%
*Fortress Data Management, LLC (16)                                                                                    
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 —
 —%
Newtek Insurance Agency, LLC (12), (16)                                                                           
 Insurance Carriers and Related Activities 100% Membership Interest —% —
 —
 —
 2,500.0
 1.20%
PMTWorks Payroll, LLC (9)                                                                                    
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 725.1
 1,020.0
 0.49%
    Term Loans 10%-12% Various maturities through May 2018 1,685.0
 1,685.0
 1,185.0
 0.57%
Secure CyberGateway Services, LLC (10), (16)                                                                                                                     
 Data processing, hosting and related services. 66.7% Membership Interest —% —
 —
 —
 —
 —%
    Term Loan 7%  December 2016 2,400.0
 300.0
 298.0
 0.14%
Small Business Lending, LLC (12), (16)                                                                       
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —
 —
 —
 4,500.0
 2.16%
*Summit Systems and Designs, LLC (13), (16)                                                                     
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 —
 —%
Titanium Asset Management LLC (15)(16)
 Administrative and Support Services Term Loan 3% July 2017
 2,200.0
 938.0
 938.0
 0.45%
    100% Membership Interest —% —
 —
 —
 —
 —%
ADR Partners, LLC dba banc-serv Partners, LLC (14)
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —
 —
 5,400.0
 5,400.0
 2.59%
Premier Payments LLC (11)
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 16,503.0
 20,500.0
 9.85%
Universal Processing Services of Wisconsin, LLC (11) (16)                                           
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 62,000.0
 29.78%
Total Controlled Investments         $9,375.0
 $41,094.1
 $120,420.0
 57.85%
                 
Non-control/Non-affiliate Investments                
Excel WebSolutions, LLC Data processing, hosting and related services. Term Loan 10% September 2018 $1,020.2
 $1,020.2
 $1,020.2
 0.49%
    Warrants —% —
 —
 —
 —
 —%
          $1,020.2
 $1,020.2
 $1,020.2
 0.49%
                 
                 
Investments in Money Market Funds                

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2016 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
UBS Select Treasury Institutional Fund - 0.21% yield         9.6
 9.6
 9.6
 —%
Peapack Gladstone High Yield IMMA - 0.30% yield         25.8
 25.8
 25.8
 0.01%
Total Money Market Funds         $35.4
 $35.4
 $35.4
 0.02%
                 
Total Investments         $254,348.3
 $254,457.8
 $326,853.9
 157.01%
5
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Performing SBA Unguaranteed Investments (1)                
Dan Cline Transport Inc. Truck Transportation Term Loan Prime plus 2.75% 9/29/2030
 $1,005.5
 $1,005.5
 $895.1
 0.35%
Lone Star Hardware and Home Decor, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/29/2027
 72.5
 72.5
 62.8
 0.02%
Threads of Time LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/29/2042
 137.5
 137.5
 136.6
 0.05%
Miechella Suzette Decker Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/29/2042
 100.0
 100.0
 105.6
 0.04%
Harco Metal Products Inc Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042
 489.0
 489.0
 467.3
 0.18%
SSN GROUP LLC and Dockside Steel Processing LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/29/2042
 1,250.0
 1,250.0
 1,264.9
 0.49%
Sashshel Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2042
 212.5
 212.5
 224.4
 0.09%
Dr Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/29/2042
 875.0
 875.0
 864.0
 0.34%
Cagwin Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 9/29/2042
 325.0
 325.0
 336.8
 0.13%
Pets A Go Go LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042
 198.1
 198.1
 202.6
 0.08%
Rhode Island Tennis Management LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042
 550.0
 550.0
 545.3
 0.21%
Nicholson Lumber Co Inc. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/28/2030
 215.0
 215.0
 211.5
 0.08%
National Media Services, Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2027
 18.8
 18.8
 16.2
 0.01%
Rhode Island Tennis Management LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042
 383.0
 383.0
 379.7
 0.15%
Moreno Brother's Inc. Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2027
 15.0
 15.0
 12.9
 0.01%
Complete Care IT LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2027
 15.0
 15.0
 12.9
 0.01%
Technologist Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2027
 434.5
 434.5
 411.9
 0.16%
Inspirations Food Design, Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2042
 466.0
 466.0
 468.5
 0.18%

6
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Rollins Construction & Trucking LLC Construction of Buildings Term Loan Prime plus 2.75% 9/26/2027
 341.3
 341.3
 332.0
 0.13%
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2027
 22.5
 22.5
 19.6
 0.01%
KB Waterjet Cutting LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/22/2027
 10.2
 10.2
 9.3
 —%
Magnation Corporation Utilities Term Loan Prime plus 2.75% 9/22/2027
 50.0
 50.0
 50.8
 0.02%
Sallee Pro-Custom Fabrication Shop LLC Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027
 9.0
 9.0
 9.2
 —%
Excel, RP Inc. Machinery Manufacturing Term Loan Prime plus 2.75% 9/20/2027
 100.0
 100.0
 92.2
 0.04%
Denek Contracting Inc and Denek Leasing LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 9/20/2042
 209.8
 209.8
 221.5
 0.09%
Max Home Deliveries, Inc Couriers and Messengers Term Loan Prime plus 2.75% 9/20/2027
 80.8
 80.8
 73.8
 0.03%
CR Park Incorporated dba Define Body and Mind Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027
 100.0
 27.5
 26.8
 0.01%
Sound Manufacturing, Inc. & Monster Power Equipment, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2027
 200.0
 200.0
 189.1
 0.07%
Alpha Preparatory Academy LLC Social Assistance Term Loan Prime plus 2.75% 9/20/2042
 162.5
 162.5
 160.7
 0.06%
Montessori Community School Social Assistance Term Loan Prime plus 2.75% 9/20/2042
 391.5
 391.5
 380.8
 0.15%
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027
 1,027.5
 1,027.5
 978.6
 0.38%
Imagine By Carleen, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2027
 7.5
 7.5
 7.3
 —%
Alexander Pierce Corporation Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2042
 625.0
 625.0
 621.9
 0.24%
Venus Pizza, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 9/20/2042
 91.3
 91.3
 96.3
 0.04%
Insight Diagnostic Technologist Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027
 302.8
 302.8
 271.7
 0.11%
Commonwealth Diagnostics International, Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027
 1,250.0
 1,250.0
 1,271.2
 0.50%
Stone's Construction and Remodeling, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 9/19/2027
 5.3
 5.3
 4.5
 —%
CIS BIG DOG, LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/19/2027
 61.3
 61.3
 61.1
 0.02%

7
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Party By Design Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2042
 1,205.0
 1,205.0
 1,188.4
 0.46%
Li Family Spokane LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2042
 384.5
 384.5
 395.6
 0.15%
SD Kickboxing LLC dba CKO Kickboxing Dan Diego Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/15/2027
 40.0
 40.0
 36.0
 0.01%
Clark Realty LLC Real Estate Term Loan Prime plus 2.75% 9/15/2027
 62.5
 62.5
 57.3
 0.02%
Inglis Food Mart Inc. Food and Beverage Stores Term Loan Prime plus 2.75% 9/15/2027
 22.5
 22.5
 22.3
 0.01%
Clinton Food Market LLC Gasoline Stations Term Loan Prime plus 2.75% 9/15/2042
 262.5
 262.5
 262.1
 0.10%
Tarleton & Family Landscaping, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/15/2027
 83.8
 83.8
 74.7
 0.03%
Alaska Motor Home Inc Rental and Leasing Services Term Loan Prime plus 2.75% 9/13/2027
 331.5
 331.5
 285.7
 0.11%
Fox Valley Rentals & Investments, LLC Food Services and Drinking Places Term Loan Prime plus 3.75% 9/13/2027
 7.5
 7.5
 7.5
 —%
Nails By Mercede LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027
 14.3
 14.3
 13.3
 0.01%
Town & Country Transportation Co. and Popco, LLC. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042
 168.8
 168.8
 178.2
 0.07%
Rajbai Maa Inc. dba Nara Lounge Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042
 388.1
 388.1
 375.6
 0.15%
Morgan Lynn Kerstetter dba Catherine School of Dance Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/11/2027
 7.5
 7.5
 7.6
 —%
Health & Performance Center, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027
 20.4
 20.4
 17.6
 0.01%
Foxtail, LLC and Tottly New Services Corp Social Assistance Term Loan Prime plus 2.75% 9/8/2042
 291.3
 291.3
 291.8
 0.11%
Desert Ribs, LLC and Famous Charlie, LLC and Famous Freddie, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/8/2042
 1,250.0
 1,250.0
 1,177.4
 0.46%
Echelon Planning Group, LLC dba Echelon Financial Services Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/8/2027
 7.5
 7.5
 7.3
 —%
South Fulton Landscape & Nursery, Inc. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/7/2042
 100.0
 100.0
 105.6
 0.04%
Crazy Beatz Productions LLC Motion Picture and Sound Recording Industries Term Loan Prime plus 3.75% 9/7/2027
 5.3
 5.3
 5.0
 —%

8
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Dreaming Big Learning Center Inc Social Assistance Term Loan Prime plus 2.75% 9/5/2042
 367.8
 367.8
 368.2
 0.14%
Big Coop's Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 9/1/2027
 100.0
 100.0
 93.8
 0.04%
Blue Eagel Transport Inc Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027
 383.5
 383.5
 330.6
 0.13%
Evernook Valley Milk LLC Animal Production and Aquaculture Term Loan Prime plus 2.75% 8/31/2042
 642.5
 642.5
 639.5
 0.25%
Bark Life, Inc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/31/2027
 22.5
 22.5
 19.4
 0.01%
The Pink Alli, LLC dba The Alli Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/30/2027
 18.0
 18.0
 16.1
 0.01%
Busby Outdoor LLC Real Estate Term Loan Prime plus 2.75% 8/29/2042
 700.0
 700.0
 631.0
 0.25%
Busby Outdoor LLC Real Estate Term Loan Prime plus 2.75% 8/29/2042
 550.0
 550.0
 495.8
 0.19%
Lake County Tow LLC Support Activities for Transportation Term Loan Prime plus 2.75% 8/25/2042
 87.5
 87.5
 87.0
 0.03%
Parlay Disributors LLC Educational Services Term Loan Prime plus 2.75% 8/25/2027
 112.5
 112.5
 98.5
 0.04%
InUSA Ventures Inc dba InUSA Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 8/24/2027
 25.0
 25.0
 21.5
 0.01%
Genuine Ventures LLC and Seaweed Ventures LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2030
 557.8
 557.8
 521.4
 0.20%
R & R Strength & Conditioning Corp dba Crossfit Light House Point Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/23/2042
 82.5
 82.5
 87.1
 0.03%
Delicias de Minas Restaurant, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2027
 206.3
 206.3
 201.2
 0.08%
The Holder Grooup LLC Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2027
 7.5
 7.5
 6.5
 —%
L&V Auto Sales, Inc. Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/21/2027
 18.0
 18.0
 18.3
 0.01%
M.E. Interiors LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/21/2027
 16.5
 16.5
 14.2
 0.01%
Damiano Global Corp Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/21/2027
 22.5
 22.5
 21.1
 0.01%
Tier1Solutions, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/18/2027
 18.8
 18.8
 16.8
 0.01%

9
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Tony Herring & Associates, Inc Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/17/2027
 7.5
 7.5
 6.5
 —%
Chester's World Enterprise LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/16/2027
 22.5
 22.5
 20.3
 0.01%
D'Amato & Sons Construction, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027
 8.3
 8.3
 7.5
 —%
HTP LLC dba Hot Tomatoes Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2027
 11.3
 11.3
 10.5
 —%
Roundhay Partners LLC and Roundhay Farming LLC Crop Production Term Loan Prime plus 2.75% 8/8/2042
 912.5
 912.5
 830.5
 0.32%
Splashlight LLC, Splashlight Photographic and Digital Studios, LLC Management of Companies and Enterprises Term Loan Prime plus 2.75% 8/7/2027
 500.0
 500.0
 446.8
 0.17%
L & J Corporate Services Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/4/2027
 7.5
 7.4
 6.5
 —%
Furniture Masters Limited Liability Company Repair and Maintenance Term Loan Prime plus 2.75% 8/3/2027
 9.0
 9.0
 7.8
 —%
HMG Strategy LLC, Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2027
 50.0
 50.0
 43.1
 0.02%
Hope Health Care, LLC Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/31/2027
 10.5
 10.4
 9.0
 —%
Bowl Mor LLC dba Bowl Mor Lanes Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/31/2027
 7.5
 7.5
 6.4
 —%
Royal Blue Investments, Inc. and Cleland Pharmacy LLC Health and Personal Care Stores Term Loan Prime plus 2.75% 7/31/2042
 53.0
 52.9
 54.7
 0.02%
Raffi's Inc dba Atlantic Auto Center Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2027
 14.3
 14.2
 14.1
 0.01%
Sharon G McMillen, MA Psychologist, Inc. Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/28/2027
 18.6
 18.5
 15.9
 0.01%
Work of Heart Inc.dba Little Nest Portraits Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/28/2027
 50.0
 21.4
 18.7
 0.01%
HQTRONIC LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/27/2027
 22.5
 22.4
 19.3
 0.01%
Oberon IT, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/26/2027
 218.7
 217.5
 198.7
 0.08%
Gilles Peress Studio LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2027
 62.5
 62.1
 53.6
 0.02%
Ocean Trans LLC Truck Transportation Term Loan Prime plus 2.75% 7/21/2027
 37.5
 37.3
 32.1
 0.01%

10
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Obok LLC Food Manufacturing Term Loan Prime plus 2.75% 7/21/2027
 12.0
 11.9
 11.1
 —%
Lil Tots' Learning Center LLC Social Assistance Term Loan Prime plus 2.75% 7/21/2042
 47.5
 47.4
 47.2
 0.02%
Nova Solutions, Inc. Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 7/19/2027
 25.0
 24.9
 24.3
 0.01%
Webb Eye Associates, PA Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/19/2027
 73.8
 73.3
 69.5
 0.03%
Matrix Z LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 3.75% 7/19/2027
 7.5
 7.5
 7.6
 —%
Aitheras Aviation Group, LLC, Aitheras Aviation Group, LLC Air Transportation Term Loan Prime plus 2.75% 7/18/2027
 825.0
 819.9
 711.5
 0.28%
Wildflour Bakery & Cafe, LLC Food Manufacturing Term Loan Prime plus 2.75% 7/17/2027
 22.5
 22.4
 22.7
 0.01%
Florida Home and Kitchen LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/14/2027
 12.0
 11.9
 10.3
 —%
Koep Companies dba Pipestone True value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/14/2042
 326.5
 326.1
 318.4
 0.12%
Rocks Auto Exchange LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/13/2027
 15.0
 14.9
 12.9
 0.01%
McCord Holdings, Inc. dba Fast Signs 176101 Administrative and Support Services Term Loan Prime plus 2.75% 7/7/2027
 18.7
 18.6
 16.4
 0.01%
Thrifty Market Inc dba Thrifty Foods Food and Beverage Stores Term Loan Prime plus 2.75% 7/6/2027
 102.5
 101.9
 92.1
 0.04%
New Chicago Wholesale Bakery Inc. Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027
 15.0
 14.8
 14.2
 0.01%
The Country House Restaurant, LLC and Pelton Real Estate, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042
 50.0
 49.9
 51.4
 0.02%
Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/30/2027
 76.3
 75.4
 76.6
 0.03%
Bone Bar & Grill LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042
 73.5
 73.4
 75.0
 0.03%
J. T. O'Neill Company, L.L.C Real Estate Term Loan Prime plus 2.75% 6/30/2027
 15.0
 14.8
 12.8
 0.01%
Hamilton & Associates Real Estate and Investments Firm LLC Real Estate Term Loan Prime plus 2.75% 6/30/2042
 54.0
 53.9
 54.5
 0.02%
J&M Civil Construction Services LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027
 100.0
 98.8
 85.1
 0.03%
BQRS, Inc. DBA Gresham Meineke Car Care Center Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2027
 62.5
 61.8
 54.3
 0.02%

11
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JWH Designs, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2027
 106.3
 105.0
 90.4
 0.04%
Safeguard Construction Company, Inc. Construction of Buildings Term Loan Prime plus 2.75% 6/30/2027
 76.3
 75.4
 64.9
 0.03%
Veola's Day Spa and Wellness Center Inc. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2027
 9.1
 9.0
 8.1
 —%
Steigelbauer Associates Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2027
 309.0
 305.4
 310.4
 0.12%
Best Bees Company Animal Production and Aquaculture Term Loan Prime plus 2.75% 6/29/2027
 22.5
 22.2
 19.2
 0.01%
Greensboro Plastic Surgical Associates, PA Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2042
 578.0
 576.9
 572.0
 0.22%
Ocean Trans LLC and Dehal Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 6/29/2027
 602.5
 595.5
 512.9
 0.20%
HG Ventures, Inc. dba Diamond Head Trucking Truck Transportation Term Loan Prime plus 2.75% 6/29/2030
 1,006.7
 1,000.4
 870.4
 0.34%
Malhame & Company Publishers & Importers Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/29/2027
 90.0
 89.1
 76.9
 0.03%
Intellixion LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/29/2027
 3.7
 3.7
 3.2
 —%
Oakhill Farms, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2030
 100.0
 99.2
 101.0
 0.04%
ElKareh Brothers Investment, LLC (OC) Best Choice Meats Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/29/2027
 448.7
 443.5
 450.8
 0.18%
Miguel Fernando Borda PA dba BGR Dental Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2027
 50.0
 49.4
 44.2
 0.02%
Foxhop Fitness, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/28/2027
 91.3
 91.3
 79.4
 0.03%
Akal Express Inc. dba Truck Trailer Service Stop Repair and Maintenance Term Loan Prime plus 2.75% 6/28/2042
 60.0
 59.8
 61.9
 0.02%
Old Dominion Transportation Group, Inc. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2027
 1,133.9
 1,121.1
 987.3
 0.39%
Citibin, Inc. Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/27/2027
 125.0
 123.5
 106.4
 0.04%
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/27/2030
 245.3
 243.3
 241.9
 0.09%
WB Cleaners Inc. DBA $2.75 Cleaners Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2027
 22.5
 22.2
 21.9
 0.01%
Four Seasons Laser Center Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 6/26/2042
 216.3
 216.3
 215.8
 0.08%

12
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Ains Holding Company, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2027
 1,175.0
 1,161.7
 1,023.7
 0.40%
Rustic LLC Personal and Laundry Services Term Loan Prime plus 2.75% 6/23/2042
 18.8
 18.7
 16.8
 0.01%
Vella Construction Enterprises, Inc. dba Vella Construction Construction of Buildings Term Loan Prime plus 2.75% 6/23/2027
 22.5
 22.2
 19.2
 0.01%
Northern Industries, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042
 57.8
 57.6
 60.8
 0.02%
Birches Group, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2027
 50.0
 49.4
 42.6
 0.02%
Tarver-Henley Inc. and Tar-Hen LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2042
 320.0
 319.2
 316.6
 0.12%
704 Meat Center Inc. dba El Mercado and La Plaza Mercado Food and Beverage Stores Term Loan Prime plus 2.75% 6/20/2042
 175.0
 174.5
 180.4
 0.07%
Sanabi Investment ,,LLC dba Oscar's Moving and Storage Truck Transportation Term Loan Prime plus 2.75% 6/20/2027
 124.0
 122.6
 111.2
 0.04%
Scarlet Spartan Inc.dba FastSigns of Brighton Administrative and Support Services Term Loan Prime plus 2.75% 6/19/2027
 55.0
 55.0
 48.5
 0.02%
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042
 400.0
 399.0
 383.4
 0.15%
JAM Media Solutions, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2027
 62.5
 61.8
 53.2
 0.02%
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting, LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/15/2042
 314.0
 313.3
 309.2
 0.12%
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042
 92.5
 92.3
 94.9
 0.04%
Susan Hughes dba Aloha Junction B and B Accommodation Term Loan Prime plus 2.75% 6/14/2042
 62.5
 61.9
 65.3
 0.03%
ESA 365 Corp and Lucathor Realty LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2042
 22.5
 22.4
 22.7
 0.01%
Hull's Kitchen, LLC and HK Too, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2042
 96.3
 96.2
 100.8
 0.04%
Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2027
 118.8
 117.4
 110.2
 0.04%
Refoleen Inc dba Spice and Tea Exchange Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027
 3.5
 3.5
 3.0
 —%
Earth First Recycling, LLC and 191 Clark Road, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/5/2027
 354.5
 352.3
 351.6
 0.14%

13
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Skydive California, LLC Educational Services Term Loan Prime plus 2.75% 6/2/2027
 55.0
 54.5
 55.4
 0.02%
SCW, LLC dba Arthur Murray Dance Studio Educational Services Term Loan Prime plus 2.75% 6/2/2042
 146.0
 145.6
 145.6
 0.06%
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/1/2042
 45.6
 45.5
 46.3
 0.02%
Sage Oil LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 5/31/2027
 22.5
 22.1
 19.0
 0.01%
Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping Administrative and Support Services Term Loan Prime plus 2.75% 5/31/2042
 79.4
 79.2
 82.1
 0.03%
Ricnet III, Inc. dba Edible Arrangements Food and Beverage Stores Term Loan Prime plus 2.75% 5/31/2027
 15.0
 14.6
 12.8
 0.01%
Funtime, LLC and Universal Entertainment Group LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2027
 66.2
 65.1
 57.0
 0.02%
Haroon Baig,Inc.dba US1 Petrol Gasoline Stations Term Loan Prime plus 2.75% 5/31/2042
 264.0
 263.0
 277.5
 0.11%
Eagle Wood Works LLC Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 5/26/2027
 12.0
 11.8
 10.8
 —%
Hurricane Group, Inc. Other Information Services Term Loan Prime plus 2.75% 5/26/2027
 75.0
 73.7
 63.5
 0.02%
Mitchell Auto Repair, LLC and and C&M Mitchell, LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/26/2042
 193.2
 193.0
 197.3
 0.08%
Swantown Inn & Spa LLC Accommodation Term Loan Prime plus 2.75% 5/26/2042
 116.0
 28.4
 30.0
 0.01%
Chet Lemon Enterprises LLC dba All American Sports Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/26/2042
 792.5
 789.4
 833.0
 0.33%
Demand Printing Solutions Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 5/25/2027
 213.3
 209.5
 197.3
 0.08%
Beyond Waves A Unique Salon LLC and Lori Ann Carlson Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2027
 15.0
 14.7
 12.8
 0.01%
Jung Design Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2027
 9.0
 8.8
 7.6
 —%
Locavore LLC dba Paloma Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2027
 50.0
 49.1
 43.9
 0.02%
Abdul Naushad MD PC dba Advanced Pain Centers Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/25/2042
 393.8
 392.2
 403.0
 0.16%
Shaffer Automotive Repair, LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/24/2030
 135.8
 134.1
 125.5
 0.05%
Juliador Resources LLC DBA Cue Hair Salon and Skin Care Personal and Laundry Services Term Loan Prime plus 2.75% 5/24/2027
 22.5
 22.1
 19.0
 0.01%

14
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Innovim, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2027
 337.5
 331.5
 285.5
 0.11%
Southeast Recycling, LLC and Southeast Land Holdings LLC dba 67 Motor Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/23/2042
 181.4
 180.7
 188.8
 0.07%
Gill Express Inc. and Gill Express 2 LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2042
 338.7
 337.4
 333.6
 0.13%
Prestige Construction of Florida, LLC Construction of Buildings Term Loan Prime plus 2.75% 5/23/2042
 336.4
 335.1
 326.1
 0.13%
Enfield Tractor & Equipment Co. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/19/2027
 296.3
 291.2
 278.7
 0.11%
PS Camping, Inc. dba Prospectors RV Resort Accommodation Term Loan Prime plus 2.75% 5/19/2042
 257.7
 256.7
 269.3
 0.11%
GEM2K, LLC dba Precision Precast Group Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/19/2027
 162.5
 159.6
 143.2
 0.06%
Hayden Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 5/19/2027
 262.5
 257.9
 237.8
 0.09%
Tres K Deli,Grocery,Fruit and Meat Inc. Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027
 8.3
 8.1
 7.5
 —%
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042
 582.5
 580.2
 585.6
 0.23%
J Harris Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 5/19/2027
 19.5
 19.2
 18.2
 0.01%
New Image Building Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2027
 150.8
 148.1
 132.4
 0.05%
Bay Car Wash LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042
 120.7
 120.3
 121.7
 0.05%
Mr. B's Bicycles & Mopeds, Inc. Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/18/2042
 146.7
 146.2
 146.7
 0.06%
Waterford Plumbing Co, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2027
 50.0
 49.1
 43.1
 0.02%
Computech Computers Inc. Educational Services Term Loan Prime plus 2.75% 5/17/2027
 50.0
 49.1
 42.3
 0.02%
Arco Electrical Contractors Inc. dba Arco Construction Group Specialty Trade Contractors Term Loan Prime plus 2.75% 5/16/2027
 360.0
 353.6
 325.1
 0.13%
5 Stars Learning Center Inc Social Assistance Term Loan Prime plus 2.75% 5/16/2042
 61.8
 61.5
 61.9
 0.02%
Batter & Company,LLC dba Batter Co. Dessert Collection Food and Beverage Stores Term Loan Prime plus 2.75% 5/16/2027
 53.8
 52.8
 46.5
 0.02%
Band Sawn Lumber,LLC and Nathan Ryan Adams Wood Product Manufacturing Term Loan Prime plus 2.75% 5/15/2042
 113.8
 113.3
 111.6
 0.04%

15
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Keys Armored Express, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 5/12/2027
 40.0
 39.3
 35.3
 0.01%
Sanderson Distribution Inc. Truck Transportation Term Loan Prime plus 2.75% 5/12/2027
 10.5
 10.3
 8.9
 —%
SG Linke LLC Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 5/12/2027
 108.3
 108.3
 106.3
 0.04%
B G F Bobby Q's Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2027
 7.5
 7.4
 7.2
 —%
Estelle Finkel Educational Associates,LLC Educational Services Term Loan Prime plus 2.75% 5/11/2027
 118.7
 117.8
 101.5
 0.04%
Labmates,LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 5/10/2027
 100.0
 98.2
 93.9
 0.04%
NHS, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2027
 88.5
 86.9
 78.2
 0.03%
NHS, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2042
 21.9
 21.8
 20.5
 0.01%
Innovation Transport, LLC Truck Transportation Term Loan Prime plus 2.75% 5/9/2027
 86.3
 84.7
 80.0
 0.03%
1872 Rosecrans, LLC dba Goodbar Food Services and Drinking Places Term Loan Prime plus 2.75% 5/9/2027
 62.5
 62.2
 54.0
 0.02%
Arclay ,LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/5/2030
 145.9
 144.1
 132.8
 0.05%
Benchmark Building, Inc. Construction of Buildings Term Loan Prime plus 2.75% 5/5/2027
 22.5
 22.1
 19.0
 0.01%
Cable Management LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/3/2027
 59.6
 58.5
 54.9
 0.02%
Fine Arts Center of Easley, Inc. dba Midtown Music Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/2/2042
 116.3
 116.1
 122.5
 0.05%
Zahmel Restaurant Suppliers Corp dba Cash & Carry Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/28/2027
 88.8
 86.6
 75.6
 0.03%
Love and Glory Learning Center, Inc. Social Assistance Term Loan Prime plus 2.75% 4/28/2042
 78.0
 77.6
 77.1
 0.03%
Georgia Productions Services LLC Rental and Leasing Services Term Loan Prime plus 2.75% 4/28/2027
 91.2
 89.1
 81.8
 0.03%
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042
 222.5
 221.3
 233.6
 0.09%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042
 618.3
 330.0
 348.2
 0.14%

16
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Asheville's Fun Depot, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2027
 87.5
 85.4
 86.8
 0.03%
Carl Joseph Johnston dba Viking Transport Truck Transportation Term Loan Prime plus 2.75% 4/26/2027
 53.3
 31.8
 30.1
 0.01%
Resident Research, LLC Other Information Services Term Loan Prime plus 2.75% 4/24/2027
 100.0
 97.6
 84.1
 0.03%
Getting Even LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/21/2027
 7.5
 7.3
 6.6
 —%
Ralph's Hair Salon, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 4/21/2042
 50.0
 49.7
 50.6
 0.02%
M.E. Interiors LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/20/2027
 139.2
 135.9
 117.0
 0.05%
MJ and M Home Improvements LLC DBA House Doctors Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2027
 20.5
 20.0
 17.6
 0.01%
Condron Brothers LLC DBA Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/19/2027
 116.0
 116.0
 105.0
 0.04%
Affordable Auto Transport LLC Truck Transportation Term Loan Prime plus 2.75% 4/17/2027
 12.8
 12.4
 11.6
 —%
Carpeteria (Markarian) Co. Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/13/2027
 132.8
 129.7
 128.6
 0.05%
Bloomer Machine & Fab, Inc and Dale Stertz Properties Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/13/2042
 205.5
 204.4
 210.6
 0.08%
Butternuts Beer and Ale LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/12/2027
 73.7
 72.0
 73.2
 0.03%
Citizens Lanes, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042
 619.4
 616.1
 648.1
 0.25%
The Altitude Group, LLC and Core Home Security, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2027
 50.0
 48.6
 41.4
 0.02%
Golden Hen Inc. dba Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2027
 64.8
 62.9
 54.4
 0.02%
Shelter Harbor Inn, Inc. Accommodation Term Loan Prime plus 2.75% 3/31/2042
 207.5
 206.4
 217.1
 0.08%
Landmark Ventures USA, Inc. Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/31/2027
 187.5
 182.1
 155.4
 0.06%
MIT LLC Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042
 87.5
 87.0
 91.6
 0.04%

17
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Applied Integrated Technologies, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/31/2027
 125.0
 121.4
 103.7
 0.04%
Bear Trail Lodge LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042
 552.5
 549.6
 571.2
 0.22%
KWG Industries LLC dba Peterson & Marsh Metal Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2027
 30.0
 29.1
 28.4
 0.01%
Sea Smoke Barbeque, Corp and Danwen LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2042
 236.5
 233.6
 235.0
 0.09%
Signature Rooms, Inc dba Gallery Furniture Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/30/2042
 495.8
 493.1
 514.8
 0.20%
Schafer Fisheries Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/30/2042
 258.6
 251.5
 257.2
 0.10%
Douglas K. Soderblom . dba Loma Linda Optometry Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027
 100.0
 97.1
 87.3
 0.03%
Discount Price, LLC dba Robert's Market Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042
 206.3
 205.2
 208.2
 0.08%
First Sail Group Inc. and Omen Board Industires LLC Nonstore Retailers Term Loan Prime plus 2.75% 3/29/2027
 20.0
 19.4
 17.8
 0.01%
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham Accommodation Term Loan Prime plus 2.75% 3/29/2042
 1,056.3
 1,050.6
 1,096.2
 0.43%
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030
 97.5
 95.6
 82.5
 0.03%
New England Country Day School, Inc. and Thomas D. Walker Social Assistance Term Loan Prime plus 2.75% 3/28/2042
 362.8
 362.6
 364.1
 0.14%
American Pharmaceutical Innovation Company, LLC Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027
 30.0
 29.1
 25.0
 0.01%
Heil & Hornik LLC dba Elysium Tennis Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2042
 928.6
 923.6
 921.1
 0.36%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/27/2042
 582.9
 137.2
 144.3
 0.06%
Ericon Inc. dba Quik Pik Gasoline Stations Term Loan Prime plus 2.75% 3/24/2027
 62.5
 60.7
 58.3
 0.02%
Robert Dixon PA dba Law Offices of Robert Dixon Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/24/2042
 435.5
 424.2
 443.0
 0.17%
Denton Bio Fuels LLC and American Bio Source LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2027
 59.3
 57.5
 52.3
 0.02%
Color Graphic Press, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2027
 120.0
 116.5
 118.0
 0.05%

18
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JBK Truck Trailer and Bus Inc. Repair and Maintenance Term Loan Prime plus 2.75% 3/23/2042
 88.8
 78.8
 79.5
 0.03%
Executive Fitness & Nutrition Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2027
 20.3
 19.7
 19.2
 0.01%
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC Truck Transportation Term Loan Prime plus 2.75% 3/22/2042
 643.0
 639.6
 656.4
 0.26%
Vehicle Safety supply LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/21/2027
 22.5
 21.8
 18.7
 0.01%
J Sivilis LLC dba Pet Wants Personal and Laundry Services Term Loan Prime plus 2.75% 3/17/2027
 12.3
 12.0
 10.5
 —%
Reservoir International LLC Educational Services Term Loan Prime plus 2.75% 3/16/2027
 100.0
 97.1
 89.8
 0.04%
The Purple Cow House of Pancake Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2042
 162.5
 160.9
 169.2
 0.07%
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027
 300.0
 291.4
 295.2
 0.12%
Alive Design, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2027
 22.5
 22.0
 18.8
 0.01%
1MTX LLC and Sunrise Transportation and Logistics, LLC Truck Transportation Term Loan Prime plus 2.75% 3/13/2027
 702.8
 683.0
 583.0
 0.23%
Dwayne Bernard Tate Truck Transportation Term Loan Prime plus 2.75% 3/10/2027
 10.5
 10.2
 9.3
 —%
Elegant Occasions, LLC dba E Productions Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042
 588.2
 586.1
 587.5
 0.23%
Anthony LLC dba Star of Woodward Market Food and Beverage Stores Term Loan Prime plus 2.75% 3/9/2042
 115.0
 114.5
 120.4
 0.05%
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/9/2027
 125.0
 121.4
 106.1
 0.04%
Allegro Assisted Living Of Texas Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/6/2027
 96.0
 93.2
 94.4
 0.04%
Robbie E. Bakery and Cafe LLC Food and Beverage Stores Term Loan Prime plus 2.75% 3/3/2027
 62.5
 60.7
 51.8
 0.02%
Podium Auto Sales Inc and RRS Property, LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042
 90.7
 90.3
 89.8
 0.04%
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express Truck Transportation Term Loan Prime plus 2.75% 2/28/2027
 235.5
 227.3
 194.1
 0.08%
Weeping Willow Kennels, Inc and Aileen N Black Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2042
 140.0
 139.1
 141.5
 0.06%
Getting Even LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2027
 96.3
 92.9
 82.7
 0.03%

19
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Total Document Solutions Inc and,TDS Services, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/27/2030
 312.5
 305.1
 279.9
 0.11%
Teracore Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/27/2027
 163.7
 158.0
 134.9
 0.05%
John Finn Associates LLC, Greenslate LLC, Finn Technology, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/27/2027
 675.0
 651.3
 623.5
 0.24%
McNally Enterprises Inc. Administrative and Support Services Term Loan Prime plus 2.75% 2/27/2027
 65.0
 62.7
 55.8
 0.02%
B & J Bicycle Shop Inc. Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/24/2027
 15.0
 14.5
 14.7
 0.01%
3W Enterprises LLC Textile Product Mills Term Loan Prime plus 2.75% 2/24/2042
 81.8
 81.2
 81.5
 0.03%
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 2/24/2027
 106.3
 103.7
 96.4
 0.04%
Victorian Restaurant and Tavern, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2042
 107.5
 106.8
 104.7
 0.04%
DER Services, LLC dba A.K.A. Sports Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/17/2042
 40.0
 39.8
 41.8
 0.02%
Bike Slug, LLC, Bike Slug Holdings Inc. and Seven Rivers Group ,LLC Repair and Maintenance Term Loan Prime plus 2.75% 2/17/2027
 19.5
 18.8
 16.1
 0.01%
Ameritube, LLC and Ravone Properties, LLC Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042
 185.0
 183.8
 193.4
 0.08%
R&S Barnes Enterprises, Inc. dba Massage Envy Spa Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2027
 93.8
 90.5
 78.2
 0.03%
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC Truck Transportation Term Loan Prime plus 2.75% 2/10/2042
 247.5
 245.8
 252.3
 0.10%
Sushiya Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2027
 18.8
 18.1
 16.0
 0.01%
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/10/2030
 1,250.0
 1,222.6
 1,121.1
 0.44%
Maximo Canot dba Wash and Dry Laundrymat Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042
 137.5
 136.7
 140.7
 0.06%
Marvic Enterprises Inc dba Jordan's Liquor Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042
 219.0
 217.6
 221.8
 0.09%
Harrison Logging Company LLC Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027
 106.3
 102.5
 92.6
 0.04%
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. Repair and Maintenance Term Loan Prime plus 2.75% 2/7/2042
 327.5
 325.5
 319.9
 0.13%
Christopher Borgia Food Services and Drinking Places Term Loan Prime plus 2.75% 2/6/2027
 12.9
 12.5
 10.8
 —%

20
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Splashlight LLC, Splashlight Photographic & Digital Studios LLC Management of Companies and Enterprises Term Loan Prime plus 2.75% 2/2/2027
 750.0
 723.8
 641.9
 0.25%
DBMS Consulting, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/1/2042
 185.0
 183.8
 180.6
 0.07%
Brandco, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/31/2027
 43.7
 41.9
 35.8
 0.01%
Chidlren's House Learning, Inc and Tarps Investment Group Social Assistance Term Loan Prime plus 2.75% 1/31/2042
 321.3
 319.1
 319.5
 0.12%
Grand Center Inn L.P. dba Grand Center Inn Accommodation Term Loan Prime plus 2.75% 1/31/2027
 15.0
 14.4
 14.6
 0.01%
AP6 LLC and Amishp LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2042
 127.5
 107.8
 113.4
 0.04%
Fave Realty, Inc. Real Estate Term Loan Prime plus 2.75% 1/30/2042
 54.5
 54.1
 54.8
 0.02%
ZMKNY Tires Inc dba Houston International Tires Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/27/2042
 107.5
 106.8
 112.3
 0.04%
House of Bread & Coffee Corp dba Casa Do Pao Food Services and Drinking Places Term Loan Prime plus 2.75% 1/27/2042
 176.0
 135.7
 131.9
 0.05%
SRC Publishing LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/27/2027
 22.5
 21.6
 18.4
 0.01%
Return to Excellence Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/27/2027
 17.7
 17.0
 17.2
 0.01%
Sideways Sports Lounge and Jonathan E. McGrew and Patricia C. McGrew Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2027
 18.0
 17.3
 14.7
 0.01%
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski Food Services and Drinking Places Term Loan Prime plus 2.75% 1/20/2042
 42.5
 42.2
 42.0
 0.02%
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 1/19/2030
 250.4
 243.4
 224.5
 0.09%
Jolibe LLC and Jolibe Atelier LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2027
 10.5
 10.1
 8.9
 —%
Eickmann Management Group LLC dba Jimmy Johns of Dundee Food Services and Drinking Places Term Loan Prime plus 2.75% 1/17/2027
 93.7
 93.0
 91.3
 0.04%
Ramjay Inc. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 1/13/2027
 435.0
 420.4
 381.1
 0.15%
Fullbro Trust dba Menemsha Blues Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/13/2027
 22.5
 21.6
 21.9
 0.01%

21
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Echelon Enterprises, Inc Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/10/2027
 50.0
 48.0
 48.6
 0.02%
Fort Smith Wings Inc. dba Wing Stop Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2026
 19.5
 18.6
 16.6
 0.01%
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2041
 419.9
 417.1
 412.2
 0.16%
Joshua L. Baker Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/23/2026
 15.7
 15.0
 12.8
 0.01%
Jacliff Investments Inc. dba International health Technologies Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/23/2026
 125.0
 119.1
 101.6
 0.04%
New Image Building Services, Inc.dba The Maids Servicing Oakland Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2026
 43.8
 41.7
 37.0
 0.01%
Chestnut Street Associates, LLC and Metropolitan Solutions, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041
 275.0
 272.3
 261.6
 0.10%
Means Enterprises LLC dba FastFrame Frisco Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026
 22.5
 21.4
 18.6
 0.01%
Soon Im. Chin dba Stan C-Store Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041
 212.5
 210.4
 217.6
 0.09%
Sempco, Inc. Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041
 42.0
 41.6
 43.7
 0.02%
Allied Welding Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2041
 750.0
 744.7
 731.9
 0.29%
Ericon, Inc. dba Quik Pik Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041
 332.2
 329.5
 328.3
 0.13%
White Hawk Inc. Truck Transportation Term Loan Prime plus 2.75% 12/15/2026
 1,097.7
 1,047.7
 893.6
 0.35%
Elita 7, LLC Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2041
 712.5
 705.5
 718.9
 0.28%
New Chicago Wholesale Bakery, Inc. Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041
 452.7
 448.3
 442.6
 0.17%
Techni-Pro Institute LLC Educational Services Term Loan Prime plus 2.75% 12/15/2026
 190.0
 181.0
 159.2
 0.06%
Trison Enterprises Inc.dba Lee's Automotive Repair and Maintenance Term Loan Prime plus 2.75% 12/14/2041
 407.5
 403.5
 407.7
 0.16%
Cardinal Homes Inc. and Bret A Berneche Wood Product Manufacturing Term Loan Prime plus 2.75% 12/14/2041
 121.3
 120.0
 125.9
 0.05%
HMG Strategy, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026
 50.0
 47.6
 40.6
 0.02%
D and E Hardware Co. and D and E Pump Sales and Service Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2041
 528.6
 523.4
 520.2
 0.20%

22
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Cardinal Homes Inc,.Alouette Holdings Inc. Wood Product Manufacturing Term Loan Prime plus 2.75% 12/14/2026
 1,071.3
 1,020.5
 1,032.9
 0.40%
AGG Management Team LLC dba Chevron Gasoline Stations Term Loan Prime plus 2.75% 12/14/2041
 287.5
 284.7
 299.3
 0.12%
Wayfarer Bicycle LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2041
 92.5
 91.6
 89.1
 0.03%
Success Advertising Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2041
 466.5
 461.9
 478.5
 0.19%
Roast Beef Levittown LLC dba Arby's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026
 465.0
 447.7
 453.1
 0.18%
Queen Express LLC Gasoline Stations Term Loan Prime plus 2.75% 12/13/2041
 187.5
 185.6
 192.5
 0.08%
Recycling Revolution,LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2041
 92.2
 91.3
 90.7
 0.04%
Myndshft Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2026
 775.0
 738.3
 657.7
 0.26%
Mack Team Enterprises Inc.dba The UPS Store #6815 Couriers and Messengers Term Loan Prime plus 2.75% 12/9/2026
 20.4
 19.4
 17.4
 0.01%
^New Life Hospital LLC Hospitals Term Loan Prime plus 2.75% 12/8/2041
 1,195.5
 1,184.9
 1,245.8
 0.49%
Imagine By Carleen Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 12/8/2041
 52.5
 52.0
 52.1
 0.02%
Hanson's Greeks LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026
 11.3
 10.7
 10.8
 —%
Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/7/2029
 71.2
 68.9
 65.1
 0.03%
T and B Boots Inc dba Takken's Shoes Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/7/2026
 100.0
 95.7
 89.5
 0.04%
Lan Doctors, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/7/2026
 237.5
 226.2
 222.1
 0.09%
Lilo Holdings LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/5/2026
 15.9
 15.1
 13.7
 0.01%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites Accommodation Term Loan Prime plus 2.75% 12/5/2041
 352.5
 349.6
 360.6
 0.14%
^Ericon, Inc. Gasoline Stations Term Loan Prime plus 2.75% 12/1/2041
 726.0
 720.2
 721.4
 0.28%
Noso Development LLC Construction of Buildings Term Loan Prime plus 2.75% 12/1/2026
 75.0
 71.4
 60.9
 0.02%

23
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Quick Ship, LLC Couriers and Messengers Term Loan Prime plus 2.75% 11/30/2026
 10.5
 9.9
 8.5
 —%
^Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/30/2041
 67.5
 66.7
 70.2
 0.03%
Sharaz Shah DBA Thomas Jewelers Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 11/30/2026
 8.1
 7.7
 6.5
 —%
Choe Trading Group, Inc.dba Rapid Printers of Monterey Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2026
 22.5
 21.3
 20.9
 0.01%
Studio Find It Georgia, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026
 7.5
 7.1
 6.2
 —%
RD Management, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2026
 213.8
 202.3
 174.8
 0.07%
Imaginarium Foods LLC, Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042
 376.7
 370.5
 376.2
 0.15%
B4 Fitness LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026
 22.5
 21.3
 19.0
 0.01%
^Usman Jalil, LLC dba Food Mart Gasoline Stations Term Loan Prime plus 2.75% 11/29/2041
 233.2
 230.7
 223.6
 0.09%
Honor Mansion, Inc. Accommodation Term Loan Prime plus 2.75% 11/29/2026
 87.5
 82.8
 83.8
 0.03%
Access Staffing, LLC Administrative and Support Services Term Loan Prime plus 2.75% 11/29/2026
 1,125.0
 1,064.6
 908.0
 0.36%
Merchant Coterie, Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/23/2026
 125.0
 118.3
 100.9
 0.04%
CRK Mens, LLC dba Spiff for Men Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026
 106.3
 100.7
 87.8
 0.03%
WPN Recycling Company LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/23/2026
 22.5
 21.3
 21.5
 0.01%
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 Administrative and Support Services Term Loan Prime plus 2.75% 11/23/2026
 60.0
 56.8
 49.1
 0.02%
Rognes Corp dba RTS Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 11/22/2026
 389.2
 366.9
 335.5
 0.13%
Bouquet Restaurant LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2041
 125.0
 123.6
 124.6
 0.05%
^J.B.K Truck Trailer and Bus Inc Repair and Maintenance Term Loan Prime plus 2.75% 11/22/2041
 435.0
 430.1
 428.7
 0.17%
6E Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2026
 175.0
 163.8
 150.9
 0.06%

24
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Broms Asset Management LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/22/2026
 125.0
 118.3
 100.9
 0.04%
Skaggs RV Outlet LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026
 100.0
 94.6
 95.8
 0.04%
Catherine Christine Morin dba Purr-Fect Pets Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026
 18.7
 17.7
 15.1
 0.01%
Stratmar Systems Inc dba Stratmar Retail Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2026
 68.5
 64.8
 65.6
 0.03%
Hoosier Health Plus, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026
 125.0
 118.3
 111.4
 0.04%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2041
 446.0
 440.9
 451.4
 0.18%
Hackensack Steel Corporation and Luzerne Ironworks Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026
 239.2
 226.3
 228.9
 0.09%
^Panther Ironworks and Rigging Solutions LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026
 151.3
 143.1
 131.2
 0.05%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2026
 188.7
 178.6
 176.9
 0.07%
MIK LLC dba Firehouse Subs Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026
 200.0
 192.9
 166.8
 0.07%
^Rich's Food Stores LLC dba Hwy 55 of Wallace Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026
 43.7
 41.4
 38.6
 0.02%
^Dyer Properties, LLC Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041
 240.3
 237.5
 234.5
 0.09%
^Big Apple Entertainment Partners LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/9/2026
 175.0
 165.6
 141.2
 0.06%
^Bovill Creative,LLC Real Estate Term Loan Prime plus 2.75% 11/9/2041
 281.2
 278.2
 292.5
 0.11%
Surgarloaf Concepts LLC dba Fat Biscuit Food Services and Drinking Places Term Loan Prime plus 2.75% 11/8/2026
 168.8
 165.0
 167.0
 0.07%
^Fine Line Interiors, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041
 87.5
 82.4
 86.7
 0.03%
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041
 127.5
 125.1
 127.8
 0.05%
^Veracruz Shabo, LLC; Waterfalls Quick Lube LLC Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041
 118.7
 117.9
 120.3
 0.05%
Glocecol LLC Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026
 75.0
 70.9
 71.8
 0.03%

25
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Middlesex Auto Sales Corp Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2041
 125.0
 123.5
 126.3
 0.05%
^Moolchan Enterprises LLC dba Staying Green Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026
 18.1
 17.1
 16.1
 0.01%
^Bloomquist Communications Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026
 60.0
 56.4
 48.1
 0.02%
^Woodstock Enterprises Corp dba True Scent Candle Co. Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/31/2041
 88.8
 87.7
 85.4
 0.03%
^Patina Investment, Inc and Ram & Sons, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 10/27/2041
 175.0
 172.8
 181.6
 0.07%
Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029
 225.0
 218.3
 212.7
 0.08%
^FibAire Communications, LLC Telecommunications Term Loan Prime plus 2.75% 10/27/2026
 107.5
 101.0
 92.7
 0.04%
^Bonita Stone LLC and Castone Creations Inc Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 10/25/2041
 264.4
 261.0
 259.9
 0.10%
^Empire Processor Services Inc. and Verrazano Wholesale Dist., Inc. Nonstore Retailers Term Loan Prime plus 2.75% 10/25/2026
 131.2
 123.4
 124.9
 0.05%
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026
 425.0
 399.5
 398.7
 0.16%
Eco Vehicle Systems LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 10/21/2026
 955.5
 898.9
 900.9
 0.35%
Worldwide Estate, Inc. dba Washington Heights Manor Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041
 225.0
 221.7
 233.1
 0.09%
^Gold Wind Logistics LLC Truck Transportation Term Loan Prime plus 2.75% 10/20/2041
 175.0
 173.4
 182.3
 0.07%
^Speaker City, Inc. dba Rollin Thunder Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/14/2041
 125.0
 123.4
 125.6
 0.05%
^Maine Service Corp Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/13/2026
 206.3
 192.5
 180.6
 0.07%
^Justin Partlow Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026
 19.5
 18.3
 15.6
 0.01%
^Reliable Recovery Services LLC Support Activities for Transportation Term Loan Prime plus 2.75% 10/7/2026
 112.5
 105.7
 96.3
 0.04%
^Ailky Corporation Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026
 250.0
 235.0
 206.0
 0.08%
^Wyspen Corporation dba Charlestown Ace Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026
 36.0
 33.8
 28.9
 0.01%
^MegaPhase, LLC Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/30/2026
 150.0
 139.9
 135.1
 0.05%

26
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Seaway LLC and Reklaw LLC dba Allure Lounge Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041
 137.5
 135.4
 142.3
 0.06%
^JJA Transportation Management Inc. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026
 52.5
 49.0
 41.7
 0.02%
^Adelwerth Bus Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2041
 242.8
 239.3
 237.0
 0.09%
Adelwerth Bus Corporation, Transportation Leasing Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029
 654.0
 624.3
 601.6
 0.24%
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/29/2029
 671.5
 640.3
 600.1
 0.23%
^Las Casuelas Del Este Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2041
 800.0
 791.6
 814.7
 0.32%
^Thunderdome Racing Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/29/2026
 19.0
 17.8
 17.6
 0.01%
^Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med Printing and Related Support Activities Term Loan Prime plus 2.75% 9/28/2041
 850.0
 836.9
 879.5
 0.34%
^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2041
 405.8
 400.1
 382.5
 0.15%
^Beadon Inc Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026
 22.5
 21.0
 21.0
 0.01%
^CNC Precision Machine, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041
 1,250.0
 1,235.9
 1,236.2
 0.48%
^CD Game Exchange Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2026
 22.5
 21.0
 17.9
 0.01%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2026
 648.0
 608.3
 559.8
 0.22%
^Kyle M Walker DDS,PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026
 217.8
 204.7
 180.1
 0.07%
Reynolds Fence & Guardrail Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026
 629.6
 587.1
 560.5
 0.22%
^Luna Nueva LLC dba Bio Builders Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2026
 15.0
 14.0
 12.4
 —%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026
 52.5
 49.0
 43.8
 0.02%
^Sarah S Olelewe MD Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2041
 292.4
 288.5
 289.4
 0.11%
^TPFC,LLC dbaThe Picture Frame Company Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041
 58.8
 57.9
 58.1
 0.02%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026
 9.0
 8.4
 8.3
 —%

27
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^PeopleBest Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026
 15.0
 14.0
 11.9
 —%
^Mr. Mulch, Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2041
 405.7
 399.5
 375.3
 0.15%
^B4 Fitness LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/23/2026
 87.5
 81.6
 72.7
 0.03%
^InformationTelevision Network Inc Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 9/22/2041
 836.8
 825.5
 858.5
 0.34%
^GRA Financial Services Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/22/2026
 12.0
 11.2
 9.5
 —%
^Wrecking Crew Media LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026
 50.0
 46.6
 39.7
 0.02%
^Cuppiecakes LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041
 22.5
 22.2
 22.2
 0.01%
^Benoit's Towing and Recovery LLC Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026
 12.0
 11.2
 9.7
 —%
^Consulting Solutions Inc. and Mark Luciani Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026
 22.5
 21.0
 19.8
 0.01%
^Brittany Burns LLC dba Dreams Come True Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2026
 12.9
 12.0
 12.2
 —%
^Eyncon LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/16/2041
 50.0
 49.2
 49.9
 0.02%
^Tresa S.Parris dba Wagging Tails Grooming Personal and Laundry Services Term Loan Prime plus 2.75% 9/16/2026
 8.0
 7.6
 6.5
 —%
^The Merrin Group LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2026
 175.0
 163.2
 157.0
 0.06%
^Rich's Food Stores LLC dba Hwy 55 of Wallace Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2026
 145.5
 135.9
 126.7
 0.05%
^Atlantic Alarm Systems and Services LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/14/2026
 15.4
 14.4
 12.7
 —%
^Metropet Dog Center, Inc Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041
 109.2
 107.6
 109.3
 0.04%
^Marquis Cattle Company Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026
 50.0
 47.1
 47.6
 0.02%
^Bingham Enterprises, Inc and Full Belli Deli and Sausage Company Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2041
 82.5
 81.2
 79.6
 0.03%
^Artisan Infrastructure Holdings, LLC Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/7/2026
 125.0
 116.6
 99.3
 0.04%

28
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^SRA Mechanicial Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041
 43.8
 43.1
 45.1
 0.02%
^Sandia Enterprises Inc dba Massage Envy Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/6/2026
 62.5
 58.3
 49.7
 0.02%
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026
 125.0
 115.9
 101.5
 0.04%
^Suncrest Stone Products LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 8/29/2026
 586.7
 543.4
 487.2
 0.19%
^Suncrest Stone Products LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 8/29/2041
 649.6
 638.7
 595.9
 0.23%
^Clark Realty LLC Real Estate Term Loan Prime plus 2.75% 8/29/2041
 237.5
 233.5
 224.8
 0.09%
^Raem Corporation dba Dryclean Express Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041
 72.5
 71.3
 74.0
 0.03%
^Warren Dale Warrington dba Custom Paint and Body Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041
 101.2
 99.5
 101.8
 0.04%
^TAGR Inc dba Miami Grill 137and John Nakis Food Services and Drinking Places Term Loan Prime plus 2.75% 8/26/2026
 106.8
 98.9
 86.6
 0.03%
^Albert Basse Associates Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026
 62.5
 57.9
 58.4
 0.02%
^Avery Management Inc. dba Whetstone Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026
 10.6
 9.9
 8.4
 —%
^Dean Technology Inc Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 8/25/2041
 387.1
 380.6
 397.1
 0.16%
^Rosmel Pools Inc Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026
 22.5
 20.8
 18.2
 0.01%
^Tabadesa Associates Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/25/2026
 22.5
 20.8
 17.8
 0.01%
^TR Companies LLC dba True Value Rental and Liberty Rental 4 U Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026
 90.0
 83.4
 71.1
 0.03%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041
 500.0
 492.0
 513.3
 0.20%
^Tim's Tire & Automotive Center, LLC Support Activities for Transportation Term Loan Prime plus 2.75% 8/16/2026
 816.6
 768.3
 697.1
 0.27%
^Luv 2 Play Temecula, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026
 60.0
 55.6
 47.4
 0.02%
Bear Creek Entertainment LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 8/12/2041
 437.5
 390.8
 387.5
 0.15%
^2 Cool Beans LLC dba Menchies's Frozen Yogurt Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026
 82.5
 76.4
 65.1
 0.03%

29
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Grayson O Company Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041
 625.0
 614.5
 641.0
 0.25%
^Charal Investments LLC dba Orange Theory Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/10/2026
 87.5
 81.0
 69.1
 0.03%
^PCNKC Inc dba Plato's Closet Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/10/2026
 18.7
 3.0
 2.9
 —%
^Paul Belanger dba Paul Belanger Landscaping Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026
 15.0
 13.9
 11.8
 —%
^Nicolette Reiser dba Comfort & Balance Personal and Laundry Services Term Loan Prime plus 2.75% 7/29/2041
 75.0
 73.6
 75.2
 0.03%
^USA General Investment LLC dba Braniff Paint and Body Shop Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026
 22.5
 20.7
 18.2
 0.01%
^The Hungry Rhino LLC Real Estate Term Loan Prime plus 2.75% 7/29/2041
 76.2
 74.9
 74.9
 0.03%
^303 Tower Drive LLC Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041
 400.3
 392.9
 404.0
 0.16%
^Little Tree Huggers Child Care LLC Social Assistance Term Loan Prime plus 2.75% 7/29/2041
 140.0
 137.4
 144.2
 0.06%
^676 Club LP dba The Green Door Tavern/The Drifter Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041
 670.0
 657.7
 682.3
 0.27%
^KJCKD Inc dba Camelot Print & Copy Centers/Copy A Second Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2041
 587.0
 576.2
 579.4
 0.23%
^Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026
 300.0
 275.9
 235.1
 0.09%
^MacIver Corporation dba Division Camera Rental and Leasing Services Term Loan Prime plus 2.75% 7/28/2026
 1,250.0
 1,149.6
 1,086.0
 0.42%
^J And G Group Services LLC and United Vending of Florida Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/28/2026
 31.5
 29.6
 26.5
 0.01%
^Intrepid Trinity LLC Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041
 62.5
 61.4
 62.5
 0.02%
^Apple Tree NC Inc dba Williams Farm & Garden Center Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041
 337.0
 330.8
 327.9
 0.13%
^Kidtastic LLC dba The Little Gym of Audubon Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/27/2026
 53.8
 52.2
 44.5
 0.02%
^GF Libations Inc dba Minuteman Press Printing and Related Support Activities Term Loan Prime plus 2.75% 7/27/2041
 40.5
 38.8
 34.6
 0.01%
^EPEC Juice LLC dba Jamba Juice Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 82.5
 76.8
 65.5
 0.03%
^Pinco Pizza LLC dba Jet's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 72.9
 68.0
 67.2
 0.03%

30
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Peckett's Inc Crop Production Term Loan Prime plus 2.75% 7/27/2041
 225.0
 219.6
 230.7
 0.09%
^JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026
 125.0
 115.0
 98.0
 0.04%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026
 91.0
 83.6
 76.4
 0.03%
^Gino Italian American Deli and Meat Market Inc Food and Beverage Stores Term Loan Prime plus 2.75% 7/25/2041
 536.8
 530.2
 527.9
 0.21%
^My Sainath Inc dba Motel 6 Accommodation Term Loan Prime plus 2.75% 7/22/2041
 305.4
 299.8
 309.1
 0.12%
^Robert G Larson State Farm Insurance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026
 22.5
 20.7
 17.6
 0.01%
^J and D Resources LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2026
 130.5
 120.0
 103.4
 0.04%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026
 15.8
 14.5
 12.3
 —%
Franklin Firm LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041
 173.3
 170.6
 171.7
 0.07%
^Billingsworks LLC dba Spoon Shine Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2026
 9.7
 8.9
 9.0
 —%
^Be Beautiful LLC Personal and Laundry Services Term Loan Prime plus 2.75% 7/14/2041
 66.5
 65.3
 67.3
 0.03%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2026
 46.2
 42.5
 36.2
 0.01%
^Jacob Rugs LLC dba Rugs Outlet Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 7/13/2026
 65.6
 60.4
 61.0
 0.02%
^RM Hawkins LLC dba Pure Water Tech West Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026
 50.0
 46.0
 44.2
 0.02%
^Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/7/2026
 14.3
 13.1
 11.5
 —%
Nevey's LLC dba Stark Food III Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041
 293.9
 289.1
 299.1
 0.12%
^Soregard Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/30/2041
 278.8
 273.2
 262.0
 0.10%
^P L H Pharmaco Inc dba Farmacia San Jose Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026
 175.0
 159.8
 158.4
 0.06%
^Martin Inventory Management LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026
 105.8
 96.6
 97.6
 0.04%
^Desert Tacos LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026
 98.8
 92.6
 87.3
 0.03%

31
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^VMA Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026
 22.5
 20.5
 17.5
 0.01%
^Corning Lumber Company Inc and Frank R Close and Son Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029
 195.5
 183.8
 187.5
 0.07%
^Castone Creations Inc Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/29/2026
 87.5
 79.9
 71.3
 0.03%
^WGI, LLC dba Williams Grant Inn Accommodation Term Loan Prime plus 2.75% 6/29/2041
 131.2
 128.6
 129.5
 0.05%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041
 304.5
 299.0
 305.7
 0.12%
^O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026
 140.0
 127.8
 112.0
 0.04%
^Ninsa LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2041
 112.5
 110.3
 115.8
 0.05%
^E & P Holdings 1 LLC and Evans & Paul LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026
 125.0
 114.3
 101.0
 0.04%
^MaidPro Marin dba MaidPro Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2026
 17.6
 16.0
 13.6
 0.01%
^All Printing Solutions, Inc. dba Pryntcomm Printing and Related Support Activities Term Loan Prime plus 2.75% 6/27/2041
 545.6
 535.4
 517.5
 0.20%
^Edge Pest Control LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2026
 750.0
 684.9
 583.2
 0.23%
^Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026
 50.0
 45.7
 38.9
 0.02%
^El Basha Inc dba RPM West San Fernando Valley Real Estate Term Loan Prime plus 2.75% 6/24/2026
 22.5
 17.8
 15.1
 0.01%
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast Accommodation Term Loan Prime plus 2.75% 6/24/2041
 101.2
 99.2
 104.2
 0.04%
^Yellow Cab Company of Kissimmee Inc Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/24/2041
 56.8
 55.7
 53.5
 0.02%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041
 494.8
 488.4
 478.5
 0.19%
^Visual Advantage LLC dba Signs Now Perryberg Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041
 91.2
 89.4
 89.2
 0.03%
^Long Island Comedy LLC dba Governors and New York Comedy, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041
 187.5
 183.8
 185.5
 0.07%
^SNS of Central Alabama, LLC dba Steak N Shake dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2026
 57.5
 52.5
 47.9
 0.02%

32
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Evergreen Investment & Property Management LLC ,Universal Kidney Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/20/2041
 1,250.0
 1,229.1
 1,269.8
 0.50%
^Italian Heritage Tile and Stone Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/20/2026
 62.5
 57.1
 48.6
 0.02%
^Bagelicious, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026
 54.5
 49.8
 42.7
 0.02%
^T and B Boots Inc dba Takken's Shoes Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/17/2026
 225.0
 206.1
 208.3
 0.08%
^NKJ Lusby Donuts LLC Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026
 22.5
 20.5
 17.5
 0.01%
^Winegirl Wines LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 6/16/2026
 11.3
 10.3
 10.4
 —%
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026
 583.0
 524.9
 447.0
 0.17%
^Jai-Alexia Consulting, Inc. Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026
 11.8
 10.8
 9.2
 —%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares Social Assistance Term Loan Prime plus 2% 6/15/2041
 515.2
 503.9
 487.6
 0.19%
^Strag Industries LLC dba Meineke Car Care Center 841 Repair and Maintenance Term Loan Prime plus 2.75% 6/15/2026
 15.0
 13.7
 12.7
 —%
^Luv 2 Play AZ LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026
 62.5
 57.1
 56.0
 0.02%
^Refoleen Inc dba Spice and Tea Exchange Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026
 85.0
 79.1
 67.3
 0.03%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2026
 84.0
 76.7
 65.3
 0.03%
^ScimTech Industries Inc dba Archer Aerospace Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/6/2026
 12.0
 11.0
 9.3
 —%
^Larry H. Patterson and Rainbow Movers, Inc Truck Transportation Term Loan Prime plus 2.75% 6/6/2026
 22.5
 20.5
 17.6
 0.01%
^Solvit Inc and Solvit North Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026
 250.0
 229.5
 206.0
 0.08%
^AP5 LLC dba Krauser's Food Store Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041
 242.5
 237.7
 240.5
 0.09%
^ATI Jet Inc Air Transportation Term Loan Prime plus 2.75% 5/31/2026
 518.8
 470.4
 421.1
 0.16%
^Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 5/31/2026
 50.0
 45.3
 45.8
 0.02%
Angelo Faia dba AVF Construction Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041
 100.0
 97.4
 97.8
 0.04%

33
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Premier Athletic Center of Ohio, Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026
 87.5
 79.3
 80.2
 0.03%
^Mersada Holdings LLC Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2026
 337.5
 306.0
 309.3
 0.12%
^Jack Frost Firewood Inc. and David Dubinsky Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041
 206.2
 201.8
 201.3
 0.08%
^Southwest Division Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026
 8.3
 7.5
 6.8
 —%
^PennyLion LLC dba Creamistry Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2026
 81.0
 74.4
 65.3
 0.03%
^International Kitchen Supply LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026
 186.7
 169.3
 152.9
 0.06%
^Groth Lumber Co. Inc. dba True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026
 22.5
 20.4
 20.6
 0.01%
^Island Life Graphics Inc dba FASTSIGNS #576 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026
 22.5
 20.4
 17.7
 0.01%
^Powerspec Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026
 87.5
 79.4
 67.6
 0.03%
^Horseshoe Barbecue, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029
 15.0
 12.8
 13.1
 0.01%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan Social Assistance Term Loan Prime plus 2.75% 5/20/2026
 12.7
 11.6
 9.8
 —%
^National Air Cargo Holdings Inc Air Transportation Term Loan Prime plus 2.75% 5/20/2026
 1,250.0
 1,133.4
 1,123.0
 0.44%
^Pro Auto Repair LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026
 7.5
 6.7
 6.6
 —%
^HBA LLC dba Palmetto Twist-Vista Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026
 22.5
 17.7
 15.5
 0.01%
^J&A Laundromat Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026
 67.5
 61.2
 53.7
 0.02%
^Dedicated Incorporated Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041
 46.5
 45.5
 46.2
 0.02%
^J Harris Trucking, LLC Truck Transportation Term Loan Prime plus 2.75% 5/13/2026
 60.0
 39.2
 35.7
 0.01%
^FJN Catering Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041
 262.5
 257.3
 268.3
 0.10%
^LED Lighting Enterprises LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/13/2026
 22.5
 20.4
 17.9
 0.01%
^Studio Find It Georgia Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026
 22.5
 20.4
 18.0
 0.01%

34
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Luv 2 Play OC Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/12/2026
 62.5
 60.8
 51.8
 0.02%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano Social Assistance Term Loan Prime plus 2.75% 5/12/2041
 132.5
 129.7
 129.9
 0.05%
^The Delon Group LLC dba I Love Juice Bar Food Services and Drinking Places Term Loan Prime plus 2.75% 5/12/2026
 55.0
 19.8
 16.9
 0.01%
^Sabir Inc. dba Bear Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041
 123.8
 121.3
 124.8
 0.05%
^Gator D'Lites LLC dba D'Lites Emporium Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026
 22.5
 20.4
 17.4
 0.01%
^Warner Home Comfort, LLC dba Smith Piping Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041
 82.5
 80.6
 80.9
 0.03%
^Keller, Fishback & Jackson LLP Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026
 131.7
 117.6
 118.9
 0.05%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026
 22.5
 20.3
 17.2
 0.01%
^Euro Car Miami LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 4/29/2026
 62.5
 56.3
 56.9
 0.02%
^Hard Exercise Works Winter Park LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026
 40.8
 36.7
 31.2
 0.01%
^Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026
 7.5
 6.8
 5.8
 —%
^La Nopalera Mexicano 2, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2026
 125.5
 84.7
 85.6
 0.03%
^May-Craft Fiberglass Products Inc Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041
 247.5
 241.8
 254.0
 0.10%
^Alpha Omega Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 4/29/2041
 175.7
 171.9
 180.6
 0.07%
^Empowerschool LLC and Empower Autism Academy, LLC Social Assistance Term Loan Prime plus 2.75% 4/29/2041
 151.9
 148.4
 155.9
 0.06%
^Scoler LLC dba Gold's Gym Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026
 262.5
 236.3
 211.8
 0.08%
^Inner Beauty Salon and Suite LLC Personal and Laundry Services Term Loan Prime plus 2.75% 4/28/2041
 65.0
 63.5
 66.1
 0.03%
^Atlantic Restaurant Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/28/2041
 262.5
 256.5
 264.4
 0.10%
^Costume World Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041
 1,250.0
 1,225.3
 1,287.0
 0.50%

35
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Pecos Inn LLC dba Econo Lodge Accommodation Term Loan Prime plus 2.75% 4/28/2041
 677.5
 659.9
 679.8
 0.27%
^North American Manufacturing Company Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/28/2026
 160.0
 144.0
 145.6
 0.06%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma Real Estate Term Loan Prime plus 2.75% 4/28/2026
 9.0
 8.1
 6.9
 —%
^Knowledge First Inc dba Magic Years of Learning Social Assistance Term Loan Prime plus 2.75% 4/27/2026
 80.0
 72.1
 68.7
 0.03%
^Green Country Filter Manufacturing LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/27/2026
 84.2
 76.6
 67.1
 0.03%
^Accent Comfort Services, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026
 90.0
 81.0
 69.0
 0.03%
^Homecare Casa Rhoda 123 Inc Ambulatory Health Care Services Term Loan Prime plus 2% 4/26/2041
 675.0
 657.8
 645.8
 0.25%
^Automotive Core Recycling, LLC and 828 Old Colony Road, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041
 250.0
 244.3
 235.7
 0.09%
^McIntosh Trail Management Services Organization Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/22/2041
 425.0
 415.3
 436.2
 0.17%
^Jande Graphics LLC dba FastSigns #103201 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/21/2026
 56.0
 50.4
 42.9
 0.02%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026
 7.9
 7.1
 7.2
 —%
^Miguel Fernando Borda, P.A. dba BGR Dental Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/15/2026
 22.5
 20.3
 17.9
 0.01%
^LE & JS dba Laredo Mercado Y Carniceria Food and Beverage Stores Term Loan Prime plus 2.75% 4/13/2026
 19.9
 18.5
 15.8
 0.01%
^Sushiya Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026
 87.5
 78.8
 70.1
 0.03%
^Sierra Foothill Cremation & Funeral Service, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 4/7/2026
 53.0
 47.8
 40.7
 0.02%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041
 271.3
 268.2
 274.0
 0.11%
^KNS Early Learning Academy LLC Social Assistance Term Loan Prime plus 2.75% 4/6/2041
 51.0
 49.9
 49.7
 0.02%
^Vehicle Safety Supply LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026
 22.5
 20.1
 18.4
 0.01%
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041
 393.5
 383.9
 384.3
 0.15%
^Gill Express Inc and Blue Speed LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2041
 518.0
 505.4
 524.2
 0.21%

36
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Dana A. Farley dba Independent Cabinets Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041
 67.5
 65.9
 70.2
 0.03%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041
 56.8
 55.4
 59.0
 0.02%
^Duke's Cleaners Inc Personal and Laundry Services Term Loan Prime plus 2.75% 3/31/2026
 47.0
 42.0
 40.7
 0.02%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026
 75.0
 67.0
 61.4
 0.02%
^Farhad Brothers LLC dba Lulu's Pizzeria & Family Restaurant and Marvin Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2026
 66.8
 56.0
 51.3
 0.02%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Accommodation Term Loan Prime plus 2.75% 3/30/2026
 22.5
 20.4
 20.8
 0.01%
^MTS Car Service LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026
 10.5
 9.4
 8.6
 —%
^NOSO Development, LLC Construction of Buildings Term Loan Prime plus 2.75% 3/30/2026
 187.5
 167.5
 153.5
 0.06%
^Wyldewood Cellars, Inc. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041
 986.7
 974.2
 987.2
 0.39%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041
 257.5
 252.0
 266.1
 0.10%
^Beale Street Blues Company-West Palm Beach, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026
 93.7
 83.8
 78.2
 0.03%
^Barrocas Gym LLC dba Snap Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026
 22.5
 17.8
 17.2
 0.01%
^Lust for Life Footwear, LLC Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 3/29/2026
 375.0
 335.1
 307.0
 0.12%
^Vinmar Inc. dba Locanda Portofino Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2026
 81.3
 72.6
 66.5
 0.03%
^Atlantis of Daytona LLC and Pierre Mamane and Eva Mamane Clothing and Clothing Accessories Stores Term Loan Prime plus 2% 3/29/2041
 525.0
 495.2
 500.5
 0.20%
^Marathon Engineering Corporation Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041
 45.0
 43.9
 46.1
 0.02%
^ReNew Interior Surface Cleaning LLC dba Randy's Carpet Care and Upholstry Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2026
 12.4
 11.1
 11.2
 —%
^PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026
 50.0
 44.7
 42.5
 0.02%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026
 22.5
 20.4
 19.0
 0.01%
^RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 3/25/2026
 56.3
 50.3
 46.1
 0.02%

37
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 3/25/2026
 125.0
 111.7
 106.7
 0.04%
^ActKnowledge, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026
 125.0
 111.7
 113.9
 0.04%
^International Construction Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041
 50.0
 48.9
 50.4
 0.02%
^Lowgap Grocery & Grill LLC General Merchandise Stores Term Loan Prime plus 2.75% 3/24/2041
 167.5
 163.4
 174.2
 0.07%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring Specialty Trade Contractors Term Loan Prime plus 2.75% 3/24/2026
 50.0
 44.8
 45.0
 0.02%
^Acton Hardware LLC and Mark Allgood & Jamie Allgood Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/24/2041
 498.6
 486.8
 496.1
 0.19%
^Magnation Corporation and Misha Family Trust Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/22/2041
 101.3
 99.1
 105.6
 0.04%
^growth.period LLC and Potomac Recruiting LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2026
 156.3
 139.6
 127.9
 0.05%
^Precious Care LLC and Precious Care Management LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026
 557.5
 498.9
 459.2
 0.18%
^Media Capital Partners, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/21/2026
 22.5
 20.5
 18.8
 0.01%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041
 80.7
 78.8
 83.5
 0.03%
^ERT Group Inc and Curt's Tools Inspection Inc Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041
 1,250.0
 1,229.9
 1,272.0
 0.50%
^Kekoa Enterprises Inc dba Signarama Sandy Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026
 49.5
 44.2
 40.5
 0.02%
^Mariam Diner Inc dba Country Kitchen Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 3/18/2026
 52.5
 46.9
 43.0
 0.02%
^Brian T Rice dba BD Logging Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026
 15.8
 14.1
 13.5
 0.01%
^Auto and Property Insurance Solutions Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/16/2026
 16.4
 14.5
 13.2
 0.01%
^Demand Printing Solutions Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 3/16/2026
 21.8
 19.4
 19.2
 0.01%
^LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/16/2026
 55.0
 49.2
 50.2
 0.02%
^Evergreen Pallet LLC and Evergreen Recycle LLC Wood Product Manufacturing Term Loan Prime plus 2.75% 3/16/2026
 1,039.2
 931.4
 886.2
 0.35%

38
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^K Soles Corp dba Max Collections Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026
 22.5
 20.1
 18.4
 0.01%
^R & D Enterprises Inc dba My Pool Man Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026
 50.0
 44.7
 40.9
 0.02%
^Mustafa Inc and Raouf Properties LLC Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041
 75.0
 73.2
 77.4
 0.03%
^HEWZ, LLC dba Hard Exercise Works Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026
 22.5
 20.1
 18.4
 0.01%
^Country Paint and Hardware Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/11/2026
 87.4
 78.1
 72.6
 0.03%
^Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/11/2026
 105.0
 95.0
 93.8
 0.04%
^Dupre Capital LLC dba Fastsigns Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026
 58.4
 52.2
 47.8
 0.02%
^Magill Truck Line LLC and Jeff J. Ralls Truck Transportation Term Loan Prime plus 2.75% 3/11/2029
 210.8
 195.3
 187.6
 0.07%
^Accuair Control Systems LLC dba Accuair Suspension Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 3/11/2026
 150.0
 134.0
 124.7
 0.05%
^ABCs & 123s Infant and Child Care Center LP Social Assistance Term Loan Prime plus 2.75% 3/11/2026
 11.2
 10.1
 9.2
 —%
^State Painting & Decorating Co., Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/10/2026
 103.8
 92.7
 84.9
 0.03%
^B.P.T.M. of NV LLC and Agentis Bros., LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/9/2041
 525.0
 512.2
 532.4
 0.21%
^Step Up Academy of the Arts LLC Educational Services Term Loan Prime plus 2.75% 3/9/2026
 8.0
 7.2
 6.6
 —%
^A & A Auto Care LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/9/2026
 12.1
 10.9
 10.9
 —%
^Faith Summit Supply Inc dba Summit Supply and Summit True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026
 22.5
 20.1
 19.3
 0.01%
^Swerve Salon LLC Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026
 79.0
 70.6
 64.7
 0.03%
^J & W Hardwood Flooring Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026
 7.5
 6.7
 6.1
 —%
^Labmates LLC and POV Holdings LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041
 109.3
 106.6
 113.6
 0.04%
^Hueston and Company CPA LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026
 8.3
 7.3
 6.8
 —%
^Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 3/3/2026
 50.0
 45.0
 45.3
 0.02%

39
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Miles of Smiles Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/2/2026
 93.5
 85.1
 79.1
 0.03%
^Living Essentials HVAC Corp Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026
 15.0
 13.3
 12.3
 —%
^Consulting Solutions, Inc. and Mark Luciani Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026
 11.2
 10.0
 10.1
 —%
^Powerpits CS1, LLC dba Pita Pit Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026
 18.8
 16.6
 15.8
 0.01%
^Drug Detection Laboratories, Inc. and Minh Tran Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026
 19.8
 17.5
 16.3
 0.01%
^Doxa Deo Inc dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2026
 105.0
 97.3
 91.2
 0.04%
^The River Beas, LLC dba Subway and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041
 135.9
 132.7
 140.4
 0.05%
^Blackstones Hairdressing LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026
 52.0
 46.5
 42.9
 0.02%
^Aaradhya LLC dba Market Square Laundry Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026
 80.0
 70.9
 65.0
 0.03%
^R-No-Landscaping LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/19/2026
 8.3
 7.3
 6.8
 —%
^BER Enterprise 332 Inc dba Edible Arrangements Food and Beverage Stores Term Loan Prime plus 2.75% 2/19/2026
 22.5
 20.0
 18.4
 0.01%
^R & K Contracting Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026
 15.8
 14.1
 14.1
 0.01%
^Pacific Coast Medical Group LLC dba Celebrity Laser Spa and Advanced Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/17/2026
 245.0
 217.3
 221.6
 0.09%
^B for Blonde, LLC dba Blo Blow Dry Bar Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026
 62.0
 55.7
 51.1
 0.02%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029
 310.3
 286.3
 277.9
 0.11%
^Ei3 Corporation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026
 326.9
 289.9
 295.7
 0.12%
^Jersey Shore Marina & Boat Sales, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041
 625.0
 609.7
 650.0
 0.25%
^Base USA, Inc. Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026
 50.0
 44.4
 45.3
 0.02%
^Zouk Ltd dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026
 22.5
 19.8
 20.2
 0.01%

40
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Tammy Lavertue Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026
 11.3
 9.9
 9.9
 —%
^SuzyQue's LLC dba SuzyQue's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026
 22.5
 19.8
 20.2
 0.01%
^Wildflour Bakery & Cafe LLC Social Assistance Term Loan Prime plus 2.75% 1/28/2026
 62.5
 55.0
 55.5
 0.02%
^New Image Building Services, Inc. dba The Maids serving Oakland Administrative and Support Services Term Loan Prime plus 2.75% 1/19/2026
 83.1
 73.2
 69.3
 0.03%
^Oak Tree Storage LLC Other Information Services Term Loan Prime plus 2.75% 1/19/2026
 78.8
 69.3
 64.3
 0.03%
^Gendron Funeral and Cremation Services, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041
 112.5
 108.0
 115.1
 0.05%
^Dolarian Realty LLC and OV's Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041
 67.8
 66.0
 70.4
 0.03%
#CIRCULAR! Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025
 112.5
 98.3
 92.4
 0.04%
^MCF Forte LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025
 18.8
 16.4
 15.1
 0.01%
^Panditos LLC dba White Lotus Home Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025
 15.9
 13.9
 12.7
 —%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2025
 1,250.0
 1,092.1
 1,002.2
 0.39%
^V2 Tango LLC dba Palette 22 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2025
 250.0
 218.4
 204.3
 0.08%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040
 102.5
 99.5
 103.9
 0.04%
^Optima Health Care Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2025
 62.5
 54.6
 55.7
 0.02%
^800 on the Trax LLC and Matrix Z LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040
 240.0
 234.1
 243.4
 0.10%
^Joyce Outdoor Advertising Chicago LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040
 300.0
 293.1
 303.6
 0.12%
^The LAX Shop Inc Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/22/2025
 125.0
 85.4
 87.1
 0.03%
^Premier Athletic Center of Ohio Inc. and Gates Investments Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028
 882.0
 804.8
 829.2
 0.32%
#CIRCULAR! Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025
 18.0
 15.7
 14.9
 0.01%

41
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
#CIRCULAR! Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2040
 1,025.0
 994.8
 1,060.0
 0.41%
#CIRCULAR! Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025
 175.0
 152.9
 140.0
 0.05%
#CIRCULAR! Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2025
 73.0
 65.4
 61.1
 0.02%
#CIRCULAR! Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2025
 36.0
 30.4
 28.2
 0.01%
^Accent Tag and Label Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040
 665.8
 644.4
 671.7
 0.26%
^Labmates LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040
 162.5
 157.7
 168.0
 0.07%
^Abbondanza Market LLC dba Hampton Falls Village Market Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025
 73.7
 58.8
 55.0
 0.02%
^Mustafa Inc dba Adiba Grocery Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025
 103.8
 91.2
 92.9
 0.04%
^Learning Skills LLC and Christopher Shrope Educational Services Term Loan Prime plus 2.75% 12/17/2025
 10.8
 9.4
 8.6
 —%
^New York Home Health Care Equipment, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025
 875.0
 767.0
 775.6
 0.30%
^Moments to Remember USA LLC dba Retain Loyalty Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025
 75.0
 65.6
 64.2
 0.03%
^Swalm Sreet LLC and New York Home Health Care Equipment LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2040
 375.0
 365.3
 385.8
 0.15%
^Abitino's JFK LLC dba Abitino's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022
 125.0
 102.0
 96.2
 0.04%
^JAG Unit 1, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025
 250.0
 218.4
 200.0
 0.08%
^SDA Holdings LLC and Les Cheveux Salon Inc Personal and Laundry Services Term Loan Prime plus 2.75% 12/15/2040
 428.8
 418.2
 431.3
 0.17%
^Evans & Paul LLC and E&P Holdings I LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025
 125.0
 109.2
 102.3
 0.04%
^Basista Family Limited Partnership and UPE, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040
 342.5
 332.4
 345.5
 0.14%
^DC Enterprises Ltd. dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025
 22.5
 19.7
 19.5
 0.01%
^Tri-State Remodeling & Investments, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2025
 15.9
 13.9
 13.9
 0.01%
^AGR Foodmart Inc dba Nashua Road Mobil Gasoline Stations Term Loan Prime plus 2.75% 12/11/2025
 22.5
 19.7
 19.4
 0.01%

42
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Alexandra Afentoulides dba Vi's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2040
 46.3
 44.9
 47.8
 0.02%
#CIRCULAR! Social Assistance Term Loan Prime plus 2.75% 12/10/2025
 7.5
 6.6
 6.7
 —%
#CIRCULAR! Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025
 100.0
 87.4
 82.0
 0.03%
#CIRCULAR! Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025
 108.7
 95.0
 89.4
 0.03%
#CIRCULAR! Administrative and Support Services Term Loan Prime plus 2.75% 12/7/2025
 56.3
 30.9
 28.3
 0.01%
^Food & Fuel Company LLC dba Lowery Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2040
 122.5
 118.9
 126.7
 0.05%
^Blue Ox Trucking Inc. Truck Transportation Term Loan Prime plus 2.75% 12/4/2025
 12.3
 4.7
 4.7
 —%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040
 502.5
 488.4
 512.4
 0.20%
#CIRCULAR! Accommodation Term Loan Prime plus 2.75% 12/4/2040
 293.0
 284.4
 298.8
 0.12%
^Tariq, LLC dba 76 Food Mart Gasoline Stations Term Loan Prime plus 2.75% 12/2/2040
 375.0
 363.9
 382.2
 0.15%
^401 JJS, Corp and G. Randazzo's Trattoria Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2040
 52.7
 51.5
 53.5
 0.02%
^Delta Aggregate, LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/30/2025
 100.0
 90.8
 92.6
 0.04%
^Block and Grinder LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 200.0
 55.3
 56.4
 0.02%
^Hurshell Leon Dutton dba High Jump Party Rentals Rental and Leasing Services Term Loan Prime plus 2.75% 11/30/2025
 17.6
 15.2
 15.4
 0.01%
^Japp Business Inc dba Pick and Eat and Japp Drink Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 125.0
 108.9
 103.3
 0.04%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 125.0
 108.4
 100.7
 0.04%
^Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 11/25/2025
 22.5
 19.5
 17.9
 0.01%
^DWeb Studio, Inc. Educational Services Term Loan Prime plus 2.75% 11/25/2025
 11.3
 9.8
 8.9
 —%
#CIRCULAR! Specialty Trade Contractors Term Loan Prime plus 2.75% 11/25/2025
 100.0
 62.7
 57.4
 0.02%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/23/2040
 750.0
 738.3
 782.8
 0.31%

43
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Play and Learn Child Care and School Inc Social Assistance Term Loan Prime plus 2.75% 11/23/2025
 11.1
 9.6
 9.8
 —%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025
 89.0
 78.2
 72.6
 0.03%
^Haven Hospitality Group Inc. dba Haven Gastropub Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2025
 132.5
 114.9
 106.5
 0.04%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2040
 244.4
 237.1
 238.0
 0.09%
^S.B.B. Enterprises Inc dba Williamston Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040
 108.8
 105.1
 105.8
 0.04%
^Key Pix Productions Inc. dba Air Bud Entertainment Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040
 839.8
 813.6
 867.0
 0.34%
^RDT Enterprises, L.L.C. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2025
 22.5
 19.5
 19.2
 0.01%
^E.S.F.P. LLC dba Volusia Van and Storage Truck Transportation Term Loan Prime plus 2.75% 11/11/2025
 91.3
 77.2
 71.8
 0.03%
^Green Life Lawnscapes LLC dba Green Life Lawn Care Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025
 127.3
 110.3
 111.1
 0.04%
^Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025
 306.2
 265.5
 266.6
 0.10%
^Bisson Transportation Inc dba I & R Associates and Document Secutiry Truck Transportation Term Loan Prime plus 2.75% 10/30/2025
 22.5
 19.3
 19.0
 0.01%
^L.M. Jury Enterprises, Inc dba Midwest Monograms Textile Product Mills Term Loan Prime plus 2.75% 10/28/2025
 77.0
 66.2
 61.5
 0.02%
^Top Cat Ready Mix, LLC, Ples Investments LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 10/28/2025
 711.3
 611.6
 574.7
 0.22%
^Financial Network Recovery Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025
 40.0
 34.4
 31.5
 0.01%
^Windsor Direct Distribution LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/26/2025
 14.2
 12.3
 11.2
 —%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 10/14/2025
 87.4
 75.1
 68.8
 0.03%
^ADMO Inc dba Mid States Equipment Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025
 22.5
 19.3
 18.0
 0.01%
^Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027
 767.5
 679.9
 651.9
 0.26%
^Bat Bridge Investments Inc dba Kalologie 360 Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2025
 85.5
 74.4
 68.1
 0.03%
^Binky's Vapes LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025
 22.5
 19.2
 17.6
 0.01%

44
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^SCJEN Management Inc dba Bowl of Heaven Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025
 71.2
 61.4
 56.2
 0.02%
^Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/30/2025
 125.0
 106.6
 97.5
 0.04%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028
 66.5
 59.7
 60.1
 0.02%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040
 143.0
 138.1
 146.9
 0.06%
^R.H. Hummer Jr., Inc. Truck Transportation Term Loan Prime plus 2.75% 9/30/2025
 375.0
 335.1
 332.6
 0.13%
^Greensward of Marco Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040
 87.5
 84.5
 87.5
 0.03%
^RIM Investments LLC and RIM Architects LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040
 399.0
 385.3
 397.8
 0.16%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025
 518.7
 438.2
 446.2
 0.17%
^South Towne Dental Center, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025
 50.0
 42.7
 43.5
 0.02%
^Sandlot Ventures LLC and Sandbox Ventures LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040
 442.5
 430.0
 439.6
 0.17%
^Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040
 962.5
 929.5
 949.4
 0.37%
^Prestigious LifeCare for Seniors LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025
 9.8
 8.4
 8.1
 —%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park Accommodation Term Loan Prime plus 2.75% 9/25/2040
 13.5
 13.0
 13.9
 0.01%
^J.R. Wheeler Corporation dba Structurz Exhibits and Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/24/2025
 21.0
 18.0
 18.3
 0.01%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn Accommodation Term Loan Prime plus 2.75% 9/24/2040
 625.0
 603.5
 628.6
 0.25%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2040
 327.5
 316.3
 336.8
 0.13%
^Rutledge Enterprises Inc dba BLC Property Management Administrative and Support Services Term Loan Prime plus 2.75% 9/23/2040
 62.5
 59.9
 62.4
 0.02%
^Finish Strong Inc dba FASTSIGNS St Peters Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025
 50.0
 42.7
 39.0
 0.02%
^J3K LLC dba Ronan True Value Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2025
 152.5
 130.1
 119.0
 0.05%
^Nova Solutions Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/22/2040
 320.0
 309.0
 322.1
 0.13%

45
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Pine Belt Wood Products LLC Forestry and Logging Term Loan Prime plus 2.75% 9/22/2040
 163.7
 158.1
 156.6
 0.06%
^IIoka Inc dba New Cloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025
 665.0
 570.1
 521.4
 0.20%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025
 50.0
 42.7
 40.5
 0.02%
^MiJoy Inc dba Imo's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025
 8.2
 7.0
 6.4
 —%
^Vanderhoof LLC dba Soxfords Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025
 15.9
 13.6
 12.4
 —%
^Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025
 125.0
 106.6
 97.5
 0.04%
^Import Car Connection Inc dba Car Connection Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/16/2040
 407.5
 393.5
 416.2
 0.16%
^FirstVitals Health and Wellness Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025
 150.0
 128.0
 117.0
 0.05%
^Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 9/11/2025
 62.5
 53.7
 54.5
 0.02%
^Veliu LLC dba FASTSIGNS #15901 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/10/2025
 50.0
 43.2
 40.3
 0.02%
^B and A Friction Materials Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/9/2025
 102.5
 85.2
 77.9
 0.03%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040
 140.0
 135.2
 144.0
 0.06%
^AIG Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/4/2040
 363.8
 351.3
 356.0
 0.14%
^Empower Autism Academy Social Assistance Term Loan Prime plus 2.75% 9/4/2040
 685.0
 661.5
 704.4
 0.28%
^Higher Grounds Community Coffeehouse, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/2/2025
 8.3
 7.0
 6.6
 —%
^Delray Scrap Recycling LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025
 22.5
 18.8
 17.2
 0.01%
^The Camera House Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025
 1,250.0
 1,057.8
 1,022.6
 0.40%
^LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2025
 81.2
 68.8
 66.1
 0.03%
^Elite Institute LLC dba Huntington Learning Center Educational Services Term Loan Prime plus 2.75% 8/28/2025
 15.0
 12.9
 11.8
 —%
^J and K Fitness L.L.C. dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2041
 93.7
 91.5
 96.2
 0.04%

46
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Zephyr Seven Series LLC dba 18/8 Fine Men's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 8/28/2025
 81.3
 71.3
 66.2
 0.03%
^B and J Catering Inc dba Culinary Solutions Food Services and Drinking Places Term Loan Prime plus 2.75% 8/27/2040
 547.5
 532.9
 546.2
 0.21%
^3000 CSI Property LLC and Consulting Solutions Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040
 137.5
 132.6
 140.0
 0.05%
^God Be Glorified Inc dba GBG Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025
 53.0
 44.9
 41.0
 0.02%
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040
 145.0
 139.8
 145.0
 0.06%
^Gold Jet Corp. Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025
 68.3
 61.0
 58.6
 0.02%
^SKJ Inc dba Subway Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025
 84.8
 71.7
 66.2
 0.03%
^LP Industries Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025
 125.0
 105.2
 103.1
 0.04%
^Pauley Tree and Lawn Care Inc Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2025
 65.8
 56.1
 53.4
 0.02%
^Beale Street Blues Company-West Palm Beach LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025
 66.3
 55.6
 52.2
 0.02%
^Forever & Always of Naples Inc dba Island Animal Hospital Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2025
 107.5
 82.9
 80.2
 0.03%
^Smart Artists Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025
 22.5
 18.9
 17.3
 0.01%
^Pooh's Corner Realty LLC and Pooh's Corner Inc Social Assistance Term Loan Prime plus 2.75% 7/23/2040
 103.8
 100.3
 106.4
 0.04%
^Free Ion Advisors LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025
 64.3
 53.9
 49.3
 0.02%
^Murrayville Donuts, Inc dba Dunkin' Donuts Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040
 344.5
 335.4
 343.5
 0.13%
^Union 2 LLC dba The Standard Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025
 91.5
 82.9
 80.2
 0.03%
^BJ's Tavern LLC and BJ's Cabana Bar Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 212.5
 204.2
 212.6
 0.08%
^Jonathan E Nichols and Nichols Fire and Security LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025
 75.0
 62.4
 61.9
 0.02%
^Thrifty Market, Inc. dba Thrifty Foods Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030
 262.5
 237.8
 228.2
 0.09%
^Danny V, LLC dba Hugo's Taproom Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 54.0
 45.7
 46.1
 0.02%

47
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Anglin Cultured Stone Products LLC dba Anglin Construction Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2025
 281.7
 234.5
 221.3
 0.09%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2025
 337.5
 280.9
 260.0
 0.10%
^Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030
 291.9
 264.9
 257.8
 0.10%
^Myclean Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025
 15.9
 13.2
 12.1
 —%
^E & G Enterprises LLC dba Comfort Keepers Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025
 22.5
 18.7
 17.2
 0.01%
^SofRep, Inc dba Force 12 Media Other Information Services Term Loan Prime plus 2.75% 6/26/2025
 66.3
 55.1
 50.4
 0.02%
^TJU-DGT Inc dba The Lorenz Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029
 20.6
 18.5
 19.1
 0.01%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040
 380.0
 365.1
 378.2
 0.15%
^CEM Autobody LLC dba Dawn's Autobody Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040
 135.5
 130.2
 133.9
 0.05%
^Wolf Enviro Interests, LLC and Enviromax Services Inc Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040
 246.5
 237.2
 237.4
 0.09%
^Ohs Auto Body, Inc. dba Ohs Body Shop Repair and Maintenance Term Loan 7.465% 6/25/2040
 1,207.5
 1,172.3
 1,204.2
 0.47%
^Evinger PA One, Inc. dba Postal Annex, Falcon Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025
 22.5
 18.7
 17.9
 0.01%
^Amboy Group, LLC dba Tommy's Moloney's Food Manufacturing Term Loan Prime plus 2.75% 6/24/2025
 454.0
 387.4
 394.2
 0.15%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical Specialty Trade Contractors Term Loan Prime plus 2.75% 6/23/2040
 551.7
 530.1
 564.2
 0.22%
^RJI Services, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025
 22.5
 18.6
 17.0
 0.01%
^Real Help LLC dba Real Help Decorative Concrete Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025
 53.1
 44.2
 44.7
 0.02%
^PM Cassidy Enterprises, Inc. dba Junk King Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025
 14.9
 12.4
 11.3
 —%
^KRN Logistics, LLC and Newsome Trucking, Inc Truck Transportation Term Loan Prime plus 2.75% 6/19/2025
 543.5
 455.7
 438.7
 0.17%
^Inverted Healthcare Staffing of Florida LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025
 61.3
 51.0
 46.6
 0.02%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2025
 437.5
 378.7
 383.3
 0.15%
^AM PM Properties, LLC and AM PM Willington, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040
 87.1
 83.4
 88.1
 0.03%

48
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Nelson Sargsyan dba HDA Trucking Support Activities for Transportation Term Loan Prime plus 2.75% 6/16/2025
 130.5
 108.6
 99.2
 0.04%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040
 338.8
 133.3
 130.4
 0.05%
^Bizzare Foods Inc dba Trooper Foods Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/12/2025
 125.0
 99.0
 90.5
 0.04%
^Anturio Marketing Inc dba Logic Consulting Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/12/2040
 290.2
 278.9
 296.8
 0.12%
^Eldredge Tavern LLC dba Gonyea's Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040
 56.3
 54.0
 57.5
 0.02%
^Nicor LLC dba Fibrenew Sacramento Repair and Maintenance Term Loan Prime plus 2.75% 6/5/2022
 13.8
 10.1
 9.2
 —%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025
 16.0
 13.1
 11.9
 —%
^ViAr Visual Communications, Inc. dba Fastsigns 281701 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025
 62.0
 51.6
 48.0
 0.02%
^Video Vault & Tanning LLC and Mosaic Salon LLC Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040
 90.5
 87.1
 92.7
 0.04%
^Medworxs LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025
 125.0
 104.0
 95.7
 0.04%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025
 8.2
 6.8
 6.2
 —%
^God is Good LLC dba BurgerFi Food Services and Drinking Places Term Loan Prime plus 2.75% 5/27/2025
 67.2
 11.7
 11.9
 —%
^Villela CPA PL Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025
 9.0
 7.4
 7.0
 —%
^Pen Tex Inc dba The UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 5/20/2025
 22.0
 18.2
 16.6
 0.01%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse Accommodation Term Loan Prime plus 2.75% 5/20/2040
 174.1
 167.0
 175.2
 0.07%
^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/15/2025
 717.2
 594.5
 553.0
 0.22%
^15 McArdle LLC and No Other Impressions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040
 257.1
 246.6
 250.3
 0.10%
^Guard Dogs MFS LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025
 65.0
 53.6
 49.3
 0.02%
^George S Cochran DDS Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/7/2025
 130.0
 107.9
 98.8
 0.04%
^South Park Properties LLC and Midlothian Hardware LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040
 170.5
 162.4
 172.9
 0.07%

49
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Matthew Taylor and Landon Farm LLC Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040
 100.0
 96.6
 95.1
 0.04%
^Cares Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 5/1/2040
 81.9
 77.7
 82.7
 0.03%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025
 15.0
 12.3
 11.2
 —%
^Ragazza Restaurant Group, Inc. dba Bambolina Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2025
 22.5
 18.2
 17.2
 0.01%
^Diamond Solutions LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025
 22.5
 17.6
 16.0
 0.01%
^Giacchino Maritime Consultants Inc Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025
 22.5
 18.4
 16.8
 0.01%
^Sound Coaching Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025
 44.4
 36.3
 33.2
 0.01%
^Faramarz Nikourazm dba Car Clinic Center Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040
 73.8
 70.4
 72.9
 0.03%
^Advance Case Parts RE Holdings LLC and Advance Case Parts Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2040
 758.3
 707.0
 751.3
 0.29%
^T and B Boots Inc dba Takken's Shoes Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/31/2025
 807.8
 130.3
 134.1
 0.05%
^HAVANA CENTRAL NJ1, LLC dba Havana Central Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2025
 250.0
 218.9
 225.1
 0.09%
^Mid-South Lumber Co. of Northwest Florida, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/31/2040
 428.7
 409.8
 434.7
 0.17%
^Copper Beech Financial Group LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025
 125.0
 101.4
 102.4
 0.04%
^Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 3/30/2025
 90.0
 79.2
 81.5
 0.03%
^Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac Accommodation Term Loan Prime plus 2.75% 3/27/2040
 301.8
 288.4
 312.6
 0.12%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025
 106.5
 86.4
 87.6
 0.03%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Real Estate Term Loan Prime plus 2.75% 3/27/2025
 1,238.3
 1,004.5
 993.7
 0.39%
^Shellhorn and Hill Inc dba Total Fleet Service Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040
 1,040.2
 990.4
 1,050.6
 0.41%
^Geo Los Angeles LLC dba Geo Film Group Rental and Leasing Services Term Loan Prime plus 2.75% 3/26/2025
 130.0
 105.5
 106.8
 0.04%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040
 54.0
 51.6
 55.8
 0.02%

50
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Zero-In Media Inc Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025
 22.5
 18.3
 18.1
 0.01%
^Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/25/2040
 810.0
 774.2
 838.2
 0.33%
^Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025
 12.0
 9.7
 9.6
 —%
^Shelton Incorporated dba Mrs. Winners Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040
 112.5
 107.5
 116.5
 0.05%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040
 42.9
 41.1
 44.0
 0.02%
^R & R Security and Investigations Inc dba Pardners Lake Buchanan Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040
 85.4
 81.7
 88.5
 0.03%
^MMS Realty, LLC and Molecular MS Diagnostics LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040
 160.7
 153.6
 164.3
 0.06%
^Royal Crest Motors LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040
 91.2
 87.2
 93.6
 0.04%
^BND Sebastian Limited Liability Company and Sebastian Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2040
 172.5
 164.9
 177.7
 0.07%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/9/2040
 191.8
 183.3
 196.0
 0.08%
^Luigi's on Main LLC and Luigi's Main Street Pizza Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025
 11.3
 9.1
 9.4
 —%
^Baystate Firearms and Training, LLC Educational Services Term Loan Prime plus 2.75% 2/27/2025
 63.4
 50.8
 50.4
 0.02%
^Kingseal LLC dba Desoto Health and Rehab Center Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040
 1,250.0
 1,192.7
 1,292.8
 0.51%
^Pace Motor Lines, Inc. Truck Transportation Term Loan Prime plus 2.75% 2/26/2025
 66.2
 53.1
 54.7
 0.02%
^Nelson Financial Services LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025
 12.4
 10.0
 9.9
 —%
^Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 2/19/2040
 61.7
 59.0
 63.0
 0.02%
^Triangle Trash LLC dba Bin There Dump That Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025
 74.4
 59.7
 60.2
 0.02%
^Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2018
 171.5
 163.8
 162.1
 0.06%
^740 Barry Street Realty LLC and Wild Edibles Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/10/2040
 492.5
 469.9
 509.4
 0.20%

51
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Kostekos Inc dba New York Style Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 2/6/2040
 66.2
 63.3
 67.9
 0.03%
^DuCharme Realty LLC and DuCharme Enterprises LLC Wood Product Manufacturing Term Loan Prime plus 2.75% 2/2/2040
 225.1
 214.8
 228.8
 0.09%
^Dean 1021 LLC dba Pure Pita Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025
 80.0
 64.3
 64.0
 0.03%
^Limameno LLC dba Sal's Italian Ristorante Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025
 83.3
 66.3
 66.1
 0.03%
^Palmabak Inc dba Mami Nora's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025
 21.5
 13.3
 13.7
 0.01%
^Jung Design Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022
 8.4
 5.7
 5.6
 —%
^Grand Blanc Lanes, Inc. and H, H and H, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039
 133.0
 126.9
 137.1
 0.05%
^Bear Creek Entertainment, LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 12/30/2024
 106.3
 86.2
 88.6
 0.03%
^Evans and Paul LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024
 223.7
 176.7
 180.8
 0.07%
^FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2039
 245.5
 234.8
 249.5
 0.10%
^First Prevention and Dialysis Center, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024
 273.3
 228.1
 232.2
 0.09%
^Bowlerama Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039
 1,202.5
 1,145.0
 1,240.3
 0.49%
^The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039
 530.3
 504.1
 534.8
 0.21%
^401 JJS Corporation and G. Randazzo Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2039
 473.5
 454.9
 490.3
 0.19%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039
 500.0
 475.4
 515.0
 0.20%
^Atlantis of Daytona LLC and Ocean Club Sportswear Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/23/2039
 240.0
 197.2
 213.6
 0.08%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024
 187.5
 148.1
 148.3
 0.06%
^MM and M Management Inc dba Pizza Artista Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025
 46.3
 37.6
 37.4
 0.01%
^The Jewelers Inc. dba The Jewelers of Las Vegas Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024
 1,250.0
 987.5
 978.5
 0.38%

52
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^B.S. Ventures LLC dba Dink's Market Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039
 53.8
 51.1
 55.4
 0.02%
^B & W Towing, LLC and Boychucks Fuel LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039
 164.5
 156.7
 167.2
 0.07%
^All American Games, LLC and Sportslink - The Game, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/10/2024
 400.0
 315.8
 317.0
 0.12%
^Kemmer LLC and Apples Tree Top Liquors LLC Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039
 138.4
 131.6
 139.9
 0.05%
^The Red Pill Management, Inc. dba UFC Gym Matthews Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/26/2024
 54.3
 43.2
 43.2
 0.02%
^Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039
 148.7
 141.7
 151.5
 0.06%
^DeRidder Chiropractic LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/25/2024
 13.2
 10.3
 10.6
 —%
^Modern Manhattan LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024
 220.0
 172.1
 170.8
 0.07%
^Legacy Estate Planning Inc dba American Casket Enterprises Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024
 42.0
 32.9
 32.5
 0.01%
^J&D Resources, LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2024
 767.9
 594.9
 591.1
 0.23%
^DC Real LLC and DC Enterprises LTD dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039
 119.4
 113.8
 122.6
 0.05%
^MLM Enterprises LLC and Demand Printing Solutions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 11/18/2024
 70.5
 55.2
 56.0
 0.02%
^JEJE Realty LLC and La Familia Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2039
 205.8
 172.3
 185.0
 0.07%
^Joey O's LLC and Jennifer Olszewski Specialty Trade Contractors Term Loan Prime plus 2.75% 11/7/2024
 13.1
 0.7
 0.7
 —%
^Heartland American Properties LLC and Skaggs RV Outlet LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039
 479.0
 453.8
 488.4
 0.19%
^Golden Transaction Corporation dba Bleh Sunoco Gasoline Stations Term Loan Prime plus 2.75% 10/30/2039
 156.7
 148.4
 160.2
 0.06%
^Seelan Inc dba Candleridge Market Gasoline Stations Term Loan Prime plus 2.75% 10/27/2039
 90.5
 85.7
 91.7
 0.04%
^Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy Personal and Laundry Services Term Loan Prime plus 2.75% 10/24/2039
 89.0
 84.5
 89.8
 0.04%
^One Hour Jewelry Repair Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024
 20.6
 15.9
 15.7
 0.01%
^DNT Storage and Properties LLC Real Estate Term Loan Prime plus 2.75% 10/10/2039
 101.7
 96.4
 104.1
 0.04%

53
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024
 187.5
 145.3
 145.4
 0.06%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/10/2039
 1,250.0
 1,198.8
 1,298.6
 0.51%
^Smith Spinal Care Center P.C. and James C. Smith Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039
 60.0
 56.8
 61.1
 0.02%
^Doctors Express Management of Central Texas LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024
 105.0
 72.0
 73.6
 0.03%
^Michael Rey Jr. and Lynn J. Williams and GIG Petcare Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039
 126.9
 117.7
 126.9
 0.05%
^Sumad LLC dba BrightStar Care of Encinitas Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024
 92.5
 41.2
 42.3
 0.02%
^Roccos LLC and Sullo Pantalone Inc dba Rocco's Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039
 255.8
 241.8
 258.0
 0.10%
^Keller Holdings LLC and David H Keller III and Carie C Keller Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 9/30/2039
 100.0
 94.6
 102.3
 0.04%
^Orange County Insurance Brokerage Inc dba Beaty Insurance Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/29/2039
 325.1
 308.9
 334.4
 0.13%
^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC Accommodation Term Loan Prime plus 2.75% 9/29/2039
 513.3
 489.6
 530.0
 0.21%
^Keys Phase One LLC dba The Grand Guesthouse Accommodation Term Loan Prime plus 2.75% 9/26/2039
 736.2
 696.2
 749.8
 0.29%
^Gordon E Rogers dba Stonehouse Motor Inn Accommodation Term Loan Prime plus 2.75% 9/26/2039
 57.5
 54.4
 58.9
 0.02%
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud Gasoline Stations Term Loan Prime plus 2.75% 9/26/2024
 22.5
 17.3
 17.2
 0.01%
^6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc Administrative and Support Services Term Loan Prime plus 2.75% 9/24/2039
 452.5
 432.6
 457.1
 0.18%
^North Columbia LLC and Loop Liquor and Convenience Store LLC Food and Beverage Stores Term Loan Prime plus 2.75% 9/24/2039
 159.2
 150.7
 162.2
 0.06%
^R A Johnson Inc dba Rick Johnson Auto and Tire Repair and Maintenance Term Loan Prime plus 2.75% 9/23/2039
 301.2
 284.9
 308.4
 0.12%
^Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024
 37.7
 25.6
 25.3
 0.01%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039
 145.5
 137.8
 149.2
 0.06%
^Modern Leather Goods Repair Shop Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024
 58.8
 44.6
 44.1
 0.02%
^RDT Enterprises LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 9/15/2027
 162.7
 136.9
 141.8
 0.06%
^Tavern Properties LLC and Wildwood Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039
 425.0
 404.5
 435.0
 0.17%

54
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024
 272.5
 211.9
 212.5
 0.08%
^KW Zion, LLC and Key West Gallery Inc Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/12/2039
 1,250.0
 1,182.1
 1,272.7
 0.50%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024
 630.2
 484.0
 478.5
 0.19%
^B&P Diners LLC dba Engine House Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024
 80.0
 61.4
 60.6
 0.02%
^Feel The World Inc dba Xero Shoes and Invisible Shoes Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 9/5/2024
 51.9
 39.9
 39.6
 0.02%
^Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 8/28/2039
 911.2
 859.0
 929.9
 0.36%
^Lamjam LLC (EPC) Goldsmith Lambros Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024
 133.8
 102.7
 105.5
 0.04%
^Orange County Cleaning Inc Administrative and Support Services Term Loan Prime plus 2.75% 8/27/2024
 41.2
 24.3
 24.0
 0.01%
^Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/26/2024
 121.0
 92.0
 92.7
 0.04%
^Atlas Auto Body Inc dba Atlas Auto Sales Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039
 51.6
 48.7
 52.0
 0.02%
^Katie Senior Care LLC dba Home Instead Senior Care Social Assistance Term Loan Prime plus 2.75% 8/15/2024
 124.3
 94.5
 93.3
 0.04%
^Alpha Preparatory Academy LLC Social Assistance Term Loan Prime plus 2.75% 8/15/2039
 145.2
 137.6
 149.0
 0.06%
^S&P Holdings of Daytona LLC S&P Corporation of Daytona Beach Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/15/2039
 433.5
 388.3
 420.3
 0.16%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039
 188.4
 177.0
 191.6
 0.07%
^Almost Home Property LLC and Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 8/7/2039
 715.8
 677.8
 731.8
 0.29%
^AGV Enterprises LLC dba Jet's Pizza #42 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024
 54.8
 41.3
 41.0
 0.02%
^iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024
 379.1
 296.7
 298.8
 0.12%
^575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039
 22.5
 20.6
 22.3
 0.01%
^Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 7/24/2039
 150.0
 141.3
 152.9
 0.06%
^Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039
 100.0
 96.3
 103.4
 0.04%
^AMG Holding, LLC and Stetson Automotive, Inc Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039
 208.0
 195.6
 211.6
 0.08%

55
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Highway Striping Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/30/2024
 53.1
 39.6
 39.6
 0.02%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024
 100.0
 74.5
 76.5
 0.03%
^iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039
 629.8
 594.0
 628.4
 0.25%
^Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 6/30/2039
 875.3
 824.3
 891.5
 0.35%
^FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2039
 321.8
 302.7
 324.9
 0.13%
^Zinger Hardware and General Merchant Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/26/2024
 110.5
 82.4
 83.5
 0.03%
^JPM Investments LLC and Carolina Family Foot Care P.A. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039
 136.1
 132.6
 142.6
 0.06%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039
 476.3
 449.3
 482.8
 0.19%
^Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039
 233.4
 219.5
 235.6
 0.09%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/19/2024
 332.0
 256.2
 262.9
 0.10%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn Accommodation Term Loan Prime plus 2.75% 6/17/2039
 920.3
 865.5
 936.2
 0.37%
^Hotels of North Georgia LLC dba Comfort Inn and Suites Accommodation Term Loan Prime plus 2.75% 6/17/2039
 837.5
 787.6
 852.0
 0.33%
^Global Educational Delivery Services LLC Educational Services Term Loan Prime plus 2.75% 6/16/2024
 60.0
 45.3
 46.5
 0.02%
^Rainbow Dry Cleaners Personal and Laundry Services Term Loan Prime plus 2.75% 6/13/2024
 122.5
 91.4
 91.5
 0.04%
^NVR Corporation dba Discount Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 6/11/2039
 68.3
 62.1
 67.2
 0.03%
^Sico & Walsh Insurance Agency Inc and The AMS Trust Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039
 250.0
 88.4
 95.6
 0.04%
^Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024
 22.5
 16.8
 16.7
 0.01%
^Long Island Barber + Beauty LLC Educational Services Term Loan Prime plus 2.75% 6/2/2039
 55.5
 52.2
 55.9
 0.02%
^CJR LLC and PowerWash Plus, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 5/30/2024
 53.0
 39.1
 39.9
 0.02%
^Pocono Coated Products, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024
 22.5
 16.6
 17.0
 0.01%

56
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Wilton Dental Care P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/29/2024
 128.1
 96.5
 95.5
 0.04%
^EGM Food Services Inc dba Gold Star Chili Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2024
 19.2
 14.2
 14.2
 0.01%
^R. A. Johnson, Inc. dba Rick Johnson Auto & Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/29/2039
 943.8
 522.0
 564.6
 0.22%
^Jonesboro Health Food Center LLC Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024
 60.0
 44.3
 43.8
 0.02%
^Bay State Funeral Services, LLC and Riley Funeral Home Inc Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2039
 134.9
 127.0
 137.4
 0.05%
^Hae M. and Jin S. Park dba Buford Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039
 166.5
 155.6
 166.0
 0.06%
^Moochie's LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2024
 100.5
 75.1
 74.6
 0.03%
^The River Beas LLC and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039
 90.3
 85.3
 91.5
 0.04%
^AS Boyals LLC dba Towne Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039
 117.5
 102.0
 110.4
 0.04%
^Complete Body & Paint, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039
 20.8
 19.5
 21.1
 0.01%
^Gerami Realty, LC Sherrill Universal City Corral, LP Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027
 78.7
 64.0
 66.5
 0.03%
^Island Wide Realty LLC and Long Island Partners, Inc. Real Estate Term Loan Prime plus 2.75% 4/22/2039
 103.8
 97.3
 105.3
 0.04%
^Wilshire Media Systems Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024
 186.2
 136.2
 135.5
 0.05%
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039
 137.5
 127.9
 137.7
 0.05%
^Little People's Village II LLC and Iliopoulos Realty LLC Social Assistance Term Loan Prime plus 2.75% 3/31/2039
 92.1
 86.7
 93.9
 0.04%
^Dantanna's Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024
 164.3
 121.2
 124.0
 0.05%
^Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039
 449.0
 419.9
 456.5
 0.18%
^RDT Enterprises, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2028
 141.2
 119.0
 125.0
 0.05%
^Little People's Village II LLC and Iliopoulos Realty LLC Social Assistance Term Loan Prime plus 2.75% 3/31/2039
 101.5
 95.6
 103.5
 0.04%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC Truck Transportation Term Loan Prime plus 2.75% 3/31/2024
 750.0
 542.5
 556.8
 0.22%
^Kemmer, LLC and Pitts Package Store, Inc. Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039
 117.5
 110.1
 118.8
 0.05%

57
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Lake Area Autosound LLC and Ryan H. Whittington Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/28/2039
 125.0
 118.6
 128.9
 0.05%
^Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2039
 427.5
 402.7
 437.5
 0.17%
^Hascher Gabelstapler Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/26/2024
 143.2
 107.7
 110.6
 0.04%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox Social Assistance Term Loan Prime plus 2.75% 3/21/2039
 145.0
 135.8
 147.2
 0.06%
^636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039
 497.5
 74.9
 81.5
 0.03%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039
 110.8
 103.7
 113.0
 0.04%
^Kinisi, Inc. dba The River North UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024
 41.3
 21.5
 22.1
 0.01%
^SE Properties 39 Old Route 146, LLC SmartEarly Clifton Park LLC Social Assistance Term Loan Prime plus 2.75% 3/14/2039
 408.0
 382.7
 416.7
 0.16%
^Tortilla King Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2039
 216.9
 203.7
 220.5
 0.09%
^Tortilla King, Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2029
 1,033.1
 888.4
 929.4
 0.36%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/13/2039
 223.5
 209.0
 227.6
 0.09%
^Avayaan2 LLC dba Island Cove Gasoline Stations Term Loan Prime plus 2.75% 3/7/2039
 157.5
 147.3
 160.0
 0.06%
^Onofrio's Fresh Cut Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/6/2024
 75.0
 54.2
 55.8
 0.02%
^R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039
 417.5
 389.8
 423.1
 0.17%
^Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024
 350.6
 251.0
 257.5
 0.10%
^Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039
 214.2
 200.3
 217.1
 0.08%
^952 Boston Post Road Realty, LLC and HNA LLC dba Styles International Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039
 211.0
 197.0
 213.6
 0.08%
^Choe Trade Group Inc dba Rapid Printers of Monterey Printing and Related Support Activities Term Loan Prime plus 2.75% 2/28/2024
 159.3
 114.0
 117.5
 0.05%
^96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039
 141.2
 132.4
 144.2
 0.06%
^JWB Industries, Inc. dba Carteret Die Casting Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024
 280.0
 200.4
 204.4
 0.08%

58
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Awesome Pets II Inc dba Mellisa's Pet Depot Miscellaneous Store Retailers Term Loan Prime plus 2.75% 2/7/2024
 83.2
 60.3
 61.5
 0.02%
^986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039
 99.1
 92.9
 100.9
 0.04%
^Sarah Sibadan dba Sibadan Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039
 129.4
 120.5
 131.1
 0.05%
^JDR Industries Inc dba CST-The Composites Store, JetCat USA Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 1/21/2024
 140.3
 99.3
 101.6
 0.04%
^Icore Enterprises Inc dba Air Flow Filters Inc Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024
 21.8
 15.4
 15.9
 0.01%
^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2027
 712.5
 587.9
 614.6
 0.24%
^Nutmeg North Associates LLC; Steeltech Building Products Inc Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038
 897.8
 853.3
 924.3
 0.36%
^Shane M. Howell and Buck Hardware and Garden Center, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2038
 322.5
 300.4
 325.2
 0.13%
^CLU Amboy, LLC and Amboy Group, LLC dba Tommy Moloney's Food Manufacturing Term Loan Prime plus 2.75% 12/27/2023
 656.2
 481.1
 495.0
 0.19%
^KK International Trading Corporation Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028
 190.0
 158.1
 165.7
 0.06%
^Kurtis Sniezek dba Wolfe's Foreign Auto Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038
 88.9
 82.6
 89.9
 0.04%
^Mosley Auto Group LLC dba America's Automotive Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038
 221.5
 206.0
 223.9
 0.09%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2038
 555.2
 516.3
 559.6
 0.22%
^Lefont Theaters Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/19/2023
 14.4
 10.1
 10.3
 —%
^TAK Properties LLC and Kinderland Inc Social Assistance Term Loan Prime plus 2.75% 12/18/2038
 405.0
 377.1
 409.0
 0.16%
^TOL LLC dba Wild Birds Unlimited Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023
 18.0
 13.0
 13.3
 0.01%
^920 CHR Realty LLC and V. Garofalo Carting Inc Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038
 418.1
 388.8
 423.0
 0.17%
^DKB Transport Corp Truck Transportation Term Loan Prime plus 2.75% 12/5/2038
 138.8
 129.0
 140.4
 0.05%
^Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038
 104.2
 96.9
 104.7
 0.04%

59
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023
 387.3
 276.2
 282.5
 0.11%
^BVIP Limousine Service LTD Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038
 76.5
 71.0
 77.1
 0.03%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 11/27/2023
 67.2
 46.6
 47.4
 0.02%
^Wallace Holdings LLC and GFA International Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.5% 11/25/2023
 125.0
 86.3
 87.2
 0.03%
^AcuCall LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023
 15.8
 10.9
 11.0
 —%
^Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023
 45.0
 31.8
 32.4
 0.01%
^Yousef Khatib dba Y&M Enterprises Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 11/15/2023
 75.0
 52.0
 52.9
 0.02%
^Howell Gun Works LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/14/2023
 8.3
 4.6
 4.7
 —%
^Polpo Realty, LLC and Polpo Restaurant, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038
 62.5
 57.8
 62.9
 0.02%
^Twinsburg Hospitality Group LLC dba Comfort Suites Accommodation Term Loan Prime plus 2.75% 10/31/2038
 945.0
 878.8
 952.4
 0.37%
^Mid-Land Sheet Metal Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038
 137.5
 127.6
 138.6
 0.05%
^Master CNC Inc & Master Properties LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038
 596.6
 552.6
 597.6
 0.23%
^Janice B. McShan and The Metropolitan Day School, LLC Social Assistance Term Loan Prime plus 2.75% 10/31/2023
 42.7
 30.1
 31.0
 0.01%
^1 North Restaurant Corp dba 1 North Steakhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038
 212.5
 196.8
 213.9
 0.08%
^New Image Building Services Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 10/29/2023
 331.2
 227.0
 231.5
 0.09%
^Greenbrier Technical Services, Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023
 240.1
 150.0
 154.3
 0.06%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038
 246.3
 228.1
 247.0
 0.10%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2023
 87.5
 60.0
 61.2
 0.02%
^First Steps Real Estate Company, LLC and First Steps Preschool Social Assistance Term Loan Prime plus 2.75% 9/30/2038
 97.6
 90.2
 97.5
 0.04%

60
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 322.7
 273.2
 296.6
 0.12%
^Top Properties LLC and LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 120.0
 111.4
 121.1
 0.05%
^Onofrios Enterprises LLC and Onofrios Fresh Cut, Inc Food Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 312.5
 289.9
 314.6
 0.12%
^Discount Wheel and Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038
 223.8
 206.7
 223.9
 0.09%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038
 344.5
 318.7
 346.5
 0.14%
^Gabrielle Realty, LLC Gasoline Stations Term Loan Prime plus 2.75% 9/27/2038
 757.6
 699.8
 757.9
 0.30%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038
 335.1
 309.5
 335.6
 0.13%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038
 100.0
 92.4
 100.4
 0.04%
^Eastside Soccer Dome, Inc . Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038
 463.7
 428.3
 465.7
 0.18%
^HJ & Edward Enterprises, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2023
 262.5
 183.7
 188.3
 0.07%
^Southeast Chicago Soccer, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038
 51.3
 47.3
 51.5
 0.02%
^Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 9/25/2038
 89.2
 83.5
 90.3
 0.04%
^Diamond Memorials Incorporated Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023
 14.2
 8.5
 8.6
 —%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta Educational Services Term Loan Prime plus 2.75% 9/20/2023
 46.2
 31.5
 32.1
 0.01%
^Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038
 268.4
 248.3
 269.2
 0.11%
^Westville Seafood LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2038
 112.3
 103.7
 112.4
 0.04%
^Maynard Enterprises Inc dba Fastsigns of Texarkana Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023
 16.0
 11.0
 11.2
 —%
^Grafio Inc dba Omega Learning Center-Acworth Educational Services Term Loan Prime plus 2.75% 9/13/2023
 156.2
 112.4
 114.5
 0.04%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028
 54.8
 44.9
 46.8
 0.02%
^The Berlerro Group, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023
 421.3
 295.0
 300.3
 0.12%

61
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Prospect Kids Academy Inc Educational Services Term Loan Prime plus 2.75% 9/11/2038
 124.3
 114.8
 124.6
 0.05%
^Alma J. and William R. Walton (EPC) and Almas Child Day Care Center Social Assistance Term Loan Prime plus 2.75% 9/11/2038
 39.5
 36.5
 39.7
 0.02%
^B for Brunette dba Blo Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023
 53.4
 36.6
 37.2
 0.01%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038
 224.2
 205.8
 223.0
 0.09%
^Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 8/30/2023
 130.2
 87.3
 89.7
 0.04%
^IlOKA Inc dba Microtech Tel and NewCloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023
 687.5
 460.7
 470.0
 0.18%
^ACI Northwest Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023
 906.3
 410.9
 422.2
 0.17%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis Social Assistance Term Loan Prime plus 2.75% 8/30/2023
 43.3
 29.0
 29.8
 0.01%
^Ramard Inc and Advanced Health Sciences Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023
 187.5
 125.7
 127.4
 0.05%
^RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023
 85.8
 54.3
 55.8
 0.02%
^JSIL LLC dba Blackstones Hairdressing Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023
 19.5
 12.9
 13.1
 0.01%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/14/2038
 445.0
 320.9
 347.1
 0.14%
^Caribbean Concepts, Inc. dba Quick Bleach Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023
 22.5
 15.1
 15.4
 0.01%
^Majestic Contracting Services, Inc. dba Majestic Electric and Majestic Specialty Trade Contractors Term Loan Prime plus 2.75% 7/26/2038
 190.0
 174.8
 189.3
 0.07%
^Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023
 11.2
 7.7
 7.9
 —%
^Angkor Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038
 93.0
 85.7
 93.1
 0.04%
^Harbor Ventilation Inc and Estes Investment, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038
 92.1
 3.8
 4.1
 —%
^Tri County Heating and Cooling Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023
 87.8
 58.1
 59.7
 0.02%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC Truck Transportation Term Loan Prime plus 2.75% 7/17/2023
 53.7
 35.6
 36.1
 0.01%
^Maxiflex LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023
 153.5
 100.0
 102.7
 0.04%

62
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038
 97.5
 89.5
 97.2
 0.04%
^JRA Holdings LLC (EPC) Jasper County Cleaners Inc dba Superior Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038
 121.0
 109.6
 119.1
 0.05%
^2161 Highway 6 Trail, LLC and R. H. Hummer JR., Inc. Truck Transportation Term Loan Prime plus 2.75% 6/19/2026
 1,250.0
 722.4
 751.3
 0.29%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028
 875.0
 705.0
 739.2
 0.29%
^KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023
 343.8
 225.0
 228.4
 0.09%
^Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038
 932.8
 835.3
 907.4
 0.35%
^Willowbrook Properties LLC Grove Gardens Landscaping Inc. Administrative and Support Services Term Loan Prime plus 2.75% 6/5/2038
 186.3
 171.1
 185.5
 0.07%
^Absolute Desire LLC and Mark H. Szierer Sophisticated Smile Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038
 188.3
 173.0
 186.9
 0.07%
^RXSB, Inc dba Medicine Shoppe Health and Personal Care Stores Term Loan Prime plus 2.75% 5/30/2023
 186.3
 120.5
 122.1
 0.05%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023
 63.5
 41.6
 42.5
 0.02%
^Ryan D. Thornton and Thornton & Associates LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023
 68.7
 32.2
 32.6
 0.01%
^PowerWash Plus, Inc. and CJR, LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2038
 550.0
 503.8
 545.2
 0.21%
^Peanut Butter & Co., Inc. Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023
 100.0
 63.5
 64.4
 0.03%
^Brothers International Desserts Food Manufacturing Term Loan Prime plus 2.75% 4/26/2023
 230.0
 146.9
 150.2
 0.06%
^Kidrose, LLC dba Kidville Riverdale Educational Services Term Loan Prime plus 2.75% 4/22/2023
 78.7
 50.9
 51.9
 0.02%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038
 124.6
 113.7
 123.8
 0.05%
^Capital Scrap Metal, LLC and Powerline Investment, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/29/2038
 500.0
 434.7
 474.2
 0.19%
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads Food Manufacturing Term Loan Prime plus 2.75% 3/29/2038
 336.0
 307.2
 334.1
 0.13%
^Neyra Industries, Inc. and Edward Neyra Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/27/2023
 217.5
 137.2
 140.9
 0.06%
^A & M Commerce, Inc. dba Cranberry Sunoco Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038
 330.3
 301.3
 328.4
 0.13%

63
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Xela Pack, Inc. and Aliseo and Catherine Gentile Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028
 271.8
 215.4
 226.5
 0.09%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038
 537.4
 490.6
 534.2
 0.21%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038
 67.5
 61.6
 67.1
 0.03%
^M & H Pine Straw Inc and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/21/2023
 288.7
 198.8
 204.1
 0.08%
^Truth Technologies Inc dba Truth Technologies Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023
 79.5
 50.1
 51.3
 0.02%
^J. Kinderman & Sons Inc., dba BriteStar Inc. Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/20/2023
 181.2
 116.7
 119.9
 0.05%
^Stellar Environmental LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/18/2023
 56.3
 35.5
 36.5
 0.01%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023
 523.0
 328.5
 336.9
 0.13%
^Golden Gate Lodging LLC Accommodation Term Loan Prime plus 2.75% 3/12/2038
 115.0
 105.0
 114.4
 0.04%
^Bakhtar Group LLC dba Malmaison Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023
 103.8
 65.2
 66.6
 0.03%
^River Club Golf Course Inc dba The River Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2038
 475.2
 432.8
 471.5
 0.18%
^Osceola River Mill, LLC and Ironman Machine, Inc. Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038
 86.2
 78.6
 85.6
 0.03%
^Java Warung, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038
 51.0
 46.5
 50.7
 0.02%
^Nancy & Karl Schmidt(EPC) Moments to Remember USA, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038
 106.2
 96.8
 105.5
 0.04%
^Outcome Driven Innovation, Inc. dba ODI Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/12/2023
 84.9
 52.2
 53.3
 0.02%
^Knits R Us, Inc. dba NYC Sports / Mingle Textile Mills Term Loan Prime plus 2.75% 2/11/2038
 125.0
 114.0
 124.4
 0.05%
^North Country Transport, LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023
 15.0
 9.3
 9.6
 —%
^MJD Investments, LLC dba The Community Day School Social Assistance Term Loan Prime plus 2.75% 1/31/2038
 258.2
 234.8
 255.7
 0.10%
^Sherill Universal City dba Golden Corral Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038
 440.5
 402.0
 437.8
 0.17%

64
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Macho LLC Madelaine Chocolate Novelties Inc Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037
 500.0
 455.9
 497.0
 0.19%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2022
 97.5
 59.2
 60.5
 0.02%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027
 46.3
 32.8
 34.2
 0.01%
^John Duffy Fuel Co., Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/28/2022
 513.8
 312.2
 320.4
 0.13%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037
 517.5
 470.2
 512.6
 0.20%
^Martin L Hopp, MD PHD A Medical Cor dba Tower ENT Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022
 66.3
 40.0
 40.9
 0.02%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2027
 389.6
 303.6
 317.4
 0.12%
^United Woodworking, Inc Wood Product Manufacturing Term Loan 6% 12/20/2022
 17.2
 11.1
 11.4
 —%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/20/2022
 225.0
 136.1
 139.4
 0.05%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/30/2037
 286.5
 262.0
 285.4
 0.11%
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037
 223.8
 204.2
 222.6
 0.09%
^D&L Rescources, Inc. dba The UPS Store Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022
 9.8
 5.8
 6.0
 —%
^Richmond Hill Mini Market, LLC Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037
 185.3
 167.8
 182.7
 0.07%
^DRV Enterprise, Inc. dba Cici's Pizza # 339 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022
 65.0
 36.2
 37.2
 0.01%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037
 96.2
 87.1
 95.0
 0.04%
^Pioneer Windows Manufacturing Corp, Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022
 275.0
 164.2
 168.1
 0.07%
^R & J Petroleum LLC Manar USA, Inc. Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037
 180.0
 162.9
 177.5
 0.07%
^St Judes Physical Therapy P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022
 21.0
 12.6
 12.9
 0.01%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022
 22.2
 13.3
 13.6
 0.01%
^Reidville Hydraulics Mfg Inc dba Summit Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037
 265.9
 240.7
 261.5
 0.10%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022
 180.0
 108.9
 111.1
 0.04%

65
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^LA Diner Inc dba Loukas L A Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/28/2037
 677.5
 618.7
 673.8
 0.26%
^University Park Retreat, LLC dba Massage Heights Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022
 76.0
 44.2
 45.3
 0.02%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery Food and Beverage Stores Term Loan Prime plus 2.75% 9/26/2037
 183.8
 166.9
 181.5
 0.07%
^LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2037
 252.3
 227.3
 247.2
 0.10%
^O'Rourkes Diner LLC dba O'Rourke's Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037
 65.5
 59.0
 64.1
 0.03%
^AJK Enterprise LLC dba AJK Enterprise LLC Truck Transportation Term Loan Prime plus 2.75% 8/27/2022
 16.5
 9.4
 9.7
 —%
^New Image Building Services, Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 8/23/2037
 285.7
 257.0
 278.9
 0.11%
^Suncoast Aluminum Furniture, Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037
 360.0
 323.9
 352.8
 0.14%
^Georgia Safe Sidewalks LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022
 15.0
 8.4
 8.6
 —%
^Hofgard & Co., Inc. dba HofgardBenefits Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022
 107.2
 60.7
 62.1
 0.02%
^Central Tire, Inc. dba Cooper Tire & Auto Services Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037
 288.5
 258.1
 280.4
 0.11%
^WPI, LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/29/2024
 129.5
 84.8
 87.5
 0.03%
^Havana Central (NY) 5, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2022
 1,166.8
 736.2
 753.5
 0.29%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2037
 69.7
 62.4
 67.8
 0.03%
^KIND-ER-ZZ Inc dba Kidville Educational Services Term Loan Prime plus 2.75% 6/15/2022
 50.0
 27.6
 28.1
 0.01%
^Graphish Studio, Inc. and Scott Fishoff Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022
 20.2
 11.3
 11.5
 —%
^ALF, LLC (EPC) Mulit-Service Eagle Tires Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037
 62.9
 56.2
 61.1
 0.02%
^Craig R Freehauf dba Lincoln Theatre Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/31/2022
 47.9
 19.4
 19.9
 0.01%
^Lefont Theaters, Inc. Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 5/30/2022
 137.0
 75.3
 77.0
 0.03%
^Christou Real Estate Holdings LLC dba Tops American Grill Food Services and Drinking Places Term Loan Prime plus 2.75% 5/17/2037
 284.0
 253.2
 275.5
 0.11%

66
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Tracey Vita-Morris dba Tracey Vita's School of Dance Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022
 22.5
 12.4
 12.6
 —%
^Bisson Transportation, Inc. Truck Transportation Term Loan Prime plus 2.75% 5/7/2037
 588.1
 550.0
 597.0
 0.23%
^Bisson Moving & Storage Company Bisson Transportation Inc Truck Transportation Term Loan Prime plus 2.75% 5/7/2022
 528.7
 331.6
 339.3
 0.13%
^Fair Deal Food Mart Inc dba Neighbors Market Gasoline Stations Term Loan Prime plus 2.75% 5/3/2037
 381.3
 340.3
 370.3
 0.14%
^Tanner Optical, Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022
 8.2
 4.4
 4.5
 —%
^Zane Filippone Co Inc dba Culligan Water Conditioning Nonstore Retailers Term Loan Prime plus 2.75% 4/12/2022
 558.2
 302.4
 309.3
 0.12%
^Indoor Playgrounds Limited Liability Company dba Kidville Educational Services Term Loan Prime plus 2.75% 4/5/2022
 19.5
 5.8
 6.0
 —%
^Access Staffing, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022
 187.5
 99.9
 101.9
 0.04%
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/30/2031
 231.5
 189.5
 201.9
 0.08%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2037
 755.4
 674.1
 734.2
 0.29%
^DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6% 3/23/2037
 3,133.8
 2,623.4
 2,857.6
 1.12%
^DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6.25% 3/23/2022
 1,540.0
 771.7
 789.6
 0.31%
^Manuel P. Barrera and Accura Electrical Contractor, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028
 103.7
 78.9
 82.8
 0.03%
^Shweiki Media, Inc. dba Study Breaks Magazine Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027
 1,178.8
 868.8
 908.9
 0.36%
^ATI Jet, Inc. Air Transportation Term Loan Prime plus 2.75% 12/28/2026
 852.8
 604.2
 631.8
 0.25%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036
 495.0
 443.5
 482.7
 0.19%
^K's Salon, LLC d/b/a K's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021
 73.6
 37.4
 38.0
 0.01%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021
 250.0
 125.1
 127.7
 0.05%
^M & H Pinestraw, Inc. and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2021
 238.2
 135.5
 138.3
 0.05%

67
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Taylor Transport, Inc Truck Transportation Term Loan Prime plus 2.75% 12/8/2021
 515.5
 157.7
 161.2
 0.06%
^MRM Supermarkets, Inc. dba Constantin's Breads Food Manufacturing Term Loan Prime plus 2.75% 11/10/2021
 137.5
 68.5
 70.0
 0.03%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021
 58.7
 29.2
 29.8
 0.01%
^28 Cornelia Street Properties, LLC and Zouk, Ltd. Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021
 22.5
 11.0
 11.2
 —%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036
 83.3
 72.9
 79.2
 0.03%
^PTK, Incorporated dba Night N Day 24 HR Convenience Store Food and Beverage Stores Term Loan Prime plus 2.75% 9/30/2036
 137.5
 120.5
 131.0
 0.05%
^Robert E. Caves, Sr. and American Plank dba Caves Enterprises Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021
 302.5
 145.3
 148.3
 0.06%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036
 28.4
 24.8
 26.9
 0.01%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2021
 1,070.0
 507.7
 516.6
 0.20%
^Equity National Capital LLC & Chadbourne Road Capital, LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 9/26/2021
 62.5
 30.1
 30.7
 0.01%
^Bryan Bantry Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/8/2021
 400.0
 40.3
 41.0
 0.02%
^Michael S. Decker & Janet Decker dba The Hen House Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036
 16.4
 14.3
 15.5
 0.01%
^Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/19/2021
 187.5
 83.7
 85.3
 0.03%
^Trademark Equipment Company Inc and David A. Daniel Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036
 133.6
 116.8
 126.9
 0.05%
^Valiev Ballet Academy, Inc Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036
 91.5
 37.1
 40.3
 0.02%
^A & A Auto Care, LLC dba A & A Auto Care, LLC Repair and Maintenance Term Loan Prime plus 2.75% 8/12/2036
 101.0
 89.0
 96.8
 0.04%
^LaHoBa, LLC dba Papa John's Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036
 77.5
 67.3
 73.2
 0.03%
^Kelly Chon LLC dba Shi-Golf Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/29/2021
 17.5
 4.7
 4.8
 —%
^MTV Bowl, Inc. dba Legend Lanes Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2036
 248.5
 218.4
 237.0
 0.09%

68
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Lavertue Properties LLP dba Lavertue Properties Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036
 44.7
 39.1
 42.5
 0.02%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036
 338.1
 305.9
 332.2
 0.13%
^Pierce Developments, Inc. dba Southside Granite Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/13/2036
 256.1
 222.7
 241.5
 0.09%
^Major Queens Body & Fender Corp Repair and Maintenance Term Loan Prime plus 2.75% 6/10/2021
 28.6
 13.0
 13.2
 0.01%
^J&K Fitness, LLC dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/8/2036
 449.3
 401.0
 435.4
 0.17%
^Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021
 65.5
 28.5
 29.0
 0.01%
^Demand Printing Solutions, Inc. and MLM Enterprises, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 5/27/2021
 16.5
 7.3
 7.5
 —%
^Modern on the Mile, LLC dba Ligne Roset Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/25/2021
 212.5
 93.5
 95.1
 0.04%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C. Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036
 127.5
 110.3
 119.9
 0.05%
^Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036
 129.5
 114.1
 124.0
 0.05%
^Michael S. Korfe dba North Valley Auto Repair Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036
 15.5
 13.4
 14.5
 0.01%
^Actknowledge,Inc dba Actknowledge Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021
 57.3
 24.5
 25.0
 0.01%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins Food and Beverage Stores Term Loan Prime plus 2.75% 3/10/2021
 153.0
 65.6
 66.8
 0.03%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2023
 63.0
 32.5
 33.5
 0.01%
^SuzyQue’s LLC dba Suzy Que’s Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036
 61.0
 52.7
 57.3
 0.02%
^Little People’s Village, LLC dba Little People’s Village Social Assistance Term Loan Prime plus 2.75% 1/31/2036
 31.1
 26.7
 29.0
 0.01%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036
 113.4
 97.4
 105.9
 0.04%
^Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2020
 7.6
 2.9
 3.0
 —%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown Support Activities for Transportation Term Loan 5.25% 12/28/2035
 145.9
 131.7
 143.0
 0.06%

69
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Groundworks Unlimited LLC Specialty Trade Contractors Term Loan 6% 12/17/2023
 120.0
 74.1
 76.6
 0.03%
^Shree OM Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 12/17/2035
 27.7
 23.7
 25.8
 0.01%
^Lodin Medical Imaging, LLC dba Watson Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020
 66.4
 26.2
 26.6
 0.01%
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035
 34.0
 29.1
 31.6
 0.01%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/12/2035
 148.7
 127.2
 138.1
 0.05%
^Lincoln Park Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/20/2020
 43.5
 14.2
 14.5
 0.01%
^K9 Bytes, Inc & Epazz, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020
 18.5
 7.0
 7.1
 —%
^Elan Realty, LLC and Albert Basse Asociates, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035
 228.2
 194.1
 210.6
 0.08%
^Success Express,Inc. dba Success Express Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020
 91.8
 33.6
 34.1
 0.01%
^Modern Manhattan, LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/20/2020
 204.0
 76.2
 77.4
 0.03%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking Truck Transportation Term Loan Prime plus 2.75% 9/17/2020
 17.7
 6.4
 6.5
 —%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035
 50.1
 42.5
 46.1
 0.02%
^Newsome Trucking Inc and Kevin Newsome Truck Transportation Term Loan Prime plus 2.75% 9/2/2035
 423.1
 206.1
 223.6
 0.09%
^California College of Communications, Inc. Educational Services Term Loan Prime plus 2.75% 11/2/2020
 172.5
 66.0
 67.1
 0.03%
^DDLK Investments LLC dba Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2020
 7.5
 1.7
 1.7
 —%
^Members Only Software Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020
 40.2
 14.3
 14.5
 0.01%
^ActKnowledge,Inc dba ActKnowledge Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020
 50.0
 17.3
 17.6
 0.01%
^I-90 RV & Auto Supercenter Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035
 74.9
 63.1
 68.5
 0.03%
^Zouk, Ltd. dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020
 27.5
 9.9
 10.1
 —%
^CJ Park Inc. dba Kidville Midtown West Educational Services Term Loan Prime plus 2.75% 6/25/2020
 26.4
 7.2
 7.3
 —%
^Tanner Optical Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035
 94.6
 80.2
 86.9
 0.03%

70
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^M & H Pine Straw, Inc.and Harris Maloy Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 7/10/2020
 67.5
 28.2
 28.6
 0.01%
^Excel RP, Inc./Kevin and Joann Foley Machinery Manufacturing Term Loan Prime plus 2.75% 7/8/2028
 50.0
 36.2
 38.2
 0.01%
ValleyStar, Inc. dba BrightStar HealthCare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020
 6.1
 2.1
 2.1
 —%
^ValleyStar, Inc. dba BrightStar Healthcare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020
 7.5
 2.6
 2.6
 —%
^Diag, LLC dba Kidville Educational Services Term Loan Prime plus 2.75% 6/21/2020
 37.5
 12.5
 12.7
 —%
^M & H Pine Straw, Inc and Harris L. Maloy Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020
 183.3
 57.0
 57.9
 0.02%
^New Economic Methods LLC dba Rita's Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2020
 24.8
 0.6
 0.6
 —%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2020
 6.3
 2.0
 2.0
 —%
^Lahoba,LLC dba Papa John's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034
 42.5
 35.4
 38.3
 0.01%
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024
 126.5
 26.6
 27.5
 0.01%
^David A. Nusblatt, D.M.D, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2019
 9.0
 2.5
 2.6
 —%
^CMA Consulting dba Construction Management Associates Construction of Buildings Term Loan Prime plus 2.75% 12/11/2019
 58.5
 14.9
 15.1
 0.01%
^KMC RE, LLC & B&B Kennels Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034
 58.3
 48.4
 52.4
 0.02%
^Demand Printing Solutions, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 12/12/2019
 10.0
 2.8
 2.8
 —%
^Demand Printing Solutions, Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 10/29/2034
 147.5
 122.0
 132.1
 0.05%
Rover Repairs Repair and Maintenance Term Loan Prime plus 2.5% 11/28/2029
 72.5
 52.1
 37.8
 0.01%
^Supreme Screw Products Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/17/2019
 308.2
 60.8
 61.3
 0.02%
^Gray Tree Service, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2018
 50.0
 7.4
 7.5
 —%
^Gourmet to You, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2019
 12.1
 2.4
 2.4
 —%
^The Alba Financial Group, Inc. Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 1/10/2019
 22.5
 10.2
 10.3
 —%

71
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Grapevine Professional Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 1/22/2019
 8.2
 1.3
 1.3
 —%
^Inflate World Corporation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/30/2018
 7.5
 0.7
 0.8
 —%
^Peter Thomas Roth Labs LL Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/26/2018
 425.0
 54.5
 54.8
 0.02%
^CBA D&A Pope, LLC dba Christian Brothers Automotive Repair and Maintenance Term Loan Prime plus 2.75% 6/14/2018
 144.9
 15.5
 15.6
 0.01%
^Gilbert Chiropractic Clinic, Inc. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/7/2018
 22.5
 0.5
 0.5
 —%
^D & D's Divine Beauty School of Esther, LLC Educational Services Term Loan 6% 8/1/2031
 57.7
 49.6
 53.0
 0.02%
Bwms Management, LLC Food Services and Drinking Places Term Loan 0% 3/1/2018
 5.1
 0.2
 0.2
 —%
Bliss Coffee and Wine Bar, LLC Food Services and Drinking Places Term Loan 6% 8/31/2019
 87.5
 68.6
 69.4
 0.03%
^Zog Inc. Other Information Services Term Loan 6% 3/17/2018
 97.5
 52.0
 52.2
 0.02%
^Saan M.Saelee dba Saelee's Delivery Service Truck Transportation Term Loan Prime plus 2.75% 3/12/2018
 9.8
 0.7
 0.7
 —%
Integrity Sports Group, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan 6% 3/6/2018
 75.0
 30.9
 31.0
 0.01%
^Enewhere Custom Canvas, LLC Textile Product Mills Term Loan Prime plus 2.75% 2/15/2018
 12.0
 0.8
 0.8
 —%
^A & A Acquisition, Inc. dba A & A International Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/15/2018
 100.0
 4.3
 4.3
 —%
^All American Printing Printing and Related Support Activities Term Loan Prime plus 2.75% 10/26/2032
 69.7
 36.5
 39.3
 0.02%
^Seo's Paradise Cleaners, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2018
 9.7
 0.2
 0.2
 —%
Connect Litigation Technology, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2% 10/18/2025
 150.6
 25.8
 18.4
 0.01%
^Margab, Inc. dba Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2017
 44.0
 1.4
 1.4
 —%
^RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2017
 21.1
 0.9
 0.9
 —%
^Tammy's Bakery, Inc. dba Tammy's Bakery Food Manufacturing Term Loan Prime plus 2.75% 12/10/2017
 71.8
 3.1
 3.1
 —%
^Kings Laundry,LLC Personal and Laundry Services Term Loan Prime plus 2.75% 10/30/2017
 64.5
 0.7
 0.7
 —%

72
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^1911 East Main Street Holdings, Corp Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032
 15.8
 12.0
 12.9
 0.01%
^Water Works Laundromat, LLC Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027
 267.3
 173.3
 178.1
 0.07%
^Dave Kris, and MDK Ram Corp. Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026
 52.6
 30.2
 31.6
 0.01%
^Gill Express Inc. dba American Eagle Truck Wash Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027
 286.9
 177.3
 186.0
 0.07%
^Smooth Grounds, Inc. Food Services and Drinking Places Term Loan 7.75% 12/31/2018
 64.5
 28.3
 28.5
 0.01%
^Fran-Car Corporation dba Horizon Landscape Management Administrative and Support Services Term Loan Prime plus 2.75% 3/3/2028
 244.7
 65.7
 69.2
 0.03%
^Head To Toe Personalized Pampering, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031
 12.0
 8.7
 9.3
 —%
^Christopher F. Bohon & Pamela D. Bohon Social Assistance Term Loan Prime plus 2.75% 10/28/2026
 5.1
 3.1
 3.2
 —%
Mogas Limited Gasoline Stations Term Loan Prime plus 2.75% 5/31/2030
 100.0
 70.7
 54.0
 0.02%
^Shree Om Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 5/2/2030
 76.9
 62.4
 66.3
 0.03%
^Pedzik's Pets, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 3/31/2030
 12.3
 8.7
 9.2
 —%
^Nancy Carapelluci & A & M Seasonal Corner Inc. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/1/2025
 25.1
 13.5
 14.0
 0.01%
Patricia Hughes Jones, MD PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/13/2020
 18.0
 4.1
 2.9
 —%
^Moonlight Multi Media Production, Inc. Other Information Services Term Loan 5.3% 2/1/2025
 7.0
 2.9
 3.0
 —%
David M. Goens dba Superior Auto Paint & Body, Inc. Repair and Maintenance Term Loan 6% 8/26/2024
 32.2
 16.3
 16.9
 0.01%
^McCallister Venture Group, LLC and Maw's Vittles, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029
 17.2
 11.1
 11.8
 —%
^Computer Renaissance dba Dante IT Services, Inc. Electronics and Appliance Stores Term Loan Prime plus 3.75% 3/1/2018
 13.5
 0.6
 0.6
 —%
^Chong Hun Im dba Kim's Market Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024
 18.3
 8.6
 8.8
 —%
Whirlwind Car Wash, Inc. Repair and Maintenance Term Loan Prime plus 2% 4/9/2029
 76.9
 65.2
 66.5
 0.03%
^West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge Amusement, Gambling, and Recreation Industries Term Loan 6% 6/5/2026
 1,076.7
 836.0
 874.3
 0.34%
^Center-Mark Car Wash, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2024
 52.3
 25.6
 26.5
 0.01%

73
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Shuttle Car Wash, Inc. dba Shuttle Car Wash Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028
 25.3
 16.4
 17.0
 0.01%
^Min Hui Lin Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028
 28.8
 16.6
 17.5
 0.01%
^Delta Partners, LLC dba Delta Carwash Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029
 61.1
 40.8
 42.6
 0.02%
^Auto Sales, Inc. Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023
 17.2
 7.0
 7.3
 —%
^B & J Manufacturing Corporation and Benson Realty Trust Fabricated Metal Product Manufacturing Term Loan Prime plus 2% 3/30/2021
 57.2
 16.6
 16.7
 0.01%
^RAB Services, Inc. & Professional Floor Installations Specialty Trade Contractors Term Loan Prime plus 2.5% 1/31/2023
 14.3
 6.3
 6.4
 —%
^Taste of Inverness, Inc. dba China Garden Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025
 16.9
 8.2
 8.3
 —%
^Ralph Werner dba Werner Transmissions Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021
 6.0
 2.0
 2.1
 —%
^M. Krishna, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2% 3/20/2025
 53.2
 8.8
 8.9
 —%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023
 39.8
 30.1
 31.1
 0.01%
^OrthoQuest, P.C. Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022
 13.0
 3.7
 3.7
 —%
^CPN Motel, L.L.C. dba American Motor Lodge Accommodation Term Loan Prime plus 2.25% 4/30/2024
 68.1
 28.2
 28.8
 0.01%
^Track Side Collision & Tire, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025
 10.2
 4.6
 4.7
 —%
^Duttakrupa, LLC dba Birmingham Motor Court Accommodation Term Loan Prime plus 2.25% 9/8/2023
 22.6
 11.1
 11.3
 —%
^Deesha Corporation, Inc. dba Best Inn & Suites Accommodation Term Loan Prime plus 2.25% 2/14/2025
 53.2
 25.4
 26.0
 0.01%
^Maruti, Inc Accommodation Term Loan Prime plus 2.25% 11/25/2024
 50.4
 23.5
 24.0
 0.01%
Willington Hills Equestrian Center LLC Animal Production and Aquaculture Term Loan Prime plus 2.75% 10/19/2022
 19.5
 12.5
 12.9
 0.01%
^LABH, Inc. t/a Ramada Ltd. Accommodation Term Loan Prime plus 2.25% 9/27/2024
 85.1
 37.7
 38.5
 0.02%
^Randall D. & Patricia D. Casaburi dba Pat's Pizzazz Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023
 15.7
 6.3
 6.5
 —%
^Gain Laxmi, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2.25% 5/31/2023
 46.4
 18.1
 18.4
 0.01%
^Naseeb Corporation Accommodation Term Loan Prime plus 2.25% 3/31/2024
 62.9
 27.3
 27.8
 0.01%

74
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Stillwell Ave Prep School Social Assistance Term Loan Prime plus 2.75% 1/14/2023
 17.1
 5.7
 5.9
 —%
^Karis, Inc. Accommodation Term Loan Prime plus 2% 12/22/2023
 34.1
 12.2
 12.3
 —%
^Five Corners, Ltd. Gasoline Stations Term Loan Prime plus 2.75% 12/11/2019
 19.5
 3.6
 3.7
 —%
^Alyssa Corp dba Knights Inn Accommodation Term Loan Prime plus 2.25% 9/30/2023
 65.7
 39.5
 40.2
 0.02%
^Bhailal Patel dba New Falls Motel Accommodation Term Loan Prime plus 2.75% 3/27/2023
 22.9
 3.2
 3.3
 —%
^Pegasus Automotive, Inc. Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022
 25.8
 9.8
 10.1
 —%
^Delyannis Iron Works Fabricated Metal Product Manufacturing Term Loan 6% 12/8/2022
 68.4
 12.1
 12.5
 —%
^P. Agrino, Inc. dba Andover Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021
 32.6
 7.5
 7.6
 —%
^RJS Service Corporation Gasoline Stations Term Loan Prime plus 2.75% 8/20/2021
 18.1
 5.3
 5.4
 —%
Total Performing SBA Unguaranteed Investments         $276,970.7
 $245,799.2
 $247,346.8
 96.77%
                 
Non-Performing SBA Unguaranteed Investments (3)                
*^200 North 8th Street Associates LLC and Enchanted Acres Farm Food Manufacturing Term Loan 6.25% 5/4/2028
 468.8
 469.3
 450.4
 0.18%
*^214 North Franklin, LLC and Winter Ventures, Inc. Nonstore Retailers Term Loan 6% 11/29/2037
 81.7
 81.7
 —
 —%
*^A + Quality Home Health Care, Inc. Ambulatory Health Care Services Term Loan 6% 8/1/2016
 1.1
 1.1
 1.0
 —%
*^Advanced Machine & Technology, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/29/2025
 67.1
 67.3
 37.7
 0.01%
*^Aegis Creative Communications, Inc. Professional, Scientific, and Technical Services Term Loan 6.5% 11/30/2022
 245.9
 246.5
 243.1
 0.10%
*^Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc Motor Vehicle and Parts Dealers Term Loan 6.75% 11/25/2040
 68.3
 68.4
 42.0
 0.02%
*^Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc Motor Vehicle and Parts Dealers Term Loan 6.25% 9/18/2040
 129.3
 129.5
 106.9
 0.04%
*^AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc. Ambulatory Health Care Services Term Loan 6% 3/14/2038
 305.3
 305.7
 —
 —%
*AWA Fabrication & Construction, L.L.C. Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025
 34.7
 34.8
 —
 —%
*^B&B Fitness and Barbell, Inc. dba Elevations Health Club Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035
 187.9
 188.2
 193.2
 0.08%
*Baker Sales, Inc. dba Baker Sales, Inc. Nonstore Retailers Term Loan 6% 3/29/2036
 177.0
 177.4
 77.1
 0.03%

75
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
*^Fieldstone Quick Stop LLC Barber Investments LLC Thadius M B Gasoline Stations Term Loan 6% 9/30/2038
 406.2
 407.3
 4.7
 —%
*^Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar Gasoline Stations Term Loan 6.25% 8/15/2039
 146.0
 146.3
 —
 —%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/27/2025
 809.7
 811.7
 437.2
 0.17%
*Calhoun Satellite Communications, Inc. Telecommunications Term Loan Prime plus 2.75% 12/2/2026
 188.7
 189.1
 170.2
 0.07%
*^Carolina Beefs, LLC dba Beef O'Brady's Food Services and Drinking Places Term Loan 6.75% 4/13/2025
 16.5
 16.5
 —
 —%
*^Chickamauga Properties, Inc., MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035
 59.0
 59.0
 56.6
 0.02%
*^Chickamauga Properties, Inc. and MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan 6.25% 10/19/2022
 43.4
 43.5
 —
 —%
*^CM Lab Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/20/2026
 165.7
 166.1
 155.1
 0.06%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021
 274.0
 274.7
 241.4
 0.09%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access Broadcasting (except Internet) Term Loan 6.25% 4/30/2022
 94.1
 94.3
 —
 —%
*^D&G Capital LLC dba Miami Grill 277 Food Services and Drinking Places Term Loan 6.5% 12/16/2025
 81.8
 82.0
 53.3
 0.02%
*^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2018
 0.7
 0.7
 0.6
 —%
*^Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 3/31/2035
 125.8
 126.0
 119.2
 0.05%
*^Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 3/29/2023
 64.7
 64.8
 61.3
 0.02%
*^Dill Street Bar and Grill Inc and WO Entertainment, Inc Food Services and Drinking Places Term Loan 6% 9/27/2027
 78.2
 78.4
 —
 —%
*Dr. Francis E. Anders, DVM Professional, Scientific, and Technical Services Term Loan 6% 8/9/2015
 1.6
 1.6
 1.5
 —%
*^DTM Parts Supply Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/2/2025
 54.7
 54.8
 42.0
 0.02%
*^E & I Holdings, LP & PA Farm Products, LLC Food Manufacturing Term Loan 6% 4/30/2030
 4,874.0
 4,923.2
 2,836.0
 1.11%
*^ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc Professional, Scientific, and Technical Services Term Loan 6.75% 4/25/2024
 386.4
 386.8
 87.2
 0.03%
*^ENI Inc. dba ENI Group, Inc Other Information Services Term Loan 6.75% 12/11/2025
 32.8
 32.8
 —
 —%

76
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
*^Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022
 315.0
 315.8
 48.5
 0.02%
*^Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan 6% 5/31/2023
 107.2
 107.4
 64.4
 0.03%
*^Event Mecca LLCOther Information Services Term Loan 6% 4/10/2023
 12.3
 12.3
 9.5
 —%
*^EZ Towing, Inc. Support Activities for Transportation Term Loan 6% 1/31/2023
 86.2
 86.4
 8.3
 —%
*^Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan 6.25% 3/30/2022
 232.9
 233.5
 25.8
 0.01%
*^Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan 6.25% 4/25/2022
 157.4
 157.8
 —
 —%
*^Gator Communications Group, LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan 6.25% 3/27/2023
 13.3
 13.3
 —
 —%
*^Grand Manor Realty, Inc. & Kevin LaRoeReal Estate Term Loan 6% 2/20/2023
 18.9
 19.0
 17.7
 0.01%
*Guzman Group,LLC Rental and Leasing Services Term Loan 6% 9/30/2019
 182.8
 183.3
 167.6
 0.07%
*Harrelson Materials Management,Inc Waste Management and Remediation Services Term Loan 6% 6/24/2021
 464.0
 465.2
 25.0
 0.01%
*^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC Ambulatory Health Care Services Term Loan 6.25% 6/30/2026
 476.5
 477.6
 45.6
 0.02%
*^Hemingway Custom Cabinetry LLCFurniture and Related Product Manufacturing Term Loan 6.5% 9/25/2025
 198.1
 198.6
 71.7
 0.03%
*^Home Again Restaurant LLC Food Services and Drinking Places Term Loan 6.25% 6/30/2040
 58.7
 58.8
 47.6
 0.02%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc. Truck Transportation Term Loan 6% 6/28/2025
 626.9
 628.4
 79.0
 0.03%
*^J&M Concessions, Inc.dba A-1 Liquors Food and Beverage Stores Term Loan 6.25% 3/3/2039
 130.2
 130.6
 64.7
 0.03%
*^J&M Concessions Inc dba A 1 Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 2/27/2025
 79.8
 80.0
 20.2
 0.01%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's Educational Services Term Loan Prime plus 2.75% 10/23/2025
 43.6
 43.7
 40.8
 0.02%
*Jenny's Wunderland, Inc. Social Assistance Term Loan 6% 6/29/2036
 128.5
 128.8
 32.0
 0.01%
*^Karykion, Corporation dba Karykion Corporation Professional, Scientific, and Technical Services Term Loan 6% 6/28/2022
 144.4
 144.8
 135.2
 0.05%
*^Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto Motor Vehicle and Parts Dealers Term Loan 6.25% 10/29/2039
 64.1
 64.2
 57.5
 0.02%
*^Kids at Heart,LLC dba Monster Mini Golf Amusement, Gambling, and Recreation Industries Term Loan 6.75% 9/22/2026
 21.5
 21.6
 12.5
 —%
*Krishna of Orangeburg, Inc. Accommodation Term Loan 6% 2/20/2032
 10.3
 10.3
 5.7
 —%
*^Kup's Auto Spa Inc Repair and Maintenance Term Loan 6.25% 11/15/2038
 365.9
 366.8
 342.5
 0.13%

77
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
*Kup’s Auto Spa, Inc. Repair and Maintenance Term Loan 6.25% 10/23/2025
 54.6
 54.7
 51.1
 0.02%
*^Las Torres Development LLC dba Houston Event Centers Real Estate Term Loan 6% 8/27/2028
 51.0
 51.0
 —
 —%
*^M and C Renovations Inc Construction of BuildingsTerm Loan Prime plus 2.75% 10/31/2024
 13.7
 13.8
 10.7
 —%
*^Matchless Transportation LLC dba First Class Limo Transit and Ground Passenger Transportation Term Loan 6.25% 8/3/2022
 125.6
 125.9
 111.8
 0.04%
*^Milliken and Milliken, Inc. dba Milliken Wholesale Distribution Merchant Wholesalers, Durable Goods Term Loan 6% 6/10/2036
 25.6
 25.6
 —
 —%
*^Mojo Brands Media, LLC Broadcasting (except Internet) Term Loan 6% 8/28/2023
 723.1
 725.0
 340.6
 0.13%
*Morris Glass and Construction Specialty Trade Contractors Term Loan 6% 3/7/2021
 44.8
 44.8
 2.7
 —%
*Municipal Hydro Sevices Inc. Rental and Leasing ServicesTerm Loan Prime plus 2.75% 3/30/2027
 258.4
 259.0
 159.0
 0.06%
*^New Paltz Dental Care, PLLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 6/19/2025
 97.3
 97.5
 59.8
 0.02%
*^Colts V LLC and Nowatzke Service Center, Inc Repair and Maintenance Term Loan 6.75% 9/26/2039
 576.2
 577.6
 546.7
 0.21%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer Repair and Maintenance Term Loan Prime plus 2.75% 1/29/2026
 96.7
 96.9
 91.8
 0.04%
*Our Two Daughters L.L.C. dba Washington's Restaurant Food Services and Drinking PlacesTerm Loan 6% 6/18/2026
 674.2
 681.0
 65.3
 0.03%
*^Planet Verte, LLC dba Audio Unlimited Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2020
 16.4
 16.4
 13.9
 0.01%
*Professional Systems, LLC and Professional Cleaning Administrative and Support Services Term Loan 6% 7/30/2020
 131.6
 131.8
 2.4
 —%
*^Route 130 SCPI Holdings LLC Route 130 SCPI Operations LLC Food Services and Drinking Places Term Loan 6.25% 9/30/2039
 535.1
 536.4
 306.4
 0.12%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville Specialty Trade Contractors Term Loan Prime plus 2.75% 7/25/2022
 32.0
 32.1
 30.4
 0.01%
*^Shivsakti, LLC dba Knights Inn Accommodation Term Loan 6.25% 12/20/2032
 8.0
 8.0
 —
 —%
*^Sourceco Limited Liability Company Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2025
 44.9
 45.0
 43.2
 0.02%
*^Sovereign Communications LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/7/2024
 707.3
 709.1
 671.2
 0.26%
*^Square Deal Siding Company, LLC dba Square Deal Siding Company Specialty Trade Contractors Term Loan Prime plus 2.75% 6/18/2025
 20.2
 20.3
 19.4
 0.01%
*^STK Ventures Inc dba JP Dock Service & Supply Specialty Trade Contractors Term Loan 6% 5/9/2037
 31.6
 31.6
 —
 —%
*^Stormrider Inc dba Shirley's Stormrider Inc Truck Transportation Term Loan Prime plus 2.75% 9/23/2025
 60.2
 60.3
 —
 —%
*^Stormrider Inc dba Shirley's Stormrider, Inc Truck Transportation Term Loan Prime plus 2.75% 11/25/2024
 119.1
 119.4
 43.4
 0.02%

78
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
*Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 11/7/2036
 110.9
 111.2
 —
 —%
*The Law Office of Joseph A. Foistner Esquire and Affiliates,PC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/26/2027
 62.3
 62.5
 —
 —%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/16/2021
 34.3
 34.3
 32.5
 0.01%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communications Telecommunications Term Loan Prime plus 2.75% 12/2/2041
 140.9
 141.3
 72.0
 0.03%
*^Will Zac Management LLC dba Papa John's Food Services and Drinking Places Term Loan 6.25% 12/19/2024
 42.4
 42.5
 39.7
 0.02%
*^Winter Ventures Inc and 214 N Franklin LLC Nonstore Retailers Term Loan 6% 4/29/2024
 56.5
 56.6
 —
 —%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan 6% 12/23/2024
 149.1
 149.3
 —
 —%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan 6% 4/3/2029
 134.4
 134.5
 —
 —%
*^Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan 6.25% 6/30/2024
 320.6
 321.4
 312.7
 0.12%
*^Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan 6.25% 7/3/2024
 137.9
 138.3
 23.0
 0.01%
Total Non-Performing Unguaranteed SBA Investments         19,246.5
 19,332.8
 9,789.2
 3.83%
                 
Total Unguaranteed SBA Investments         296,217.2
 265,132.0
 257,136.0
 100.60%
                 
Performing SBA Guaranteed Investments (4)                
Party By Design Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2042
 3,615.0
 3,615.0
 4,075.9
 1.59%
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027
 3,082.5
 3,082.5
 3,391.5
 1.33%
SSN GROUP LLC and Dockside Steel Processing LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/29/2042
 3,750.0
 3,750.0
 4,125.9
 1.61%
Dan Cline Transport Inc. Truck Transportation Term Loan Prime plus 2.75% 9/29/2030
 3,016.5
 3,016.5
 3,272.9
 1.28%
Harco Metal Products Inc Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042
 4,401.0
 4,401.0
 4,945.6
 1.93%
JBK Truck Trailer and Bus Inc. Repair and Maintenance Term Loan Prime plus 2.75% 3/23/2042
 236.3
 236.3
 269.0
 0.11%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/27/2042
 411.5
 411.5
 465.8
 0.18%
Swantown Inn & Spa LLC Accommodation Term Loan Prime plus 2.75% 5/26/2042
 85.3
 85.3
 97.1
 0.04%

79
See accompanying notes to unaudited condensed consolidated financial statements.


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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Bear Creek Entertainment LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 8/12/2041
 1,172.3
 1,172.3
 1,329.1
 0.52%
House of Bread & Coffee Corp dba Casa Do Pao Food Services and Drinking Places Term Loan Prime plus 2.75% 1/27/2042
 407.1
 407.1
 463.5
 0.18%
CR Park Incorporated dba Define Body and Mind Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027
 82.5
 82.5
 91.6
 0.04%
AP6 LLC and Amishp LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2042
 323.3
 323.3
 368.1
 0.14%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042
 989.9
 989.9
 1,120.7
 0.44%
Work of Heart Inc.dba Little Nest Portraits Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/28/2027
 64.1
 64.1
 71.2
 0.03%
Total SBA Guaranteed Performing Investments         $21,637.3
 $21,637.3
 $24,088.0
 9.42%
                 
Total SBA Unguaranteed and Guaranteed Investments         $317,854.5
 $286,769.3
 $281,224.0
 110.02%
                 
Controlled Investments (5)                
*Advanced Cyber Security Systems, LLC (6), (18) Data processing, hosting and related services. 50% Membership Interest —% —
 —
 —
 —
 —%
    Term Loan 3% December 2014
 1,120.0
 381.0
 —
 —%
*Automated Merchant Services, Inc. (7), (18) Data processing, hosting and related services. 100% Common Stock —% —
 —
 —
 —
 —%
CDS Business Services, Inc. (8) Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —
 —
 4,428.0
 5,500.0
 2.15%
    Line of Credit Prime plus 2.5%
 August 2018
 7,895.0
 7,895.0
 7,895.0
 3.09%
Newtek Technology Solutions, Inc. (11) Data processing, hosting and related services. 100% Common Stock —% —
 —
 8,384.0
 16,000.0
 6.26%
*Fortress Data Management, LLC (18) Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 —
 —%
Newtek Insurance Agency, LLC (13), (18) Insurance Carriers and Related Activities 100% Membership Interest —% —
 —
 —
 2,500.0
 0.98%
*PMTWorks Payroll, LLC (9) Data processing, hosting and related services. 100% Membership Interest —% —
 —
 725.1
 —
 —%
    Term Loan 10%-12%
 Various maturities through July 2019
 2,685.0
 2,685.0
 —
 —%
Secure CyberGateway Services, LLC (10), (18) Data processing, hosting and related services. 66.7% Membership Interest —% —
 —
 —
 —
 —%
    Term Loan 7% June 2017
 2,400.0
 300.0
 —
 —%

80
See accompanying notes to unaudited condensed consolidated financial statements.


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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2017 (UNAUDITED)
(In Thousands)

Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Small Business Lending, LLC (12), (18) Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —
 —
 —
 2,500.0
 0.98%
*Summit Systems and Designs, LLC (14), (18) Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 —
 —%
ADR Partners, LLC dba banc-serv Partners, LLC (12) Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% —
 —
 5,260.3
 3,400.0
 1.33%
Premier Payments LLC (11) Data processing, hosting and related services. 100% Membership Interest —% —
 —
 16,438.0
 21,000.0
 8.22%
International Professional Marketing, Inc. (17) Professional, Scientific, and Technical Services 100% Common Stock —% —
 —
 8,800.0
 8,800.0
 3.44%
    Line of Credit Prime plus 0.5%
 April 2018
 200.0
 200.0
 200.0
 0.08%
SIDCO, LLC (17) Professional, Scientific, and Technical Services 100% Membership Interest —% —
 —
 2,320.0
 2,320.0
 0.91%
    Line of Credit Prime plus 0.5%
 —
 345.0
 345.0
 345.0
 0.13%
Universal Processing Services of Wisconsin, LLC (11) (18) Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 66,000.0
 25.82%
Titanium Asset Management, LLC (15) Administrative and Support Services Term Loan 3% July 2017
 2,200.0
 193.9
 —
 —%
    100% Membership Interest —% —
 —
 —
 —
 —%
Excel WebSolutions, LLC (16) Data processing, hosting and related services. Term Loan 10% September 2018
 1,020.2
 535.4
 489.0
 0.19%
    50% Membership Interest —% —
 —
 —
 —
 —%
Total Controlled Investments         $17,865.2
 $58,890.7
 $136,949.0
 53.58%
                 
                 
Investments in Money Market Funds                
UBS Select Treasury Institutional Fund - 0.84% yield         $9.4
 $9.4
 $9.4
 —%
                 
Total Investments         $335,729.1
 $345,669.4
 $418,182.4
 163.60%

^ Denotes investment has been pledged as collateral under the Securitization Trusts.
* Denotes non-income producing security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing 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

81
See accompanying notes to unaudited condensed consolidated financial statements.


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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. The 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) Prime Rate is equal to 4.25% as of September 30, 2017.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. 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.
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing 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.
(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.
(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) 18.35% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 31.8% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by Wilshire New York Partners V, LLC (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) 66.7% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.
(11) 100% owned by Newtek Business Services Holdco 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Banc-Serv Acquisition, Inc., both subsidiaries of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.).
(15) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 30% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 17.8% owned by Wilshire New York Partners IV, LLC (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.).
(16) 36.2% owned by Wilshire New York Partners V, LLC and 13.8% owned by Wilshire New York Partners IV, LLC (both subsidiaries of Newtek Business Services Corp.), 50% owned by non-affiliate.
(17) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.). During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.
(18) 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.
(19) 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.
(20) 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, 2017, 4.9% of total assets are non-qualifying assets.


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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Performing SBA Unguaranteed Investments (1)                
Fort Smith Wings Inc. dba Wing Stop Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2026 19.5
 19.5
 17.4
 0.01%
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2041 419.9
 419.9
 409.7
 0.20%
Joshua L. Baker Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/23/2026 15.8
 15.8
 13.4
 0.01%
Jacliff Investments Inc. dba International health Technologies Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/23/2026 125.0
 125.0
 106.7
 0.05%
New Image Building Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2026 43.8
 43.8
 38.7
 0.02%
Chestnut Street Associates, LLC and Metropolitan Solutions, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041 275.0
 275.0
 261.1
 0.12%
Means Enterprises LLC dba FastFrame Frisco Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026 22.5
 22.5
 19.5
 0.01%
New Chicago Wholesale Bakery, Inc. Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041 452.8
 452.8
 443.6
 0.21%
Soon Im. Chin dba Stan C-Store Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041 212.5
 212.5
 216.6
 0.10%
Sempco, Inc. Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 42.0
 42.0
 43.6
 0.02%
Allied Welding Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2041 750.0
 750.0
 727.9
 0.35%
Ericon, Inc. dba Quik Pik Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041 332.2
 332.2
 328.4
 0.16%
White Hawk Inc. Truck Transportation Term Loan Prime plus 2.75% 12/15/2026 1,097.8
 1,097.8
 937.2
 0.45%
Elita 7, LLC Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2041 712.5
 712.5
 716.0
 0.34%
Techni-Pro Institute LLC Educational Services Term Loan Prime plus 2.75% 12/15/2026 190.0
 190.0
 166.9
 0.08%
HMG Strategy, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026 50.0
 50.0
 42.7
 0.02%
Cardinal Homes Inc. and Bret A Berneche Wood Product Manufacturing Term Loan Prime plus 2.75% 12/14/2041 121.3
 121.3
 125.3
 0.06%
Trison Enterprises Inc.dba Lee's Automotive Repair and Maintenance Term Loan Prime plus 2.75% 12/14/2041 407.5
 407.5
 406.2
 0.19%
AGG Management Team LLC dba Chevron Gasoline Stations Term Loan Prime plus 2.75% 12/14/2041 287.5
 287.5
 298.3
 0.14%

83
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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Cardinal Homes Inc,.Alouette Holdings Inc. Wood Product Manufacturing Term Loan Prime plus 2.75% 12/14/2026 1,071.3
 1,071.3
 1,074.5
 0.51%
D and E Hardware Co. and D and E Pump Sales and Service Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2041 528.6
 528.6
 518.6
 0.25%
Wayfarer Bicycle LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2041 92.5
 92.5
 88.9
 0.04%
Success Advertising Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2041 466.5
 466.5
 476.4
 0.23%
Roast Beef Levittown LLC dba Arby's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 465.0
 54.6
 55.0
 0.03%
Queen Express LLC Gasoline Stations Term Loan Prime plus 2.75% 12/13/2041 187.5
 187.5
 191.6
 0.09%
Mack Team Enterprises Inc.dba The UPS Store #6815 Couriers and Messengers Term Loan Prime plus 2.75% 12/9/2026 20.4
 20.4
 18.2
 0.01%
Recycling Revolution,LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2041 92.2
 92.2
 90.4
 0.04%
Myndshft Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2026 775.0
 775.0
 731.8
 0.35%
^New Life Hospital LLC Hospitals Term Loan Prime plus 2.75% 12/8/2041 1,195.5
 1,195.5
 1,240.3
 0.59%
Imagine By Carleen Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 12/8/2041 52.5
 52.5
 53.3
 0.03%
Hanson's Greeks LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026 11.3
 11.3
 11.3
 0.01%
Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/7/2029 71.3
 71.3
 67.4
 0.03%
T & B Boots, Inc. dba Takken's Shoes Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/7/2026 100.0
 100.0
 93.0
 0.04%
Lan Doctors, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/7/2026 237.5
 237.5
 230.8
 0.11%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites Accommodation Term Loan Prime plus 2.75% 12/5/2041 352.5
 352.5
 358.5
 0.17%
Lilo Holdings LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/5/2026 15.9
 15.9
 14.3
 0.01%
 Transmission Solutions Group, Inc. and Calhoun Satellite Communications Telecommunications Term Loan Prime plus 2.75% 12/2/2041 141.3
 141.3
 130.2
 0.06%
Calhoun Satellite Communications, Inc. Telecommunications Term Loan Prime plus 2.75% 12/2/2026 192.5
 192.5
 171.7
 0.08%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Noso Development LLC Construction of Buildings Term Loan Prime plus 2.75% 12/1/2026 75.0
 75.0
 64.0
 0.03%
^Ericon, Inc. Gasoline Stations Term Loan Prime plus 2.75% 12/1/2041 726.1
 726.1
 717.8
 0.34%
^Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/30/2041 67.5
 67.5
 70.0
 0.03%
Sharaz Shah DBA Thomas Jewelers Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 11/30/2026 8.1
 8.1
 6.9
 —%
Choe Trading Group, Inc.dba Rapid Printers of Monterey Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2026 22.5
 22.5
 21.9
 0.01%
Studio Find It Georgia, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026 7.5
 7.5
 6.5
 —%
^Quick Ship, LLC Couriers and Messengers Term Loan Prime plus 2.75% 11/30/2026 10.5
 10.5
 9.0
 —%
B4 Fitness LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026 22.5
 22.5
 20.0
 0.01%
Imaginarium Foods LLC, Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042 376.7
 124.4
 129.2
 0.06%
RD Management, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2026 213.8
 213.8
 184.7
 0.09%
^Usman Jalil, LLC dba Food Mart Gasoline Stations Term Loan Prime plus 2.75% 11/29/2041 233.3
 233.3
 223.3
 0.11%
Honor Mansion, Inc. Accommodation Term Loan Prime plus 2.75% 11/29/2026 87.5
 87.5
 88.1
 0.04%
Access Staffing, LLC Administrative and Support Services Term Loan Prime plus 2.75% 11/29/2026 1,125.0
 1,125.0
 960.4
 0.46%
WPN Recycling Company LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/23/2026 22.5
 22.5
 22.7
 0.01%
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 Administrative and Support Services Term Loan Prime plus 2.75% 11/23/2026 60.0
 60.0
 51.9
 0.02%
CRK Mens, LLC dba Spiff for Men Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026 106.3
 106.3
 92.5
 0.04%
Merchant Coterie, Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/23/2026 125.0
 125.0
 106.7
 0.05%
6E Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2026 175.0
 175.0
 160.2
 0.08%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Broms Asset Management LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/22/2026 125.0
 125.0
 106.7
 0.05%
Rognes Corp dba RTS Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 11/22/2026 389.3
 389.3
 354.1
 0.17%
Bouquet Restaurant LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2041 125.0
 125.0
 124.9
 0.06%
^J.B.K Truck Trailer and Bus Inc Repair and Maintenance Term Loan Prime plus 2.75% 11/22/2041 435.0
 435.0
 427.8
 0.20%
Skaggs RV Outlet LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 100.0
 100.0
 100.7
 0.05%
Catherine Christine Morin dba Purr-Fect Pets Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026 18.8
 18.8
 16.0
 0.01%
Stratmar Systems Inc dba Stratmar Retail Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2026 68.5
 68.5
 69.0
 0.03%
Hoosier Health Plus, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026 125.0
 125.0
 116.8
 0.06%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2041 446.0
 446.0
 450.1
 0.22%
Hackensack Steel Corporation and Luzerne Ironworks Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 239.2
 239.2
 238.8
 0.11%
^Panther Ironworks and Rigging Solutions LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 151.3
 151.3
 138.0
 0.07%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2026 188.8
 188.8
 184.8
 0.09%
^Bovill Creative,LLC Real Estate Term Loan Prime plus 2.75% 11/9/2041 281.2
 281.1
 291.7
 0.14%
^Big Apple Entertainment Partners LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/9/2026 175.0
 175.0
 149.4
 0.07%
^Dyer Properties, LLC and Bayview Pharmacy, Inc. Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 240.3
 240.3
 234.1
 0.11%
^Rich's Food Stores LLC dba Hwy 55 of Wallace Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 43.8
 43.8
 40.5
 0.02%
MIK LLC dba Firehouse Subs Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 200.0
 163.3
 141.6
 0.07%
Surgarloaf Concepts LLC dba Fat Biscuit Food Services and Drinking Places Term Loan Prime plus 2.75% 11/8/2026 168.8
 95.9
 96.6
 0.05%
^Fine Line Interiors, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 87.5
 87.5
 90.8
 0.04%

86
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Pig-Sty BBQ, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2026 71.3
 71.3
 71.8
 0.03%
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 127.5
 35.8
 37.2
 0.02%
^Veracruz Shabo, LLC, Waterfalls Quick Lube LLC Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 118.8
 118.8
 119.6
 0.06%
Glocecol LLC Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026 75.0
 75.0
 75.5
 0.04%
Middlesex Auto Sales Corp Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2041 125.0
 47.5
 49.3
 0.02%
^Bloomquist Communications Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 60.0
 59.6
 50.9
 0.02%
^Moolchan Enterprises LLC dba Staying Green Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 18.2
 18.0
 16.9
 0.01%
^Woodstock Enterprises Corp dba True Scent Candle Company Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/31/2041 88.8
 88.6
 85.2
 0.04%
^Patina Investment, Inc and Ram & Sons, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 10/27/2041 175.0
 174.8
 181.3
 0.09%
Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029 225.0
 225.0
 217.4
 0.10%
^FibAire Communications, LLC Telecommunications Term Loan Prime plus 2.75% 10/27/2026 107.5
 106.8
 97.6
 0.05%
^Bonita Stone LLC and Castone Creations Inc Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 10/25/2041 264.4
 264.0
 259.4
 0.12%
^Empire Processor Services Inc. and Verrazano Wholesale Dist., Inc. Nonstore Retailers Term Loan Prime plus 2.75% 10/25/2026 131.3
 130.5
 131.4
 0.06%
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 425.0
 422.4
 416.6
 0.20%
Eco Vehicle Systems LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 10/21/2026 955.5
 949.8
 940.4
 0.45%
Worldwide Estate, Inc. dba Washington Heights Manor Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041 225.0
 155.8
 161.6
 0.08%
^Gold Wind Logistics LLC Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 175.0
 175.0
 181.6
 0.09%
^Speaker City, Inc. dba Rollin Thunder Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/14/2041 125.0
 124.8
 125.3
 0.06%
^Maine Service Corp Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/13/2026 206.3
 204.3
 190.3
 0.09%
^Justin Partlow Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026 19.5
 19.4
 16.5
 0.01%

87
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Reliable Recovery Services LLC Support Activities for Transportation Term Loan Prime plus 2.75% 10/7/2026 112.5
 111.8
 101.4
 0.05%
^Ailky Corporation Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 250.0
 248.5
 217.5
 0.10%
^Wyspen Corporation dba Charlestown Ace Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 36.0
 35.8
 30.5
 0.01%
^JJA Transportation Management Inc. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026 52.5
 51.9
 44.3
 0.02%
^MegaPhase, LLC Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/30/2026 150.0
 148.2
 141.8
 0.07%
^Seaway LLC and Reklaw LLC dba Allure Lounge Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041 137.5
 137.1
 142.2
 0.07%
^Adelworth Bus Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2041 242.8
 242.1
 236.6
 0.11%
Adelwerth Bus Corporation, Transportation Leasing Corp. Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029 654.0
 648.5
 619.6
 0.30%
^Las Casuelas Del Este Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2041 800.0
 799.4
 811.3
 0.39%
^Thunderdome Racing Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/29/2026 19.1
 18.8
 18.4
 0.01%
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/29/2029 671.5
 665.8
 619.7
 0.30%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2026 648.0
 640.1
 586.2
 0.28%
^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Service Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2041 405.8
 404.6
 382.3
 0.18%
^Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med Printing and Related Support Activities Term Loan Prime plus 2.75% 9/28/2041 850.0
 847.6
 879.0
 0.42%
^Beadon Inc Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026 22.5
 22.2
 22.0
 0.01%
^CD Game Exchange Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2026 22.5
 22.2
 19.0
 0.01%
^CNC Precision Machine, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041 1,250.0
 1,246.5
 1,230.6
 0.59%
^Kyle M Walker DDS,PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026 217.8
 215.1
 189.0
 0.09%
^Luna Nueva LLC dba Bio Builders Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2026 15.0
 14.8
 13.0
 0.01%

88
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Reynolds Fence & Guardrail Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026 629.6
 621.9
 596.4
 0.29%
^Luv 2 Play Nor Call, LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026 52.5
 51.9
 46.3
 0.02%
^Sarah S Olelewe MD Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2041 292.4
 292.2
 289.2
 0.14%
^TPFC,LLC dbaThe Picture Frame Company Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041 58.8
 58.6
 58.1
 0.03%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026 9.0
 8.9
 8.7
 —%
^PeopleBest Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026 15.0
 14.8
 12.6
 0.01%
^Mr. Mulch, Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2041 405.8
 404.6
 375.8
 0.18%
^B4 Fitness LLC dba The Zoo Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/23/2026 87.5
 86.4
 76.8
 0.04%
^InformationTelevision Network Inc Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 9/22/2041 836.8
 835.6
 856.4
 0.41%
^Kids at Heart,LLC dba Monster Mini Golf Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/22/2026 22.5
 22.3
 19.3
 0.01%
^GRA Financial Services Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/22/2026 12.0
 11.9
 10.1
 —%
^Wrecking Crew Media LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026 50.0
 49.4
 42.1
 0.02%
^Cuppiecakes LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041 22.5
 22.4
 22.1
 0.01%
^Benoit's Towing and Recovery LLC Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026 12.0
 11.9
 10.3
 —%
^Consulting Solutions Inc. and Mark Luciani Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026 22.5
 22.3
 20.8
 0.01%
^Brittany Burns LLC dba Dreams Come True Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2026 12.9
 12.7
 12.8
 0.01%
^Eyncon LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/16/2041 50.0
 49.9
 49.8
 0.02%
^Tresa S.Parris dba Wagging Tails Grooming Personal and Laundry Services Term Loan Prime plus 2.75% 9/16/2026 8.0
 7.9
 6.8
 —%

89
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^The Merrin Group LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2026 175.0
 172.9
 164.8
 0.08%
^Rich's Food Stores LLC dba Hwy 55 of Wallace Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2026 145.5
 143.7
 133.2
 0.06%
^Atlantic Alarm Systems and Services LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/14/2026 15.5
 15.3
 13.4
 0.01%
^Metropet Dog Center, Inc Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 109.3
 108.9
 109.2
 0.05%
^Marquis Cattle Company Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026 50.0
 49.7
 50.1
 0.02%
^Bingham Enterprises, Inc and Full Belli Deli and Sausage Company Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2041 82.5
 82.3
 79.6
 0.04%
^Artisan Infrastructure Holdings, LLC Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/7/2026 125.0
 123.5
 105.4
 0.05%
^SRA Mechanicial Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041 43.8
 43.6
 45.0
 0.02%
^Sandia Enterprises Inc dba Massage Envy Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/6/2026 62.5
 61.7
 52.7
 0.03%
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 125.0
 123.0
 107.7
 0.05%
^Suncrest Stone Products LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 8/29/2026 586.8
 576.0
 514.8
 0.25%
^Clark Realty LLC Real Estate Term Loan Prime plus 2.75% 8/29/2041 237.5
 236.5
 225.0
 0.11%
^Raem Corporation dba Dryclean Express Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 72.5
 72.2
 73.9
 0.04%
^Suncrest Stone Products LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 8/29/2041 649.6
 646.9
 596.9
 0.29%
^TAGR Inc dba Miami Grill 137and John Nakis Food Services and Drinking Places Term Loan Prime plus 2.75% 8/26/2026 106.8
 104.8
 91.7
 0.04%
^Warren Dale Warrington dba Custom Paint and Body Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041 101.3
 100.8
 101.6
 0.05%
^Albert Basse Associates Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026 62.5
 61.4
 61.1
 0.03%
^Dean Technology Inc Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 8/25/2041 387.1
 385.5
 396.3
 0.19%
^Rosmel Pools Inc Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 22.5
 22.1
 19.3
 0.01%
^Avery Management Inc. dba Whetstone Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 10.7
 10.5
 8.9
 —%

90
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^TR Companies LLC dba True Value Rental and Liberty Rental 4 U Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 90.0
 88.4
 75.4
 0.04%
^Tabadesa Associates Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/25/2026 22.5
 22.1
 18.8
 0.01%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041 500.0
 366.5
 380.2
 0.18%
^Tim's Tire & Automotive Center, LLC Support Activities for Transportation Term Loan Prime plus 2.75% 8/16/2026 816.6
 797.7
 721.6
 0.35%
^Luv 2 Play Temecula, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026 60.0
 58.9
 50.3
 0.02%
Bear Creek Entertainment LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 8/12/2041 437.5
 279.1
 284.3
 0.14%
^2 Cool Beans LLC dba Menchies's Frozen Yogurt Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026 82.5
 81.0
 69.1
 0.03%
^Grayson O Company Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041 625.0
 622.4
 639.7
 0.31%
^Charal Investments LLC dba Orange Theory Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/10/2026 87.5
 85.9
 73.3
 0.04%
^PCNKC Inc dba Plato's Closet Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/10/2026 18.8
 18.5
 16.2
 0.01%
^Paul Belanger dba Paul Belanger Landscaping Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 15.0
 14.7
 12.6
 0.01%
^R Performance LLC dba Performance Automotive of San Diego Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 15.0
 14.6
 12.8
 0.01%
^The Hungry Rhino LLC Real Estate Term Loan Prime plus 2.75% 7/29/2041 76.3
 75.8
 74.9
 0.04%
^Nicolette Reiser dba Comfort & Balance Personal and Laundry Services Term Loan Prime plus 2.75% 7/29/2041 75.0
 74.6
 75.1
 0.04%
^USA General Investment LLC dba Braniff Paint and Body Shop Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 22.5
 21.9
 19.3
 0.01%
^Little Tree Huggers Child Care LLC Social Assistance Term Loan Prime plus 2.75% 7/29/2041 140.0
 139.2
 143.9
 0.07%
^303 Tower Drive LLC Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 400.3
 398.0
 403.4
 0.19%
^KJCKD Inc dba Camelot Print & Copy Centers/Copy A Second Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2041 587.0
 583.7
 578.9
 0.28%
^Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026 300.0
 292.6
 249.7
 0.12%

91
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^676 Club LP dba The Green Door Tavern/The Drifter Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041 670.0
 665.0
 679.9
 0.33%
^MacIver Corporation dba Division Camera Rental and Leasing Services Term Loan Prime plus 2.75% 7/28/2026 1,250.0
 1,219.3
 1,143.1
 0.55%
^J And G Group Services LLC and United Vending of Florida Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/28/2026 31.5
 30.8
 27.5
 0.01%
^Intrepid Trinity LLC Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041 62.5
 62.1
 62.4
 0.03%
^Apple Tree NC Inc dba Williams Farm & Garden Center Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041 337.0
 335.1
 327.8
 0.16%
^Kidtastic LLC dba The Little Gym of Audubon Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/27/2026 53.8
 52.8
 45.0
 0.02%
^GF Libations Inc dba Minuteman Press Printing and Related Support Activities Term Loan Prime plus 2.75% 7/27/2041 40.5
 39.5
 34.9
 0.02%
^EPEC Juice LLC dba Jamba Juice Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 82.5
 81.5
 69.5
 0.03%
^Pinco Pizza LLC dba Jet's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 72.9
 72.0
 70.4
 0.03%
^Peckett's Inc Crop Production Term Loan Prime plus 2.75% 7/27/2041 225.0
 224.7
 233.0
 0.11%
^JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 125.0
 121.9
 104.1
 0.05%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026 91.0
 88.9
 80.9
 0.04%
^Gino Italian American Deli and Meat Market Inc Food and Beverage Stores Term Loan Prime plus 2.75% 7/25/2041 536.8
 534.2
 525.0
 0.25%
^My Sainath Inc dba Motel 6 Accommodation Term Loan Prime plus 2.75% 7/22/2041 305.4
 303.7
 308.6
 0.15%
^Robert G Larson State Farm Insurance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026 22.5
 21.9
 18.7
 0.01%
^J and D Resources LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2026 130.5
 127.3
 109.7
 0.05%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026 15.8
 15.4
 13.1
 0.01%
Franklin Firm LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041 173.3
 172.9
 171.6
 0.08%
^Billingsworks LLC dba Spoon Shine Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2026 9.7
 9.4
 9.5
 —%
^Be Beautiful LLC Personal and Laundry Services Term Loan Prime plus 2.75% 7/14/2041 66.5
 66.1
 67.2
 0.03%

92
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2026 46.3
 45.1
 38.5
 0.02%
^Jacob Rugs LLC dba Rugs Outlet Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 7/13/2026 65.6
 64.0
 64.5
 0.03%
^RM Hawkins LLC dba Pure Water Tech West Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026 50.0
 48.9
 46.5
 0.02%
^Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/7/2026 14.3
 13.9
 12.2
 0.01%
Nevey's LLC dba Stark Food III Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 293.9
 246.6
 254.5
 0.12%
^P L H Pharmaco Inc dba Farmacia San Jose Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026 175.0
 169.7
 165.5
 0.08%
^Soregard Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/30/2041 278.8
 276.8
 260.2
 0.12%
^Martin Inventory Management LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026 105.8
 102.5
 102.8
 0.05%
^Desert Tacos LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026 98.8
 98.3
 91.3
 0.04%
^VMA Technologies LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026 22.5
 21.8
 18.4
 0.01%
^Corning Lumber Company Inc and Frank R Close and Son Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029 195.5
 191.3
 193.4
 0.09%
^Castone Creations Inc Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/29/2026 87.5
 84.8
 74.7
 0.04%
^WGI, LLC dba Williams Grant Inn Accommodation Term Loan Prime plus 2.75% 6/29/2041 131.3
 130.3
 128.8
 0.06%
^O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 140.0
 135.7
 117.5
 0.06%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041 304.5
 302.8
 303.9
 0.15%
^Ninsa LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2041 112.5
 111.7
 115.5
 0.06%
^E & P Holdings 1 LLC and Evans & Paul LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026 125.0
 121.4
 105.9
 0.05%
^MaidPro Marin dba MaidPro Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2026 17.6
 17.0
 14.3
 0.01%
^Edge Pest Control LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2026 750.0
 726.9
 612.0
 0.29%
^All Printing Solutions, Inc. dba Pryntcomm Printing and Related Support Activities Term Loan Prime plus 2.75% 6/27/2041 545.6
 542.4
 513.8
 0.25%

93
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast Accommodation Term Loan Prime plus 2.75% 6/24/2041 101.3
 100.5
 103.9
 0.05%
^Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026 50.0
 48.5
 40.8
 0.02%
^Yellow Cab Company of Kissimmee Inc Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/24/2041 56.8
 56.4
 53.2
 0.03%
^El Basha Inc dba RPM West San Fernando Valley Real Estate Term Loan Prime plus 2.75% 6/24/2026 22.5
 20.8
 17.5
 0.01%
^Long Island Comedy LLC dba Governors and New York Comedy, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 187.5
 186.2
 184.4
 0.09%
^Visual Advantage LLC dba Signs Now Perryberg Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041 91.3
 90.6
 88.7
 0.04%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041 375.0
 375.0
 370.9
 0.18%
^SNS of Central Alabama, LLC dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2026 57.5
 55.7
 50.2
 0.02%
^Italian Heritage Tile and Stone Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/20/2026 62.5
 60.6
 51.0
 0.02%
^Evergreen Investment & Property Management LLC ,Universal Kidney Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/20/2041 1,250.0
 1,243.2
 1,261.1
 0.60%
^Bagelicious, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026 54.6
 52.9
 44.8
 0.02%
^T and B Boots Inc dba Takken's Shoes Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/17/2026 225.0
 218.4
 217.4
 0.10%
^NKJ Lusby Donuts LLC Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026 22.5
 21.8
 18.4
 0.01%
^Winegirl Wines LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 6/16/2026 11.3
 10.9
 10.9
 0.01%
^Blue Eagle Transport Inc, Greeneagle Transport Inc Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 583.0
 560.1
 471.5
 0.23%
^Jai-Alexia Consulting, Inc. Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 11.8
 11.5
 9.6
 —%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares Social Assistance Term Loan Prime plus 2% 6/15/2041 515.3
 511.2
 484.8
 0.23%
^Strag Industries LLC dba Meineke Car Care Center 841 Repair and Maintenance Term Loan Prime plus 2.75% 6/15/2026 15.0
 14.5
 13.3
 0.01%
^Luv 2 Play AZ LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 62.5
 60.6
 58.5
 0.03%

94
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Refoleen Inc dba Spice and Tea Exchange Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 85.0
 83.9
 70.7
 0.03%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2026 84.0
 81.4
 68.5
 0.03%
^ScimTech Industries Inc dba Archer Aerospace Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/6/2026 12.0
 11.6
 9.8
 —%
^Larry H. Patterson and Rainbow Movers, Inc Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 22.5
 21.8
 18.5
 0.01%
^Solvit Inc and Solvit North Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026 250.0
 242.3
 214.7
 0.10%
^AP5 LLC dba Krauser's Food Store Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 242.5
 240.8
 239.1
 0.11%
^ATI Jet Inc Air Transportation Term Loan Prime plus 2.75% 5/31/2026 518.8
 499.9
 441.7
 0.21%
^Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 5/31/2026 50.0
 48.1
 48.3
 0.02%
Angelo Faia dba AVF Construction Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 100.0
 98.7
 97.3
 0.05%
^Premier Athletic Center of Ohio, Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026 87.5
 84.3
 84.6
 0.04%
^MNM Printing and Marketing Solutions LLC dba AlphaGraphics of Saint Louis Printing and Related Support Activities Term Loan Prime plus 2.75% 5/27/2026 18.8
 18.1
 15.2
 0.01%
^Mersada Holdings LLC Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2026 337.5
 325.0
 326.1
 0.16%
^Jack Frost Firewood Inc. and David Dubinsky Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041 206.3
 204.5
 200.1
 0.10%
^Southwest Division Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026 8.3
 7.9
 7.1
 —%
^International Kitchen Supply LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026 186.8
 179.8
 160.3
 0.08%
^PennyLion LLC dba Creamistry Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2026 81.0
 81.0
 70.1
 0.03%
^Groth Lumber Co. Inc. dba True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026 22.5
 21.7
 21.7
 0.01%
^Island Life Graphics Inc dba FASTSIGNS #576 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026 22.5
 21.7
 18.5
 0.01%
^Powerspec Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026 87.5
 84.3
 71.0
 0.03%

95
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Horseshoe Barbecue, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 15.0
 14.2
 14.4
 0.01%
^Pro Auto Repair LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026 7.5
 7.2
 6.9
 —%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan Social Assistance Term Loan Prime plus 2.75% 5/20/2026 12.8
 12.3
 10.3
 —%
^CM Lab Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/20/2026 172.6
 169.5
 156.1
 0.07%
^National Air Cargo Holdings Inc Air Transportation Term Loan Prime plus 2.75% 5/20/2026 1,250.0
 1,205.2
 1,174.9
 0.56%
^J&A Laundromat Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026 67.5
 65.0
 56.3
 0.03%
^HBA LLC dba Palmetto Twist-Vista Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026 22.5
 21.7
 18.7
 0.01%
^Dedicated Incorporated Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041 46.5
 46.1
 45.9
 0.02%
^Studio Find It Georgia Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026 22.5
 21.7
 18.9
 0.01%
^FJN Catering Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041 262.5
 260.7
 266.9
 0.13%
^LED Lighting Enterprises LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/13/2026 22.5
 21.7
 18.8
 0.01%
^J. Harris Trucking, LLC Truck Transportation Term Loan Prime plus 2.75% 5/13/2026 60.0
 41.6
 37.4
 0.02%
^Luv 2 Play OC Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/12/2026 62.5
 62.5
 52.6
 0.03%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano Social Assistance Term Loan Prime plus 2.75% 5/12/2041 132.5
 131.4
 129.1
 0.06%
^The Delon Group LLC dba I Love Juice Bar Food Services and Drinking Places Term Loan Prime plus 2.75% 5/12/2026 55.0
 53.0
 44.6
 0.02%
^Sabir Inc. dba Bear Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041 123.8
 122.9
 124.1
 0.06%
^Gator D'Lites LLC dba D'Lites Emporium Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026 22.5
 21.7
 18.2
 0.01%
^Warner Home Comfort, LLC dba Smith Piping Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 82.5
 81.7
 80.4
 0.04%
^Keller, Fishback & Jackson LLP Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 131.8
 125.1
 125.5
 0.06%

96
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 22.5
 21.5
 18.1
 0.01%
^May-Craft Fiberglass Products Inc Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041 247.5
 245.0
 253.3
 0.12%
^Alpha Omega Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 4/29/2041 175.8
 174.7
 180.6
 0.09%
^Scoler LLC dba Gold's Gym Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026 262.5
 251.1
 222.2
 0.11%
^Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026 7.5
 7.2
 6.1
 —%
^La Nopalera Mexicano 2, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2026 125.5
 123.0
 123.5
 0.06%
^Euro Car Miami LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 4/29/2026 62.5
 59.9
 60.1
 0.03%
^Hard Exercise Works Winter Park LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026 40.8
 39.0
 32.8
 0.02%
^Empowerschool LLC and Empower Autism Academy, LLC Social Assistance Term Loan Prime plus 2.75% 4/29/2041 151.9
 150.4
 155.2
 0.07%
^Inner Beauty Salon and Suite LLC Personal and Laundry Services Term Loan Prime plus 2.75% 4/28/2041 65.0
 64.4
 65.8
 0.03%
^Atlantic Restaurant Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/28/2041 262.5
 259.9
 263.0
 0.13%
^Costume World Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041 1,250.0
 1,239.6
 1,281.2
 0.61%
^Pecos Inn LLC dba Econo Lodge Accommodation Term Loan Prime plus 2.75% 4/28/2041 677.5
 670.8
 678.0
 0.32%
^North American Manufacturing Company Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/28/2026 160.0
 153.1
 153.6
 0.07%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma Real Estate Term Loan Prime plus 2.75% 4/28/2026 9.0
 8.6
 7.2
 —%
^Knowledge First Inc dba Magic Years of Learning Social Assistance Term Loan Prime plus 2.75% 4/27/2026 80.0
 76.5
 71.8
 0.03%
^Green Country Filter Manufacturing LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/27/2026 84.3
 80.6
 69.8
 0.03%
^Accent Comfort Services, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 90.0
 86.1
 72.5
 0.03%
^Homecare Casa Rhoda 123 Inc Ambulatory Health Care Services Term Loan Prime plus 2% 4/26/2041 675.0
 667.4
 642.3
 0.31%

97
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^McIntosh Trail Management Services Organization Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/22/2041 425.0
 420.8
 434.9
 0.21%
^Automotive Core Recycling, LLC and 828 Old Colony Road, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041 250.0
 247.5
 234.1
 0.11%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026 7.9
 7.5
 7.6
 —%
^Jande Graphics LLC dba FastSigns #103201 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/21/2026 56.0
 53.6
 45.1
 0.02%
^Miguel Fernando Borda, P.A. dba BGR Dental Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/15/2026 22.5
 21.5
 18.7
 0.01%
^LE & JS dba Laredo Mercado Y Carniceria Food and Beverage Stores Term Loan Prime plus 2.75% 4/13/2026 20.0
 19.1
 16.1
 0.01%
^Sushiya Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026 87.5
 83.8
 73.6
 0.04%
^Sierra Foothill Cremation & Funeral Service, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 4/7/2026 53.0
 50.8
 42.8
 0.02%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 271.3
 269.3
 270.3
 0.13%
^KNS Early Learning Academy LLC Social Assistance Term Loan Prime plus 2.75% 4/6/2041 51.0
 50.5
 49.4
 0.02%
^Duke's Cleaners Inc Personal and Laundry Services Term Loan Prime plus 2.75% 3/31/2026 47.0
 44.7
 41.0
 0.02%
^Cameo Carter, MD A Professional Corporation Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026 75.0
 71.3
 60.0
 0.03%
^Farhad Brothers LLC dba Lulu's Pizzeria & Family Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2026 66.8
 59.6
 50.1
 0.02%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 56.8
 56.1
 57.7
 0.03%
^Vehicle Safety Supply LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026 22.5
 21.4
 18.0
 0.01%
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 393.5
 389.0
 362.2
 0.17%
^Gill Express Inc and Blue Speed LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2041 518.0
 512.1
 505.3
 0.24%
^Dana A. Farley dba Independent Cabinets Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 67.5
 66.7
 68.9
 0.03%
^NOSO Development, LLC Construction of Buildings Term Loan Prime plus 2.75% 3/30/2026 187.5
 178.2
 149.9
 0.07%
^Wyldewood Cellars, Inc. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041 986.8
 985.8
 936.7
 0.45%

98
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Accommodation Term Loan Prime plus 2.75% 3/30/2026 22.5
 21.6
 21.7
 0.01%
^Beale Street Blues Company-West Palm Beach, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026 93.8
 89.1
 77.1
 0.04%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041 257.5
 254.6
 258.5
 0.12%
^MTS Car Service LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026 10.5
 10.0
 8.4
 —%
^Atlantis of Daytona LLC and Pierre Mamane and Eva Mamane Clothing and Clothing Accessories Stores Term Loan Prime plus 2% 3/29/2041 525.0
 513.5
 505.1
 0.24%
^Barrocas Gym LLC dba Snap Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026 22.5
 21.1
 19.1
 0.01%
^Vinmar Inc. dba Locanda Portofino Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2026 81.3
 77.2
 65.0
 0.03%
^Lust for Life Footwear, LLC Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 3/29/2026 375.0
 356.4
 299.9
 0.14%
^Marathon Engineering Corporation Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041 45.0
 44.5
 44.7
 0.02%
^PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026 50.0
 47.5
 42.5
 0.02%
^ReNew Interior Surface Cleaning LLC dba Randy's Carpet Care and Upholstery Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2026 12.4
 11.8
 11.5
 0.01%
^RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 3/25/2026 56.3
 53.5
 45.0
 0.02%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026 22.5
 21.6
 18.7
 0.01%
^Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 3/25/2026 125.0
 118.8
 106.7
 0.05%
^Lowgap Grocery & Grill LLC General Merchandise Stores Term Loan Prime plus 2.75% 3/24/2041 167.5
 165.6
 171.1
 0.08%
^ActKnowledge, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 125.0
 118.8
 119.1
 0.06%
^International Construction Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041 50.0
 49.5
 48.4
 0.02%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring Specialty Trade Contractors Term Loan Prime plus 2.75% 3/24/2026 50.0
 47.5
 46.2
 0.02%
^Acton Hardware LLC and Mark Allgood & Jamie Allgood Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/24/2041 498.6
 492.9
 472.6
 0.23%

99
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^The Youth Fountain LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/23/2026 47.5
 45.2
 38.0
 0.02%
^Magnation Corporation and Misha Family Trust Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/22/2041 101.3
 100.4
 103.7
 0.05%
^growth.period LLC and Potomac Recruiting LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2026 156.3
 148.5
 124.9
 0.06%
^Precious Care LLC and Precious Care Management LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026 557.5
 529.8
 449.0
 0.21%
^Media Capital Partners, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/21/2026 22.5
 21.4
 18.0
 0.01%
^Pro Tech Technology LLC Support Activities for Transportation Term Loan Prime plus 2.75% 3/18/2026 7.5
 7.1
 6.0
 —%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041 80.8
 79.8
 81.5
 0.04%
^ERT Group Inc and Curt's Tools Inspection Inc Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041 1,250.0
 1,237.6
 1,216.3
 0.58%
^Kekoa Enterprises Inc dba Signarama Sandy Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026 49.5
 47.0
 39.6
 0.02%
^Mariam Diner Inc dba Country Kitchen Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 3/18/2026 52.5
 49.9
 42.0
 0.02%
^Brian T Rice dba BD Logging Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026 15.8
 15.0
 13.5
 0.01%
^Auto and Property Insurance Solutions Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/16/2026 16.4
 15.4
 12.9
 0.01%
^Demand Printing Solutions Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 3/16/2026 21.8
 20.7
 19.5
 0.01%
^LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/16/2026 55.0
 52.3
 52.4
 0.03%
^Evergreen Pallet LLC and Evergreen Recycle LLC Wood Product Manufacturing Term Loan Prime plus 2.75% 3/16/2026 1,039.3
 988.2
 882.4
 0.42%
^K Soles Corp dba Max Collections Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026 22.5
 21.4
 18.0
 0.01%
^R & D Enterprises Inc dba My Pool Man Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026 50.0
 47.5
 40.0
 0.02%
^HEWZ, LLC dba Hard Exercise Works Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026 22.5
 21.4
 18.0
 0.01%

100
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Mustafa Inc and Raouf Properties LLC Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 75.0
 74.1
 75.4
 0.04%
^Country Paint and Hardware Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/11/2026 87.4
 83.0
 71.5
 0.03%
^Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/11/2026 105.0
 100.2
 94.8
 0.05%
^ABCs & 123s Infant and Child Care Center LP Social Assistance Term Loan Prime plus 2.75% 3/11/2026 11.3
 10.7
 9.0
 —%
^Accuair Control Systems LLC dba Accuair Suspension Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 3/11/2026 150.0
 142.6
 122.8
 0.06%
^Dupre Capital LLC dba Fastsigns Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 58.4
 55.5
 46.7
 0.02%
^Magill Truck Line LLC and Jeff J. Ralls Truck Transportation Term Loan Prime plus 2.75% 3/11/2029 210.8
 203.6
 183.0
 0.09%
^Fayette Computer Consulting Company Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/10/2026 22.5
 21.4
 18.9
 0.01%
^State Painting & Decorating Co., Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/10/2026 103.8
 98.6
 83.0
 0.04%
^B.P.T.M. of NV LLC and Agentis Bros., LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/9/2041 525.0
 519.0
 513.8
 0.25%
^Step Up Academy of the Arts LLC Educational Services Term Loan Prime plus 2.75% 3/9/2026 8.0
 7.6
 6.4
 —%
^A & A Auto Care LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/9/2026 12.2
 11.5
 11.0
 0.01%
^Faith Summit Supply Inc dba Summit Supply and Summit True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 22.5
 21.4
 19.4
 0.01%
^Swerve Salon LLC Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 79.0
 75.1
 63.2
 0.03%
^J & W Hardwood Flooring Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 7.5
 7.1
 6.0
 —%
^Labmates LLC and POV Holdings LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041 109.3
 108.0
 111.6
 0.05%
^Hueston and Company CPA LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026 8.3
 7.7
 6.7
 —%
^Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 3/3/2026 50.0
 47.5
 46.3
 0.02%
^Miles of Smiles Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/2/2026 93.5
 90.5
 77.9
 0.04%
^Johnson & Dugan Insurance Services Corp Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/28/2026 62.5
 59.0
 49.7
 0.02%

101
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Living Essentials HVAC Corp Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026 15.0
 14.2
 12.1
 0.01%
^Consulting Solutions, Inc. and Mark Luciani Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026 11.3
 10.6
 10.4
 —%
^Doxa Deo Inc dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2026 105.0
 103.5
 90.3
 0.04%
^The River Beas, LLC dba Subway and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041 135.9
 134.1
 136.7
 0.07%
^Drug Detection Laboratories, Inc. and Minh Tran Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 19.8
 18.7
 16.0
 0.01%
^Powerpits CS1, LLC dba Pita Pit Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026 18.8
 17.7
 15.8
 0.01%
^Blackstones Hairdressing LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 52.0
 49.4
 42.0
 0.02%
^Aaradhya LLC dba Market Square Laundry Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 80.0
 75.5
 63.5
 0.03%
^R-No-Landscaping LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/19/2026 8.3
 7.8
 6.7
 —%
^BER Enterprise 332 Inc dba Edible Arrangements Food and Beverage Stores Term Loan Prime plus 2.75% 2/19/2026 22.5
 21.3
 18.1
 0.01%
^R & K Contracting Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026 15.8
 15.0
 14.5
 0.01%
^Pacific Coast Medical Group LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/17/2026 245.0
 231.3
 231.9
 0.11%
^B for Blonde, LLC dba Blo Blow Dry Bar Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026 62.0
 59.3
 50.0
 0.02%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029 310.3
 298.6
 272.7
 0.13%
^Ei3 Corporation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026 326.9
 308.6
 309.5
 0.15%
^Jersey Shore Marina & Boat Sales, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041 625.0
 617.7
 638.2
 0.31%
^Base USA, Inc. Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026 50.0
 47.2
 47.4
 0.02%
^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer Repair and Maintenance Term Loan Prime plus 2.75% 1/29/2026 105.0
 98.6
 98.9
 0.05%
^Zouk Ltd dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026 22.5
 21.1
 21.2
 0.01%

102
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Tammy Lavertue Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026 11.3
 10.5
 10.2
 —%
^SuzyQue's LLC dba SuzyQue's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026 22.5
 21.2
 21.2
 0.01%
^Wildflour Bakery & Cafe LLC Social Assistance Term Loan Prime plus 2.75% 1/28/2026 62.5
 58.6
 57.2
 0.03%
^New Image Building Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 1/19/2026 83.1
 78.0
 69.1
 0.03%
^Oak Tree Storage LLC Other Information Services Term Loan Prime plus 2.75% 1/19/2026 78.8
 73.8
 63.4
 0.03%
^Gendron Funeral and Cremation Services, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041 112.5
 109.4
 113.0
 0.05%
^Dolarian Realty LLC and OV's Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 67.8
 66.9
 69.1
 0.03%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025 112.5
 104.8
 91.8
 0.04%
^MCF Forte LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025 18.8
 17.5
 14.9
 0.01%
^Panditos LLC dba White Lotus Home Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025 15.9
 14.8
 12.5
 0.01%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2025 1,250.0
 1,164.4
 982.9
 0.47%
^V2 Tango LLC dba Palette 22 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2025 250.0
 232.9
 202.5
 0.10%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040 102.5
 100.8
 100.7
 0.05%
^800 on the Trax LLC and Matrix Z LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040 240.0
 237.2
 235.1
 0.11%
^Optima Health Care Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2025 62.5
 58.2
 58.4
 0.03%
^B&B Organics LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 12/22/2040 375.0
 368.9
 381.0
 0.18%
^Joyce Outdoor Advertising Chicago LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040 300.0
 297.0
 292.6
 0.14%
^The LAX Shop Inc Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/22/2025 125.0
 91.4
 91.6
 0.04%
^Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Gates Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028 882.0
 840.0
 848.3
 0.41%

103
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Hattingh Incorporated dba Prosthetic Care Facility Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025 18.0
 16.8
 14.9
 0.01%
^G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2040 1,025.0
 1,008.3
 1,041.3
 0.50%
^Trip Consultants U.S.A. Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025 175.0
 163.0
 137.1
 0.07%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2025 73.0
 69.8
 60.5
 0.03%
^Accent Tag and Label Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040 665.8
 652.2
 649.1
 0.31%
^Abbondanza Market LLC dba Hampton Falls Village Market Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025 73.8
 62.7
 54.7
 0.03%
^Capital Scrap Metal LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2025 36.0
 33.5
 28.7
 0.01%
^Labmates LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040 162.5
 159.9
 165.1
 0.08%
^Sourceco Limited Liability Company Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2025 62.5
 58.3
 51.0
 0.02%
^Mustafa Inc dba Adiba Grocery Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025 103.8
 96.7
 96.2
 0.05%
^Learning Skills LLC and Christopher Shrope Educational Services Term Loan Prime plus 2.75% 12/17/2025 10.8
 10.1
 8.5
 —%
^New York Home Health Care Equipment, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 875.0
 817.8
 801.9
 0.38%
^Moments to Remember USA LLC dba Retain Loyalty Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025 75.0
 70.0
 65.3
 0.03%
^Swalm Sreet LLC and New York Home Health Care Equipment LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2040 375.0
 370.1
 376.1
 0.18%
^JAG Unit 1, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025 250.0
 233.3
 196.2
 0.09%
^D&G Capital LLC dba Miami Grill 277 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025 83.8
 87.2
 80.6
 0.04%
^Abitino's JFK LLC dba Abitino's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022 125.0
 113.8
 100.8
 0.05%
^SDA Holdings LLC and Les Cheveux Salon Inc Personal and Laundry Services Term Loan Prime plus 2.75% 12/15/2040 428.8
 421.1
 412.2
 0.20%
^Evans & Paul LLC and E&P Holdings I LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025 125.0
 116.4
 101.5
 0.05%

104
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Basista Family Limited Partnership and UPE, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040 342.5
 336.9
 333.8
 0.16%
^DC Enterprises Ltd. dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025 22.5
 21.0
 19.9
 0.01%
^Tri-State Remodeling & Investments, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2025 15.9
 14.8
 14.3
 0.01%
^Alexandra Afentoulides dba Vi's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2040 46.3
 45.5
 47.0
 0.02%
^AGR Foodmart Inc dba Nashua Road Mobil Gasoline Stations Term Loan Prime plus 2.75% 12/11/2025 22.5
 21.0
 19.9
 0.01%
^ENI Inc. dba ENI Group, Inc Other Information Services Term Loan Prime plus 2.75% 12/11/2025 36.0
 33.5
 29.7
 0.01%
^Cares, Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 12/10/2025 7.5
 7.0
 6.9
 —%
^Custom Exteriors, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025 100.0
 93.2
 81.5
 0.04%
^Sushiya, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025 108.8
 101.3
 88.9
 0.04%
^My Jewels, LLC dba The UPS Store #6712 Administrative and Support Services Term Loan Prime plus 2.75% 12/7/2025 56.3
 33.2
 27.9
 0.01%
^Food & Fuel Company LLC dba Lowery Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2040 122.5
 120.5
 124.2
 0.06%
^Blue Ox Trucking Inc. Truck Transportation Term Loan Prime plus 2.75% 12/4/2025 12.3
 11.5
 11.5
 0.01%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040 502.5
 494.3
 497.1
 0.24%
^American Campgrounds LLC dba Whit's End Campground Accommodation Term Loan Prime plus 2.75% 12/4/2040 293.0
 288.2
 290.4
 0.14%
^Tariq, LLC dba 76 Food Mart Gasoline Stations Term Loan Prime plus 2.75% 12/2/2040 375.0
 368.9
 371.4
 0.18%
^401 JJS, Corp and G. Randazzo's Trattoria Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2040 52.8
 52.1
 51.6
 0.02%
^Delta Aggregate, LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/30/2025 100.0
 95.4
 95.7
 0.05%
^Block and Grinder LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 200.0
 187.5
 186.6
 0.09%
^Hurshell Leon Dutton dba High Jump Party Rentals Rental and Leasing Services Term Loan Prime plus 2.75% 11/30/2025 17.6
 16.2
 16.0
 0.01%
^Japp Business Inc dba Pick and Eat and Japp Drink Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 125.0
 115.6
 102.7
 0.05%

105
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 125.0
 115.6
 99.6
 0.05%
^Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/25/2040 146.3
 143.9
 148.4
 0.07%
^State Painting and Decorating Co Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 11/25/2025 100.0
 92.5
 77.8
 0.04%
^Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 11/25/2025 22.5
 20.7
 17.4
 0.01%
^DWeb Studio, Inc. Educational Services Term Loan Prime plus 2.75% 11/25/2025 11.3
 10.4
 8.7
 —%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/23/2040 750.0
 747.7
 764.6
 0.37%
^Play and Learn Child Care and School Inc Social Assistance Term Loan Prime plus 2.75% 11/23/2025 11.1
 10.3
 10.3
 —%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025 89.0
 83.4
 71.7
 0.03%
^Haven Hospitality Group Inc. dba Haven Gastropub Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2025 132.5
 122.6
 105.2
 0.05%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2040 244.4
 240.0
 224.7
 0.11%
^S.B.B. Enterprises Inc dba Williamston Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040 108.8
 106.6
 100.1
 0.05%
^Key Pix Productions Inc. dba Air Bud Entertainment Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040 839.8
 824.8
 851.8
 0.41%
^Holloway & CO. P.L.L.C. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2025 75.0
 69.4
 69.5
 0.03%
^RDT Enterprises, L.L.C. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2025 22.5
 20.8
 19.5
 0.01%
^E.S.F.P. LLC dba Volusia Van and Storage Truck Transportation Term Loan Prime plus 2.75% 11/11/2025 91.3
 84.4
 72.8
 0.03%
^Green Life Lawnscapes LLC dba Green Life Lawn Care Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025 127.3
 117.7
 114.7
 0.05%
^Joseph Nich and Tina M. Nich dba Vic's Greenhouses Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/4/2025 62.5
 58.2
 58.3
 0.03%
^Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025 306.3
 283.3
 274.8
 0.13%
^Bisson Transportation Inc dba I & R Associates and Document Secutiry Truck Transportation Term Loan Prime plus 2.75% 10/30/2025 22.5
 20.7
 19.4
 0.01%

106
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Top Cat Ready Mix, LLC, Ples Investments LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 10/28/2025 711.3
 653.6
 572.5
 0.27%
^L.M. Jury Enterprises, Inc dba Midwest Monograms Textile Product Mills Term Loan Prime plus 2.75% 10/28/2025 77.0
 70.6
 60.8
 0.03%
^Windsor Direct Distribution LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/26/2025 14.3
 13.0
 11.0
 0.01%
^Financial Network Recovery Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 40.0
 36.8
 30.9
 0.01%
^Insurance Fire & Water Restorations, LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/23/2025 22.5
 20.7
 19.6
 0.01%
^Jacksonville Beauty Institute Inc. Educational Services Term Loan Prime plus 2.75% 10/23/2025 50.0
 45.9
 38.6
 0.02%
^Werthan Packaging Inc. Paper Manufacturing Term Loan Prime plus 2.75% 10/14/2025 1,162.5
 1,104.0
 1,030.3
 0.49%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 10/14/2025 87.4
 80.2
 67.5
 0.03%
^ADMO Inc dba Mid States Equipment Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025 22.5
 20.7
 17.9
 0.01%
^SCJEN Management Inc dba Bowl of Heaven Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025 71.3
 65.7
 55.2
 0.03%
^Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/30/2025 125.0
 114.0
 95.8
 0.05%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028 66.5
 62.4
 60.4
 0.03%
^Recycling Consultants, Inc. and Prairie State Salvage and Recycling Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027 767.5
 714.8
 643.3
 0.31%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 143.0
 140.0
 143.9
 0.07%
^R.H. Hummer Jr., Inc. Truck Transportation Term Loan Prime plus 2.75% 9/30/2025 375.0
 354.3
 338.4
 0.16%
^Bat Bridge Investments Inc dba Kalologie 360 Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2025 85.5
 79.5
 66.8
 0.03%
^Binky's Vapes LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025 22.5
 20.5
 17.2
 0.01%
^Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/29/2040 234.8
 231.0
 235.0
 0.11%
^Greensward of Marco Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040 87.5
 85.7
 84.4
 0.04%

107
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^RIM Investments LLC and RIM Architects LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040 399.0
 390.7
 383.0
 0.18%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025 518.8
 469.8
 469.2
 0.22%
^South Towne Dental Center, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 50.0
 45.6
 45.7
 0.02%
^Hemingway Custom Cabinetry LLC Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/25/2025 220.0
 200.6
 172.8
 0.08%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park Accommodation Term Loan Prime plus 2.75% 9/25/2040 13.5
 13.2
 13.6
 0.01%
^Sandlot Ventures LLC and Sandbox Ventures LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040 442.5
 433.9
 418.9
 0.20%
^Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040 962.5
 942.4
 908.0
 0.43%
^Prestigious LifeCare for Seniors LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 9.8
 9.0
 8.2
 —%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn Accommodation Term Loan Prime plus 2.75% 9/24/2040 625.0
 611.9
 608.5
 0.29%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2040 327.5
 320.7
 331.0
 0.16%
^J.R. Wheeler Corporation dba Structurz Exhibits and Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/24/2025 21.0
 19.2
 19.2
 0.01%
^Rutledge Enterprises Inc dba BLC Property Management Administrative and Support Services Term Loan Prime plus 2.75% 9/23/2040 62.5
 60.7
 60.4
 0.03%
^Finish Strong Inc dba FASTSIGNS St Peters Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025 50.0
 45.6
 38.3
 0.02%
^J3K LLC dba Ronan True Value Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2025 152.5
 139.1
 116.9
 0.06%
^Stormrider Inc dba Shirley's Stormrider Inc Truck Transportation Term Loan Prime plus 2.75% 9/23/2025 67.5
 62.6
 52.6
 0.03%
^Frozen Treats of Hollywood FL, LLC dba Sub Zero Ice Cream Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2025 15.8
 14.4
 12.8
 0.01%
^Nova Solutions Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/22/2040 320.0
 313.3
 311.9
 0.15%
^Pine Belt Wood Products LLC Forestry and Logging Term Loan Prime plus 2.75% 9/22/2040 163.8
 160.3
 146.9
 0.07%
^IIoka Inc dba New Cloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025 665.0
 609.3
 512.1
 0.24%

108
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025 50.0
 45.6
 40.6
 0.02%
^MiJoy Inc dba Imo's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025 8.3
 7.5
 6.3
 —%
^Vanderhoof LLC dba Soxfords Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025 15.9
 14.5
 12.2
 0.01%
^Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025 125.0
 114.0
 95.8
 0.05%
^Import Car Connection Inc dba Car Connection Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/16/2040 407.5
 399.0
 406.5
 0.19%
^FirstVitals Health and Wellness Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025 150.0
 136.8
 114.9
 0.05%
^Johnson Carwash LLC and Johnson Petroleum LLC Gasoline Stations Term Loan Prime plus 2.75% 9/14/2040 340.0
 334.8
 345.1
 0.17%
^Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 9/11/2025 62.5
 57.0
 56.3
 0.03%
^Veliu LLC dba FASTSIGNS #15901 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/10/2025 50.0
 46.2
 40.0
 0.02%
^B and A Friction Materials Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/9/2025 102.5
 92.7
 77.9
 0.04%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 140.0
 137.1
 141.5
 0.07%
^AIG Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/4/2040 363.8
 356.1
 338.8
 0.16%
^Empower Autism Academy Social Assistance Term Loan Prime plus 2.75% 9/4/2040 685.0
 670.7
 692.4
 0.33%
^Higher Grounds Community Coffeehouse, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/2/2025 8.3
 7.5
 6.6
 —%
^Delray Scrap Recycling LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025 22.5
 20.1
 16.9
 0.01%
^The Camera House Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025 1,250.0
 1,131.6
 1,036.9
 0.50%
^LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2025 81.3
 73.6
 66.8
 0.03%
^Elite Institute LLC dba Huntington Learning Center Educational Services Term Loan Prime plus 2.75% 8/28/2025 15.0
 13.7
 11.6
 0.01%
^Zephyr Seven Series LLC dba 18/8 Fine Men's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 8/28/2025 81.3
 76.2
 65.7
 0.03%
^J and K Fitness L.L.C. dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2041 93.8
 92.7
 93.5
 0.04%

109
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Trading Group 3 Inc Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2025 50.0
 45.3
 38.0
 0.02%
^B and J Catering Inc dba Culinary Solutions Food Services and Drinking Places Term Loan Prime plus 2.75% 8/27/2040 547.5
 540.3
 523.4
 0.25%
^God Be Glorified Inc dba GBG Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025 53.0
 48.0
 40.3
 0.02%
^3000 CSI Property LLC and Consulting Solutions Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040 137.5
 134.4
 136.7
 0.07%
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040 145.0
 141.7
 140.1
 0.07%
^Screenmobile Management Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 8/14/2025 47.0
 42.5
 36.1
 0.02%
^Gold Jet Corp. Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025 68.3
 65.3
 59.2
 0.03%
^SKJ Inc dba Subway Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025 84.8
 76.8
 65.5
 0.03%
^LP Industries Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025 125.0
 114.5
 107.0
 0.05%
^Advanced Machine & Technology, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/29/2025 90.3
 81.1
 74.8
 0.04%
^Pauley Tree and Lawn Care Inc Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2025 65.8
 59.2
 53.0
 0.03%
^Beale Street Blues Company-West Palm Beach LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025 66.3
 59.5
 52.2
 0.02%
^Forever & Always of Naples Inc dba Island Animal Hospital Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2025 107.5
 96.6
 88.0
 0.04%
^C& D Medical of Naples, Inc and Forever & Always of Naples, Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2040 135.0
 131.8
 123.2
 0.06%
^Pooh's Corner Realty LLC and Pooh's Corner Inc Social Assistance Term Loan Prime plus 2.75% 7/23/2040 103.8
 101.4
 103.8
 0.05%
^Smart Artists Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025 22.5
 20.2
 17.0
 0.01%
^Free Ion Advisors LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025 64.3
 57.7
 48.5
 0.02%
^Murrayville Donuts, Inc dba Dunkin' Donuts Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040 344.5
 340.4
 329.4
 0.16%
^Union 2 LLC dba The Standard Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025 91.5
 85.9
 79.1
 0.04%

110
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^The Smile Place LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2040 283.9
 276.6
 282.4
 0.14%
^BJ's Tavern LLC and BJ's Cabana Bar Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040 212.5
 207.1
 210.9
 0.10%
^Jonathan E Nichols and Nichols Fire and Security LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025 75.0
 66.9
 65.2
 0.03%
^Thrifty Market, Inc. dba Thrifty Foods Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030 262.5
 246.5
 231.3
 0.11%
^All About Smiles P A Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2040 237.7
 231.6
 236.4
 0.11%
^Danny V, LLC dba Hugo's Taproom Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040 54.0
 50.1
 49.0
 0.02%
^Anglin Cultured Stone Products LLC dba Anglin Construction Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2025 281.8
 251.3
 232.6
 0.11%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2025 337.5
 301.0
 273.0
 0.13%
^Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030 291.9
 274.4
 261.4
 0.13%
^Myclean Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025 15.9
 14.2
 12.7
 0.01%
^E & G Enterprises LLC dba Comfort Keepers Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 22.5
 20.1
 18.0
 0.01%
^SofRep, Inc dba Force 12 Media Other Information Services Term Loan Prime plus 2.75% 6/26/2025 66.3
 59.1
 52.9
 0.03%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 380.0
 370.3
 374.9
 0.18%
^TJU-DGT Inc dba The Lorenz Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 20.6
 19.2
 19.5
 0.01%
^CEM Autobody LLC dba Dawn's Autobody Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 135.5
 132.0
 132.6
 0.06%
^Wolf Enviro Interests, LLC and Enviromax Services Inc Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040 246.5
 240.2
 234.0
 0.11%
^Ohs Auto Body, Inc. dba Ohs Body Shop Repair and Maintenance Term Loan 7.28% 6/25/2040 1,207.5
 1,187.4
 1,190.9
 0.57%
^Evinger PA One, Inc. dba Postal Annex, Falcon Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025 22.5
 20.1
 18.8
 0.01%
^Amboy Group, LLC dba Tommy's Moloney's Food Manufacturing Term Loan Prime plus 2.75% 6/24/2025 454.0
 406.2
 410.1
 0.20%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical Specialty Trade Contractors Term Loan Prime plus 2.75% 6/23/2040 551.8
 537.6
 561.8
 0.27%
^RJI Services, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025 22.5
 19.9
 17.8
 0.01%

111
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Real Help LLC dba Real Help Decorative Concrete Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 53.1
 47.4
 47.1
 0.02%
^PM Cassidy Enterprises, Inc. dba Junk King Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025 14.9
 13.3
 11.9
 0.01%
^KRN Logistics, LLC,Newsome Trucking, Inc Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 543.5
 484.8
 458.5
 0.22%
^Inverted Healthcare Staffing of Florida LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025 61.3
 54.7
 49.0
 0.02%
^Square Deal Siding Company,LLC dba Square Deal Siding Company Specialty Trade Contractors Term Loan Prime plus 2.75% 6/18/2025 22.5
 20.4
 20.6
 0.01%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2025 437.5
 390.2
 390.4
 0.19%
^AM PM Properties, LLC and AM PM Willington, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 87.1
 84.6
 87.5
 0.04%
^Nelson Sargsyan dba HDA Trucking Support Activities for Transportation Term Loan Prime plus 2.75% 6/16/2025 130.5
 117.0
 104.7
 0.05%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040 338.8
 135.2
 128.3
 0.06%
^Bizzare Foods Inc dba Trooper Foods Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/12/2025 125.0
 108.7
 97.3
 0.05%
^Anturio Marketing Inc dba Logic Consulting Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/12/2040 290.3
 282.8
 295.5
 0.14%
^Eldredge Tavern LLC dba Gonyea's Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040 56.3
 54.8
 57.3
 0.03%
^Nicor LLC dba Fibrenew Sacramento Repair and Maintenance Term Loan Prime plus 2.75% 6/5/2022 13.8
 11.4
 10.2
 —%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025 16.1
 14.0
 12.5
 0.01%
^ViAr Visual Communications, Inc. dba Fastsigns 281701 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025 62.0
 55.3
 50.4
 0.02%
^Video Vault & Tanning LLC and Mosaic Salon LLC Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040 90.5
 88.4
 92.3
 0.04%
^Medworxs LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025 125.0
 111.5
 100.4
 0.05%
^DTM Parts Supply Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/2/2025 62.8
 56.0
 50.1
 0.02%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025 8.3
 7.3
 6.5
 —%
^God is Good LLC dba BurgerFi Food Services and Drinking Places Term Loan Prime plus 2.75% 5/27/2025 67.3
 16.6
 16.7
 0.01%

112
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Villela CPA PL Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025 9.0
 8.0
 7.3
 —%
^Pen Tex Inc dba The UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 5/20/2025 22.0
 19.5
 17.5
 0.01%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse Accommodation Term Loan Prime plus 2.75% 5/20/2040 174.1
 169.4
 173.9
 0.08%
^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/15/2025 717.3
 638.0
 581.7
 0.28%
^15 McArdle LLC and No Other Impressions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040 257.1
 250.1
 247.5
 0.12%
^E-Z Box Storage, Inc. Real Estate Term Loan Prime plus 2.75% 5/11/2025 89.3
 73.3
 74.0
 0.04%
^Guard Dogs MFS LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025 65.0
 57.5
 51.8
 0.02%
^George S Cochran DDS Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/7/2025 130.0
 115.5
 103.6
 0.05%
^South Park Properties LLC and Midlothian Hardware LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040 170.5
 164.8
 172.1
 0.08%
^Matthew Taylor and Landon Farm LLC Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 100.0
 98.0
 93.7
 0.04%
^Cares Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 5/1/2040 81.9
 78.8
 82.4
 0.04%
^RDRhonehouse ENT. LLC dba Chill Skinz Miscellaneous Store Retailers Term Loan Prime plus 2.75% 4/29/2025 88.9
 79.8
 71.5
 0.03%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025 15.0
 13.2
 11.8
 0.01%
^Ragazza Restaurant Group, Inc. dba Bambolina Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2025 22.5
 19.8
 18.3
 0.01%
^Diamond Solutions LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025 22.5
 19.3
 17.3
 0.01%
^Giacchino Maritime Consultants Inc Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025 22.5
 19.8
 17.7
 0.01%
^Sound Coaching Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025 44.4
 39.0
 34.9
 0.02%
^Carolina Beefs, LLC dba Beef O'Brady's Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2025 19.5
 17.1
 15.3
 0.01%
^Faramarz Nikourazm dba Car Clinic Center Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040 73.8
 71.5
 72.3
 0.03%

113
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Advance Case Parts RE Holdings LLC and Advance Case Parts Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2040 758.3
 737.4
 723.8
 0.35%
^T and B Boots Inc dba Takkens Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/31/2025 807.8
 705.6
 688.1
 0.33%
^HAVANA CENTRAL NJ1, LLC dba Havana Central Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2025 250.0
 225.0
 225.6
 0.11%
^Mid-South Lumber Co. of Northwest Florida, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/31/2040 428.8
 415.7
 406.4
 0.19%
^Copper Beech Financial Group LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025 125.0
 109.0
 103.4
 0.05%
^Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 3/30/2025 90.0
 83.7
 84.5
 0.04%
^Sunset Marine Resort LLC and GoXpeditions LLC Accommodation Term Loan Prime plus 2.75% 3/27/2040 301.8
 292.6
 305.6
 0.15%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 106.5
 92.9
 89.1
 0.04%
^South Florida Air Conditioning and Refrigeration Corp. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/27/2040 155.5
 150.8
 155.8
 0.07%
^Shellhorn and Hill Inc dba Total Fleet Service Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040 1,040.3
 1,004.8
 982.4
 0.47%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Real Estate Term Loan Prime plus 2.75% 3/27/2025 1,238.3
 1,079.5
 965.3
 0.46%
^Geo Los Angeles LLC dba Geo Film Group Rental and Leasing Services Term Loan Prime plus 2.75% 3/26/2025 130.0
 113.4
 108.2
 0.05%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040 54.0
 52.4
 54.2
 0.03%
^Zero-In Media Inc Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025 22.5
 19.6
 17.5
 0.01%
^Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/25/2040 810.0
 785.4
 816.3
 0.39%
^Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025 12.0
 10.5
 9.4
 —%
^Shelton Incorporated dba Mrs. Winners Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040 112.5
 109.1
 113.6
 0.05%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 42.9
 41.6
 41.9
 0.02%
^R & R Security and Investigations Inc dba Pardners Lake Buchanan Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040 85.4
 82.9
 86.5
 0.04%

114
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^MMS Realty, LLC and Molecular MS Diagnostics LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040 160.7
 155.8
 156.1
 0.07%
^Royal Crest Motors LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040 91.3
 88.5
 89.8
 0.04%
^BND Sebastian Limited Liability Company and Sebastian Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2040 172.5
 167.3
 171.6
 0.08%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/9/2040 191.8
 185.9
 186.2
 0.09%
^Luigi's on Main LLC and Luigi's Main Street Pizza Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 11.3
 9.8
 9.9
 —%
^Calhoun Satellite Communications Inc and Transmission Solutions Group Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/27/2025 952.8
 825.3
 763.2
 0.37%
^Road to Sedona Inc dba Thirteen Food Services and Drinking Places Term Loan Prime plus 2.75% 2/27/2025 56.6
 49.0
 44.3
 0.02%
^Baystate Firearms and Training, LLC Educational Services Term Loan Prime plus 2.75% 2/27/2025 63.4
 54.7
 49.3
 0.02%
^Kingseal LLC dba Desoto Health and Rehab Center Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040 1,250.0
 1,210.1
 1,263.9
 0.60%
^Pace Motor Lines, Inc. Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 66.2
 57.3
 57.8
 0.03%
^Nelson Financial Services LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025 12.5
 10.8
 9.6
 —%
^Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 2/19/2040 61.8
 59.7
 59.6
 0.03%
^Triangle Trash LLC dba Bin There Dump That Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025 74.4
 64.3
 60.6
 0.03%
^Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2040 171.6
 166.3
 166.0
 0.08%
^740 Barry Street Realty LLC and Wild Edibles Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/10/2040 492.5
 476.7
 498.0
 0.24%
^Kostekos Inc dba New York Style Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 2/6/2040 66.3
 64.1
 64.8
 0.03%
^DuCharme Realty LLC and DuCharme Enterprises LLC Wood Product Manufacturing Term Loan Prime plus 2.75% 2/2/2040 225.1
 217.9
 215.7
 0.10%
^Limameno LLC dba Sal's Italian Ristorante Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025 83.3
 71.4
 65.4
 0.03%
^Palmabak Inc dba Mami Nora's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025 21.5
 15.9
 16.1
 0.01%

115
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Jung Design Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022 8.4
 6.5
 5.8
 —%
^Grand Blanc Lanes, Inc. and H, H and H, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039 133.0
 128.5
 133.0
 0.06%
^Bear Creek Entertainment, LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 12/30/2024 106.3
 90.7
 91.4
 0.04%
^Evans and Paul LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024 223.8
 190.5
 188.1
 0.09%
^FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2039 245.5
 238.2
 234.6
 0.11%
^First Prevention and Dialysis Center, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024 273.3
 248.4
 241.4
 0.12%
^Bowlerama Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,202.5
 1,161.9
 1,213.0
 0.58%
^401 JJS Corporation and G. Randazzo Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2039 473.5
 460.9
 473.5
 0.23%
^The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 530.3
 511.6
 500.9
 0.24%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039 500.0
 482.4
 503.6
 0.24%
^Carolina Flicks Inc dba The Howell Theater Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/23/2032 163.3
 153.0
 151.0
 0.07%
^Atlantis of Daytona LLC and Ocean Club Sportswear Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/23/2039 240.0
 214.8
 224.3
 0.11%
^Beale Street Blues Company-West Palm Beach, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024 187.5
 159.6
 148.4
 0.07%
^MM and M Management Inc dba Pizza Artista Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025 46.3
 40.4
 36.7
 0.02%
^The Jewelers Inc. dba The Jewelers of Las Vegas Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 1,250.0
 1,063.3
 959.5
 0.46%
^B.S. Ventures LLC dba Dink's Market Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039 53.8
 51.9
 54.1
 0.03%
^B & W Towing, LLC and Boychucks Fuel LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 164.5
 160.0
 159.4
 0.08%
^All American Games, LLC and Sportslink - The Game, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/10/2024 400.0
 340.4
 318.1
 0.15%

116
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Kemmer LLC and Apples Tree Top Liquors LLC Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 138.4
 133.5
 131.8
 0.06%
^Trading Group 3, Inc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/26/2024 22.5
 19.0
 17.0
 0.01%
^The Red Pill Management, Inc. dba UFC Gym Matthews Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/26/2024 54.3
 46.6
 43.2
 0.02%
^Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 148.8
 143.3
 143.9
 0.07%
^DeRidder Chiropractic LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/25/2024 13.2
 11.1
 11.2
 0.01%
^Modern Manhattan LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024 220.0
 185.8
 167.8
 0.08%
^Stormrider Inc dba Shirley's Stormrider, Inc Truck Transportation Term Loan Prime plus 2.75% 11/25/2024 150.0
 129.1
 115.3
 0.06%
^Meridian Hotels, LLC dba Best Western Jonesboro Accommodation Term Loan Prime plus 2.75% 11/25/2039 228.0
 220.6
 230.3
 0.11%
^Legacy Estate Planning Inc dba American Casket Enterprises Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 42.0
 35.5
 31.7
 0.02%
^J&D Resources, LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2024 767.9
 641.4
 582.5
 0.28%
^DC Real LLC and DC Enterprises LTD dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 119.4
 115.5
 118.5
 0.06%
^MLM Enterprises LLC and Demand Printing Solutions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 11/18/2024 70.5
 59.5
 57.5
 0.03%
^JEJE Realty LLC and La Familia Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2039 205.8
 197.1
 198.2
 0.09%
^Joey O's LLC and Jennifer Olszewski Specialty Trade Contractors Term Loan Prime plus 2.75% 11/7/2024 13.1
 0.9
 0.8
 —%
^Heartland American Properties LLC and Skaggs RV Outlet LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 479.0
 460.6
 471.0
 0.23%
^Golden Transaction Corporation dba Bleh Sunoco Gasoline Stations Term Loan Prime plus 2.75% 10/30/2039 156.7
 150.7
 155.4
 0.07%
^Seelan Inc dba Candleridge Market Gasoline Stations Term Loan Prime plus 2.75% 10/27/2039 90.5
 87.0
 87.3
 0.04%
^185 Summerfield Inc and Valcon Contracting Corp Construction of Buildings Term Loan Prime plus 2.75% 10/24/2039 162.3
 156.0
 160.5
 0.08%
^Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy Personal and Laundry Services Term Loan Prime plus 2.75% 10/24/2039 89.0
 85.7
 84.6
 0.04%
^3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/17/2024 131.3
 109.9
 102.5
 0.05%

117
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^One Hour Jewelry Repair Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024 20.6
 17.2
 15.4
 0.01%
^DNT Storage and Properties LLC Real Estate Term Loan Prime plus 2.75% 10/10/2039 101.8
 97.8
 101.0
 0.05%
^Capitol Waste and Recycling Services LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 10/10/2024 257.8
 215.8
 202.7
 0.10%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024 187.5
 157.1
 145.6
 0.07%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/10/2039 1,250.0
 1,216.5
 1,270.0
 0.61%
^Boilermaker Industries LLC dba PostNet Administrative and Support Services Term Loan Prime plus 2.75% 10/9/2024 18.8
 5.7
 5.8
 —%
^Smith Spinal Care Center P.C. and James C. Smith Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039 60.0
 57.7
 58.8
 0.03%
^Doctors Express Management of Central Texas LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 105.0
 77.8
 76.5
 0.04%
^Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 126.9
 120.2
 123.6
 0.06%
^Sumad LLC dba BrightStar Care of Encinitas Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024 92.5
 44.5
 44.9
 0.02%
^Roccos LLC and Sullo Pantalone Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039 255.8
 245.5
 244.8
 0.12%
^Keller Holdings LLC and David H Keller III and Carie C Keller Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 9/30/2039 100.0
 96.0
 99.7
 0.05%
^Orange County Insurance Brokerage Inc dba Beaty Insurance Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/29/2039 325.1
 313.1
 326.7
 0.16%
^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC Accommodation Term Loan Prime plus 2.75% 9/29/2039 513.3
 495.1
 516.6
 0.25%
^Keys Phase One LLC dba The Grand Guesthouse Accommodation Term Loan Prime plus 2.75% 9/26/2039 736.3
 706.7
 725.2
 0.35%
^Gordon E Rogers dba Stonehouse Motor Inn Accommodation Term Loan Prime plus 2.75% 9/26/2039 57.5
 55.2
 57.6
 0.03%
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud Gasoline Stations Term Loan Prime plus 2.75% 9/26/2024 22.5
 18.7
 17.2
 0.01%
^Colts V LLC and Nowatzke Service Center, Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/26/2039 601.8
 578.6
 591.7
 0.28%
^North Columbia LLC and Loop Liquor and Convenience Store LLC Food and Beverage Stores Term Loan Prime plus 2.75% 9/24/2039 159.3
 152.9
 156.6
 0.07%
^6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc Administrative and Support Services Term Loan Prime plus 2.75% 9/24/2039 452.5
 435.8
 422.4
 0.20%

118
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^R A Johnson Inc dba Rick Johnson Auto and Tire Repair and Maintenance Term Loan Prime plus 2.75% 9/23/2039 301.3
 289.2
 301.8
 0.14%
^Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024 37.8
 29.5
 26.4
 0.01%
^Play and Stay LLC dba Zoom Room Tinton Falls Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2024 42.1
 35.4
 31.6
 0.02%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 145.5
 139.7
 145.7
 0.07%
^Modern Leather Goods Repair Shop Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024 58.8
 48.3
 43.2
 0.02%
^Tavern Properties LLC and Wildwood Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 425.0
 410.7
 419.6
 0.20%
^RDT Enterprises LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 9/15/2027 162.8
 143.6
 143.5
 0.07%
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 272.5
 226.3
 211.6
 0.10%
^KW Zion, LLC and Key West Gallery Inc Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/12/2039 1,250.0
 1,199.9
 1,230.5
 0.59%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024 630.2
 523.3
 469.6
 0.22%
^B&P Diners LLC dba Engine House Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024 80.0
 66.4
 59.3
 0.03%
^Feel The World Inc dba Xero Shoes and Invisible Shoes Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 9/5/2024 51.9
 43.1
 39.3
 0.02%
^Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 8/28/2039 911.3
 862.4
 900.0
 0.43%
^Lamjam LLC, Goldsmith Lambros Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024 133.8
 110.4
 111.2
 0.05%
^Orange County Cleaning Inc Administrative and Support Services Term Loan Prime plus 2.75% 8/27/2024 41.3
 34.0
 30.3
 0.01%
^Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/26/2024 121.0
 99.7
 94.5
 0.05%
^Atlas Auto Body Inc dba Atlas Auto Sales Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 51.6
 49.4
 49.6
 0.02%
^Katie Senior Care LLC dba Home Instead Senior Care Social Assistance Term Loan Prime plus 2.75% 8/15/2024 124.3
 102.3
 91.3
 0.04%
^S&P Holdings of Daytona LLC S&P Corporation of Daytona Beach Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/15/2039 433.5
 404.3
 421.9
 0.20%
^Alpha Preparatory Academy LLC Social Assistance Term Loan Prime plus 2.75% 8/15/2039 145.2
 139.7
 145.8
 0.07%

119
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Almost Home Property LLC and Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 8/7/2039 715.8
 686.9
 710.4
 0.34%
^AGV Enterprises LLC dba Jet's Pizza #42 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024 54.8
 44.8
 40.8
 0.02%
^iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024 379.1
 321.6
 304.2
 0.15%
^575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 22.5
 21.2
 22.1
 0.01%
^L&S Insurance & Financial Services Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/25/2024 22.5
 18.4
 16.6
 0.01%
^Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 150.0
 143.6
 149.5
 0.07%
^Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039 100.0
 96.6
 98.4
 0.05%
^AMG Holding, LLC and Stetson Automotive, Inc Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039 208.0
 198.7
 211.2
 0.10%
^Highway Striping Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/30/2024 53.1
 43.0
 42.7
 0.02%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024 100.0
 81.0
 82.6
 0.04%
^Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 6/30/2039 875.3
 837.8
 890.1
 0.43%
^iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039 629.8
 602.1
 626.0
 0.30%
^FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2039 321.8
 307.3
 324.1
 0.16%
^Zinger Hardware and General Merchant Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/26/2024 110.5
 89.4
 89.9
 0.04%
^JPM Investments LLC and Carolina Family Foot Care P.A. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039 136.1
 132.6
 140.2
 0.07%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 476.3
 456.1
 481.5
 0.23%
^Big Sky Plaza LLC and Strickland, Incorporated Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039 233.4
 222.9
 235.1
 0.11%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/19/2024 332.0
 269.1
 274.3
 0.13%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn Accommodation Term Loan Prime plus 2.75% 6/17/2039 920.3
 878.8
 934.4
 0.45%
^Hotels of North Georgia LLC dba Comfort Inn and Suites Accommodation Term Loan Prime plus 2.75% 6/17/2039 837.5
 799.8
 850.4
 0.41%

120
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Global Educational Delivery Services LLC Educational Services Term Loan Prime plus 2.75% 6/16/2024 60.0
 49.2
 50.2
 0.02%
^Rainbow Dry Cleaners Personal and Laundry Services Term Loan Prime plus 2.75% 6/13/2024 122.5
 99.1
 98.7
 0.05%
^NVR Corporation dba Discount Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 6/11/2039 68.3
 63.5
 67.5
 0.03%
^Sico & Walsh Insurance Agency Inc and The AMS Trust Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 250.0
 89.2
 94.9
 0.05%
^Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 22.5
 18.2
 18.1
 0.01%
^Long Island Barber + Beauty LLC Educational Services Term Loan Prime plus 2.75% 6/2/2039 55.5
 53.0
 55.7
 0.03%
^CJR LLC and PowerWash Plus, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 5/30/2024 53.0
 42.5
 43.0
 0.02%
^Pocono Coated Products, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024 22.5
 18.0
 18.3
 0.01%
^EGM Food Services Inc dba Gold Star Chili Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2024 19.2
 15.4
 15.3
 0.01%
^R. A. Johnson, Inc. dba Rick Johnson Auto & Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/29/2039 943.8
 899.8
 956.7
 0.46%
^Wilton Dental Care P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/29/2024 128.1
 105.0
 103.4
 0.05%
^Jonesboro Health Food Center LLC Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024 60.0
 48.1
 47.3
 0.02%
^USI Properties LLC dba U Store It Real Estate Term Loan Prime plus 2.75% 5/23/2039 144.6
 137.9
 146.4
 0.07%
^Bay State Funeral Services, LLC and Riley Funeral Home Inc Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2039 134.9
 129.0
 137.1
 0.07%
^Hae M. and Jin S. Park dba Buford Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039 166.5
 158.0
 165.6
 0.08%
^Moochie's LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2024 100.5
 81.6
 80.6
 0.04%
^The River Beas LLC and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039 90.3
 86.0
 90.7
 0.04%
^AS Boyals LLC dba Towne Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 117.5
 111.8
 118.9
 0.06%
^ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/25/2024 500.0
 397.5
 390.5
 0.19%
^Gerami Realty, LC Sherrill Universal City Corral, LP Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 78.8
 67.5
 69.6
 0.03%

121
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Complete Body & Paint, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039 20.8
 19.9
 21.1
 0.01%
^Island Wide Realty LLC and Long Island Partners, Inc. Real Estate Term Loan Prime plus 2.75% 4/22/2039 103.8
 98.8
 105.1
 0.05%
^Wilshire Media Systems Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 186.3
 148.3
 146.7
 0.07%
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039 137.5
 129.9
 137.4
 0.07%
^Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 449.0
 426.5
 450.8
 0.22%
^Dantanna's Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024 164.3
 131.5
 130.9
 0.06%
^Little People's Village II LLC and Iliopoulos Realty LLC Social Assistance Term Loan Prime plus 2.75% 3/31/2039 92.1
 88.1
 91.9
 0.04%
^RDT Enterprises, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2028 141.2
 123.9
 128.3
 0.06%
^Little People's Village II LLC and Iliopoulos Realty LLC Social Assistance Term Loan Prime plus 2.75% 3/31/2039 101.5
 97.1
 101.4
 0.05%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC Truck Transportation Term Loan Prime plus 2.75% 3/31/2024 1,250.0
 590.9
 602.4
 0.29%
^Kemmer, LLC and Pitts Package Store, Inc. Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 117.5
 111.8
 115.7
 0.06%
^Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2039 427.5
 407.2
 429.7
 0.21%
^Lake Area Autosound LLC and Ryan H. Whittington Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/28/2039 125.0
 120.5
 126.7
 0.06%
^Hascher Gabelstapler Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/26/2024 143.3
 114.5
 115.4
 0.06%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox Social Assistance Term Loan Prime plus 2.75% 3/21/2039 145.0
 138.0
 144.6
 0.07%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039 110.8
 105.4
 112.0
 0.05%
^636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co. Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 497.5
 477.3
 507.2
 0.24%
^Kinisi, Inc. dba The River North UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024 41.3
 26.2
 26.4
 0.01%
^SE Properties 39 Old Route 146, LLC, SmartEarly Clifton Park LLC Social Assistance Term Loan Prime plus 2.75% 3/14/2039 408.0
 388.7
 413.0
 0.20%
^Tortilla King Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2039 216.9
 206.9
 216.0
 0.10%

122
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Tortilla King, Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2029 1,033.1
 926.1
 943.6
 0.45%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/13/2039 223.5
 212.3
 225.6
 0.11%
^Avayaan2 LLC dba Island Cove Gasoline Stations Term Loan Prime plus 2.75% 3/7/2039 157.5
 149.6
 157.8
 0.08%
^Onofrio's Fresh Cut Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/6/2024 75.0
 59.1
 59.9
 0.03%
^R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039 417.5
 396.0
 416.4
 0.20%
^Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024 350.6
 273.7
 275.2
 0.13%
^952 Boston Post Road Realty, LLC and HNA LLC dba Styles International Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 211.0
 200.1
 209.9
 0.10%
^Choe Trade Group Inc dba Rapid Printers of Monterey Printing and Related Support Activities Term Loan Prime plus 2.75% 2/28/2024 159.3
 124.4
 126.8
 0.06%
^Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 214.2
 203.6
 213.3
 0.10%
^96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 141.3
 134.5
 142.9
 0.07%
^JWB Industries, Inc. dba Carteret Die Casting Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 280.0
 218.6
 216.4
 0.10%
^Awesome Pets II Inc dba Mellisa's Pet Depot Miscellaneous Store Retailers Term Loan Prime plus 2.75% 2/7/2024 83.2
 65.7
 65.2
 0.03%
^986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039 99.1
 94.4
 99.5
 0.05%
^Sovereign Communications LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/7/2024 907.8
 712.6
 702.2
 0.34%
^Sarah Sibadan dba Sibadan Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039 129.4
 122.5
 129.7
 0.06%
^3Fmanagement LLC and ATC Fitness Cape Coral, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/24/2024 425.0
 328.7
 326.6
 0.16%
^JDR Industries Inc dba CST-The Composites Store, JetCat USA Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 1/21/2024 140.3
 108.5
 108.2
 0.05%
^Icore Enterprises Inc dba Air Flow Filters Inc Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 21.8
 16.8
 17.1
 0.01%
^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2027 712.5
 616.3
 635.8
 0.30%
^Nutmeg North Associates LLC Steeltech Building Products Inc Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 897.8
 868.1
 909.1
 0.43%

123
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^CLU Amboy, LLC and Amboy Group, LLC dba Tommy Moloney's Food Manufacturing Term Loan Prime plus 2.75% 12/27/2023 656.3
 511.4
 521.0
 0.25%
^Shane M. Howell and Buck Hardware and Garden Center, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2038 322.5
 304.7
 318.7
 0.15%
^KK International Trading Corporation Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028 190.0
 165.0
 169.4
 0.08%
^Kurtis Sniezek dba Wolfe's Foreign Auto Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 88.9
 84.0
 89.2
 0.04%
^Mosley Auto Group LLC dba America's Automotive Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 221.5
 209.3
 221.5
 0.11%
^Lefont Theaters Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/19/2023 14.4
 11.0
 11.0
 0.01%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2038 555.3
 524.6
 550.6
 0.26%
^TAK Properties LLC and Kinderland Inc Social Assistance Term Loan Prime plus 2.75% 12/18/2038 405.0
 383.2
 402.7
 0.19%
^Any Garment Cleaner-East Brunswick, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2023 53.8
 41.4
 41.9
 0.02%
^TOL LLC dba Wild Birds Unlimited Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023 18.0
 14.3
 14.2
 0.01%
^8 Minute Oil Change of Springfield Corporation and John Nino Repair and Maintenance Term Loan Prime plus 2.75% 12/12/2038 196.8
 182.0
 192.9
 0.09%
^920 CHR Realty LLC V. Garofalo Carting Inc Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038 418.1
 395.0
 419.6
 0.20%
^DKB Transport Corp Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 138.8
 131.1
 139.2
 0.07%
^Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038 104.3
 98.5
 102.3
 0.05%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023 387.3
 296.6
 296.7
 0.14%
^BVIP Limousine Service LTD Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038 76.5
 72.1
 76.2
 0.04%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 11/27/2023 67.2
 51.0
 50.4
 0.02%
^Wallace Holdings LLC,GFA International Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.5% 11/25/2023 125.0
 94.5
 92.5
 0.04%

124
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^AcuCall LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023 15.8
 11.9
 11.6
 0.01%
^Seven Peaks Mining Inc and Cornerstone Industrial Minerals Corporation Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/18/2038 1,250.0
 1,175.6
 1,218.3
 0.58%
^Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023 45.0
 34.8
 34.3
 0.02%
^Yousef Khatib dba Y&M Enterprises Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 11/15/2023 75.0
 56.9
 56.2
 0.03%
^Howell Gun Works LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/14/2023 8.3
 6.4
 6.2
 —%
^Polpo Realty, LLC, Polpo Restaurant, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038 62.5
 58.9
 62.5
 0.03%
^Twinsburg Hospitality Group LLC dba Comfort Suites Accommodation Term Loan Prime plus 2.75% 10/31/2038 945.0
 893.7
 937.8
 0.45%
^Mid-Land Sheet Metal Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038 137.5
 129.6
 136.9
 0.07%
^Master CNC Inc & Master Properties LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038 596.6
 561.6
 585.4
 0.28%
^Janice B. McShan and The Metropolitan Day School, LLC Social Assistance Term Loan Prime plus 2.75% 10/31/2023 42.8
 33.1
 33.7
 0.02%
^1 North Restaurant Corp dba 1 North Steakhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 212.5
 200.0
 211.6
 0.10%
^Meridian Hotels LLC dba Best Western Jonesboro Accommodation Term Loan Prime plus 2.75% 10/29/2038 664.5
 625.3
 664.1
 0.32%
^New Image Building Services Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 10/29/2023 331.3
 248.9
 247.0
 0.12%
^Greenbrier Technical Services, Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 240.1
 164.4
 167.5
 0.08%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd��Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 246.3
 231.8
 242.6
 0.12%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2023 87.5
 65.7
 65.3
 0.03%
^Cencon Properties LLC and Central Connecticut Warehousing Company Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 344.5
 324.0
 343.7
 0.16%
^Onofrios Enterprises LLC Onofrios Fresh Cut, Inc Food Manufacturing Term Loan Prime plus 2.75% 9/30/2038 312.5
 294.6
 310.8
 0.15%
^Discount Wheel and Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038 223.8
 210.1
 220.5
 0.11%

125
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^First Steps Real Estate Company, LLC and First Steps Preschool Social Assistance Term Loan Prime plus 2.75% 9/30/2038 97.6
 91.7
 95.7
 0.05%
^Lenoir Business Partners LLC LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 322.7
 308.0
 324.4
 0.16%
^Top Properties LLC and LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 120.0
 114.3
 121.4
 0.06%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 335.1
 314.6
 331.2
 0.16%
^Gabrielle Realty, LLC Gasoline Stations Term Loan Prime plus 2.75% 9/27/2038 757.6
 711.3
 746.0
 0.36%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Homes Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 100.0
 94.0
 99.8
 0.05%
^Eastside Soccer Dome, Inc . Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 463.8
 435.4
 462.1
 0.22%
^Southeast Chicago Soccer, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 51.3
 48.1
 51.1
 0.02%
^HJ & Edward Enterprises, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2023 262.5
 201.7
 203.3
 0.10%
^Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 9/25/2038 89.3
 85.6
 89.5
 0.04%
^Diamond Memorials Incorporated Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023 14.3
 9.7
 9.5
 —%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta Educational Services Term Loan Prime plus 2.75% 9/20/2023 46.3
 34.6
 34.2
 0.02%
^Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 268.4
 252.8
 266.1
 0.13%
^Westville Seafood LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2038 112.3
 105.4
 110.7
 0.05%
^Maynard Enterprises Inc dba Fastsigns of Texarkana Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 16.1
 12.1
 12.0
 0.01%
^Grafio Inc dba Omega Learning Center-Acworth Educational Services Term Loan Prime plus 2.75% 9/13/2023 156.3
 123.3
 122.2
 0.06%
^Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028 54.8
 46.9
 47.7
 0.02%
^The Berlerro Group, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023 421.3
 323.5
 320.0
 0.15%
^Prospect Kids Academy Inc Educational Services Term Loan Prime plus 2.75% 9/11/2038 124.3
 116.4
 122.8
 0.06%

126
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Alma J. and William R. Walton and Almas Child Day Care Center Social Assistance Term Loan Prime plus 2.75% 9/11/2038 39.5
 37.1
 39.4
 0.02%
^B for Brunette dba Blo Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023 53.4
 40.3
 39.5
 0.02%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038 224.2
 208.8
 219.1
 0.10%
^Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 8/30/2023 130.3
 96.0
 97.5
 0.05%
^IlOKA Inc dba Microtech Tel and NewCloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023 687.5
 506.6
 504.2
 0.24%
^ACI Northwest Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023 906.3
 452.8
 459.3
 0.22%
^Spectrum Radio Fairmont, LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 8/30/2023 187.5
 164.3
 167.0
 0.08%
^Gulfport Academy Child Care and Learning Center, Inc. Social Assistance Term Loan Prime plus 2.75% 8/30/2023 43.3
 31.9
 32.3
 0.02%
^Ramard Inc and Advanced Health Sciences Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023 187.5
 138.2
 135.3
 0.06%
^RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023 85.8
 59.8
 60.9
 0.03%
^JSIL LLC dba Blackstones Hairdressing Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023 19.5
 14.2
 14.1
 0.01%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/14/2038 445.0
 326.6
 341.3
 0.16%
^Caribbean Concepts, Inc. dba Quick Bleach Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023 22.5
 16.7
 16.4
 0.01%
^209 North 3rd Street, LLC, Yuster Insurance Group Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/29/2038 83.9
 78.5
 82.7
 0.04%
^Majestic Contracting Services, Inc. dba Majestic Electric and Majestic Specialty Trade Contractors Term Loan Prime plus 2.75% 7/26/2038 190.0
 177.7
 186.2
 0.09%
^Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023 11.3
 8.2
 8.4
 —%
^Angkor Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038 93.0
 87.1
 92.1
 0.04%
^Harbor Ventilation Inc and Estes Investment, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 92.1
 22.4
 23.7
 0.01%
^Tri County Heating and Cooling Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 87.8
 64.0
 65.0
 0.03%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC Truck Transportation Term Loan Prime plus 2.75% 7/17/2023 53.8
 39.2
 38.4
 0.02%

127
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Maxiflex LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023 153.5
 110.5
 112.9
 0.05%
^GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 97.5
 91.0
 97.1
 0.05%
^JRA Holdings LLC, Jasper County Cleaners Inc dba Superior Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 121.0
 112.0
 119.4
 0.06%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. Truck Transportation Term Loan Prime plus 2.75% 6/19/2026 1,250.0
 788.0
 812.6
 0.39%
^CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028 875.0
 737.8
 765.6
 0.37%
^KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023 343.8
 248.2
 249.4
 0.12%
^Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 932.8
 847.9
 904.0
 0.43%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc. Administrative and Support Services Term Loan Prime plus 2.75% 6/5/2038 186.3
 173.9
 184.9
 0.09%
^Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 188.3
 175.9
 186.1
 0.09%
^RKP Service dba Rainbow Carwash Repair and Maintenance Term Loan Prime plus 2.75% 5/31/2023 300.0
 216.7
 218.1
 0.10%
^RXSB, Inc dba Medicine Shoppe Health and Personal Care Stores Term Loan Prime plus 2.75% 5/30/2023 186.3
 133.3
 133.7
 0.06%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 63.5
 45.3
 45.8
 0.02%
^Ryan D. Thornton and Thornton & Associates LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023 68.8
 37.3
 37.4
 0.02%
^PowerWash Plus, Inc. and CJR, LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2038 550.0
 512.3
 543.3
 0.26%
^Peanut Butter & Co., Inc. Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 100.0
 70.3
 70.6
 0.03%
^Brothers International Desserts Food Manufacturing Term Loan Prime plus 2.75% 4/26/2023 230.0
 162.6
 164.9
 0.08%
^Kidrose, LLC dba Kidville Riverdale Educational Services Term Loan Prime plus 2.75% 4/22/2023 78.8
 56.3
 56.9
 0.03%
^Vernon & Stephanie Scott and Little Stars Day Care Center, Inc. Educational Services Term Loan Prime plus 2.75% 4/18/2038 151.0
 140.5
 149.8
 0.07%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 124.6
 115.7
 122.4
 0.06%
^Capital Scrap Metal, LLC and Powerline Investment, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/29/2038 500.0
 441.7
 470.7
 0.23%

128
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads; Food Manufacturing Term Loan Prime plus 2.75% 3/29/2038 336.0
 312.5
 330.0
 0.16%
^Neyra Industries, Inc. and Edward Neyra Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/27/2023 217.5
 152.1
 155.1
 0.07%
^A & M Commerce, Inc. dba Cranberry Sunoco Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 330.3
 306.4
 325.7
 0.16%
^Xela Pack, Inc. and Aliseo and Catherine Gentile Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 271.8
 225.8
 234.1
 0.11%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 537.5
 499.0
 528.7
 0.25%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038 67.5
 62.7
 66.6
 0.03%
^M & H Pine Straw Inc and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/21/2023 288.8
 201.8
 205.1
 0.10%
^Truth Technologies Inc dba Truth Technologies Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023 79.5
 55.6
 55.9
 0.03%
^J. Kinderman & Sons Inc., dba BriteStar Inc. Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 12/31/2018 181.3
 129.5
 129.8
 0.06%
^Stellar Environmental LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/18/2023 56.3
 39.4
 40.1
 0.02%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 523.0
 364.8
 369.5
 0.18%
^Golden Gate Lodging LLC Accommodation Term Loan Prime plus 2.75% 3/12/2038 115.0
 106.8
 113.4
 0.05%
^Bakhtar Group LLC dba Malmaison Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023 103.8
 72.4
 72.6
 0.03%
^River Club Golf Course Inc dba The River ClubAmusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2038 475.2
 440.2
 467.2
 0.22%
^Osceola River Mill, LLC(EPC) Ironman Machine, Inc. Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 86.3
 79.9
 84.9
 0.04%
^Java Warung, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038 51.0
 47.3
 50.3
 0.02%
^Nancy & Karl Schmidt(EPC) Moments to Remember USA, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 106.3
 98.5
 104.6
 0.05%
^Orient Direct, Inc. dba Spracht, Celltek, ODI Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/12/2023 84.9
 58.0
 58.1
 0.03%
^Knits R Us, Inc. dba NYC SportsTextile Mills Term Loan Prime plus 2.75% 2/11/2038 125.0
 116.0
 123.6
 0.06%

129
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^North Country Transport, LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023 15.0
 10.4
 10.6
 0.01%
^MJD Investments, LLC dba The Community Day School Social Assistance Term Loan Prime plus 2.75% 1/31/2038 258.3
 238.9
 253.2
 0.12%
^Sherill Universal City dba Golden Corral Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 440.5
 409.0
 433.7
 0.21%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace MantelsSpecialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2022 97.5
 66.0
 66.2
 0.03%
^Macho LLC Madelaine Chocolate Novelties Inc dba The Madelai Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 500.0
 463.9
 494.1
 0.24%
^WI130, LLC & Lakeland Group, Inc dba Lakeland Electrical Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/31/2028 271.5
 226.7
 233.0
 0.11%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027 46.3
 34.4
 35.0
 0.02%
^John Duffy Fuel Co., Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/28/2022 513.8
 348.0
 354.7
 0.17%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restauran Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 517.5
 479.6
 510.7
 0.24%
^Martin L Hopp, MD PHD A Medical Corp dba Tower ENT Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022 66.3
 44.7
 45.1
 0.02%
^United Woodworking, Inc Wood Product Manufacturing Term Loan 6% 12/20/2022 17.3
 11.7
 11.9
 0.01%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/20/2022 225.0
 152.3
 154.0
 0.07%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2027 389.6
 318.7
 326.0
 0.16%
^The Amendments Group LLC dba Brightstar Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/17/2022 22.5
 15.2
 15.5
 0.01%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/30/2037 286.5
 265.0
 281.5
 0.13%
^Aegis Creative Communications, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2022 387.5
 252.3
 252.6
 0.12%
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 223.8
 206.2
 219.5
 0.10%
^D&L Rescources, Inc. dba The UPS Store Miscellaneous Store RetailersTerm Loan Prime plus 2.75% 11/27/2022 9.8
 6.5
 6.5
 —%
^Richmond Hill Mini Market, LLC Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 185.3
 170.7
 181.3
 0.09%
^DRV Enterprise, Inc. dba Cici's Pizza # 339 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022 65.0
 40.5
 41.3
 0.02%

130
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Clean Brothers Company Inc dba ServPro of North Washington County Repair and Maintenance Term Loan Prime plus 2.75% 11/21/2022 17.0
 7.7
 7.8
 —%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 96.3
 88.7
 94.4
 0.05%
^Pioneer Windows Manufacturing Corp, Pioneer Windows Fabricated Metal Product ManufacturingTerm Loan Prime plus 2.75% 11/21/2022 275.0
 184.0
 186.0
 0.09%
^R & J Petroleum LLC Manar USA, Inc. Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 180.0
 165.8
 176.3
 0.08%
^St Judes Physical Therapy P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022 21.0
 14.0
 14.3
 0.01%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022 22.2
 14.9
 15.0
 0.01%
^Reidville Hydraulics Mfg Inc dba Summit Machinery ManufacturingTerm Loan Prime plus 2.75% 11/2/2037 265.9
 245.2
 258.7
 0.12%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022 180.0
 121.8
 122.0
 0.06%
^LA Diner Inc dba Loukas L A Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/28/2037 677.5
 625.7
 666.0
 0.32%
^ATC Fitness LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2022 180.0
 120.7
 122.5
 0.06%
^University Park Retreat, LLC dba Massage Heights Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022 76.0
 49.6
 50.5
 0.02%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery Food and Beverage Stores Term Loan Prime plus 2.75% 9/26/2037 183.8
 169.9
 180.0
 0.09%
^LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2037 252.3
 231.4
 245.0
 0.12%
^O'Rourkes Diner LLC dba O'Rourke's Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037 65.5
 60.1
 63.5
 0.03%
^Michael J. Speeney & Joyce Speeney and R2 Tape, Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/31/2037 367.5
 336.4
 358.1
 0.17%
^AJK Enterprise LLC dba AJK Enterprise LLC Truck Transportation Term Loan Prime plus 2.75% 8/27/2022 16.5
 10.6
 10.8
 0.01%
^New Image Building Services, Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 8/23/2037 285.7
 261.6
 275.7
 0.13%
^Suncoast Aluminum Furniture, Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037 360.0
 329.8
 351.0
 0.17%
^Hofgard & Co., Inc. dba HofgardBenefits Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022 107.3
 68.3
 69.3
 0.03%
^Georgia Safe Sidewalks LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022 15.0
 9.4
 9.5
 —%

131
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Scoville Plumbing & Heating Inc and Thomas P. Scoville Specialty Trade Contractors Term Loan Prime plus 2.75% 7/25/2022 50.0
 33.5
 34.1
 0.02%
^Central Tire, Inc. dba Cooper Tire & Auto Services Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037 288.5
 262.8
 280.1
 0.13%
^WPI, LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/29/2024 129.5
 92.0
 94.2
 0.05%
^Havana Central (NY) 5, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2022 1,166.8
 766.6
 780.9
 0.37%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2037 69.8
 63.5
 67.8
 0.03%
^KIND-ER-ZZ Inc dba Kidville Educational Services Term Loan Prime plus 2.75% 6/15/2022 50.0
 31.2
 31.6
 0.02%
^Graphish Studio, Inc. and Scott Fishoff Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022 20.3
 12.7
 12.9
 0.01%
^ALF, LLC, Mulit-Service Eagle Tires Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037 62.9
 57.2
 61.1
 0.03%
^Craig R Freehauf dba Lincoln Theatre Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/31/2022 47.9
 22.0
 22.4
 0.01%
^Lefont Theaters, Inc. Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 5/30/2022 137.0
 85.2
 86.6
 0.04%
^Christou Real Estate Holdings LLC dba Tops American Grill Food Services and Drinking Places Term Loan Prime plus 2.75% 5/17/2037 284.0
 257.9
 275.4
 0.13%
^Tracey Vita-Morris dba Tracey Vita's School of Dance Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022 22.5
 14.0
 14.2
 0.01%
^Bisson Transportation, Inc. Truck Transportation Term Loan Prime plus 2.75% 5/7/2037 588.1
 553.0
 588.9
 0.28%
^Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real Truck Transportation Term Loan Prime plus 2.75% 5/7/2022 528.8
 350.0
 356.3
 0.17%
^Fair Deal Food Mart Inc dba Neighbors Market Gasoline Stations Term Loan Prime plus 2.75% 5/3/2037 381.3
 346.5
 370.3
 0.18%
^Tanner Optical, Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022 8.3
 5.0
 5.1
 —%
^Zane Filippone Co Inc dba Culligan Water Conditioning Nonstore Retailers Term Loan Prime plus 2.75% 4/12/2022 558.2
 344.0
 350.0
 0.17%
^Indoor Playgrounds Limited Liability Company dba Kidville Educational Services Term Loan Prime plus 2.75% 4/5/2022 19.5
 8.4
 8.6
 —%
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/30/2031 231.5
 195.9
 205.8
 0.10%

132
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Access Staffing, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022 187.5
 113.6
 114.8
 0.05%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2037 755.4
 696.2
 743.5
 0.36%
^Manuel P. Barrera and Accura Electrical Contractor, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028 103.7
 82.0
 84.9
 0.04%
^Shweiki Media, Inc. dba Study Breaks Magazine Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027 1,178.8
 916.7
 947.4
 0.45%
^ATC Fitness, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2022 10.2
 6.1
 6.2
 —%
^ATI Jet, Inc. Air Transportation Term Loan Prime plus 2.75% 12/28/2026 852.8
 643.1
 664.9
 0.32%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036 495.0
 452.5
 482.9
 0.23%
^K's Salon, LLC d/b/a K's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021 73.6
 42.8
 43.2
 0.02%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021 250.0
 144.1
 146.2
 0.07%
^M & H Pinestraw, Inc. and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2021 238.3
 138.6
 140.5
 0.07%
^Taylor Transport, Inc Truck Transportation Term Loan Prime plus 2.75% 12/8/2021 515.5
 219.2
 223.1
 0.11%
^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/16/2021 62.5
 35.6
 36.3
 0.02%
^MRM Supermarkets, Inc. dba Constantin's Breads Food Manufacturing Term Loan Prime plus 2.75% 11/10/2021 137.5
 79.0
 80.2
 0.04%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021 58.8
 34.4
 34.8
 0.02%
^28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021 22.5
 12.5
 12.7
 0.01%
^PTK, Incorporated dba Night N Day 24 HR Convenience Store Food and Beverage Stores Term Loan Prime plus 2.75% 9/30/2036 137.5
 122.9
 131.0
 0.06%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 28.5
 25.3
 26.9
 0.01%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 83.3
 74.3
 79.1
 0.04%
^Robert E. Caves, Sr. and American Plank dba Caves Enterprises Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021 302.5
 165.5
 168.3
 0.08%

133
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2021 1,070.0
 589.1
 594.4
 0.28%
^Polymer Sciences, Inc. dba Polymer Sciences, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/28/2036 422.6
 377.3
 402.4
 0.19%
^Equity National Capital LLC & Chadbourne Road Capital, LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 9/26/2021 62.5
 34.8
 35.2
 0.02%
^Bryan Bantry Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/8/2021 400.0
 148.1
 149.4
 0.07%
^SBR Technologies d/b/a Color Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/31/2021 806.2
 433.9
 441.2
 0.21%
^Michael S. Decker & Janet Decker dba The Hen House Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036 16.4
 14.7
 15.6
 0.01%
^Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/19/2021 187.5
 97.1
 98.2
 0.05%
^Trademark Equipment Company Inc and David A. Daniel Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036 133.6
 119.1
 126.8
 0.06%
^Valiev Ballet Academy, Inc Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036 91.5
 37.8
 40.3
 0.02%
^A & A Auto Care, LLC dba A & A Auto Care, LLC Repair and Maintenance Term Loan Prime plus 2.75% 8/12/2036 101.0
 90.1
 96.0
 0.05%
^LaHoBa, LLC dba Papa John's Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036 77.5
 68.6
 73.2
 0.04%
^Kelly Chon LLC dba Shi-Golf Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/29/2021 17.5
 6.9
 7.0
 —%
^MTV Bowl, Inc. dba Legend Lanes Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2036 248.5
 223.0
 237.7
 0.11%
^Lavertue Properties LLP dba Lavertue Properties Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036 44.8
 39.8
 42.5
 0.02%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036 338.1
 312.0
 332.9
 0.16%
^Pierce Developments, Inc. dba Southside Granite Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/13/2036 256.1
 227.3
 242.2
 0.12%
^Major Queens Body & Fender Corp Repair and Maintenance Term Loan Prime plus 2.75% 6/10/2021 28.6
 15.2
 15.4
 0.01%

134
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^J&K Fitness, LLC dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/8/2036 449.3
 407.6
 434.9
 0.21%
^Peanut Butter & Co., Inc. dba Peanut Butter & Co. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021 65.5
 33.6
 34.0
 0.02%
^Demand Printing Solutions, Inc. and MLM Enterprises, LLC dba Demand Printing and Related Support Activities Term Loan Prime plus 2.75% 5/27/2021 16.5
 8.6
 8.7
 —%
^Modern on the Mile, LLC dba Ligne Roset Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/25/2021 212.5
 110.0
 111.4
 0.05%
^Music Mountain Water Company, LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/25/2036 138.1
 121.4
 129.6
 0.06%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C. Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 127.5
 112.6
 120.2
 0.06%
^Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 129.5
 116.5
 124.4
 0.06%
^Michael S. Korfe dba North Valley Auto Repair Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 15.5
 13.7
 14.6
 0.01%
^Actknowledge,Inc dba Actknowledge Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021 57.3
 29.0
 29.4
 0.01%
^Food & Beverage Associates Of N.J. Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/11/2021 10.0
 4.4
 4.5
 —%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins Food and Beverage Stores Term Loan Prime plus 2.75% 3/10/2021 153.0
 77.5
 78.4
 0.04%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2023 63.0
 36.2
 37.1
 0.02%
^SuzyQue’s LLC dba Suzy Que’s Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036 61.0
 53.8
 57.4
 0.03%
^Little People’s Village, LLC dba Little People’s Village Social Assistance Term Loan Prime plus 2.75% 1/31/2036 31.1
 27.3
 29.1
 0.01%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036 113.4
 99.4
 106.1
 0.05%
^Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2020 7.6
 3.5
 3.5
 —%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown Support Activities for Transportation Term Loan 5.25% 12/28/2035 145.9
 137.4
 146.2
 0.07%
^Shree OM Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 12/17/2035 27.7
 24.2
 25.8
 0.01%
Groundworks Unlimited LLC Specialty Trade Contractors Term Loan 6% 12/17/2023 120.0
 81.2
 83.4
 0.04%
^Lodin Medical Imaging, LLC dba Watson Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020 66.4
 30.7
 31.1
 0.01%

135
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 34.0
 29.7
 31.6
 0.02%
^Any Garment Cleaner-East Brunswick, Inc dba Any Garment Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 11/18/2020 42.5
 16.9
 17.1
 0.01%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/12/2035 148.7
 129.9
 138.3
 0.07%
^Lincoln Park Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/20/2020 43.5
 19.9
 20.2
 0.01%
^K9 Bytes, Inc & Epazz, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020 18.5
 8.7
 8.8
 —%
^Elan Realty, LLC and Albert Basse Asociates, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035 228.2
 198.3
 211.3
 0.10%
^Success Express,Inc. dba Success Express Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020 91.8
 41.1
 41.4
 0.02%
^Modern Manhattan, LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/20/2020 204.0
 92.5
 93.5
 0.04%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking Truck Transportation Term Loan Prime plus 2.75% 9/17/2020 17.7
 7.9
 8.0
 —%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 50.1
 43.4
 46.3
 0.02%
^Newsome Trucking Inc and Kevin Newsome Truck Transportation Term Loan Prime plus 2.75% 9/2/2035 423.1
 208.3
 221.6
 0.11%
^California College of Communications, Inc. Educational Services Term Loan Prime plus 2.75% 11/2/2020 172.5
 79.7
 80.5
 0.04%
^DDLK Investments LLC dba Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2020 7.5
 2.6
 2.6
 —%
^Planet Verte,LLC dba Audio Unlimited Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2020 40.0
 17.9
 18.0
 0.01%
^Members Only Software Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020 40.3
 17.6
 17.8
 0.01%
^ActKnowledge,Inc dba ActKnowledge Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020 50.0
 21.4
 21.6
 0.01%
^I-90 RV & Auto Supercenter Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035 74.9
 64.6
 68.9
 0.03%
^WeaverVentures, Inc dba The UPS Store Postal Service Term Loan Prime plus 2.75% 7/28/2020 23.8
 10.3
 10.5
 0.01%
^CJ Park Inc. dba Kidville Midtown West Educational Services Term Loan Prime plus 2.75% 6/25/2020 26.4
 8.9
 9.0
 —%
^Zouk, Ltd. dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020 27.5
 12.2
 12.3
 0.01%

136
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Tanner Optical Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035 94.6
 81.7
 87.1
 0.04%
^M & H Pine Straw, Inc.and Harris Maloy Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 7/10/2020 67.5
 29.2
 29.6
 0.01%
^Excel RP, Inc., Kevin and Joann Foley Machinery Manufacturing Term Loan Prime plus 2.75% 7/8/2028 50.0
 37.9
 39.6
 0.02%
ValleyStar, Inc. dba BrightStar HealthCare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020 0.6
 2.6
 2.6
 —%
^ValleyStar, Inc. dba BrightStar Healthcare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020 7.5
 3.2
 3.2
 —%
^Diag, LLC dba Kidville Educational Services Term Loan Prime plus 2.75% 6/21/2020 37.5
 15.6
 15.8
 0.01%
^M & H Pine Straw, Inc and Harris L. Maloy Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020 183.3
 59.4
 60.2
 0.03%
^New Economic Methods LLC dba Rita's Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2020 24.8
 0.7
 0.7
 —%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2020 6.3
 2.5
 2.6
 —%
^Vortex Automotive LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/5/2035 76.6
 65.8
 70.1
 0.03%
^ATC Fitness LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2019 15.0
 4.5
 4.5
 —%
^Lahoba,LLC dba Papa John's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034 42.5
 36.2
 38.6
 0.02%
^Music Mountain Water Company,LLC dba Music Mountain Water Co. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 12/29/2019 185.4
 69.1
 69.9
 0.03%
^Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024 126.5
 29.0
 29.9
 0.01%
^David A. Nusblatt, D.M.D, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2019 9.0
 3.3
 3.3
 —%
^CMA Consulting dba Construction Management Associates Construction of Buildings Term Loan Prime plus 2.75% 12/11/2019 58.5
 19.5
 19.7
 0.01%
^KMC RE, LLC & B&B Kennels Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034 58.3
 49.5
 52.7
 0.03%
^Demand Printing Solutions, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 12/12/2019 10.0
 3.6
 3.7
 —%
^Planet Verte, LLC dba Audio Unlimited of Oceanside Administrative and Support Services Term Loan Prime plus 2.75% 11/28/2019 57.0
 20.3
 20.5
 0.01%
^Demand Printing Solutions, Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 10/29/2034 147.5
 124.9
 132.9
 0.06%

137
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Supreme Screw Products Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/17/2019 308.2
 87.6
 88.4
 0.04%
^Gray Tree Service, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2018 50.0
 12.4
 12.5
 0.01%
^Envy Salon & Spa LLC Personal and Laundry Services Term Loan Prime plus 2.75% 12/4/2018 20.3
 4.9
 4.9
 —%
^Gourmet to You, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2019 12.1
 3.3
 3.3
 —%
^The Alba Financial Group, Inc. Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 1/10/2019 22.5
 12.1
 12.2
 0.01%
^Grapevine Professional Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 1/22/2019 8.2
 2.0
 2.0
 —%
^Inflate World Corporation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/30/2018 7.5
 1.3
 1.3
 —%
^Peter Thomas Roth Labs LL Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/26/2018 425.0
 93.3
 93.9
 0.04%
^Dream Envy, Ltd. dba Massage Envy Personal and Laundry Services Term Loan Prime plus 2.75% 11/9/2018 88.0
 20.6
 20.7
 0.01%
^CBA D&A Pope, LLC dba Christian Brothers Automotive Repair and Maintenance Term Loan Prime plus 2.75% 6/14/2018 144.9
 28.8
 28.9
 0.01%
^Gilbert Chiropractic Clinic, Inc. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/7/2018 22.5
 4.0
 4.1
 —%
^D & D's Divine Beauty School of Esther, LLC Educational Services Term Loan 6% 8/1/2031 57.7
 51.3
 54.1
 0.03%
^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2018 9.4
 1.6
 1.6
 —%
^Burks & Sons Development LLC dba Tropical Smoothie Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 3/22/2018 49.8
 8.0
 8.0
 —%
Bliss Coffee and Wine Bar, LLC Food Services and Drinking Places Term Loan 6% 3/19/2018 87.5
 69.9
 70.2
 0.03%
^Zog Inc. Other Information Services Term Loan 6% 3/17/2018 97.5
 62.1
 62.3
 0.03%
^Saan M.Saelee dba Saelee's Delivery Service Truck Transportation Term Loan Prime plus 2.75% 3/12/2018 9.8
 1.6
 1.6
 —%
Integrity Sports Group, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan 6% 3/6/2018 75.0
 31.7
 31.8
 0.02%
^Enewhere Custom Canvas, LLC Textile Product Mills Term Loan Prime plus 2.75% 2/15/2018 12.0
 1.9
 1.9
 —%
^A & A Acquisition, Inc. dba A & A International Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/15/2018 100.0
 14.8
 14.9
 0.01%

138
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^All American Printing Printing and Related Support Activities Term Loan Prime plus 2.75% 10/26/2032 69.8
 37.6
 39.8
 0.02%
^Seo's Paradise Cleaners, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2018 9.8
 0.6
 0.6
 —%
^Margab, Inc. dba Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2017 44.0
 5.7
 5.7
 —%
^RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2017 21.2
 3.4
 3.4
 —%
^Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2017 8.4
 0.8
 0.8
 —%
^Parties By Pat, Inc. and Jose M. Martinez Jr. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2017 93.1
 11.8
 11.8
 0.01%
^Tammy's Bakery, Inc. dba Tammy's Bakery Food Manufacturing Term Loan Prime plus 2.75% 12/10/2017 71.8
 9.9
 10.0
 —%
^Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store Food and Beverage Stores Term Loan Prime plus 2.75% 11/28/2017 18.6
 2.2
 2.2
 —%
^MJ Mortgage & Tax Services, Inc. Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 11/14/2017 6.9
 0.4
 0.4
 —%
^Kings Laundry,LLC Personal and Laundry Services Term Loan Prime plus 2.75% 10/30/2017 64.5
 7.1
 7.1
 —%
^Quality Engraving Services Inc. and Ian M. Schnaitman Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/17/2017 15.0
 1.7
 1.7
 —%
^Louis B. Smith dba LAQ Funeral Coach Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/15/2017 12.6
 1.2
 1.2
 —%
^1911 East Main Street Holdings, Corp Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 15.8
 12.3
 13.1
 0.01%
^Metano IBC Services, Inc. and Stone Brook Leasing, LLC Rental and Leasing Services Term Loan Prime plus 2.75% 8/17/2017 315.0
 25.2
 25.3
 0.01%
^Mala Iyer, MD dba Child and Family Wellness Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/11/2017 50.0
 4.8
 4.9
 —%
^Twietmeyer Dentistry PA Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2017 148.9
 9.9
 9.9
 —%
^Water Works Laundromat, LLC Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 267.3
 184.0
 187.1
 0.09%
^Dave Kris, and MDK Ram Corp. Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 221.0
 32.3
 33.4
 0.02%
^No Thirst Software LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/26/2017 6.8
 0.2
 0.2
 —%
^CCIPTA, LLC Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 1/17/2017 47.0
 0.2
 0.2
 —%

139
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Gill Express Inc. dba American Eagle Truck Wash Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027 286.9
 187.3
 194.8
 0.09%
^Spain Street LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2017 63.0
 0.9
 0.9
 —%
^Kyoshi Enterprises, LLC Educational Services Term Loan Prime plus 2.75% 12/29/2016 22.5
 —
 —
 —%
^Nora A. Palma and Julio O Villcas Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2017 56.3
 0.1
 0.1
 —%
^Smooth Grounds, Inc. Food Services and Drinking Places Term Loan 7.75% 12/31/2018 64.5
 30.6
 30.8
 0.01%
^Fran-Car Corporation dba Horizon Landscape Management Administrative and Support Services Term Loan Prime plus 2.75% 3/3/2028 407.8
 161.0
 168.0
 0.08%
^Head To Toe Personalized Pampering, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 52.0
 9.0
 9.5
 —%
^Maxwell Place, LLC Nursing and Residential Care Facilities Term Loan 6.5% 12/31/2018 1,076.8
 772.5
 779.2
 0.37%
^Christopher F. Bohon & Pamela D. Bohon Social Assistance Term Loan Prime plus 2.75% 10/28/2026 14.2
 3.2
 3.4
 —%
^Shree Om Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 5/2/2030 333.3
 64.1
 67.4
 0.03%
^Pedzik's Pets, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 3/31/2030 53.5
 9.0
 9.4
 —%
^Nancy Carapelluci & A & M Seasonal Corner Inc. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/1/2025 106.9
 14.5
 15.0
 0.01%
^Moonlight Multi Media Production, Inc. Other Information Services Term Loan 5.3% 2/1/2025 19.7
 3.3
 3.4
 —%
David M. Goens dba Superior Auto Paint & Body, Inc. Repair and Maintenance Term Loan 6% 8/26/2024 250.0
 17.5
 18.1
 0.01%
^McCallister Venture Group, LLC and Maw's Vittles, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 75.0
 11.6
 12.1
 0.01%
^Computer Renaissance dba Dante IT Services, Inc. Electronics and Appliance Stores Term Loan Prime plus 3.75% 3/1/2018 100.0
 1.6
 1.6
 —%
^Chong Hun Im dba Kim's Market Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024 80.0
 9.5
 9.7
 —%
Whirlwind Car Wash, Inc. Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 333.3
 65.5
 65.8
 0.03%
^West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge Amusement, Gambling, and Recreation Industries Term Loan 6% 6/5/2026 1,333.0
 863.5
 895.8
 0.43%
^Center-Mark Car Wash, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2024 221.3
 27.9
 28.7
 0.01%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028 109.8
 17.2
 17.5
 0.01%

140
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Min Hui Lin Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028 134.3
 17.5
 18.2
 0.01%
^Delta Partners, LLC dba Delta Carwash Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029 280.9
 42.5
 44.0
 0.02%
^Auto Sales, Inc. Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023 75.0
 7.8
 8.0
 —%
^B & J Manufacturing Corporation and Benson Realty Trust Fabricated Metal Product Manufacturing Term Loan Prime plus 2% 3/30/2021 250.0
 18.8
 18.8
 0.01%
^RAB Services, Inc. & Professional Floor Installations Specialty Trade Contractors Term Loan Prime plus 2.5% 1/31/2023 62.5
 7.0
 7.1
 —%
^Ralph Werner dba Werner Transmissions Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021 26.6
 2.3
 2.4
 —%
^Taste of Inverness, Inc. dba China Garden Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025 73.8
 8.8
 8.8
 —%
^M. Krishna, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2% 3/20/2025 250.0
 9.4
 9.5
 —%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023 185.8
 31.5
 32.3
 0.02%
^OrthoQuest, P.C. Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022 56.8
 4.3
 4.3
 —%
^CPN Motel, L.L.C. dba American Motor Lodge Accommodation Term Loan Prime plus 2.25% 4/30/2024 379.0
 30.8
 31.1
 0.01%
^Track Side Collision & Tire, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025 44.8
 4.9
 5.0
 —%
^Duttakrupa, LLC dba Birmingham Motor Court Accommodation Term Loan Prime plus 2.25% 9/8/2023 98.8
 12.2
 12.3
 0.01%
^Deesha Corporation, Inc. dba Best Inn & Suites Accommodation Term Loan Prime plus 2.25% 2/14/2025 250.0
 27.4
 27.8
 0.01%
^Maruti, Inc Accommodation Term Loan Prime plus 2.25% 11/25/2024 220.0
 25.4
 25.7
 0.01%
Willington Hills Equestrian Center LLC Animal Production and Aquaculture Term Loan Prime plus 2.75% 10/19/2022 85.0
 12.8
 13.1
 0.01%
^LABH, Inc. Accommodation Term Loan Prime plus 2.25% 9/27/2024 555.0
 40.8
 41.3
 0.02%
^Randall D. & Patricia D. Casaburi dba Pat's Pizzazz Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023 68.8
 7.0
 7.2
 —%
^Gain Laxmi, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2.25% 5/31/2023 202.5
 20.0
 20.2
 0.01%
^Naseeb Corporation Accommodation Term Loan Prime plus 2.25% 3/31/2024 402.5
 29.8
 30.2
 0.01%
^Stillwell Ave Prep School Social Assistance Term Loan Prime plus 2.75% 1/14/2023 72.0
 6.4
 6.5
 —%

141
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Karis, Inc. Accommodation Term Loan Prime plus 2% 12/22/2023 148.8
 13.4
 13.4
 0.01%
^Five Corners, Ltd. Gasoline Stations Term Loan Prime plus 2.75% 12/11/2019 85.0
 4.7
 4.8
 —%
^Alyssa Corp dba Knights Inn Accommodation Term Loan Prime plus 2.25% 9/30/2023 350.0
 42.0
 42.4
 0.02%
^Bhailal Patel dba New Falls Motel Accommodation Term Loan Prime plus 2.75% 3/27/2023 100.0
 3.7
 3.8
 —%
^Pegasus Automotive, Inc. Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022 112.5
 10.9
 11.2
 0.01%
^Delyannis Iron Works Fabricated Metal Product Manufacturing Term Loan 6% 12/8/2022 16.0
 1.0
 1.1
 —%
^P. Agrino, Inc. dba Andover Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021 150.0
 8.9
 9.1
 —%
^Golden Elevator Co., Inc. Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 1/31/2022 50.0
 0.4
 0.4
 —%
^RJS Service Corporation Gasoline Stations Term Loan Prime plus 2.75% 8/20/2021 79.0
 6.2
 6.3
 —%
Chez Rurene Bakery Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2017 150.0
 9.2
 9.2
 —%
Total Performing SBA Unguaranteed Investments         $235,664.6
 $204,850.6
 $202,886.6
 97.03%
                 
Non-Performing SBA Unguaranteed Investments (3)                
^200 North 8th Street Associates LLC and Enchanted Acres Fa Food Manufacturing Term Loan Prime plus 2.75% 5/4/2028 $468.8
 $469.3
 $441.3
 0.21%
^214 North Franklin, LLC and Winter Ventures, Inc. Nonstore Retailers Term Loan 6% 11/29/2037 81.7
 81.7
 29.7
 0.01%
^A + Quality Home Health Care, Inc. Ambulatory Health Care Services Term Loan 6% 8/1/2016 1.3
 1.3
 1.2
 —%
Almeria Marketing 1, Inc. Personal and Laundry Services Term Loan 7.75% 10/15/2015 4.3
 4.3
 0.6
 —%
^Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc Motor Vehicle and Parts Dealers Term Loan 6.25% 9/18/2040 129.3
 129.5
 109.0
 0.05%
^AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc. Ambulatory Health Care Services Term Loan 6% 3/14/2038 305.3
 305.7
 28.8
 0.01%
AWA Fabrication & Construction, L.L.C. Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025 34.7
 34.8
 19.4
 0.01%
^B&B Fitness and Barbell, Inc. dba Elevations Health Club Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035 206.4
 206.7
 201.6
 0.10%
Baker Sales, Inc. d/b/a Baker Sales, Inc. Nonstore Retailers Term Loan 6% 3/29/2036 177.0
 177.4
 80.2
 0.04%
^Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B Gasoline Stations Term Loan 6% 9/30/2038 646.4
 648.0
 327.6
 0.16%

142
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar D Gasoline Stations Term Loan Prime plus 2.75% 8/15/2039 146.0
 146.3
 —
 —%
Bwms Management, LLC Food Services and Drinking Places Term Loan 0% 3/1/2018 5.1
 5.1
 4.9
 —%
^Chickamauga Properties, Inc., MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035 59.0
 59.0
 56.4
 0.03%
^Chickamauga Properties, Inc. and MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan 6.25% 10/19/2022 43.4
 43.5
 —
 —%
^Custom Software, Inc. a Colorado Corporation dba M-33 Access Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021 285.5
 286.2
 43.1
 0.02%
^Custom Software, Inc. a Colorado Corporation dba M-33 Access Broadcasting (except Internet) Term Loan 6.25% 4/30/2022 94.1
 94.3
 —
 —%
^Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 3/31/2035 172.8
 173.0
 158.3
 0.08%
^Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 3/29/2023 64.7
 64.8
 58.6
 0.03%
^DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6% 3/23/2037 2,646.6
 2,673.3
 2,609.4
 1.25%
^DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6.25% 3/23/2022 178.9
 179.3
 169.4
 0.08%
^Dean 1021 LLC dba Pure Pita Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025 63.9
 64.0
 49.6
 0.02%
^Dill Street Bar and Grill Inc and WO Entertainment, Inc Food Services and Drinking Places Term Loan 6% 9/27/2027 78.2
 78.4
 1.2
 —%
Dr. Francis E. Anders, DVM Professional, Scientific, and Technical Services Term Loan 6% 8/9/2015 1.6
 1.6
 1.5
 —%
^Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022 316.1
 316.9
 36.5
 0.02%
^Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan 6% 5/31/2023 155.2
 155.6
 114.8
 0.05%
^Event Mecca LLC Other Information Services Term Loan 6% 4/10/2023 12.6
 12.6
 9.4
 —%
^EZ Towing, Inc. Support Activities for Transportation Term Loan 6% 1/31/2023 123.2
 123.5
 107.1
 0.05%
^Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan 6.25% 3/30/2022 232.9
 233.5
 22.7
 0.01%
^Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan 6.25% 4/25/2022 157.4
 157.8
 —
 —%
^Gator Communications Group, LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan 6.25% 3/27/2023 13.3
 13.3
 —
 —%

143
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^Grand Manor Realty, Inc. & Kevin LaRoe Real Estate Term Loan 6% 2/20/2023 18.9
 19.0
 17.8
 0.01%
Guzman Group,LLC Rental and Leasing Services Term Loan 6% 1/30/2016 189.7
 190.2
 154.5
 0.07%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 176.7
 177.1
 156.6
 0.07%
Harrelson Materials Management,Inc Waste Management and Remediation Services Term Loan 6% 6/24/2021 464.2
 465.4
 36.4
 0.02%
^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2026 478.9
 480.1
 127.1
 0.06%
^Home Again Restaurant LLC Food Services and Drinking Places Term Loan 6.25% 6/30/2040 58.7
 58.8
 52.9
 0.03%
^J Olson Enterprises LLC and Olson Trucking Direct, Inc. Truck Transportation Term Loan 6% 6/28/2025 647.5
 649.1
 226.8
 0.11%
^J&M Concessions, Inc.dba A-1 Liquors Food and Beverage Stores Term Loan 6.25% 3/3/2039 130.2
 130.6
 91.9
 0.04%
^J&M Concessions Inc dba A 1 Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 2/27/2025 79.8
 80.0
 11.7
 0.01%
Jenny's Wunderland, Inc. Social Assistance Term Loan 6% 6/29/2036 149.7
 150.1
 52.2
 0.02%
^Karykion, Corporation dba Karykion Corporation Professional, Scientific, and Technical Services Term Loan 6% 6/28/2022 144.4
 144.8
 140.4
 0.07%
^Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/29/2039 63.4
 63.5
 57.2
 0.03%
Krishna of Orangeburg, Inc. Accommodation Term Loan 6% 2/20/2032 10.3
 10.3
 5.6
 —%
^Kup's Auto Spa Inc Repair and Maintenance Term Loan 6.25% 11/15/2038 373.2
 374.1
 351.8
 0.17%
Kup’s Auto Spa, Inc. Repair and Maintenance Term Loan 6.25% 10/23/2025 59.1
 59.3
 55.7
 0.03%
^Las Torres Development LLC dba Houston Event Centers Real Estate Term Loan 6% 8/27/2028 51.0
 51.0
 4.0
 —%
^M and C Renovations Inc Construction of Buildings Term Loan Prime plus 2.75% 10/31/2024 15.9
 16.0
 12.1
 0.01%
^Matchless Transportation LLC dba First Class Limo Transit and Ground Passenger Transportation Term Loan 6.25% 8/3/2022 126.4
 126.7
 17.5
 0.01%
^Milliken and Milliken, Inc. dba Milliken Wholesale Distribution Merchant Wholesalers, Durable Goods Term Loan 6% 6/10/2036 152.8
 152.9
 140.3
 0.07%
^Mojo Brands Media, LLC Broadcasting (except Internet) Term Loan 6% 8/28/2023 723.1
 725.0
 486.9
 0.23%
Morris Glass and Construction Specialty Trade Contractors Term Loan 6% 3/7/2021 44.8
 44.8
 3.0
 —%
^New Paltz Dental Care, PLLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan 6% 6/19/2025 97.3
 97.5
 88.4
 0.04%
Our Two Daughters L.L.C. dba Washington's Restaurant Food Services and Drinking Places Term Loan 6% 6/18/2026 169.8
 170.3
 22.7
 0.01%
^E & I Holdings, LP & PA Farm Products, LLC Food Manufacturing Term Loan 6% 4/30/2030 1,227.7
 1,230.8
 436.4
 0.21%

144
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
^NB & T Services, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/27/2026 36.5
 36.6
 —
 —%
Professional Systems, LLC and Professional Cleaning Administrative and Support Services Term Loan 6% 7/30/2020 132.0
 132.1
 7.2
 —%
^Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d Food Services and Drinking Places Term Loan 6.25% 9/30/2039 535.1
 536.4
 368.5
 0.18%
^Seven Stars Enterprises, Inc. dba Atlanta Bread Company Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2018 18.8
 18.8
 18.5
 0.01%
Sheikh M Tariq dba Selbyville Foodrite Gasoline Stations Term Loan 6% 3/13/2023 21.2
 21.2
 —
 —%
^Shivsakti, LLC dba Knights Inn Accommodation Term Loan 6.25% 12/20/2032 69.7
 69.9
 62.9
 0.03%
^STK Ventures Inc dba JP Dock Service & Supply Specialty Trade Contractors Term Loan 6% 5/9/2037 31.6
 31.6
 2.3
 —%
Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 11/7/2036 403.1
 404.1
 324.8
 0.16%
Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 8/26/2024 201.1
 201.6
 —
 —%
Tequila Beaches, LLC dba Fresco Restaurant Food Services and Drinking Places Term Loan 6% 9/16/2021 0.2
 0.2
 0.2
 —%
^The Conibear Corporation and Conibear Trucking, LLC Truck Transportation Term Loan Prime plus 2.75% 12/5/2024 7.9
 7.9
 0.9
 —%
The Lucky Coyote, LLC Miscellaneous Manufacturing Term Loan 6% 5/8/2017 6.2
 6.2
 2.3
 —%
^Will Zac Management LLC dba Papa John's Food Services and Drinking Places Term Loan 6.25% 12/19/2024 42.4
 42.5
 41.3
 0.02%
^Winter Ventures Inc and 214 N Franklin LLC Nonstore Retailers Term Loan 6% 4/29/2024 56.5
 56.6
 —
 —%
^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan 6% 12/23/2024 149.1
 149.3
 —
 —%
^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan 6% 4/3/2029 134.4
 134.5
 —
 —%
^Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan 6.25% 6/30/2024 325.2
 326.0
 306.6
 0.15%
^Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan 6.25% 7/3/2024 137.9
 138.3
 13.8
 0.01%
Woody's Trucking LLC Truck Transportation Term Loan Prime plus 2.75% 1/12/2026 11.7
 11.7
 3.1
 —%
Total Non-Performing SBA Unguaranteed Investments         $14,879.8
 $14,933.6
 $8,584.6
 4.11%
                 
Total SBA Unguaranteed Investments         $250,544.4
 $219,784.2
 $211,471.2
 101.14%
                 
Performing SBA Guaranteed Investments (4)                
HMG Strategy, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026 200.0
 150.0
 165.9
 0.08%

145
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Techni-Pro Institute LLC Educational Services Term Loan Prime plus 2.75% 12/15/2026 760.0
 570.0
 630.6
 0.30%
Sempco, Inc. Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 168.0
 126.0
 142.3
 0.07%
Means Enterprises LLC dba FastFrame Frisco Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026 150.0
 127.5
 141.1
 0.07%
New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2026 175.0
 131.3
 145.2
 0.07%
Jacliff Investments Inc. dba International health Technologies Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/23/2026 500.0
 375.0
 414.9
 0.20%
Joshua L. Baker Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/23/2026 105.0
 89.3
 98.7
 0.05%
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2041 1,679.5
 1,259.6
 1,420.2
 0.68%
Fort Smith Wings Inc. dba Wing Stop Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2026 130.0
 110.5
 122.2
 0.06%
Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029 900.0
 675.0
 754.3
 0.36%
Angelo Faia dba AVF Construction Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 394.9
 296.1
 334.3
 0.16%
Franklin Firm LLC dba Luv 2 Play Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041 691.5
 518.7
 585.4
 0.28%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041 1,500.0
 1,125.0
 1,268.4
 0.61%
Worldwide Estate, Inc. dba Washington Heights Manor Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041 900.0
 467.3
 527.7
 0.25%
Bear Creek Entertainment LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 8/12/2041 1,750.0
 837.3
 944.0
 0.45%
Nevey's LLC dba Stark Food III Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 1,175.5
 739.7
 833.0
 0.40%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041 2,000.0
 1,099.4
 1,240.3
 0.59%
Middlesex Auto Sales Corp Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2041 500.0
 142.5
 160.9
 0.08%
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 510.1
 107.5
 121.1
 0.06%
Surgarloaf Concepts LLC dba Fat Biscuit Food Services and Drinking Places Term Loan Prime plus 2.75% 11/8/2026 675.0
 287.6
 317.9
 0.15%
MIK LLC dba Firehouse Subs Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 800.0
 490.0
 542.1
 0.26%

146
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Roast Beef Levittown LLC dba Arby's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 1,860.0
 163.7
 180.8
 0.09%
Imaginarium Foods LLC, Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042 1,506.9
 373.3
 421.0
 0.20%
Total SBA Guaranteed Performing Investments         $19,031.4
 $10,262.3
 $11,512.3
 5.51%
                 
Total SBA Unguaranteed and Guaranteed Investments         $269,575.8
 $230,046.5
 $222,983.5
 106.64%
                 
Controlled Investments (5)                
Advanced Cyber Security Systems, LLC (6) (16)                                         
 Data processing, hosting and related services. 50% Membership Interest —% — —
 —
 —
 —%
    Term Loan 3%  December 2014 1,120.0
 381.0
 —
 —%
*Automated Merchant Services, Inc. (7) (16)
 Data processing, hosting and related services. 100% Common Stock —% — —
 —
 —
 —%
CDS Business Services, Inc. (8)                                                                                         
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% — —
 4,428.0
 750.0
 0.36%
    Line of Credit Prime Plus 2.5% August 2018 2,690.0
 2,690.0
 2,690.0
 1.29%
CrystalTech Web Hosting, Inc. (11)                                                                                         
 Data processing, hosting and related services. 100% Common Stock —% — —
 8,434.0
 20,109.0
 9.62%
*Fortress Data Management, LLC (16)                                                                                    
 Data processing, hosting and related services. 100% Membership Interest —% — —
 —
 —
 —%
Newtek Insurance Agency, LLC (13) (16)                                                                           
 Insurance Carriers and Related Activities 100% Membership Interests —% — —
 —
 2,500.0
 1.20%
PMTWorks Payroll, LLC (9)                                                                                    
 Data processing, hosting and related services. 100% Membership Interests —% — —
 725.1
 860.0
 0.41%
    Term Loan 10%-12% Various maturities through May 2018 1,685.0
 1,685.0
 1,185.0
 0.57%
Secure CyberGateway Services, LLC (10) (16)                                                                                                                     
 Data processing, hosting and related services. 66.7% Membership Interests —% — —
 —
 —
 —%
    Term Loan 7%  June 2017 2,400.0
 300.0
 —
 —%
Small Business Lending, LLC. (12) (16)                                                                       
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — —
 —
 3,300.0
 1.58%
Titanium Asset Management LLC (15) (16)
 Administrative and Support Services 100% Membership Interest —% — —
 —
 —
 —%
    Term Loan 3% July 2017 2,200.0
 660.4
 508.1
 0.24%

147
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
ADR Partners, LLC dba banc-serv Partners, LLC (12)
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — —
 5,260.3
 5,400.0
 2.58%
*Summit Systems and Designs, LLC (14) (16)                                                                     
 Data processing, hosting and related services. 100% Membership Interest —% — —
 —
 —
 —%
Premier Payments LLC (11)
 Data processing, hosting and related services. 100% Membership Interest —% — —
 16,438.0
 21,000.0
 10.04%
Universal Processing Services of Wisconsin, LLC (11) (16)                                           
 Data processing, hosting and related services. 100% Membership Interest —% — —
 —
 63,000.0
 30.13%
Total Controlled Investments         $10,095.0
 $41,001.8
 $121,302.1
 58.01%
                 
Non-control/Non-affiliate Investments                
Excel WebSolutions, LLC Data processing, hosting and related services. Term Loan 10% September 2018 $1,020.2
 $903.5
 $903.5
 0.43%
    Warrants —% — —
 —
 —
 —%
          $1,020.2
 $903.5
 $903.5
 0.43%
                 
Investments in Money Market Funds                
UBS Select Treasury Institutional Fund - 0.29% yield         $9.6
 $9.6
 $9.6
 —%
Peapack Gladstone High Yield IMMA - 0.30% yield         25.8
 25.8
 25.8
 0.01%
Total Money Market Funds         $35.4
 $35.4
 $35.4
 0.02%
                 
Total Investments         $280,726.4
 $271,987.2
 $345,224.5
 165.10%

^ Denotes investment that has been pledged as collateral under the Securitization Trusts.
* Denotes non-income producing security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing 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 Preferred Lender Program (“PLP”) status from the SBA. The 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) Prime Rate is equal to 3.50% as of September 30,December 31, 2016.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. 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.
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing 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.

148
See accompanying notes to unaudited condensed consolidated financial statements.


Table of Contents

(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 in the accompanying notes to the consolidated financial statements for transactions during the three months ended September 30, 2016 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) 18.35% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 31.8% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1,I, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by Wilshire New York Partners V, LLC (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) 66.7% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.
(11) 100% owned by Newtek Business Services Holdco1,Holdco 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Banc-Serv Acquisition, Inc., both subsidiaries of Newtek Business Services Corp.).

(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(13)(14) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.).
(14) 100% owned by Newtek LSP Holdco, LLC, (a subsidiary of Wilshire Holdings I, Inc. and Banc-Serv Acquisition, Inc., both subsidiaries of Newtek Business Services Corp.).
(15) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 30% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 17.8% owned by Wilshire New York Partners IV, LLC (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.).
(16) 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.
(17) 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.
(18) 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,December 31, 2016, 5.3%5.5% of total assets are non-qualifying assets. As of December 31, 2016, the federal tax cost of investments was $263,179,000 resulting in estimated gross unrealized gains and losses of $99,380,000 and $17,335,000, respectively.




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Performing SBA Unguaranteed Investments (1)
                
Bright Dialysis LLC and Ft Pierce Kidney Care LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2025
 $1,250.0
 $1,250.0
 $1,056.6
 0.52%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/10/2039
 1,250.0
 1,233.3
 1,252.8
 0.61%
Kingseal LLC dba Desoto Health and Rehab Center Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040
 1,250.0
 1,233.3
 1,253.1
 0.61%
The Camera House Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025
 1,250.0
 1,226.7
 1,116.1
 0.55%
KW Zion, LLC and Key West Gallery Inc Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/12/2039
 1,250.0
 1,223.7
 1,207.8
 0.59%
Ohs Auto Body, Inc. dba Ohs Body Shop Repair and Maintenance Term Loan 7.22% 6/25/2040
 1,207.5
 1,205.1
 1,151.0
 0.56%
Seven Peaks Mining Inc and Cornerstone Industrial Minerals Corporation Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/18/2038
 1,250.0
 1,204.1
 1,168.9
 0.57%
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc (OC) Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/21/2039
 1,226.0
 1,198.3
 1,170.7
 0.57%
Bowlerama Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039
 1,202.5
 1,184.5
 1,202.6
 0.59%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Real Estate Term Loan Prime plus 2.75% 3/27/2025
 1,238.3
 1,176.0
 977.4
 0.48%
The Jewelers Inc. dba The Jewelers of Las Vegas Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024
 1,250.0
 1,165.5
 978.9
 0.48%
Werthan Packaging Inc. Paper Manufacturing Term Loan Prime plus 2.75% 10/14/2025
 1,162.5
 1,162.5
 1,078.2
 0.53%
Shellhorn and Hill Inc dba Total Fleet Service Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040
 1,040.3
 1,028.0
 945.0
 0.46%
G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2040
 1,025.0
 1,025.0
 1,044.6
 0.51%
Shweiki Media, Inc. dba Study Breaks Magazine Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027
 1,178.8
 976.2
 991.8
 0.49%
Tortilla King, Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2029
 1,033.1
 975.2
 946.5
 0.46%
Yachting Solutions LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040
 962.5
 959.7
 912.7
 0.45%
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/29/2039
 943.8
 918.3
 944.9
 0.46%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Twinsburg Hospitality Group LLC dba Comfort Suites Accommodation Term Loan Prime plus 2.75% 10/31/2038
 945.0
 910.1
 907.5
 0.44%
Calhoun Satellite Communications Inc and Transmission Solutions Group Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/27/2025
 952.8
 898.1
 782.6
 0.38%
Nirvi Enterprises LLC dba Howard Johnson / Knights Inn Accommodation Term Loan Prime plus 2.75% 6/17/2039
 920.3
 896.6
 922.6
 0.45%
West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge Amusement, Gambling, and Recreation Industries Term Loan 6% 6/5/2026
 1,333.0
 885.1
 909.0
 0.45%
P and D Enterprises Ind dba Wallaby's Liquor Warehouse Food and Beverage Stores Term Loan Prime plus 2.75% 8/28/2040
 888.9
 885.0
 865.8
 0.42%
Nutmeg North Associates LLC (OC) Steeltech Building Products Inc Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038
 897.8
 883.1
 876.8
 0.43%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028
 882.0
 882.0
 885.3
 0.43%
Havana Central (NY) 5, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2022
 1,166.8
 878.5
 887.2
 0.44%
New York Home Health Care Equipment, LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025
 875.0
 875.0
 847.9
 0.42%
Elite Structures Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038
 932.8
 873.5
 907.2
 0.44%
Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 8/28/2039
 911.3
 871.5
 885.0
 0.43%
Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 6/30/2039
 875.3
 854.5
 876.2
 0.43%
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. Truck Transportation Term Loan Prime plus 2.75% 6/19/2026
 1,250.0
 842.8
 858.4
 0.42%
Key Pix Productions Inc. dba Air Bud Entertainment Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040
 839.8
 839.8
 855.8
 0.42%
Hotels of North Georgia LLC dba Comfort Inn and Suites Accommodation Term Loan Prime plus 2.75% 6/17/2039
 837.5
 816.0
 838.7
 0.41%
Shepher Distr's and Sales Corp and The Lederer Industries Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2023
 1,050.0
 801.8
 805.3
 0.39%
Maxwell Place, LLC Nursing and Residential Care Facilities Term Loan 6% 2/28/2016
 1,076.8
 801.3
 802.4
 0.39%
Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/25/2040
 810.0
 800.4
 804.9
 0.39%
Sovereign Communications LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 2/7/2024
 907.8
 784.1
 722.7
 0.35%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028
 875.0
 780.5
 797.9
 0.39%
T and B Boots Inc dba Takkens Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/31/2025
 807.8
 767.6
 720.3
 0.35%
Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027
 767.5
 760.1
 680.7
 0.33%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2040
 758.3
 751.5
 695.2
 0.34%
D.C. Group, Inc. dba Unique Setting of New York Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/21/2025
 750.0
 750.0
 665.7
 0.33%
Gabrielle Realty, LLC Gasoline Stations Term Loan Prime plus 2.75% 9/27/2038
 757.6
 726.6
 724.4
 0.36%
Keys Phase One LLC dba The Grand Guesthouse Accommodation Term Loan Prime plus 2.75% 9/26/2039
 736.3
 720.8
 712.2
 0.35%
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and Specialty Trade Contractors Term Loan Prime plus 2.75% 10/28/2025
 711.3
 707.8
 618.5
 0.30%
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2037
 755.4
 706.5
 737.4
 0.36%
J&D Resources, LLC dba Aqua Science Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2024
 767.9
 701.8
 596.5
 0.29%
Almost Home Property LLC and Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 8/7/2039
 715.8
 700.7
 700.1
 0.34%
Contract Packaging Services Inc dba Superior Pack Group Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/21/2023
 851.8
 694.6
 686.6
 0.34%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2021
 1,070.0
 692.9
 689.2
 0.34%
ATI Jet, Inc. Air Transportation Term Loan Prime plus 2.75% 12/28/2026
 852.8
 688.4
 700.6
 0.34%
Scent-Sation Inc Textile Product Mills Term Loan Prime plus 2.75% 9/18/2040
 687.5
 685.5
 693.5
 0.34%
Empower Autism Academy Social Assistance Term Loan Prime plus 2.75% 9/4/2040
 685.0
 683.0
 695.9
 0.34%
C & G Engines Corp. Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 9/30/2021
 1,041.5
 675.1
 676.2
 0.33%
Accent Tag and Label Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040
 665.8
 665.8
 652.7
 0.32%
IIoka Inc dba New Cloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025
 665.0
 658.9
 554.7
 0.27%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B Gasoline Stations Term Loan Prime plus 2.75% 9/30/2038
 676.3
 658.3
 646.2
 0.32%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2027
 712.5
 655.6
 662.7
 0.32%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC Truck Transportation Term Loan Prime plus 2.75% 3/31/2024
 1,250.0
 652.9
 656.5
 0.32%
LA Diner Inc dba Loukas L A Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/28/2037
 677.5
 641.2
 666.2
 0.33%
Meridian Hotels LLC dba Best Western Jonesboro Accommodation Term Loan Prime plus 2.75% 10/29/2038
 664.5
 637.5
 654.4
 0.32%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn Accommodation Term Loan Prime plus 2.75% 9/24/2040
 625.0
 623.2
 610.9
 0.30%
iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039
 629.8
 613.6
 597.3
 0.29%
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai Repair and Maintenance Term Loan Prime plus 2.75% 9/26/2039
 601.8
 589.1
 579.5
 0.28%
Northeast Arkansas Pizza, Inc. dba Domino’s Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2025
 608.0
 589.1
 493.4
 0.24%
Indy East Smiles Youth Dentistry LLC dba Prime Smile East Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024
 630.2
 574.0
 479.7
 0.24%
Master CNC Inc & Master Properties LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038
 596.6
 573.6
 562.8
 0.28%
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's Food Manufacturing Term Loan Prime plus 2.75% 12/27/2023
 656.3
 565.8
 568.3
 0.28%
IlOKA Inc dba Microtech Tel and NewCloud Networks Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023
 687.5
 565.5
 534.2
 0.26%
ACI Northwest Inc. Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023
 906.3
 560.8
 548.7
 0.27%
Bisson Transportation, Inc. Truck Transportation Term Loan Prime plus 2.75% 5/7/2037
 588.1
 557.0
 577.2
 0.28%
Richards Plumbing and Heating Co., Inc. dba Richards Mechanical Specialty Trade Contractors Term Loan Prime plus 2.75% 6/23/2040
 551.8
 547.7
 556.6
 0.27%
B and J Catering Inc dba Culinary Solutions Food Services and Drinking Places Term Loan Prime plus 2.75% 8/27/2040
 547.5
 547.5
 523.5
 0.26%
CML RW Security, LLC Construction of Buildings Term Loan Prime plus 2.75% 3/20/2025
 575.0
 546.1
 453.9
 0.22%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/23/2040
 1,189.5
 546.1
 556.5
 0.27%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039
 538.8
 536.3
 505.9
 0.25%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2038
 555.3
 535.7
 534.4
 0.26%
KRN Logistics, LLC,Newsome Trucking, Inc Truck Transportation Term Loan Prime plus 2.75% 6/19/2025
 543.5
 526.6
 473.2
 0.23%
PowerWash Plus, Inc. and CJR, LLC Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2038
 550.0
 523.8
 537.3
 0.26%
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039
 530.3
 521.6
 480.7
 0.24%
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025
 518.8
 512.4
 503.8
 0.25%
SBR Technologies d/b/a Color Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/31/2021
 806.2
 512.0
 517.0
 0.25%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038
 537.5
 510.2
 522.8
 0.26%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC Accommodation Term Loan Prime plus 2.75% 9/29/2039
 513.3
 503.9
 511.9
 0.25%
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040
 502.5
 502.5
 497.9
 0.24%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039
 500.0
 491.8
 499.6
 0.24%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037
 517.5
 489.4
 508.7
 0.25%
740 Barry Street Realty LLC and Wild Edibles Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/10/2040
 492.5
 485.9
 493.7
 0.24%
200 North 8th Street Associates LLC and Enchanted Acres Farm Food Manufacturing Term Loan Prime plus 2.75% 5/4/2028
 494.6
 484.0
 484.5
 0.24%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039
 497.5
 482.3
 496.1
 0.24%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037
 500.0
 474.5
 493.2
 0.24%
401 JJS Corporation and G. Randazzo Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2039
 473.5
 469.9
 464.8
 0.23%
Heartland American Properties LLC and Skaggs RV Outlet LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039
 479.0
 469.7
 461.5
 0.23%
Nikobella Properties LLC and JPO Inc dba Village Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039
 476.3
 464.0
 468.6
 0.23%
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2023
 545.8
 463.8
 442.9
 0.22%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2024
 500.0
 463.4
 441.2
 0.22%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036
 495.0
 458.3
 478.0
 0.23%
Capital Scrap Metal, LLC and Powerline Investment, LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/29/2038
 500.0
 452.8
 470.8
 0.23%
River Club Golf Course Inc dba The River Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2038
 475.2
 450.2
 463.2
 0.23%
Eastside Soccer Dome, Inc . Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038
 463.8
 444.8
 457.3
 0.22%
Amboy Group, LLC dba Tommy's Moloney's Food Manufacturing Term Loan Prime plus 2.75% 6/24/2025
 454.0
 443.0
 441.4
 0.22%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc Administrative and Support Services Term Loan Prime plus 2.75% 9/24/2039
 452.5
 443.0
 402.5
 0.20%
Sandlot Ventures LLC and Sandbox Ventures LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040
 442.5
 441.2
 420.4
 0.21%
ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/25/2024
 500.0
 438.7
 400.8
 0.20%
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039
 449.0
 435.3
 441.4
 0.22%
SDA Holdings LLC and Les Cheveux Salon Inc Personal and Laundry Services Term Loan Prime plus 2.75% 12/15/2040
 428.8
 428.8
 413.8
 0.20%
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2025
 437.5
 423.9
 411.6
 0.20%
Mid-South Lumber Co. of Northwest Florida, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/31/2040
 428.8
 423.7
 389.5
 0.19%
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/15/2039
 433.5
 421.8
 428.3
 0.21%
Tavern Properties LLC and Wildwood Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039
 425.0
 418.8
 411.2
 0.20%
Sherill Universal City dba Golden Corral Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038
 440.5
 418.3
 429.6
 0.21%
Wilban LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2039
 427.5
 415.6
 419.8
 0.21%
Sound Manufacturing, Inc. and Monster Power Equipment Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023
 523.0
 411.4
 408.2
 0.20%
J&K Fitness, LLC dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/8/2036
 449.3
 411.3
 429.0
 0.21%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Import Car Connection Inc dba Car Connection Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/16/2040
 407.5
 406.3
 407.6
 0.20%
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039
 417.5
 404.3
 404.7
 0.20%
920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC) Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038
 418.1
 403.4
 414.8
 0.20%
Utek Corporation dba Arcade Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 9/22/2039
 405.5
 402.1
 404.7
 0.20%
RIM Investments LLC and RIM Architects LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040
 399.0
 397.8
 384.7
 0.19%
Zane Filippone Co Inc dba Culligan Water Conditioning Nonstore Retailers Term Loan Prime plus 2.75% 4/12/2022
 558.2
 397.1
 400.0
 0.20%
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park LLC Social Assistance Term Loan Prime plus 2.75% 3/14/2039
 408.0
 396.7
 407.3
 0.20%
John Duffy Fuel Co., Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/28/2022
 513.8
 393.9
 398.2
 0.20%
Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real Estate Truck Transportation Term Loan Prime plus 2.75% 5/7/2022
 528.8
 391.4
 395.0
 0.19%
TAK Properties LLC and Kinderland Inc Social Assistance Term Loan Prime plus 2.75% 12/18/2038
 405.0
 390.8
 391.2
 0.19%
Polymer Sciences, Inc. dba Polymer Sciences, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/28/2036
 422.6
 387.2
 403.7
 0.20%
Kup's Auto Spa Inc Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2038
 396.7
 377.2
 386.0
 0.19%
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040
 380.0
 377.1
 365.2
 0.18%
R.H. Hummer Jr., Inc. Truck Transportation Term Loan Prime plus 2.75% 9/30/2025
 375.0
 375.0
 355.3
 0.17%
Tariq, LLC dba 76 Food Mart Gasoline Stations Term Loan Prime plus 2.75% 12/2/2040
 375.0
 375.0
 372.0
 0.18%
Swalm Sreet LLC and New York Home Health Care Equipment LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2040
 375.0
 375.0
 370.9
 0.18%
B&B Organics LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 12/22/2040
 375.0
 375.0
 382.2
 0.19%
All American Games, LLC and Sportslink - The Game, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/10/2024
 400.0
 372.1
 329.1
 0.16%
3Fmanagement LLC and ATC Fitness Cape Coral, LLC dba Around the Clock Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/24/2024
 425.0
 364.2
 342.2
 0.17%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
AIG Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 9/4/2040
 363.8
 362.7
 340.6
 0.17%
The Berlerro Group, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023
 421.3
 360.6
 335.9
 0.16%
Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 8/31/2021
 575.0
 358.1
 360.2
 0.18%
Fair Deal Food Mart Inc dba Neighbors Market Gasoline Stations Term Loan Prime plus 2.75% 5/3/2037
 381.3
 354.9
 370.4
 0.18%
iFood, Inc. dba Steak N Shake Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024
 379.1
 353.5
 317.9
 0.16%
Murrayville Donuts, Inc dba Dunkin' Donuts Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040
 344.5
 344.5
 329.3
 0.16%
Michael J. Speeney & Joyce Speeney and R2 Tape, Inc. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/31/2037
 367.5
 344.4
 357.7
 0.18%
Basista Family Limited Partnership and UPE, Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040
 342.5
 342.5
 334.5
 0.16%
Johnson Carwash LLC and Johnson Petroleum LLC Gasoline Stations Term Loan Prime plus 2.75% 9/14/2040
 340.0
 340.0
 345.1
 0.17%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2027
 389.6
 338.3
 335.0
 0.16%
Suncoast Aluminum Furniture, Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037
 360.0
 337.5
 350.3
 0.17%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040
 338.8
 336.3
 290.1
 0.14%
Cencon Properties LLC and Central Connecticut Warehousing Company, Inc Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038
 344.5
 331.0
 339.2
 0.17%
Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 3/30/2022
 466.3
 330.4
 331.0
 0.16%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023
 387.3
 329.2
 314.3
 0.15%
Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2025
 337.5
 326.9
 277.2
 0.14%
Hagerstown Muffler, Inc. and JMS Muffler, Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2040
 327.5
 326.5
 332.8
 0.16%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038
 335.1
 321.4
 323.3
 0.16%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036
 338.1
 320.1
 334.0
 0.16%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Orange County Insurance Brokerage Inc dba Beaty Insurance Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/29/2039
 325.1
 319.3
 324.3
 0.16%
Nova Solutions Inc Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/22/2040
 320.0
 319.1
 313.0
 0.15%
MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads Food Manufacturing Term Loan Prime plus 2.75% 3/29/2038
 336.0
 319.0
 324.6
 0.16%
Taylor Transport, Inc Truck Transportation Term Loan Prime plus 2.75% 12/8/2021
 515.5
 317.2
 320.2
 0.16%
FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2039
 321.8
 313.6
 315.9
 0.15%
A & M Commerce, Inc. dba Cranberry Sunoco Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038
 330.3
 313.3
 323.5
 0.16%
Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 322.7
 311.2
 313.7
 0.15%
Shane M. Howell and Buck Hardware and Garden Center, LLC Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2038
 322.5
 311.1
 307.8
 0.15%
Jumbomarkets Inc dba Rines Jumbomarkets Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025
 306.3
 306.3
 294.4
 0.14%
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/2/2022
 451.3
 305.1
 304.3
 0.15%
Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024
 350.6
 302.9
 292.2
 0.14%
Onofrios Enterprises LLC (EPC) Onofrios Fresh Cut, Inc Food Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 312.5
 301.0
 304.4
 0.15%
Joyce Outdoor Advertising Chicago LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040
 300.0
 300.0
 284.5
 0.14%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac Accommodation Term Loan Prime plus 2.75% 3/27/2040
 301.8
 298.2
 303.0
 0.15%
510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/19/2024
 332.0
 296.3
 294.5
 0.14%
R A Johnson Inc dba Rick Johnson Auto and Tire Repair and Maintenance Term Loan Prime plus 2.75% 9/23/2039
 301.3
 294.9
 299.5
 0.15%
American Campgrounds LLC dba Whit's End Campground Accommodation Term Loan Prime plus 2.75% 12/4/2040
 293.0
 293.0
 290.9
 0.14%
Custom Software, Inc. a Colorado Corporation dba M-33 Access Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/17/2021
 426.0
 289.2
 293.0
 0.14%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Anturio Marketing Inc dba Logic Consulting Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/12/2040
 290.3
 288.1
 292.8
 0.14%
Summit Beverage Group LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030
 291.9
 286.8
 258.1
 0.13%
Aegis Creative Communications, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2022
 387.5
 286.2
 277.3
 0.14%
The Smile Place LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2040
 283.9
 282.2
 276.4
 0.14%
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023
 343.8
 278.0
 270.9
 0.13%
New Image Building Services Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 10/29/2023
 331.3
 277.0
 259.8
 0.13%
Anglin Cultured Stone Products LLC dba Anglin Construction Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2025
 281.8
 273.0
 238.1
 0.12%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/30/2037
 286.5
 270.0
 278.8
 0.14%
Central Tire, Inc. dba Cooper Tire & Auto Services Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037
 288.5
 269.1
 279.5
 0.14%
First Prevention and Dialysis Center LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024
 273.3
 268.9
 251.4
 0.12%
New Image Building Services, Inc. dba New Image Repair Services Repair and Maintenance Term Loan Prime plus 2.75% 8/23/2037
 285.7
 267.7
 271.6
 0.13%
Christou Real Estate Holdings LLC dba Tops American Grill Food Services and Drinking Places Term Loan Prime plus 2.75% 5/17/2037
 284.0
 264.1
 275.3
 0.13%
Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038
 268.4
 258.1
 259.5
 0.13%
Thrifty Market, Inc. dba Thrifty Foods Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030
 262.5
 257.9
 227.2
 0.11%
15 McArdle LLC and No Other Impressions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040
 257.1
 254.9
 238.4
 0.12%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc. Textile Product Mills Term Loan Prime plus 2.75% 11/21/2021
 337.5
 253.9
 257.1
 0.13%
Reidville Hydraulics & Mfg Inc dba Summit Farms LLC Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037
 265.9
 250.6
 254.6
 0.12%
All-Tag Corporation Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/30/2025
 250.4
 250.4
 218.0
 0.11%
Roccos LLC and Sullo Pantalone Inc dba Rocco's Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039
 255.8
 250.4
 237.3
 0.12%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JAG Unit 1, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025
 250.0
 250.0
 210.6
 0.10%
V2 Tango LLC dba Palette 22 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2025
 250.0
 250.0
 217.1
 0.11%
Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024
 272.5
 248.2
 219.7
 0.11%
HAVANA CENTRAL NJ1, LLC dba Havana Central Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2025
 250.0
 245.1
 238.9
 0.12%
Wolf Enviro Interests, LLC and Enviromax Services Inc Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040
 246.5
 244.7
 223.7
 0.11%
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2040
 244.4
 244.4
 226.0
 0.11%
MJD Investments, LLC dba The Community Day School Social Assistance Term Loan Prime plus 2.75% 1/31/2038
 258.3
 244.3
 250.6
 0.12%
RKP Service dba Rainbow Carwash Repair and Maintenance Term Loan Prime plus 2.75% 5/31/2023
 300.0
 243.1
 237.5
 0.12%
FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2039
 245.5
 242.9
 225.8
 0.11%
JWB Industries, Inc. dba Carteret Die Casting Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024
 280.0
 241.8
 225.3
 0.11%
800 on the Trax LLC and Matrix Z LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040
 240.0
 240.0
 234.6
 0.12%
Xela Pack, Inc. and Aliseo and Catherine Gentile Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028
 271.8
 239.2
 244.5
 0.12%
WI130, LLC (EPC) & Lakeland Group, Inc (OC) dba Lakeland Electrical Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/31/2028
 271.5
 239.0
 238.1
 0.12%
LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Market Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2037
 252.3
 236.8
 242.7
 0.12%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038
 246.3
 236.8
 234.5
 0.11%
Capitol Waste and Recycling Services LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 10/10/2024
 257.8
 236.4
 210.6
 0.10%
All About Smiles P A Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2040
 237.7
 235.9
 231.1
 0.11%
Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/29/2040
 234.8
 234.8
 235.3
 0.12%
Pierce Developments, Inc. dba Southside Granite Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/13/2036
 256.1
 233.3
 242.6
 0.12%
Atlantis of Daytona LLC and Ocean Club Sportswear Inc Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/23/2039
 240.0
 233.1
 236.7
 0.12%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039
 233.4
 227.4
 229.0
 0.11%
M & H Pine Straw Inc and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/21/2023
 288.8
 227.1
 227.0
 0.11%
MTV Bowl, Inc. dba Legend Lanes Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2036
 248.5
 226.4
 235.8
 0.12%
Meridian Hotels, LLC dba Best Western Jonesboro Accommodation Term Loan Prime plus 2.75% 11/25/2039
 228.0
 224.9
 228.4
 0.11%
HJ & Edward Enterprises, LLC dba Sky Zone Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2023
 262.5
 224.8
 218.5
 0.11%
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty Wood Product Manufacturing Term Loan Prime plus 2.75% 2/2/2040
 225.1
 222.1
 208.0
 0.10%
Hemingway Custom Cabinetry LLC Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/25/2025
 220.0
 217.3
 187.0
 0.09%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/13/2039
 223.5
 216.7
 222.9
 0.11%
Homegrown For Good LLC Apparel Manufacturing Term Loan Prime plus 2.75% 11/26/2024
 230.0
 215.5
 195.5
 0.10%
Discount Wheel and Tire Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038
 223.8
 214.6
 214.3
 0.11%
Newsome Trucking Inc and Kevin Newsome Truck Transportation Term Loan Prime plus 2.75% 9/2/2035
 423.1
 214.1
 222.6
 0.11%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038
 224.2
 213.7
 213.3
 0.10%
Mosley Auto Group LLC dba America's Automotive Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038
 221.5
 213.7
 217.6
 0.11%
Tortilla King Inc. Food Manufacturing Term Loan Prime plus 2.75% 3/14/2039
 216.9
 211.2
 207.8
 0.10%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037
 223.8
 211.1
 219.0
 0.11%
BJ's Tavern LLC and BJ's Cabana Bar Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 212.5
 210.9
 205.9
 0.10%
Pioneer Windows Manufacturing Corp, Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022
 275.0
 209.8
 207.4
 0.10%
Evans and Paul LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024
 223.8
 208.2
 198.7
 0.10%
Faith Memorial Chapel LLC Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039
 214.2
 207.9
 206.4
 0.10%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Superior Disposal Service, Inc. Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/26/2023
 240.5
 204.4
 200.8
 0.10%
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039
 211.0
 204.3
 203.2
 0.10%
1 North Restaurant Corp dba 1 North Steakhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038
 212.5
 204.3
 207.8
 0.10%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/30/2031
 231.5
 204.2
 210.9
 0.10%
Elan Realty, LLC and Albert Basse Asociates, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035
 228.2
 203.7
 212.6
 0.10%
Modern Manhattan LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024
 220.0
 203.3
 171.5
 0.08%
AMG Holding, LLC and Stetson Automotive, Inc Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039
 208.0
 202.7
 208.6
 0.10%
JEJE Realty LLC and La Familia Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2039
 205.8
 202.1
 193.6
 0.09%
Gill Express Inc. dba American Eagle Truck Wash Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027
 286.9
 200.4
 206.1
 0.10%
Block and Grinder LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 200.0
 200.0
 196.6
 0.10%
Water Works Laundromat, L.L.C. Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027
 267.3
 194.8
 195.3
 0.10%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021
 302.5
 194.7
 197.2
 0.10%
Spire Investment Partners, LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 9/28/2022
 258.8
 192.7
 186.7
 0.09%
Douglas Printy Motorsports, Inc. dba Blackburn Trike Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/9/2040
 191.8
 189.5
 180.5
 0.09%
8 Minute Oil Change of Springfield Corporation and John Nino Repair and Maintenance Term Loan Prime plus 2.75% 12/12/2038
 196.8
 188.0
 191.7
 0.09%
Sapienzo Properties LLC (EPC) CNS Self-Storage Inc (OC) Real Estate Term Loan Prime plus 2.75% 3/27/2039
 193.8
 187.0
 192.4
 0.09%
Greenbrier Technical Services, Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023
 240.1
 183.0
 183.2
 0.09%
Brothers International Desserts Food Manufacturing Term Loan Prime plus 2.75% 4/26/2023
 230.0
 182.7
 181.4
 0.09%
Majestic Contracting Services, Inc. dba Majestic Electric and Majestic Plumbing Specialty Trade Contractors Term Loan Prime plus 2.75% 7/26/2038
 190.0
 181.6
 180.6
 0.09%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2035
 204.0
 180.7
 188.4
 0.09%
(EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038
 188.3
 180.0
 183.6
 0.09%
(EPC) Willowbrook Properties LLC (OC) Grove Gardens Landscaping Inc. Administrative and Support Services Term Loan Prime plus 2.75% 6/5/2038
 186.3
 177.8
 183.5
 0.09%
Trip Consultants U.S.A. Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025
 175.0
 175.0
 147.4
 0.07%
Richmond Hill Mini Market, LLC Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037
 185.3
 174.7
 180.2
 0.09%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024
 187.5
 174.5
 153.2
 0.08%
KK International Trading Corporation Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028
 190.0
 174.0
 172.1
 0.08%
Bryan Bantry Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/8/2021
 400.0
 174.0
 173.0
 0.08%
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery Food and Beverage Stores Term Loan Prime plus 2.75% 9/26/2037
 183.8
 173.9
 178.5
 0.09%
Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/20/2022
 225.0
 173.3
 171.3
 0.08%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse Accommodation Term Loan Prime plus 2.75% 5/20/2040
 174.1
 172.6
 170.5
 0.08%
Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024
 187.5
 172.3
 150.6
 0.07%
Neyra Industries, Inc. and Edward Neyra Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/27/2023
 217.5
 171.2
 173.2
 0.08%
Chickamauga Properties,Inc., MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2035
 189.5
 171.1
 178.5
 0.09%
R2 Tape Inc dba Presto Tape Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/29/2025
 176.3
 170.8
 160.6
 0.08%
Fran-Car Corporation dba Horizon Landscape Management Administrative and Support Services Term Loan Prime plus 2.75% 3/3/2028
 407.8
 170.5
 175.8
 0.09%
BND Sebastian Limited Liability Company and Sebastian Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2040
 172.5
 170.5
 168.2
 0.08%
Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2040
 171.6
 170.0
 161.1
 0.08%
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037
 180.0
 169.5
 175.4
 0.09%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021
 250.0
 168.6
 169.3
 0.08%
South Park Properties LLC and Midlothian Hardware LLC dba Grill Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040
 170.5
 167.9
 170.0
 0.08%
Spectrum Radio Fairmont, LLC Broadcasting (except Internet) Term Loan Prime plus 2.75% 8/30/2023
 187.5
 164.3
 164.3
 0.08%
Wilshire Media Systems Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024
 186.3
 163.4
 151.7
 0.07%
Pine Belt Wood Products LLC Forestry and Logging Term Loan Prime plus 2.75% 9/22/2040
 163.8
 163.3
 147.9
 0.07%
Wise Forklift Inc Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/1/2020
 296.9
 162.9
 164.7
 0.08%
Labmates LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040
 162.5
 162.5
 165.6
 0.08%
Gator Communications Group LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 4/25/2022
 228.8
 162.1
 162.5
 0.08%
B & W Towing, LLC and Boychucks Fuel LLC Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039
 164.5
 161.8
 153.1
 0.08%
Hae M. and Jin S. Park dba Buford Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039
 166.5
 161.2
 160.0
 0.08%
M & H Pinestraw, Inc. and Harris L. Maloy Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2021
 238.3
 161.2
 161.6
 0.08%
185 Summerfield Inc and Valcon Contracting Corp Construction of Buildings Term Loan Prime plus 2.75% 10/24/2039
 162.3
 159.1
 157.6
 0.08%
MMS Realty, LLC and Molecular MS Diagnostics LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040
 160.7
 158.8
 151.3
 0.07%
Carolina Flicks Inc dba The Howell Theater Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/23/2032
 163.3
 158.5
 149.5
 0.07%
Spire Investment Partners, LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/22/2021
 250.0
 157.4
 157.8
 0.08%
North Columbia LLC and Loop Liquor and Convenience Store LLC Food and Beverage Stores Term Loan Prime plus 2.75% 9/24/2039
 159.3
 155.9
 153.6
 0.08%
Ramard Inc and Advanced Health Sciences Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023
 187.5
 154.3
 140.5
 0.07%
South Florida Air Conditioning and Refrigeration Corp. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/27/2040
 155.5
 153.7
 153.3
 0.08%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Golden Transaction Corporation dba Bleh Sunoco Gasoline Stations Term Loan Prime plus 2.75% 10/30/2039
 156.7
 153.6
 152.9
 0.07%
Avayaan2 LLC dba Island Cove Gasoline Stations Term Loan Prime plus 2.75% 3/7/2039
 157.5
 152.7
 154.1
 0.08%
RDT Enterprises LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 9/15/2027
 162.8
 152.7
 147.6
 0.07%
J3K LLC dba Ronan True Value Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/23/2025
 152.5
 150.6
 126.8
 0.06%
RXSB, Inc dba Medicine Shoppe Health and Personal Care Stores Term Loan Prime plus 2.75% 5/30/2023
 186.3
 149.8
 145.3
 0.07%
FirstVitals Health and Wellness Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025
 150.0
 148.1
 124.7
 0.06%
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar Deals Gasoline Stations Term Loan Prime plus 2.75% 8/15/2039
 150.0
 147.2
 131.7
 0.06%
Honeyspot Investors LLP and Pace Motor Lines Inc Truck Transportation Term Loan Prime plus 2.75% 7/24/2039
 150.0
 146.4
 147.7
 0.07%
Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/25/2040
 146.3
 146.3
 148.5
 0.07%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039
 148.8
 146.1
 139.8
 0.07%
Dantanna's Tavern LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024
 164.3
 144.8
 136.4
 0.07%
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning Specialty Trade Contractors Term Loan Prime plus 2% 12/27/2018
 411.5
 144.8
 144.3
 0.07%
GDP Gourmet LLC dba Joe and John's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040
 145.0
 144.4
 140.6
 0.07%
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc. Educational Services Term Loan Prime plus 2.75% 4/18/2038
 151.0
 143.6
 149.3
 0.07%
J. Kinderman & Sons Inc., dba BriteStar Inc. Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/20/2023
 181.3
 142.7
 144.3
 0.07%
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040
 143.0
 142.6
 144.3
 0.07%
Alpha Preparatory Academy LLC Social Assistance Term Loan Prime plus 2.75% 8/15/2039
 145.2
 142.5
 144.7
 0.07%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039
 145.5
 142.4
 144.6
 0.07%
Peter Thomas Roth Labs LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/26/2018
 425.0
 142.3
 143.4
 0.07%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox Social Assistance Term Loan Prime plus 2.75% 3/21/2039
 145.0
 140.8
 139.9
 0.07%
USI Properties LLC dba U Store It Real Estate Term Loan Prime plus 2.75% 5/23/2039
 144.6
 140.7
 144.0
 0.07%
Wired LLC and Moulison North Corporation Specialty Trade Contractors Term Loan Prime plus 2.75% 7/3/2024
 150.1
 140.1
 126.0
 0.06%
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040
 140.0
 139.6
 142.2
 0.07%
Stormrider Inc dba Shirley's Stormrider, Inc Truck Transportation Term Loan Prime plus 2.75% 11/25/2024
 150.0
 138.6
 115.1
 0.06%
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022
 180.0
 138.4
 134.2
 0.07%
ATC Fitness LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2022
 180.0
 137.8
 137.4
 0.07%
Choe Trade Group Inc dba Rapid Printers of Monterey Printing and Related Support Activities Term Loan Prime plus 2.75% 2/28/2024
 159.3
 137.6
 137.4
 0.07%
Matchless Transportation LLC dba First Class Limo Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/3/2022
 185.0
 137.0
 135.7
 0.07%
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039
 141.3
 137.0
 140.9
 0.07%
3000 CSI Property LLC and Consulting Solutions Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040
 137.5
 136.9
 137.1
 0.07%
Kemmer LLC and Apples Tree Top Liquors LLC Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039
 138.4
 136.1
 126.9
 0.06%
Spectrumit, Inc, (OC) dba LANformation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2030
 154.9
 135.8
 139.4
 0.07%
Grafio Inc dba Omega Learning Center-Acworth Educational Services Term Loan Prime plus 2.75% 9/13/2023
 156.3
 135.0
 126.3
 0.06%
CEM Autobody LLC dba Dawn's Autobody Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040
 135.5
 134.5
 128.6
 0.06%
C& D Medical of Naples, Inc and Forever & Always of Naples, Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2040
 135.0
 134.2
 124.0
 0.06%
Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/18/2040
 134.0
 133.9
 131.3
 0.06%
DKB Transport Corp Truck Transportation Term Loan Prime plus 2.75% 12/5/2038
 138.8
 133.9
 137.6
 0.07%
West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/12/2035
 148.7
 133.4
 138.8
 0.07%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
JPM Investments LLC and Carolina Family Foot Care P.A. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039
 136.1
 133.1
 134.9
 0.07%
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039
 137.5
 132.6
 134.6
 0.07%
Haven Hospitality Group Inc. dba Haven Gastropub Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2025
 132.5
 132.5
 113.7
 0.06%
Mid-Land Sheet Metal Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038
 137.5
 132.4
 134.1
 0.07%
City Sign Service, Incorporated Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 11/30/2025
 165.8
 132.1
 134.7
 0.07%
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc(OC) Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2039
 134.9
 131.6
 135.4
 0.07%
Jade Automotive d/b/a Sears Hometown Store Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 10/6/2035
 146.6
 131.5
 137.3
 0.07%
J&M Concessions, Inc.dba A-1 Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 3/3/2039
 135.6
 131.3
 129.2
 0.06%
Modern on the Mile, LLC dba Ligne Roset Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/25/2021
 212.5
 131.1
 131.5
 0.06%
Access Staffing, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022
 187.5
 131.1
 130.5
 0.06%
Grand Blanc Lanes, Inc. and H, H and H, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039
 133.0
 131.0
 131.1
 0.06%
RDT Enterprises, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2028
 141.2
 130.6
 132.4
 0.06%
Demand Printing Solutions, Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 10/29/2034
 147.5
 128.7
 133.9
 0.07%
Green Life Lawnscapes LLC dba Green Life Lawn Care Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025
 127.3
 127.3
 122.4
 0.06%
R2 Tape, Inc. dba Presto Tape and Michael J.and Joyce Speeney Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/20/2020
 224.4
 126.6
 127.6
 0.06%
Nelson Sargsyan dba HDA Trucking Support Activities for Transportation Term Loan Prime plus 2.75% 6/16/2025
 130.5
 126.4
 105.1
 0.05%
PTK, Incorporated dba Night N Day 24 HR Convenience Store Food and Beverage Stores Term Loan Prime plus 2.75% 9/30/2036
 137.5
 126.0
 131.2
 0.06%
George S Cochran DDS Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/7/2025
 130.0
 125.1
 104.4
 0.05%
Music Mountain Water Company, LLC Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/25/2036
 138.1
 125.1
 130.7
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Sarah Sibadan dba Sibadan Agency Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039
 129.4
 125.0
 127.4
 0.06%
Japp Business Inc dba Pick and Eat and Japp Drink Corp. Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 125.0
 125.0
 110.6
 0.05%
Smokeyard Inc dba Smokeyard BBQ and Chop Shop Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025
 125.0
 125.0
 107.6
 0.05%
Evans & Paul LLC and E&P Holdings I LLC Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025
 125.0
 125.0
 110.9
 0.05%
Abitino's JFK LLC dba Abitino's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022
 125.0
 124.9
 110.4
 0.05%
The LAX Shop Inc Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/22/2025
 125.0
 125.0
 124.9
 0.06%
Hascher Gabelstapler Inc Repair and Maintenance Term Loan Prime plus 2.75% 3/26/2024
 143.3
 124.6
 121.0
 0.06%
Maxiflex LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023
 153.5
 124.1
 125.6
 0.06%
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039
 126.9
 123.6
 122.1
 0.06%
Geo Los Angeles LLC dba Geo Film Group Rental and Leasing Services Term Loan Prime plus 2.75% 3/26/2025
 130.0
 123.5
 112.5
 0.06%
Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025
 125.0
 123.5
 103.9
 0.05%
Naeem Khan LTD Apparel Manufacturing Term Loan Prime plus 2.75% 9/30/2025
 125.0
 123.5
 104.0
 0.05%
Lake Area Autosound LLC and Ryan H. Whittington Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/28/2039
 125.0
 122.9
 122.9
 0.06%
Food & Fuel Company LLC dba Lowery Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2040
 122.5
 122.5
 124.3
 0.06%
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC) Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024
 133.8
 122.2
 121.6
 0.06%
Trademark Equipment Company Inc and David A. Daniel Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036
 133.6
 122.1
 126.9
 0.06%
Supreme Screw Products, Inc. and Misha Migdal Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/17/2019
 308.2
 121.6
 122.7
 0.06%
Atlas Mountain Construction, LLC Construction of Buildings Term Loan Prime plus 2.75% 5/13/2038
 127.3
 121.2
 126.1
 0.06%
Medworxs LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025
 125.0
 121.1
 101.6
 0.05%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
LP Industries Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025
 125.0
 120.9
 112.3
 0.06%
Bizzare Foods Inc dba Trooper Foods Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/12/2025
 125.0
 120.6
 100.3
 0.05%
3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fit Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/17/2024
 131.3
 120.4
 106.2
 0.05%
JDR Industries Inc dba CST-The Composites Store, JetCat USA Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 1/21/2024
 140.3
 120.4
 114.1
 0.06%
Prospect Kids Academy Inc Educational Services Term Loan Prime plus 2.75% 9/11/2038
 124.3
 119.2
 120.5
 0.06%
Copper Beech Financial Group LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025
 125.0
 118.7
 107.2
 0.05%
Knits R Us, Inc. dba NYC Sports / Mingle Textile Mills Term Loan Prime plus 2.75% 2/11/2038
 125.0
 118.4
 123.1
 0.06%
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC) Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038
 124.6
 118.3
 120.9
 0.06%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036
 129.5
 117.9
 123.2
 0.06%
DC Real LLC and DC Enterprises LTD dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039
 119.4
 117.8
 116.3
 0.06%
Balthazar Management Virgin Islands LLC dba The Beach Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 3/27/2025
 123.3
 117.1
 116.6
 0.06%
Profile Performance, Inc. and Eidak Real Estate, L.L.C. Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036
 127.5
 115.7
 120.8
 0.06%
Wilton Dental Care P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/29/2024
 128.1
 115.6
 106.3
 0.05%
Top Properties LLC and LP Industries, Inc dba Childforms Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038
 120.0
 115.5
 118.8
 0.06%
JRA Holdings LLC (EPC) Jasper County Cleaners Inc dba Superior Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038
 121.0
 115.5
 120.1
 0.06%
Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/19/2021
 187.5
 114.2
 114.2
 0.06%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039
 117.5
 114.1
 109.9
 0.05%
AS Boyals LLC dba Towne Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039
 117.5
 114.1
 117.4
 0.06%
R2 Tape Inc dba Presto Tape Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/31/2022
 155.0
 114.1
 115.2
 0.06%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Modern Manhattan, LLC Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/20/2020
 204.0
 113.3
 113.5
 0.06%
5091 LLC and TR/AL LLC d/b/a Cafe Africana Food Services and Drinking Places Term Loan Prime plus 2.75% 5/31/2037
 121.3
 113.2
 117.8
 0.06%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025
 112.5
 112.5
 98.4
 0.05%
Katie Senior Care LLC dba Home Instead Senior Care Social Assistance Term Loan Prime plus 2.75% 8/15/2024
 124.3
 112.3
 93.2
 0.05%
Shelton Incorporated dba Mrs. Winners Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040
 112.5
 111.2
 112.1
 0.05%
Dosus Inc dba Perry's Pools Specialty Trade Contractors Term Loan Prime plus 2.75% 8/7/2025
 112.5
 110.9
 95.2
 0.05%
Qycell Corporation Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 8/26/2024
 121.0
 109.5
 98.8
 0.05%
Golden Gate Lodging LLC (OC) Accommodation Term Loan Prime plus 2.75% 3/12/2038
 115.0
 109.2
 112.6
 0.06%
Rainbow Dry Cleaners Personal and Laundry Services Term Loan Prime plus 2.75% 6/13/2024
 122.5
 109.1
 102.8
 0.05%
S.B.B. Enterprises Inc dba Williamston Hardware Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040
 108.8
 108.8
 100.8
 0.05%
Sushiya, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025
 108.8
 108.8
 97.2
 0.05%
Westville Seafood LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2038
 112.3
 107.7
 107.6
 0.05%
Cormac Enterprises and Wyoming Valley Beverage Incorporated Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039
 110.8
 107.6
 110.6
 0.05%
Excel RP Inc Machinery Manufacturing Term Loan Prime plus 2.75% 8/30/2023
 130.3
 107.2
 105.9
 0.05%
Wallace Holdings LLC (EPC) GFA International Inc (OC) Professional, Scientific, and Technical Services Term Loan Prime plus 2.5% 11/25/2023
 125.0
 105.2
 96.5
 0.05%
Forever & Always of Naples Inc dba Island Animal Hospital Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2025
 107.5
 104.7
 94.8
 0.05%
Mustafa Inc dba Adiba Grocery Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025
 103.8
 103.8
 103.7
 0.05%
Pooh's Corner Realty LLC and Pooh's Corner Inc Social Assistance Term Loan Prime plus 2.75% 7/23/2040
 103.8
 103.2
 104.0
 0.05%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040
 102.5
 102.5
 102.3
 0.05%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036
 113.4
 102.1
 106.6
 0.05%
WPI, LLC Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/29/2024
 129.5
 101.3
 102.2
 0.05%
B and A Friction Materials Inc Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/9/2025
 102.5
 101.2
 85.2
 0.04%
Shorr Enterprises Inc dba New Design Furniture Manufacturers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025
 106.5
 101.2
 92.8
 0.05%
Island Wide Realty LLC and Long Island Partners, Inc. Real Estate Term Loan Prime plus 2.75% 4/22/2039
 103.8
 100.9
 103.8
 0.05%
Nancy & Karl Schmidt(EPC) Moments to Remember USA, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038
 106.3
 100.7
 103.9
 0.05%
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038
 104.3
 100.5
 97.9
 0.05%
State Painting and Decorating Co Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 11/25/2025
 100.0
 100.0
 84.2
 0.04%
Delta Aggregate, LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/30/2025
 100.0
 100.0
 99.9
 0.05%
Custom Exteriors, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025
 100.0
 100.0
 87.3
 0.04%
Matthew Taylor and Landon Farm LLC Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040
 100.0
 99.8
 88.7
 0.04%
DNT Storage and Properties LLC Real Estate Term Loan Prime plus 2.75% 10/10/2039
 101.8
 99.8
 99.4
 0.05%
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) Social Assistance Term Loan Prime plus 2.75% 3/31/2039
 101.5
 99.1
 97.6
 0.05%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek Accommodation Term Loan Prime plus 2.75% 12/30/2024
 106.3
 99.0
 98.6
 0.05%
Zinger Hardware and General Merchant Inc Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/26/2024
 110.5
 98.4
 94.9
 0.05%
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039
 100.0
 98.2
 96.0
 0.05%
Keller Holdings LLC and David H Keller III and Carie C Keller Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 9/30/2039
 100.0
 97.9
 98.5
 0.05%
Lefont Theaters, Inc. Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 5/30/2022
 137.0
 97.9
 98.4
 0.05%
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2022
 127.1
 97.6
 95.4
 0.05%
New Paltz Dental Care, PLLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/19/2025
 100.0
 97.5
 92.5
 0.05%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
California College of Communications, Inc. Educational Services Term Loan Prime plus 2.75% 11/2/2020
 172.5
 97.2
 97.3
 0.05%
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039
 99.1
 96.4
 97.1
 0.05%
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038
 100.0
 96.0
 98.7
 0.05%
Custom Software, Inc. a Colorado Corporation dba M-33 Access Broadcasting (except Internet) Term Loan Prime plus 2.75% 4/30/2022
 125.0
 94.3
 95.6
 0.05%
J and K Fitness L.L.C. dba Physiques Womens Fitness Center Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2041
 93.8
 93.7
 93.2
 0.05%
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool Social Assistance Term Loan Prime plus 2.75% 9/30/2038
 97.6
 93.6
 92.5
 0.05%
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC Repair and Maintenance Term Loan Prime plus 2.75% 8/12/2036
 101.0
 93.4
 97.3
 0.05%
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038
 97.5
 93.0
 96.8
 0.05%
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins Food and Beverage Stores Term Loan Prime plus 2.75% 3/10/2021
 153.0
 92.6
 93.0
 0.05%
Metro Used Cars Inc. dba Metro Auto Center Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/14/2027
 117.6
 92.6
 94.9
 0.05%
MRM Supermarkets, Inc. dba Constantin's Breads Food Manufacturing Term Loan Prime plus 2.75% 11/10/2021
 137.5
 91.9
 92.5
 0.05%
Union 2 LLC dba The Standard Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025
 91.5
 91.5
 83.7
 0.04%
E.S.F.P. LLC dba Volusia Van and Storage Truck Transportation Term Loan Prime plus 2.75% 11/11/2025
 91.3
 91.2
 78.6
 0.04%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037
 96.3
 90.7
 94.3
 0.05%
Sico & Walsh Insurance Agency Inc and The AMS Trust Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039
 250.0
 90.6
 93.3
 0.05%
Royal Crest Motors LLC Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040
 91.3
 90.1
 87.5
 0.04%
Moochie's LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2024
 100.5
 90.0
 83.2
 0.04%
Video Vault & Tanning LLC and Mosaic Salon LLC Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040
 90.5
 89.9
 91.2
 0.04%
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) Social Assistance Term Loan Prime plus 2.75% 3/31/2039
 92.1
 89.9
 88.5
 0.04%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024
 100.0
 89.2
 89.2
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025
 89.0
 89.0
 76.4
 0.04%
Angkor Restaurant Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038
 93.0
 88.9
 90.5
 0.04%
Music Mountain Water Company,LLC dba Music Mountain Water Co. Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 12/29/2019
 185.4
 88.9
 89.8
 0.04%
Seelan Inc dba Candleridge Market Gasoline Stations Term Loan Prime plus 2.75% 10/27/2039
 90.5
 88.7
 84.8
 0.04%
Delta Aggregate LLC Mining (except Oil and Gas) Term Loan Prime plus 2.75% 3/30/2025
 90.0
 88.2
 87.9
 0.04%
Advanced Machine & Technology, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/29/2025
 90.3
 88.0
 80.6
 0.04%
The River Beas LLC and Punam Singh Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039
 90.3
 87.8
 88.3
 0.04%
Manuel P. Barrera and Accura Electrical Contractor, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028
 103.7
 87.6
 88.9
 0.04%
Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy Personal and Laundry Services Term Loan Prime plus 2.75% 10/24/2039
 89.0
 87.4
 81.6
 0.04%
Greensward of Marco Inc. Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040
 87.5
 87.2
 84.8
 0.04%
Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 9/25/2038
 89.3
 86.7
 85.9
 0.04%
Tannehill Enterprises Inc dba Hobbytown USA Folsom Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 10/14/2025
 87.4
 86.5
 72.9
 0.04%
AM PM Properties, LLC and AM PM Willington, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040
 87.1
 86.2
 86.1
 0.04%
E-Z Box Storage, Inc. Real Estate Term Loan Prime plus 2.75% 5/11/2025
 89.3
 85.9
 85.6
 0.04%
Animal Intrusion Prevention Systems Holding Company, LLC Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024
 126.5
 85.7
 87.2
 0.04%
Kurtis Sniezek dba Wolfe's Foreign Auto Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038
 88.9
 85.7
 88.2
 0.04%
Bat Bridge Investments Inc dba Kalologie 360 Spa Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2025
 85.5
 85.5
 72.0
 0.04%
Sumad LLC dba BrightStar Care of Encinitas Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024
 92.5
 85.4
 85.0
 0.04%
Doctors Express Management of Central Texas LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024
 105.0
 85.2
 80.8
 0.04%
RDRhonehouse ENT. LLC dba Chill Skinz Miscellaneous Store Retailers Term Loan Prime plus 2.75% 4/29/2025
 88.9
 85.0
 70.7
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
R & R Security and Investigations Inc dba Pardners Lake Buchanan Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040
 85.4
 84.4
 85.8
 0.04%
Tanner Optical Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035
 94.6
 84.0
 87.4
 0.04%
SKJ Inc dba Subway Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025
 84.8
 83.3
 71.1
 0.03%
J&M Concessions Inc dba A 1 Liquors Food and Beverage Stores Term Loan Prime plus 2.75% 2/27/2025
 87.5
 81.9
 73.0
 0.04%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038
 86.3
 81.6
 84.2
 0.04%
Bakhtar Group LLC dba Malmaison Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023
 103.8
 81.7
 79.2
 0.04%
Zephyr Seven Series LLC dba 18/8 Fine Men's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 8/28/2025
 81.3
 81.3
 70.0
 0.03%
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc (OC) Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/29/2038
 83.9
 80.2
 80.9
 0.04%
LAN Doctors Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2025
 81.3
 79.7
 72.0
 0.04%
Peanut Butter & Co., Inc. Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023
 100.0
 79.4
 77.3
 0.04%
Cares Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 5/1/2040
 81.9
 78.8
 80.1
 0.04%
Hofgard & Co., Inc. dba HofgardBenefits Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022
 107.3
 78.1
 78.0
 0.04%
Limameno LLC dba Sal's Italian Ristorante Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025
 83.3
 78.0
 66.9
 0.03%
Dean 1021 LLC dba Pure Pita Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025
 80.0
 77.5
 65.6
 0.03%
Firm Foundations Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 3/13/2025
 81.3
 77.2
 68.3
 0.03%
L.M. Jury Enterprises, Inc dba Midwest Monograms Textile Product Mills Term Loan Prime plus 2.75% 10/28/2025
 77.0
 76.5
 65.8
 0.03%
39581 Garfield, LLC and Tri County Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036
 83.3
 76.2
 79.1
 0.04%
Holloway & CO. P.L.L.C. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2025
 75.0
 75.0
 74.9
 0.04%
Moments to Remember USA LLC dba Retain Loyalty Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025
 75.0
 75.0
 68.2
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
M & H Pine Straw, Inc and Harris L. Maloy Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020
 183.3
 75.0
 75.7
 0.04%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2022
 97.5
 74.8
 72.6
 0.04%
BVIP Limousine Service LTD Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038
 76.5
 73.7
 74.7
 0.04%
Zog Inc. Other Information Services Term Loan 6% 3/17/2018
 97.5
 73.6
 74.1
 0.04%
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2023
 87.5
 73.2
 68.7
 0.03%
Faramarz Nikourazm dba Car Clinic Center Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040
 73.8
 72.9
 70.4
 0.03%
B&P Diners LLC dba Engine House Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024
 80.0
 72.9
 60.5
 0.03%
Awesome Pets II Inc dba Mellisa's Pet Depot Miscellaneous Store Retailers Term Loan Prime plus 2.75% 2/7/2024
 83.2
 72.7
 68.1
 0.03%
Jonathan E Nichols and Nichols Fire and Security LLC Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025
 75.0
 72.7
 68.2
 0.03%
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027
 78.8
 72.0
 72.3
 0.04%
Tri County Heating and Cooling Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023
 87.8
 71.6
 70.8
 0.03%
Bliss Coffee and Wine Bar, LLC Food Services and Drinking Places Term Loan 6% 3/19/2018
 87.5
 71.4
 71.8
 0.04%
SCJEN Management Inc dba Bowl of Heaven Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025
 71.3
 71.3
 60.0
 0.03%
LaHoBa, LLC d/b/a Papa John's Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036
 77.5
 70.4
 73.4
 0.04%
Triangle Trash LLC dba Bin There Dump That Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025
 74.4
 70.1
 62.8
 0.03%
R2 Tape Inc dba Presto Tape Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/10/2024
 78.8
 69.1
 69.5
 0.03%
Gold Jet Corp dba The UPS Store Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025
 68.3
 68.3
 61.7
 0.03%
Vortex Automotive LLC Repair and Maintenance Term Loan Prime plus 2.75% 3/5/2035
 76.6
 67.6
 70.4
 0.03%
Chickamauga Properties, Inc., MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2035
 74.3
 67.3
 70.3
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
New Life Holdings, LLC and Certified Collision Services, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2035
 76.2
 67.3
 70.1
 0.03%
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/29/2039
 68.1
 66.9
 65.5
 0.03%
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023
 85.8
 66.9
 67.1
 0.03%
Stormrider Inc dba Shirley's Stormrider Inc Truck Transportation Term Loan Prime plus 2.75% 9/23/2025
 67.5
 66.7
 56.1
 0.03%
I-90 RV & Auto Supercenter Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035
 74.9
 66.5
 69.4
 0.03%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028
 66.5
 65.9
 63.2
 0.03%
Shree Om Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 5/2/2030
 333.3
 65.6
 67.9
 0.03%
NVR Corporation dba Discount Food Mart Food and Beverage Stores Term Loan Prime plus 2.75% 6/11/2039
 68.3
 65.4
 67.3
 0.03%
Onofrio's Fresh Cut Inc Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/6/2024
 75.0
 65.4
 64.2
 0.03%
Orient Direct, Inc. dba Spracht, Celltek, ODI Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/12/2023
 84.9
 65.4
 63.4
 0.03%
Kostekos Inc dba New York Style Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 2/6/2040
 66.3
 65.4
 63.1
 0.03%
MLM Enterprises LLC and Demand Printing Solutions Inc Printing and Related Support Activities Term Loan Prime plus 2.75% 11/18/2024
 70.5
 65.1
 60.3
 0.03%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2037
 69.8
 65.0
 67.7
 0.03%
Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2023
 93.0
 64.8
 65.7
 0.03%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm Beach Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025
 66.3
 64.6
 56.5
 0.03%
SofRep, Inc dba Force 12 Media Other Information Services Term Loan Prime plus 2.75% 6/26/2025
 66.3
 64.2
 53.4
 0.03%
Pauley Tree and Lawn Care Inc Administrative and Support Services Term Loan Prime plus 2.75% 7/28/2025
 65.8
 64.1
 57.1
 0.03%
Michael A.and HeatherR. Welsch dba Art & FrameEtc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038
 67.5
 64.1
 66.0
 0.03%
Kidrose, LLC dba Kidville Riverdale Educational Services Term Loan Prime plus 2.75% 4/22/2023
 78.8
 63.3
 62.3
 0.03%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Yousef Khatib dba Y&M Enterprises Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 11/15/2023
 75.0
 63.2
 58.7
 0.03%
Free Ion Advisors LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025
 64.3
 62.7
 52.8
 0.03%
Truth Technologies Inc dba Truth Technologies Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023
 79.5
 62.6
 61.1
 0.03%
Guard Dogs MFS LLC Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025
 65.0
 62.6
 52.5
 0.03%
Joseph Nich and Tina M. Nich dba Vic's Greenhouses Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/4/2025
 62.5
 62.5
 62.4
 0.03%
Sourceco Limited Liability Company Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2025
 62.5
 62.5
 54.5
 0.03%
Optima Health Care Inc Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2025
 62.5
 62.5
 62.4
 0.03%
Pace Motor Lines, Inc. Truck Transportation Term Loan Prime plus 2.75% 2/26/2025
 66.2
 62.5
 62.0
 0.03%
God is Good LLC dba BurgerFi Food Services and Drinking Places Term Loan Prime plus 2.75% 5/27/2025
 67.3
 62.4
 56.0
 0.03%
Kup’s Auto Spa, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 10/23/2025
 62.5
 62.1
 60.2
 0.03%
Rutledge Enterprises Inc dba BLC Property Management Administrative and Support Services Term Loan Prime plus 2.75% 9/23/2040
 62.5
 61.8
 60.6
 0.03%
Almost Home Daycare LLC Social Assistance Term Loan Prime plus 2.75% 9/11/2025
 62.5
 61.7
 60.1
 0.03%
O'Rourkes Diner LLC dba O'Rourke's Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037
 65.5
 61.5
 62.9
 0.03%
Kiddie Steps 4 You Inc. Social Assistance Term Loan Prime plus 2.75% 2/19/2040
 61.8
 61.1
 57.8
 0.03%
DTM Parts Supply Inc. Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/2/2025
 62.8
 60.8
 50.6
 0.02%
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC) Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038
 62.5
 60.5
 62.2
 0.03%
ViAr Visual Communications, Inc. dba Fastsigns 281701 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025
 62.0
 60.1
 51.2
 0.03%
Baystate Firearms and Training, LLC Educational Services Term Loan Prime plus 2.75% 2/27/2025
 63.4
 59.7
 50.1
 0.02%
Inverted Healthcare Staffing of Florida LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025
 61.3
 59.3
 49.3
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Smith Spinal Care Center P.C. and James C. Smith Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039
 60.0
 58.8
 57.5
 0.03%
Home Again Restaurant LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 59.0
 58.8
 58.1
 0.03%
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC) Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037
 62.9
 58.6
 61.0
 0.03%
Emerald Ironworks Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 6/27/2023
 72.0
 58.5
 57.3
 0.03%
Homegrown For Good LLC Apparel Manufacturing Term Loan Prime plus 2.75% 5/8/2025
 60.0
 57.8
 50.5
 0.02%
Metano IBC Services, Inc. and Stone Brook Leasing, LLC Rental and Leasing Services Term Loan Prime plus 2.75% 8/17/2017
 315.0
 57.1
 57.4
 0.03%
Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC Miscellaneous Manufacturing Term Loan Prime plus 2.75% 11/27/2023
 67.2
 56.7
 52.5
 0.03%
University Park Retreat, LLC dba Massage Heights Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022
 76.0
 56.5
 57.1
 0.03%
Gordon E Rogers dba Stonehouse Motor Inn Accommodation Term Loan Prime plus 2.75% 9/26/2039
 57.5
 56.3
 57.2
 0.03%
Eldredge Tavern LLC dba Gonyea's Tavern Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040
 56.3
 55.8
 56.8
 0.03%
SuzyQue’s LLC dba Suzy Que’s Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036
 61.0
 55.3
 57.7
 0.03%
Long Island Barber + Beauty LLC Educational Services Term Loan Prime plus 2.75% 6/2/2039
 55.5
 54.1
 54.1
 0.03%
Global Educational Delivery Services LLC Educational Services Term Loan Prime plus 2.75% 6/16/2024
 60.0
 54.0
 54.3
 0.03%
Danny V, LLC dba Hugo's Taproom Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2040
 54.0
 53.6
 49.2
 0.02%
D & D's Divine Beauty School of Esther, LLC Educational Services Term Loan 6% 8/1/2031
 57.7
 53.5
 55.5
 0.03%
Handy 6391 LLC dba The UPS Store #6391 Administrative and Support Services Term Loan Prime plus 2.75% 9/27/2023
 62.5
 53.4
 53.6
 0.03%
Road to Sedona Inc dba Thirteen Food Services and Drinking Places Term Loan Prime plus 2.75% 2/27/2025
 56.6
 53.4
 45.1
 0.02%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040
 54.0
 53.4
 53.3
 0.03%
Modern Leather Goods Repair Shop Inc Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024
 58.8
 53.1
 44.1
 0.02%
Jonesboro Health Food Center LLC Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024
 60.0
 52.9
 48.6
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
B.S. Ventures LLC dba Dink's Market Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039
 53.8
 52.9
 53.5
 0.03%
God Be Glorified Inc dba GBG Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025
 53.0
 52.0
 43.8
 0.02%
Real Help LLC dba Real Help Decorative Concrete Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025
 53.1
 51.5
 49.6
 0.02%
Akshar Group, LLC Accommodation Term Loan 6% 11/5/2028
 321.3
 51.3
 53.0
 0.03%
KMC RE, LLC & B&B Kennels Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034
 58.3
 51.0
 53.1
 0.03%
The Red Pill Management, Inc. dba UFC Gym Matthews Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/26/2024
 54.3
 50.9
 44.6
 0.02%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023
 63.5
 50.9
 50.4
 0.02%
Success Express,Inc. dba Success Express Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020
 91.8
 50.6
 50.6
 0.02%
D&G Capital LLC dba Miami Grill 277 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025
 83.8
 50.5
 49.7
 0.02%
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022
 66.3
 50.5
 49.7
 0.02%
Atlas Auto Body Inc dba Atlas Auto Sales Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039
 51.6
 50.4
 48.3
 0.02%
Veliu LLC dba FASTSIGNS #15901 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/10/2025
 50.0
 50.0
 43.2
 0.02%
K's Salon, LLC d/b/a K's Salon Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021
 73.6
 49.8
 49.5
 0.02%
Jacksonville Beauty Institute Inc. dba Beauty Institute's Educational Services Term Loan Prime plus 2.75% 10/23/2025
 50.0
 49.7
 41.9
 0.02%
Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028
 54.8
 49.6
 48.1
 0.02%
Sound Manufacturing Inc Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025
 50.0
 49.5
 43.9
 0.02%
South Towne Dental Center, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025
 50.0
 49.4
 49.3
 0.02%
Finish Strong Inc dba FASTSIGNS St Peters Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025
 50.0
 49.4
 41.6
 0.02%
AGV Enterprises LLC dba Jet's Pizza #42 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024
 54.8
 49.2
 42.0
 0.02%
Southeast Chicago Soccer, Inc. Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038
 51.3
 49.1
 50.5
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Trading Group 3 Inc Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2025
 50.0
 49.1
 41.3
 0.02%
Java Warung, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038
 51.0
 48.4
 50.0
 0.02%
DRV Enterprise, Inc. dba Cici's Pizza # 339 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022
 65.0
 48.2
 48.8
 0.02%
Ryan D. Thornton and Thornton & Associates LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023
 68.8
 47.5
 46.1
 0.02%
Highway Striping Inc Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/30/2024
 53.1
 47.3
 44.4
 0.02%
Feel The World Inc dba Xero Shoes and Invisible Shoes Leather and Allied Product Manufacturing Term Loan Prime plus 2.75% 9/5/2024
 51.9
 47.3
 40.4
 0.02%
CJR LLC (EPC) and PowerWash Plus, Inc. (OC) Repair and Maintenance Term Loan Prime plus 2.75% 5/30/2024
 53.0
 46.9
 45.8
 0.02%
Alexandra Afentoulides dba Vi's Pizza Restaurant Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2040
 46.3
 46.3
 47.1
 0.02%
Screenmobile Management Inc Specialty Trade Contractors Term Loan Prime plus 2.75% 8/14/2025
 47.0
 46.1
 39.2
 0.02%
Will Zac Management LLC dba Papa John's Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2024
 48.8
 46.1
 45.9
 0.02%
Any Garment Cleaner-East Brunswick, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2023
 53.8
 45.7
 44.8
 0.02%
CBA D&A Pope, LLC dba Christian Brothers Automotive Repair and Maintenance Term Loan Prime plus 2.75% 6/14/2018
 144.9
 45.6
 45.9
 0.02%
Chickamauga Properties, Inc. and MSW Enterprises, LLP Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/19/2022
 59.8
 45.0
 45.5
 0.02%
LABH, Inc. t/a Ramada Ltd. Accommodation Term Loan Prime plus 2.25% 9/27/2024
 555.0
 44.9
 45.0
 0.02%
B for Brunette Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023
 53.4
 44.9
 41.1
 0.02%
Delta Partners, LLC dba Delta Carwash Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029
 280.9
 44.8
 45.7
 0.02%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035
 50.1
 44.7
 46.6
 0.02%
Stellar Environmental LLC Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/18/2023
 56.3
 44.3
 44.5
 0.02%
Alyssa Corp dba Knights Inn Accommodation Term Loan Prime plus 2.25% 9/30/2023
 350.0
 44.2
 44.3
 0.02%
Jatcoia, LLC dba Plato's Closet Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/15/2023
 65.0
 44.2
 44.3
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
MM and M Management Inc dba Pizza Artista Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025
 46.3
 44.0
 37.4
 0.02%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC Truck Transportation Term Loan Prime plus 2.75% 7/17/2023
 53.8
 43.8
 39.9
 0.02%
Sound Coaching Inc Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025
 44.4
 42.5
 35.3
 0.02%
Jaymie Hazard dba Indigo Hair Studio and Day Spa Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040
 42.9
 42.4
 40.7
 0.02%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/16/2021
 62.5
 41.6
 42.2
 0.02%
Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2023
 63.0
 41.0
 41.7
 0.02%
Lavertue Properties LLP dba Lavertue Properties Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036
 44.8
 40.9
 42.8
 0.02%
Equity National Capital LLC & Chadbourne Road Capital, LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 9/26/2021
 62.5
 40.8
 40.8
 0.02%
Excel RP, Inc./Kevin and Joann Foley Machinery Manufacturing Term Loan Prime plus 2.75% 7/8/2028
 50.0
 40.1
 41.2
 0.02%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021
 65.5
 39.8
 40.0
 0.02%
Financial Network Recovery Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025
 40.0
 39.3
 33.1
 0.02%
Jojan, Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.25% 12/18/2031
 204.8
 39.2
 39.4
 0.02%
All American Printing Printing and Related Support Activities Term Loan Prime plus 2.75% 10/26/2032
 69.8
 39.0
 40.6
 0.02%
Play and Stay LLC dba Zoom Room Tinton Falls Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2024
 42.1
 38.8
 32.2
 0.02%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021
 58.8
 38.8
 38.7
 0.02%
Legacy Estate Planning Inc dba American Casket Enterprises Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024
 42.0
 38.8
 32.2
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Valiev Ballet Academy, Inc Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036
 91.5
 38.8
 40.4
 0.02%
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023
 45.0
 38.7
 35.8
 0.02%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta Educational Services Term Loan Prime plus 2.75% 9/20/2023
 46.3
 38.6
 35.9
 0.02%
Scoville Plumbing & Heating Inc and Thomas P. Scoville Specialty Trade Contractors Term Loan Prime plus 2.75% 7/25/2022
 50.0
 38.3
 38.7
 0.02%
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center Social Assistance Term Loan Prime plus 2.75% 9/11/2038
 39.5
 37.9
 39.0
 0.02%
Lahoba,LLC dba Papa John's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034
 42.5
 37.3
 39.0
 0.02%
Orange County Cleaning Inc Administrative and Support Services Term Loan Prime plus 2.75% 8/27/2024
 41.3
 37.3
 31.0
 0.02%
Lodin Medical Imaging, LLC dba Watson Imaging Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020
 66.4
 37.3
 37.7
 0.02%
Janice B. McShan and The Metropolitan Day School, LLC Social Assistance Term Loan Prime plus 2.75% 10/31/2023
 42.8
 36.9
 36.8
 0.02%
Aiello's Pizzeria LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 4/18/2024
 42.8
 36.5
 34.2
 0.02%
M & H Pine Straw, Inc.and Harris Maloy Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 7/10/2020
 67.5
 36.2
 36.5
 0.02%
ENI Inc. dba ENI Group, Inc Other Information Services Term Loan Prime plus 2.75% 12/11/2025
 36.0
 36.0
 31.8
 0.02%
Capital Scrap Metal LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2025
 36.0
 36.0
 30.7
 0.02%
KIND-ER-ZZ Inc dba Kidville Educational Services Term Loan Prime plus 2.75% 6/15/2022
 50.0
 35.7
 35.6
 0.02%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis Social Assistance Term Loan Prime plus 2.75% 8/30/2023
 43.3
 35.6
 35.1
 0.02%
Babie Bunnie Enterprises Inc dba Triangle Mothercare Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027
 46.3
 35.4
 34.7
 0.02%
Dave Kris, and MDK Ram Corp. Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026
 221.0
 35.0
 35.9
 0.02%
Actknowledge,Inc dba Actknowledge Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021
 57.3
 34.7
 35.1
 0.02%
401 JJS, Corp and G. Randazzo's Trattoria Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2040
 52.8
 34.3
 35.0
 0.02%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024
 37.8
 34.3
 28.6
 0.01%
CPN Motel, L.L.C. dba American Motor Lodge Accommodation Term Loan Prime plus 2.25% 4/30/2024
 379.0
 34.0
 34.1
 0.02%
Smooth Grounds, Inc. Food Services and Drinking Places Term Loan 7.75% 10/11/2016
 64.5
 33.9
 34.1
 0.02%
Naseeb Corporation Accommodation Term Loan Prime plus 2.25% 3/31/2024
 402.5
 33.1
 33.1
 0.02%
Harbor Ventilation Inc and Estes Investment, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038
 92.1
 32.8
 33.7
 0.02%
Kino Oil of Texas, LLC dba Kino Oil Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/27/2020
 60.0
 32.6
 32.9
 0.02%
My Jewels, LLC dba The UPS Store #6712 Administrative and Support Services Term Loan Prime plus 2.75% 12/7/2025
 56.3
 32.4
 27.3
 0.01%
Kinisi, Inc. dba The River North UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024
 41.3
 32.2
 31.2
 0.02%
Center-Mark Car Wash, Ltd Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2024
 221.3
 30.7
 31.4
 0.02%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035
 34.0
 30.5
 31.8
 0.02%
Dream Envy, Ltd. d/b/a Massage Envy Personal and Laundry Services Term Loan Prime plus 2.75% 11/9/2018
 88.0
 30.4
 30.7
 0.02%
Deesha Corporation, Inc. dba Best Inn & Suites Accommodation Term Loan Prime plus 2.25% 2/14/2025
 250.0
 30.0
 30.1
 0.01%
Twietmeyer Dentistry PA Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2017
 148.9
 29.0
 29.2
 0.01%
CMA Consulting dba Construction Management Associates Construction of Buildings Term Loan Prime plus 2.75% 12/11/2019
 58.5
 28.6
 28.7
 0.01%
North Atlanta RV Rentals LLC Rental and Leasing Services Term Loan Prime plus 2.75% 6/29/2025
 144.3
 28.2
 23.5
 0.01%
Little People’s Village, LLC dba Little People’s Village Social Assistance Term Loan Prime plus 2.75% 1/31/2036
 31.1
 28.0
 29.2
 0.01%
Maruti, Inc Accommodation Term Loan Prime plus 2.25% 11/25/2024
 220.0
 27.9
 28.0
 0.01%
A & A Acquisition, Inc. dba A & A International Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/15/2018
 100.0
 26.8
 27.0
 0.01%
ActKnowledge,Inc dba ActKnowledge Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020
 50.0
 26.5
 26.9
 0.01%
Planet Verte, LLC dba Audio Unlimited of Oceanside Administrative and Support Services Term Loan Prime plus 2.75% 11/28/2019
 57.0
 26.5
 26.6
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Seven Stars Enterprises, Inc. dba Atlanta Bread Company Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2018
 86.3
 26.4
 26.6
 0.01%
K & D Family and Associates, Inc. dba Philly Pretzel Factory Food and Beverage Stores Term Loan Prime plus 2.75% 8/5/2018
 81.3
 26.3
 26.5
 0.01%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036
 28.5
 25.9
 26.9
 0.01%
Craig R Freehauf d/b/a Lincoln Theatre Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/31/2022
 47.9
 25.3
 25.7
 0.01%
Shree OM Lodging, LLC dba Royal Inn Accommodation Term Loan Prime plus 2.75% 12/17/2035
 27.7
 24.9
 25.9
 0.01%
Lincoln Park Physical Therapy Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/20/2020
 43.5
 24.4
 24.7
 0.01%
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2038
 73.8
 24.0
 24.9
 0.01%
Parties By Pat, Inc. and Jose M. Martinez Jr. Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2017
 93.1
 22.8
 23.0
 0.01%
B & J Manufacturing Corporation and Benson Realty Trust Fabricated Metal Product Manufacturing Term Loan Prime plus 2% 3/30/2021
 250.0
 22.6
 22.4
 0.01%
Gain Laxmi, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2.25% 5/31/2023
 202.5
 22.5
 22.5
 0.01%
RDT Enterprises, L.L.C. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2025
 22.5
 22.5
 20.9
 0.01%
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 11/25/2025
 22.5
 22.5
 19.0
 0.01%
AGR Foodmart Inc dba Nashua Road Mobil Gasoline Stations Term Loan Prime plus 2.75% 12/11/2025
 22.5
 22.5
 21.1
 0.01%
DC Enterprises Ltd. dba Lakeview True Value Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025
 22.5
 22.5
 21.2
 0.01%
ADMO Inc dba Mid States Equipment Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025
 22.5
 22.4
 19.3
 0.01%
Insurance Fire & Water Restorations, LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/23/2025
 22.5
 22.4
 21.0
 0.01%
New Hampshire Precision Metal Fabricators, Inc. Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/23/2025
 22.5
 22.4
 22.3
 0.01%
Bisson Transportation Inc dba I & R Associates and Document Secutiry Truck Transportation Term Loan Prime plus 2.75% 10/30/2025
 22.5
 22.4
 20.8
 0.01%
Binky's Vapes LLC Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025
 22.5
 22.2
 18.7
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Planet Verte,LLC d/b/a Audio Unlimited Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2020
 40.0
 22.0
 22.0
 0.01%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039
 22.5
 22.0
 22.3
 0.01%
Smart Artists Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025
 22.5
 21.9
 18.5
 0.01%
Delray Scrap Recycling LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/31/2025
 22.5
 21.8
 18.4
 0.01%
Square Deal Siding Company,LLC dba Square Deal Siding Company Specialty Trade Contractors Term Loan Prime plus 2.75% 6/18/2025
 22.5
 21.8
 21.7
 0.01%
Evinger PA One, Inc. dba Postal Annex, Falcon Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025
 22.5
 21.8
 19.3
 0.01%
E & G Enterprises LLC dba Comfort Keepers Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025
 22.5
 21.8
 18.2
 0.01%
Members Only Software Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020
 40.3
 21.8
 21.9
 0.01%
RJI Services, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025
 22.5
 21.6
 18.0
 0.01%
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill Health and Personal Care Stores Term Loan Prime plus 2.75% 10/18/2023
 25.8
 21.5
 20.9
 0.01%
Giacchino Maritime Consultants Inc Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025
 22.5
 21.5
 17.9
 0.01%
Ragazza Restaurant Group, Inc. dba Bambolina Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2025
 22.5
 21.5
 18.8
 0.01%
Diamond Solutions LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025
 22.5
 21.5
 17.9
 0.01%
Gurtej Singh and Ranjit Kaur dba Food Fair Market Food and Beverage Stores Term Loan Prime plus 2.75% 3/18/2025
 22.5
 21.4
 17.8
 0.01%
Zero-In Media Inc Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025
 22.5
 21.4
 17.8
 0.01%
Pen Tex Inc dba The UPS Store Administrative and Support Services Term Loan Prime plus 2.75% 5/20/2025
 22.0
 21.2
 17.6
 0.01%
Trading Group 3, Inc. Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/26/2024
 22.5
 20.8
 17.3
 0.01%
J.R. Wheeler Corporation dba Structurz Exhibits and Graphics Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/24/2025
 21.0
 20.7
 20.7
 0.01%
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud Gasoline Stations Term Loan Prime plus 2.75% 9/26/2024
 22.5
 20.5
 17.8
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Jatcoia 60056, LLC dba Style Encore Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/31/2025
 22.3
 20.4
 19.1
 0.01%
H.H. Leonards Trust and Potomac Fund LLC and The 2020 O Street Corporation Accommodation Term Loan Prime plus 2.75% 7/23/2020
 62.0
 20.3
 20.5
 0.01%
TJU-DGT Inc dba The Lorenz Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029
 20.6
 20.2
 20.0
 0.01%
L&S Insurance & Financial Services Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/25/2024
 22.5
 20.2
 17.1
 0.01%
Complete Body & Paint, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039
 20.8
 20.2
 20.7
 0.01%
Any Garment Cleaner-East Brunswick, Inc dba Any Garment Cleaner Personal and Laundry Services Term Loan Prime plus 2.75% 11/18/2020
 42.5
 20.2
 20.4
 0.01%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024
 22.5
 20.0
 18.7
 0.01%
Pocono Coated Products, LLC Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024
 22.5
 19.9
 19.5
 0.01%
Palmabak Inc dba Mami Nora's Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025
 21.5
 19.7
 19.5
 0.01%
Diag, LLC dba Kidville Educational Services Term Loan Prime plus 2.75% 6/21/2020
 37.5
 19.4
 19.5
 0.01%
One Hour Jewelry Repair Inc Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024
 20.6
 18.9
 15.7
 0.01%
MCF Forte LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025
 18.8
 18.8
 16.0
 0.01%
Carolina Beefs, LLC dba Beef O'Brady's Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2025
 19.5
 18.6
 15.5
 0.01%
Icore Enterprises Inc dba Air Flow Filters Inc Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024
 21.8
 18.6
 18.7
 0.01%
Caribbean Concepts, Inc. dba Quick Bleach Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023
 22.5
 18.6
 17.3
 0.01%
M and C Renovations Inc Construction of Buildings Term Loan Prime plus 2.75% 10/31/2024
 20.3
 18.6
 15.5
 0.01%
Tammy's Bakery, Inc. dba Tammy's Bakery Food Manufacturing Term Loan Prime plus 2.75% 12/10/2017
 71.8
 18.5
 18.6
 0.01%
Min Hui Lin Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028
 134.3
 18.5
 19.1
 0.01%
Major Queens Body & Fender Corp Repair and Maintenance Term Loan Prime plus 2.75% 6/10/2021
 28.6
 18.2
 18.5
 0.01%
Shuttle Car Wash, Inc. dba Shuttle Car Wash Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028
 109.8
 18.2
 18.2
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Gray Tree Service, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2018
 50.0
 18.2
 18.3
 0.01%
Hattingh Incorporated dba Prosthetic Care Facility Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025
 18.0
 18.0
 16.0
 0.01%
Hurshell Leon Dutton dba High Jump Party Rentals Rental and Leasing Services Term Loan Prime plus 2.75% 11/30/2025
 17.6
 17.6
 17.1
 0.01%
Boilermaker Industries LLC dba PostNet Administrative and Support Services Term Loan Prime plus 2.75% 10/9/2024
 18.8
 17.5
 16.1
 0.01%
The Amendments Group LLC dba Brightstar Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/17/2022
 22.5
 17.2
 17.4
 0.01%
EGM Food Services Inc dba Gold Star Chili Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2024
 19.2
 17.0
 15.9
 0.01%
Hi-Def Imaging, Inc. dba SpeedPro Imaging Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022
 22.2
 16.8
 16.5
 0.01%
Tracey Vita-Morris dba Tracey Vita's School of Dance Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022
 22.5
 16.1
 16.0
 0.01%
St Judes Physical Therapy P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022
 21.0
 15.9
 16.1
 0.01%
Tri-State Remodeling & Investments, LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2025
 15.9
 15.9
 15.2
 0.01%
Panditos LLC dba White Lotus Home Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025
 15.9
 15.9
 13.4
 0.01%
Opes Campitor Corporation dba Frux Documents Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/20/2025
 16.5
 15.9
 13.5
 0.01%
JSIL LLC dba Blackstones Hairdressing Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023
 19.5
 15.8
 14.9
 0.01%
Nancy Carapelluci & A & M Seasonal Corner Inc. Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/1/2025
 106.9
 15.8
 16.2
 0.01%
TOL LLC dba Wild Birds Unlimited Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023
 18.0
 15.8
 15.0
 0.01%
Vanderhoof LLC dba Soxfords Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025
 15.9
 15.7
 13.2
 0.01%
Vallmar Studios, LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025
 15.8
 15.6
 13.1
 0.01%
Frozen Treats of Hollywood FL, LLC dba Sub Zero Ice Cream Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2025
 15.8
 15.6
 13.8
 0.01%
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025
 16.1
 15.5
 12.9
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Myclean Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025
 15.9
 15.4
 12.8
 0.01%
Kings Laundry,LLC Personal and Laundry Services Term Loan Prime plus 2.75% 10/30/2017
 64.5
 15.3
 15.4
 0.01%
Balthazar Management Virgin Islands, LLC dba The Beach Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2025
 15.8
 15.3
 15.2
 0.01%
Karis, Inc. Accommodation Term Loan Prime plus 2% 12/22/2023
 148.8
 15.0
 14.9
 0.01%
Michael S. Decker & Janet Decker dba The Hen House Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036
 16.4
 15.0
 15.6
 0.01%
Bradley Stinson and Associates Inc Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/19/2025
 15.0
 15.0
 12.6
 0.01%
Elite Institute LLC dba Huntington Learning Center Educational Services Term Loan Prime plus 2.75% 8/28/2025
 15.0
 14.9
 12.6
 0.01%
Zouk, Ltd. dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020
 27.5
 14.7
 14.9
 0.01%
Graphish Studio, Inc. and Scott Fishoff Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022
 20.3
 14.6
 14.6
 0.01%
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2025
 73.0
 14.6
 14.6
 0.01%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021
 22.5
 14.6
 14.8
 0.01%
Vision Network Solutions, Inc. Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2022
 19.5
 14.5
 14.1
 0.01%
PM Cassidy Enterprises, Inc. dba Junk King Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025
 14.9
 14.4
 12.0
 0.01%
Orchid Enterprises Inc dba Assisting Hands of Sussex County Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025
 15.0
 14.3
 12.0
 0.01%
Windsor Direct Distribution LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/26/2025
 14.3
 14.2
 11.9
 0.01%
Atlas Mountain Construction LLC Construction of Buildings Term Loan Prime plus 2.75% 1/28/2024
 16.5
 14.1
 14.2
 0.01%
Michael S. Korfe dba North Valley Auto Repair Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036
 15.5
 14.0
 14.6
 0.01%
Burks & Sons Development LLC dba Tropical Smoothie Cafe Food Services and Drinking Places Term Loan Prime plus 2.75% 3/22/2018
 49.8
 13.9
 14.0
 0.01%
Laura L. Smith dba Lisa Smith Studio Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/3/2024
 15.0
 13.8
 11.4
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Insurance Problem Solvers LLC Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/20/2023
 17.1
 13.7
 13.3
 0.01%
Gator Communications Group, LLC dba Harvard Printing Group Printing and Related Support Activities Term Loan Prime plus 2.75% 3/27/2023
 17.3
 13.7
 13.6
 0.01%
Duttakrupa, LLC dba Birmingham Motor Court Accommodation Term Loan Prime plus 2.25% 9/8/2023
 98.8
 13.6
 13.6
 0.01%
Maynard Enterprises Inc dba Fastsigns of Texarkana Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023
 16.1
 13.5
 12.6
 0.01%
Daniel W. Stark dba Mountain Valley Lodge and RV Park Accommodation Term Loan Prime plus 2.75% 9/25/2040
 13.5
 13.5
 13.7
 0.01%
Willington Hills Equestrian Center LLC Animal Production and Aquaculture Term Loan Prime plus 2.75% 10/19/2022
 85.0
 13.2
 13.5
 0.01%
Atlanta Vascular Research Organization, Inc dba Atlanta Vascular Found Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/6/2020
 24.3
 13.2
 13.4
 0.01%
AcuCall LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023
 15.8
 13.1
 12.0
 0.01%
Nicor LLC dba Fibrenew Sacramento Repair and Maintenance Term Loan Prime plus 2.75% 6/5/2022
 13.8
 13.1
 10.9
 0.01%
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home Personal and Laundry Services Term Loan Prime plus 2.75% 12/19/2028
 78.8
 13.0
 13.4
 0.01%
Clean Brothers Company Inc dba ServPro of North Washington County Repair and Maintenance Term Loan Prime plus 2.75% 11/21/2022
 17.0
 12.8
 12.6
 0.01%
1911 East Main Street Holdings, Corp Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032
 15.8
 12.8
 13.3
 0.01%
WeaverVentures, Inc dba The UPS Store Postal Service Term Loan Prime plus 2.75% 7/28/2020
 23.8
 12.8
 12.9
 0.01%
Pegasus Automotive, Inc. Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022
 112.5
 12.4
 12.7
 0.01%
S.Drake LLC dba Express Employment Professionals of Ann Arbor, Michigan Administrative and Support Services Term Loan Prime plus 2.75% 12/31/2023
 18.8
 12.3
 11.4
 0.01%
Blue Ox Trucking Inc. Truck Transportation Term Loan Prime plus 2.75% 12/4/2025
 12.3
 12.3
 12.3
 0.01%
Lefont Theaters Inc. Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/19/2023
 14.4
 12.2
 11.7
 0.01%
McCallister Venture Group, LLC and Maw's Vittles, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029
 75.0
 12.2
 12.6
 0.01%
DeRidder Chiropractic LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/25/2024
 13.2
 12.2
 11.9
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
AJK Enterprise LLC dba AJK Enterprise LLC Truck Transportation Term Loan Prime plus 2.75% 8/27/2022
 16.5
 12.2
 12.2
 0.01%
P. Agrino, Inc. dba Andover Diner Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021
 150.0
 12.0
 12.2
 0.01%
Nelson Financial Services LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025
 12.5
 11.7
 9.8
 —%
North Country Transport, LLC Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023
 15.0
 11.7
 11.8
 0.01%
Abbondanza Market LLC dba Hampton Falls Village Market Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025
 73.8
 11.7
 11.7
 0.01%
Indoor Playgrounds Limited Liability Company dba Kidville Educational Services Term Loan Prime plus 2.75% 4/5/2022
 19.5
 11.5
 11.6
 0.01%
Loriet LLC Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025
 12.0
 11.4
 9.5
 —%
Diamond Memorials Incorporated Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023
 14.3
 11.3
 10.3
 0.01%
DWeb Studio, Inc. Educational Services Term Loan Prime plus 2.75% 11/25/2025
 11.3
 11.3
 9.5
 —%
CJ Park Inc. dba Kidville Midtown West Educational Services Term Loan Prime plus 2.75% 6/25/2020
 26.4
 11.1
 11.2
 0.01%
Play and Learn Child Care and School Inc Social Assistance Term Loan Prime plus 2.75% 11/23/2025
 11.1
 11.1
 11.1
 0.01%
Margab, Inc. dba Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2017
 44.0
 11.0
 11.1
 0.01%
Mala Iyer, MD dba Child and Family Wellness Center Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/11/2017
 50.0
 11.0
 11.0
 0.01%
Learning Skills LLC and Christopher Shrope Educational Services Term Loan Prime plus 2.75% 12/17/2025
 10.8
 10.8
 9.1
 —%
Georgia Safe Sidewalks LLC Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022
 15.0
 10.8
 10.7
 0.01%
Luigi's on Main LLC and Luigi's Main Street Pizza Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025
 11.3
 10.7
 10.6
 0.01%
Kino Oil of Texas LLC dba Kino Company and B&D Oil Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/27/2035
 12.0
 10.5
 10.9
 0.01%
Chong Hun Im dba Kim's Market Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024
 80.0
 10.5
 10.6
 0.01%
M. Krishna, Inc. dba Super 8 Motel Accommodation Term Loan Prime plus 2% 3/20/2025
 250.0
 10.3
 10.2
 0.01%
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand Printing Solutions Printing and Related Support Activities Term Loan Prime plus 2.75% 5/27/2021
 16.5
 10.3
 10.4
 0.01%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
K9 Bytes, Inc & Epazz, Inc Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020
 18.5
 10.2
 10.2
 0.01%
Prestigious LifeCare for Seniors LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025
 9.8
 9.7
 8.8
 —%
Dirk's Trucking, L.L.C. dba Dirk's Trucking Truck Transportation Term Loan Prime plus 2.75% 9/17/2020
 17.7
 9.7
 9.7
 —%
Taste of Inverness, Inc. dba China Garden Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025
 73.8
 9.6
 9.5
 —%
Jennifer T Campbell Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/31/2025
 9.8
 9.5
 8.0
 —%
Pedzik's Pets, LLC Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 3/31/2030
 53.5
 9.4
 9.8
 —%
Head To Toe Personalized Pampering, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031
 52.0
 9.4
 9.7
 —%
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023
 11.3
 9.2
 9.2
 —%
Capitol Compliance Associates Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2025
 15.9
 9.0
 7.5
 —%
It's A Buffalo Food Services and Drinking Places Term Loan Prime plus 2.75% 5/26/2016
 219.8
 8.9
 9.0
 —%
Oz B. Zamir dba Zamir Marble & Granite Specialty Trade Contractors Term Loan Prime plus 2.5% 8/6/2028
 54.0
 8.7
 8.8
 —%
Villela CPA PL Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025
 9.0
 8.7
 7.5
 —%
MiJoy Inc dba Imo's Pizza Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025
 8.3
 8.1
 6.9
 —%
Higher Grounds Community Coffeehouse, LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 9/2/2025
 8.3
 8.1
 7.1
 —%
Kelly Chon LLC dba Shi-Golf Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/29/2021
 17.5
 8.1
 8.2
 —%
Joey O's LLC and Jennifer Olszewski Specialty Trade Contractors Term Loan Prime plus 2.75% 11/7/2024
 13.1
 8.0
 6.7
 —%
Aaron Delgado and Associates Inc Administrative and Support Services Term Loan Prime plus 2.75% 7/22/2025
 8.2
 8.0
 6.7
 —%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025
 8.3
 7.9
 6.6
 —%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023
 68.8
 7.9
 8.1
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
The Conibear Corporation and Conibear Trucking, LLC Truck Transportation Term Loan Prime plus 2.75% 12/5/2024
 12.0
 7.9
 7.4
 —%
RAB Services, Inc. & Professional Floor Installations Specialty Trade Contractors Term Loan Prime plus 2.5% 1/31/2023
 62.5
 7.9
 7.9
 —%
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/23/2020
 15.0
 7.7
 7.7
 —%
RDJ Maayaa Inc dba RDJ Distributors Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/23/2024
 8.7
 7.6
 7.0
 —%
Jung Design Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022
 8.4
 7.6
 6.3
 —%
Cares, Inc dba Dumpling Grounds Day Care Center Social Assistance Term Loan Prime plus 2.75% 12/10/2025
 7.5
 7.5
 7.3
 —%
Caring Hands Pediatrics,P.C. dba Caring Hands Pediatrics Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/9/2020
 14.5
 7.4
 7.5
 —%
A-1 Quality Services Corporation Administrative and Support Services Term Loan Prime plus 2.75% 10/29/2023
 8.9
 7.4
 6.7
 —%
D&L Rescources, Inc. dba The UPS Store Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022
 9.8
 7.4
 7.2
 —%
RJS Service Corporation Gasoline Stations Term Loan Prime plus 2.75% 8/20/2021
 79.0
 7.3
 7.4
 —%
Stillwell Ave Prep School Social Assistance Term Loan Prime plus 2.75% 1/14/2023
 72.0
 7.2
 7.3
 —%
Envy Salon & Spa LLC Personal and Laundry Services Term Loan Prime plus 2.75% 12/4/2018
 20.3
 7.2
 7.2
 —%
Howell Gun Works LLC Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/14/2023
 8.3
 7.1
 6.4
 —%
ATC Fitness, LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2022
 10.2
 7.1
 7.1
 —%
Gilbert Chiropractic Clinic, Inc. Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/7/2018
 22.5
 6.9
 7.0
 —%
RCB Enterprises, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 12/18/2017
 21.2
 6.6
 6.6
 —%
ATC Fitness LLC dba Around the Clock Fitness Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2019
 15.0
 6.3
 6.3
 —%
Five Corners, Ltd. Gasoline Stations Term Loan Prime plus 2.75% 12/11/2019
 85.0
 6.1
 6.2
 —%
Tanner Optical, Inc. dba Murphy Eye Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022
 8.3
 5.8
 5.9
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Food & Beverage Associates Of N.J. Inc Food Services and Drinking Places Term Loan Prime plus 2.75% 3/11/2021
 10.0
 5.6
 5.7
 —%
Track Side Collision & Tire, Inc. Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025
 44.8
 5.2
 5.4
 —%
OrthoQuest, P.C. Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022
 56.8
 5.1
 5.1
 —%
Demand Printing Solutions, Inc. Printing and Related Support Activities Term Loan Prime plus 2.75% 12/12/2019
 10.0
 4.7
 4.8
 —%
Bhailal Patel dba New Falls Motel Accommodation Term Loan Prime plus 2.75% 3/27/2023
 100.0
 4.6
 4.7
 —%
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store Food and Beverage Stores Term Loan Prime plus 2.75% 11/28/2017
 18.6
 4.5
 4.5
 —%
Gourmet to You, Inc. Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2019
 12.1
 4.5
 4.5
 —%
David A. Nusblatt, D.M.D, P.C. Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2019
 9.0
 4.3
 4.3
 —%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest Administrative and Support Services Term Loan Prime plus 2.75% 8/10/2016
 61.8
 4.0
 4.0
 —%
ValleyStar, Inc. dba BrightStar Healthcare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020
 7.5
 4.0
 4.0
 —%
Moonlight Multi Media Production, Inc. Other Information Services Term Loan 5.3% 2/1/2025
 19.7
 3.9
 4.0
 —%
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2020
 7.6
 3.7
 3.7
 —%
DDLK Investments LLC d/b/a Smoothie King Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2020
 7.5
 3.6
 3.6
 —%
Christopher F. Bohon & Pamela D. Bohon Social Assistance Term Loan Prime plus 2.75% 10/28/2026
 14.2
 3.5
 3.6
 —%
Enewhere Custom Canvas, LLC Textile Product Mills Term Loan Prime plus 2.75% 2/15/2018
 12.0
 3.4
 3.4
 —%
Quality Engraving Services Inc. and Ian M. Schnaitman Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/17/2017
 15.0
 3.3
 3.3
 —%
ValleyStar, Inc. dba BrightStar HealthCare Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020
 0.6
 3.2
 3.2
 —%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2020
 6.3
 3.2
 3.2
 —%
Kyoshi Enterprises, LLC Educational Services Term Loan Prime plus 2.75% 12/29/2016
 22.5
 3.1
 3.1
 —%
Champion Pest Control Systems, Inc. Administrative and Support Services Term Loan 6% 1/15/2016
 39.0
 3.0
 —
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Grapevine Professional Services, Inc. Administrative and Support Services Term Loan Prime plus 2.75% 1/22/2019
 8.2
 2.9
 2.9
 —%
Louis B. Smith dba LAQ Funeral Coach Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/15/2017
 12.6
 2.8
 2.8
 —%
Spain Street LLC Food Services and Drinking Places Term Loan Prime plus 2.75% 6/29/2017
 63.0
 2.8
 2.8
 —%
Computer Renaissance dba Dante IT Services, Inc. Electronics and Appliance Stores Term Loan Prime plus 3.75% 3/1/2018
 100.0
 2.7
 2.8
 —%
Ralph Werner dba Werner Transmissions Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021
 26.6
 2.7
 2.8
 —%
Flourishing Fruits, LLC dba Edible Arrangements Food Manufacturing Term Loan Prime plus 2.75% 12/29/2017
 21.1
 2.7
 2.7
 —%
Saan M.Saelee dba Saelee's Delivery Service Truck Transportation Term Loan Prime plus 2.75% 3/12/2018
 9.8
 2.7
 2.7
 —%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2018
 9.4
 2.6
 2.7
 —%
Flint Batteries, LLC General Merchandise Stores Term Loan Prime plus 2.75% 7/21/2016
 46.9
 2.4
 2.4
 —%
Danjam Enterprises, LLC dba Ariel Dental Care Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2021
 3.8
 2.3
 2.4
 —%
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 5/27/2017
 12.8
 2.1
 2.2
 —%
Inflate World Corporation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/30/2018
 7.5
 2.0
 2.0
 —%
Seo's Paradise Cleaners, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2018
 9.8
 1.9
 2.0
 —%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2017
 8.4
 1.6
 1.7
 —%
Golden Elevator Co., Inc. Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 1/31/2022
 50.0
 1.6
 1.7
 —%
Flint Batteries LLC dba Batteries Plus of Flint General Merchandise Stores Term Loan Prime plus 2.75% 8/29/2017
 9.0
 1.5
 1.6
 —%
MJ Mortgage & Tax Services, Inc. Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 11/14/2017
 6.9
 1.5
 1.5
 —%
CCIPTA, LLC Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 1/17/2017
 47.0
 1.5
 1.5
 —%
Nora A. Palma and Julio O Villcas Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2017
 56.3
 1.4
 1.5
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Delyannis Iron Works Fabricated Metal Product Manufacturing Term Loan 6% 12/8/2022
 16.0
 1.4
 1.5
 —%
Zeroln Media LLC Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/25/2017
 7.5
 1.4
 1.4
 —%
Nelson Financial Services, LLC Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 9/2/2016
 57.0
 1.3
 1.3
 —%
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College of India Sug Educational Services Term Loan Prime plus 2.75% 5/12/2016
 16.4
 0.9
 0.9
 —%
No Thirst Software LLC Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/26/2017
 6.8
 0.9
 0.9
 —%
New Economic Methods LLC dba Rita's Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2020
 24.8
 0.9
 0.9
 —%
Saul A. Ramirez and Norma L. Trujillo Food Services and Drinking Places Term Loan Prime plus 2.75% 1/31/2017
 6.0
 0.9
 0.9
 —%
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/30/2017
 15.6
 0.6
 0.6
 —%
Contractors Pumping Service, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 11/3/2016
 9.9
 0.4
 0.4
 —%
Tesserah Tile Design, Inc. Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2016
 7.1
 0.4
 0.4
 —%
Healthcare Interventions, Inc. dba Brightstar HealthCare Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/15/2016
 8.3
 0.4
 0.4
 —%
Maynard Enterprises, Inc. Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/22/2016
 22.5
 0.3
 0.4
 —%
Vincent Allen Fleece dba Living Well Accessories and Water Camel Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/1/2016
 3.8
 0.3
 0.3
 —%
Spencer Fitness, Inc. Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2016
 6.0
 —
 —
 —%
Chez Rurene Bakery Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2017
 150.0
 31.6
 45.2
 0.02%
Total Performing SBA Unguaranteed Investments         $181,518.3
 $155,980.4
 $152,157.7
 74.61%
                 
Non-Performing SBA Unguaranteed Investments (3)
                
* 214 North Franklin, LLC and Winter Ventures, Inc. Nonstore Retailers Term Loan Prime plus 2.75% 11/29/2037
 $146.0
 $146.1
 $136.9
 0.07%
* A + Quality Home Health Care, Inc. Ambulatory Health Care Services Term Loan 6% 8/1/2016
 1.3
 1.3
 1.2
 —%
* Almeria Marketing 1, Inc. Personal and Laundry Services Term Loan 7.75% 10/15/2015
 4.7
 4.7
 0.7
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
* AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc. Ambulatory Health Care Services Term Loan 6% 3/14/2038
 305.3
 305.7
 136.2
 0.07%
Auto Sales, Inc. Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023
 4.3
 4.3
 3.8
 —%
* AWA Fabrication & Construction, L.L.C. Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025
 34.7
 34.8
 24.5
 0.01%
* Baker Sales, Inc. d/b/a Baker Sales, Inc. Nonstore Retailers Term Loan 6% 3/29/2036
 181.5
 182.0
 99.9
 0.05%
* Barnum Printing & Publishing, Co. Printing and Related Support Activities Term Loan 6% 7/29/2015
 9.8
 9.8
 8.2
 —%
* BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool Fabricated Metal Product Manufacturing Term Loan 6% 6/22/2026
 290.3
 290.9
 —
 —%
* Bwms Management, LLC Food Services and Drinking Places Term Loan 6% 7/7/2027
 75.2
 75.4
 23.2
 0.01%
* DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan 6% 3/23/2037
 697.8
 699.5
 563.2
 0.28%
* DC Realty, LLC dba FOGO Data Centers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/23/2022
 206.1
 206.6
 182.4
 0.09%
* Dill Street Bar and Grill Inc and WO Entertainment, Inc Food Services and Drinking Places Term Loan 6% 9/27/2027
 104.4
 104.6
 23.6
 0.01%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown Support Activities for Transportation Term Loan 5.25% 12/28/2035
 140.8
 141.0
 78.1
 0.04%
* DocMagnet Inc Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/23/2025
 16.3
 16.3
 —
 —%
* Dr. Francis E. Anders, DVM Professional, Scientific, and Technical Services Term Loan 6% 8/9/2015
 1.6
 1.6
 1.6
 —%
* E & I Holdings, LP & PA Farm Products, LLC Food Manufacturing Term Loan 6% 4/30/2030
 1,234.0
 1,237.1
 487.3
 0.24%
E.W. Ventures, Inc. dba Swift Cleaners & Laundry Personal and Laundry Services Term Loan 0% 4/18/2017
 91.0
 91.2
 1.3
 —%
* Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen Food Services and Drinking Places Term Loan 6% 1/24/2032
 131.2
 131.5
 95.9
 0.05%
* Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/26/2022
 327.6
 328.5
 314.5
 0.15%
* Europlast Ltd Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 5/31/2023
 155.2
 155.6
 —
 —%
* Event Mecca LLC Other Information Services Term Loan 6% 4/10/2023
 13.2
 13.2
 4.8
 —%
* EZ Towing, Inc. Support Activities for Transportation Term Loan 6% 1/31/2023
 123.2
 123.5
 72.8
 0.04%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
* Goetzke Chiropractic, Inc.Ambulatory Health Care Services Term Loan 6% 10/25/2017
 2.9
 2.9
 2.4
 —%
* Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing Educational Services Term Loan Prime plus 2.75% 11/16/2016
 3.6
 3.6
 0.5
 —%
* Grand Manor Realty, Inc. & Kevin LaRoe Real Estate Term Loan 6% 2/20/2023
 18.9
 19.0
 18.2
 0.01%
* Groundworks Unlimited LLC Specialty Trade Contractors Term Loan 6% 12/17/2023
 89.4
 89.5
 77.9
 0.04%
Guzman Group,LLC Rental and Leasing Services Term Loan 6% 1/30/2016
 196.9
 197.4
 176.2
 0.09%
* Harrelson Materials Management,IncWaste Management and Remediation Services Term Loan 6% 6/24/2021
 464.5
 465.7
 133.7
 0.07%
* Hybrid Racing LLC. Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 5/15/2023
 100.1
 100.3
 44.5
 0.02%
* Integrity Sports Group, LLC Performing Arts, Spectator Sports, and Related Industries Term Loan 6% 3/6/2018
 14.7
 14.7
 12.6
 0.01%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC) Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/14/2038
 325.2
 326.1
 282.0
 0.14%
* J Olson Enterprises LLC and Olson Trucking Direct, Inc.Truck Transportation Term Loan 6% 6/28/2025
 658.9
 660.5
 262.5
 0.13%
* Jenny's Wunderland, Inc. Social Assistance Term Loan 6% 6/29/2036
 149.7
 150.1
 73.6
 0.04%
* Krishna of Orangeburg, Inc. Accommodation Term Loan 6% 2/20/2032
 10.3
 10.3
 —
 —%
* Lamson and Goodnow Manufacturing Co and Lamson and Goodnow LLC Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2037
 28.2
 28.2
 —
 —%
* Las Torres Development LLC dba Houston Event Centers Real Estate Term Loan 6% 8/27/2028
 51.0
 51.0
 —
 —%
* LJ Parker, LLC Administrative and Support Services Term Loan 7% 9/8/2014
 8.9
 8.9
 1.7
 —%
* Lucil Chhor dba Baja Fresh #159 Food Services and Drinking Places Term Loan 6% 12/28/2022
 30.0
 30.0
 15.6
 0.01%
* Milliken and Milliken, Inc. dba Milliken Wholesale Distribution Merchant Wholesalers, Durable Goods Term Loan 6% 6/10/2036
 152.8
 152.9
 116.3
 0.06%
* Mojo Brands Media, LLC Broadcasting (except Internet) Term Loan 6% 8/28/2023
 731.9
 733.7
 421.1
 0.21%
* Morris Glass and Construction Specialty Trade Contractors Term Loan 6% 3/7/2021
 44.8
 44.8
 0.8
 —%
* Our Two Daughters L.L.C. dba Washington's Restaurant Food Services and Drinking Places Term Loan 6% 6/18/2026
 169.8
 170.3
 12.7
 0.01%
* Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton Accommodation Term Loan 5.25% 10/3/2028
 38.3
 38.3
 20.4
 0.01%
* Professional Systems, LLC and Professional Cleaning Administrative and Support Services Term Loan 6% 7/30/2020
 132.0
 132.1
 54.5
 0.03%
Pure Water Innovations, LLC Ambulatory Health Care Services Term Loan 6% 9/6/2016
 0.2
 0.2
 0.2
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC Amusement, Gambling, and Recreation IndustriesTerm Loan 6% 9/14/2023
 16.4
 16.4
 13.6
 0.01%
* Sheikh M Tariq dba Selbyville Foodrite Gasoline Stations Term Loan 6% 3/13/2023
 21.2
 21.2
 —
 —%
Shivsakti, LLC dba Knights Inn Accommodation Term Loan Prime plus 2.75% 12/20/2032
 74.5
 74.7
 73.1
 0.04%
* Signs of Fortune, LLC dba FastSigns Miscellaneous Manufacturing Term Loan Prime plus 2.5% 4/3/2023
 321.0
 321.8
 83.3
 0.04%
* STK Ventures Inc dba JP Dock Service & Supply Specialty Trade Contractors Term Loan 6% 5/9/2037
 34.1
 34.1
 32.7
 0.02%
Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr. Furniture and Home Furnishings StoresTerm Loan 6% 12/29/2035
 111.6
 111.8
 88.1
 0.04%
* Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 11/7/2036
 406.6
 407.6
 353.6
 0.17%
* Stormwise South Florida dba Stormwise Shutters Specialty Trade Contractors Term Loan 6% 11/7/2036
 201.1
 201.6
 —
 —%
* Summit Treatment Services Inc Social Assistance Term Loan Prime plus 2.75% 3/11/2025
 21.8
 21.8
 —
 —%
* Summit Treatment Services, Inc. dba Summit Treatment Services Social AssistanceTerm Loan Prime plus 2.75% 11/30/2037
 129.3
 129.6
 112.8
 0.06%
* Sunmar, Inc. dba Creative Cooking Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2035
 47.1
 47.2
 43.3
 0.02%
* Tequila Beaches, LLC dba Fresco Restaurant Food Services and Drinking Places Term Loan 6% 9/16/2021
 15.8
 15.8
 12.0
 0.01%
The Alba Financial Group, Inc. Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 1/10/2019
 6.5
 6.5
 1.6
 —%
The Lucky Coyote, LLC Miscellaneous Manufacturing Term Loan 6% 5/8/2017
 10.3
 10.3
 4.7
 —%
* Top Class, Inc. Personal and Laundry Services Term Loan 6% 6/28/2016
 1.3
 1.3
 0.1
 —%
United Woodworking, Inc Wood Product Manufacturing Term Loan 6% 12/20/2022
 12.5
 12.5
 10.5
 0.01%
* Whirlwind Car Wash, Inc. Repair and Maintenance Term Loan Prime plus 2% 8/26/2024
 4.9
 4.9
 3.8
 —%
* Winter Ventures Inc and 214 N Franklin LLC Nonstore Retailers Term Loan Prime plus 2.75% 4/29/2024
 56.5
 56.6
 28.7
 0.01%
* Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan Prime plus 2.75% 12/23/2024
 149.1
 149.3
 130.7
 0.06%
* Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall Nonstore Retailers Term Loan Prime plus 2.75% 4/3/2029
 134.4
 134.5
 29.4
 0.01%
* B&B Fitness and Barbell, Inc. dba Elevations Health Club Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/22/2035
 217.8
 218.1
 200.0
 0.10%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
* Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/8/2039
 185.7
 186.2
 178.3
 0.09%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/15/2025
 689.8
 691.5
 662.2
 0.32%
* Karykion, Corporation dba Karykion Corporation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2022
 144.4
 144.8
 132.8
 0.07%
* David M. Goens dba Superior Auto Paint & Body, Inc. Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2024
 15.7
 15.7
 14.4
 0.01%
* TechPlayZone, Inc. Social Assistance Term Loan Prime plus 2.75% 1/27/2016
 0.1
 0.1
 —
 —%
Total Non-Performing SBA Unguaranteed Investments         $10,748.0
 $10,771.6
 $6,197.2
 3.04%
                 
Total SBA Unguaranteed Investments         $192,266.3
 $166,752.0
 $158,354.9
 77.64%
                 
Performing SBA Guaranteed Investments (4)
                
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2025
 292.0
 43.9
 48.5
 0.02%
My Jewels, LLC dba The UPS Store #6712 Administrative and Support Services Term Loan Prime plus 2.75% 12/7/2025
 225.0
 97.2
 107.4
 0.05%
Abbondanza Market LLC dba Hampton Falls Village Market Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025
 295.0
 34.9
 38.7
 0.02%
D&G Capital LLC dba Miami Grill 277 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025
 417.6
 151.6
 167.6
 0.08%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/23/2040
 4,758.0
 1,638.3
 1,806.2
 0.89%
401 JJS, Corp and G. Randazzo's Trattoria Corporation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2040
 211.0
 102.9
 115.4
 0.06%
Total SBA Guaranteed Performing Investments         $6,198.6
 $2,068.8
 $2,283.8
 1.12%
                 
Total SBA Unguaranteed and Guaranteed Investments         $198,464.9
 $168,820.8
 $160,638.7
 78.76%
                 
Controlled Investments (5)
                
Advanced Cyber Security Systems, LLC (6), (15)                                         
 Data processing, hosting and related services. 50% Membership Interest —% —
 —
 —
 —
 —%
    Term Loan 3%  December 2014 1,120.0
 381.0
 —
 —%
*Automated Merchant Services, Inc. (7), (15)
 Data processing, hosting and related services. 100% Common Stock —% —
 —
 —
 —
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
CDS Business Services, Inc. (8) (15)                                                                                         
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —
 —
 4,428.0
 925.0
 0.45%
    Line of Credit Prime Plus 2.5% August 2018 2,870.0
 2,870.0
 2,870.0
 1.41%
CrystalTech Web Hosting, Inc. (11)                                                                                         
 Data processing, hosting and related services. 100% Common Stock —% —
 —
 8,764.0
 21,413.9
 10.50%
Exponential Business Development Co. Inc. (15)                                                                               
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —
 —
 —
 —
 —%
*Fortress Data Management, LLC (15)                                                                                    
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 —
 —%
Newtek Insurance Agency, LLC (12) (15)                                                                           
 Insurance Carriers and Related Activities 100% Membership Interests —% —
 —
 —
 2,500.0
 1.23%
PMTWorks Payroll, LLC (9)                                                                                    
 Data processing, hosting and related services. 90% Membership Interests —% —
 —
 700.1
 1,020.0
 0.50%
    Term Loan 10%-12% Various maturities through September 2016 935.0
 935.0
 —
 —%
Secure CyberGateway Services, LLC (10), (15)                                                                                                                     
 Data processing, hosting and related services. 66.7% Membership Interests —% —
 —
 —
 —
 —%
    Term Loan 7%  December 2016 2,400.0
 1,200.0
 1,196.4
 0.59%
Small Business Lending, Inc. (13) (15)                                                                       
 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% —
 —
 —
 5,500.0
 2.70%
*Summit Systems and Designs, LLC (14) (15)                                                                     
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 —
 —%
Premier Payments LLC (11)
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 16,503.0
 16,503.0
 8.09%
Universal Processing Services of Wisconsin, LLC (11) (15)                                           
 Data processing, hosting and related services. 100% Membership Interest —% —
 —
 —
 52,448.1
 25.72%
Total Controlled Investments         $7,325.0
 $35,781.1
 $104,376.4
 51.18%
                 
Non-control/Non-affiliate Investments                
Titanium Asset Management LLC Administrative and Support Services Term Loan 3% July 2017 $2,200.0
 $1,847.4
 $1,823.8
 0.89%
    Warrants —% —
 —
 —
 —
 —%

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2015
(In Thousands)
Portfolio Company Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
          $2,200.0
 $1,847.4
 $1,823.8
 0.89%
                 
Investments in Money Market Funds         $—
 $35.0
 $35.0
 0.02%
                 
Total Investments         $207,989.9
 $206,484.3
 $266,873.9
 130.85%

149
See accompanying notes to unaudited condensed consolidated financial statementsstatements.

* Denotes non-income producing security.
(1) Newtek values each unguaranteed portion
Table of SBA 7(a) performing 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 Preferred Lender Program (“PLP”) status from the SBA. The 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.Contents
(2) Prime Rate is equal to 3.25% as of December 31, 2015.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. 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.
(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing 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.
(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 in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2015 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings II, 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) 28.20% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 25.89% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 45.91% owned by Newtek Business Services Corp.
(9) 25% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by non-affiliate.
(10) 66.7% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.
(11) 100% owned by Newtek Business Services Holdco1., Inc. (a subsidiary of Newtek Business Services Corp.).
(12) 100% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc. and Wilshire Holdings II, Inc., both subsidiaries of Newtek Business Services Corp.).

(15) 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.
(16) 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.
(17) 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, 2015, 5.3% of total assets are non-qualifying assets.
As of December 31, 2015, the federal tax cost of investments was $200,004,000 resulting in estimated gross unrealized gains and losses of $81,538,000 and $14,669,000, respectively.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:

Newtek Business Services Corp. (the “Company” or “Newtek”) is a Maryland corporation which was formed in August 2013 and is an internally managed, closed end, non-diversified investment company. The Company'sCompany’s investment strategy is to maximize the investment portfolio'sportfolio’s return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies.

The Company has formed certain taxable subsidiaries (the “Taxable Subsidiaries”),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 Regulated Investment Company (“RIC”)RIC under Subchapter M of the Internal Revenue Code (the “Code”).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
The Whitestone Group, LLC
Wilshire Colorado Partners, 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 New York Partners IV, LLC
Wilshire New York Partners V, LLC
Wilshire Partners, LLC
CCC Real Estate Holdings, LLC
Banc-Serv Acquisition, Inc.
Exponential Business Development Co., Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.

Newtek Business Services Holdco 2, Inc.

The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report for the year ended December 31, 20152016 on Form 10-K. 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��December 31, 20152016 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. Certain prior period amounts have been reclassified to conform to the current period presentation.
Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:

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 of Directors (the “Board”) each quarter and is generally based upon the taxable earnings estimated by management.
Fair Value

The Company applies fair value accounting to certain of its financial instruments in accordance with Accounting Standards Codification (“ASC”)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.
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 Regulation S-X and ASC Topic 946, 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.


As of July 1, 2016, the Company determined that Exponential Business Development Co., Inc. (“Exponential”), previously a controlled portfolio company, met the criteria for consolidation under ASC Topic 946. This determination was based on Exponential's purchase of membership interests in two controlled portfolio companies during the three months ended September 30, 2016.
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 condensed consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts, and are included in the Company’s condensed 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.

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 taxable earnings estimated by management.
 
Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities.instruments. As of September 30, 20162017, cash deposits in excess of insured amounts totaled approximately $9,913,000.$11,068,000. 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, 2017.
Restricted Cash

Restricted cash includes amounts due on Small Business Administration (“SBA”)SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, and cash reserves associated with securitization transactions. As of September 30, 2017, total restricted cash was $26,602,000.

Broker Receivable

Broker receivable represents amounts due from third parties for loans which have been traded at period end but have not yet settled.
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 20132014 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 Newtek Small Business Finance, LLC (“NSBF”),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 part ofincluded in the RIC.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 allany 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 three and nine months ended September 30, 20162017 and 20152016, 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 $5,327,000$5,240,000 and $857,000$5,983,000 at September 30, 20162017 and December 31, 2015,2016, respectively, and are recorded as a deferred tax liability

liabilities on the condensed 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 condensed consolidated statements of operations.

Share Repurchase Plan

The Company had a share repurchase program (the “Program”) which allowed the Company to repurchase up to 150,000 of the Company’s outstanding common shares on the open market. The shares were purchased at prevailing market prices through open market transactions. The Program terminated on June 3, 2016. During the nine months ended September 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000 as detailed in the table below:

Purchase dateNumber of Shares Purchased Price per Share Total
March 10, 201610
 $12.34
 $123
March 18, 201620
 12.45
 249
March 18, 201630
 12.48
 375
March 23, 201610
 11.88
 119
Total70
 

 $866

On May 11, 2016, the Board approved a new share repurchase program (the “New Program”), which allows the Company to repurchase up to 150,000 shares of Company's outstanding common shares on the open market. The shares may be purchased from time to time at prevailing market prices through open market transactions, including block transactions. The Company expects the termination date of the New Program to be November 11, 2016, but it may be extended at the Board's discretion. The Company has not repurchased any common shares under the New Program during the nine months ended September 30, 2016.

In addition, the Company, may from time to time purchase shares of its debt securities on the Nasdaq Global Market. The Company did not make any repurchases of its debt securities during the nine months ended September 30, 2016.

Investment Income

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

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.

We receiveThe Company earns servicing income related to the guaranteed portions of SBA loan investments which we sellit sells into the secondary market. These recurring fees are earned daily and recorded when earned. Servicing income is earned for the full term of the loan or until the loan is repaid.

We receiveThe Company earns a variety of fees from borrowers in the ordinary course of conducting ourits 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 condensed 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 compensation expensesalaries and benefits ratably over the requisite service period or vesting term.

Recently AdoptedNew Accounting Standards

In April 2015,November 2016, the FASB issued ASU 2015-03 “Simplifying2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Presentation of Debt Issuance Costs.FASB Emerging Issues Task Force),” This updatewhich requires that debt issuance costs be presented in the statement of assetscash flow explain the change during the period in the total of cash, cash equivalents, and liabilitiesamounts generally described as a direct deduction fromrestricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the debt liability. The Company adopted this standard with respect to its Notes payable - Securitization Trusts, Notes due 2022beginning-of-period and Notes due 2021.

New Accounting Standards

 In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classificationend-of-period total amounts shown on the statement of cash flows. TheThis ASU is effective for annual reporting periods beginning after December 15, 2016,2017, and interim periods within those periods. Early applicationadoption is permitted. The Company is currently evaluating the impactdoes not believe this ASU will have a material impact on its condensed consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases”,“Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its condensed consolidated statements of assets and liabilities.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which, among other things, requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the

instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the ASU changes the disclosure requirements for financial instruments. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted for certain provisions. The Company is currently evaluating the impactdoes not believe this ASU will have a material impact on its condensed consolidated financial statements and disclosures.

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, 2016 December 31, 2015 September 30, 2017 December 31, 2016
 Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value
Money market funds $35
 $35
 $35
 $35
 $9
 $9
 $35
 $35
Non-affiliate debt investments 213,328
 206,398
 170,668
 162,463
 286,769
 281,224
 230,950
 223,887
Controlled investments                
Equity 35,820
 116,029
 30,395
 100,310
 46,356
 128,020
 35,285
 116,919
Debt 5,274
 4,391
 5,386
 4,066
 12,535
 8,929
 5,716
 4,383
Total investments $254,457
 $326,853
 $206,484
 $266,874
 $345,669
 $418,182
 $271,986
 $345,224

In June 2016,April 2017, the Company invested $5,400,000 in exchange for 100% of the membership interests in ADR Partners, LLC d/b/a banc-serv Partners, LLC (“banc-serv”),common stock of a new wholly owned andwholly-owned, controlled portfolio company.  Banc-servcompany, IPM. IPM provides lending institutions with outsourcedconsulting, design and implementation of technology solutions for enterprise and commercial clients. Total consideration for the entire SBA lending process, including credit analysis, structuringinvestment was $11,120,000 and eligibility analysis, packaging, closing complianceconsisted of $1,000,000 in restricted shares of Newtek common stock, $8,752,000 in cash and servicing.$1,368,000 to be paid in cash in two equal installments in 2018 and 2019 based on IPM attaining specific EBITDA levels for 2017 and 2018. As of September 30, 2017, the fair value of the contingent consideration liabilities was $620,000 and is included in Accounts Payable, Accrued Expenses and other liabilities on the condensed consolidated statement of assets and liabilities.

During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed.
The following table shows the Company'sCompany’s portfolio investments by industry at September 30, 20162017 and December 31, 2015:2016:

 September 30, 2016 December 31, 2015 September 30, 2017 December 31, 2016
 Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value
Data Processing, Hosting and Related Services $29,524
 $106,259
 $28,506
 $92,600
Food Services and Drinking Establishments 18,685
 18,175
 15,241
 14,453
Data processing, hosting and related services $29,583
 $103,605
 $29,010
 $107,180
Food Services and Drinking Places 28,314
 27,752
 21,941
 21,702
Amusement, Gambling, and Recreation Industries 17,103
 17,452
 14,372
 14,632
 19,452
 20,037
 18,486
 18,995
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 12,215
 12,273
 8,057
 10,031
 18,302
 19,966
 12,909
 12,649
Ambulatory Health Care Services 13,114
 12,147
 8,858
 8,214
 14,474
 13,645
 13,068
 11,976
Repair and Maintenance 11,401
 11,494
 9,440
 9,337
 12,990
 13,391
 12,066
 12,228
Professional, Scientific, and Technical Services 10,279
 9,572
 7,378
 6,856
 27,676
 27,171
 12,240
 11,582
Accommodation 8,305
 8,565
 6,940
 6,974
 10,566
 11,243
 9,455
 9,849
Specialty Trade Contractors 8,256
 7,535
 8,492
 7,718
 9,029
 8,712
 8,311
 7,595
Merchant Wholesalers, Durable Goods 6,766
 6,561
 6,726
 6,299
 6,404
 6,330
 6,211
 5,989
Truck Transportation 6,328
 5,962
 6,142
 5,699
 15,483
 14,615
 7,469
 6,938
Food and Beverage Stores 5,915
 5,851
 4,178
 4,087
 5,187
 5,160
 5,221
 5,194
Heavy and Civil Engineering Construction 5,528
 5,638
 1,901
 1,895
 4,530
 4,430
 4,328
 4,209
Fabricated Metal Product Manufacturing 5,537
 5,552
 3,943
 3,577
 11,113
 11,511
 5,922
 5,961
Administrative and Support Services 5,371
 5,000
 4,797
 4,566
 5,873
 5,268
 6,379
 5,727
Social Assistance 4,990
 4,982
 3,955
 3,845
 6,869
 7,013
 4,903
 4,905
Motor Vehicle and Parts Dealers 4,820
 4,814
 4,289
 4,249
 5,059
 5,156
 5,059
 5,051
Food Manufacturing 5,215
 4,555
 5,386
 4,630
 9,437
 7,507
 5,596
 4,873
Transit and Ground Passenger Transportation 3,981
 4,168
 881
 888
 3,482
 3,302
 1,836
 1,703
Clothing and Clothing Accessories Stores 4,175
 4,114
 2,357
 2,125
 3,600
 3,675
 4,221
 4,134
Personal and Laundry Services 4,130
 4,076
 3,231
 3,064
 10,333
 10,861
 4,255
 4,206
Gasoline Stations 3,978
 3,618
 4,040
 4,008
 6,136
 5,807
 5,938
 5,570
Printing and Related Support Activities 3,974
 3,600
 2,521
 2,506
 3,790
 3,495
 3,547
 3,183
Insurance Carriers and Related Activities 1,014
 3,514
 1,288
 3,769
 833
 3,366
 1,126
 3,631
Other 53,818
 51,341
 43,530
 40,817
 77,154
 75,164
 62,489
 60,194
Total $254,422
 $326,818
 $206,449
 $266,839
 $345,669
 $418,182
 $271,986
 $345,224


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 companies for the nine months ended September 30, 20162017 were as follows:

Portfolio Company Fair Value at December 31, 2015 Purchases (cost) Principal received (cost) Net realized gains/(losses) Net unrealized gains/(losses) Fair Value at September 30, 2016 Interest and other income Dividend income Fair Value at December 31, 2016 Purchases (Cost) Principal Received (Cost) Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at September 30, 2017 Interest and Other Income Dividend Income
Controlled Investments                                
Universal Processing Services of Wisconsin, LLC $63,000
 $—
 $—
 $—
 $3,000
 $66,000
 $—
 $5,250
Premier Payments LLC 21,000
 —
 —
 —
 —
 21,000
 —
 1,200
Newtek Technology Solutions, Inc. 20,109
 —
 (50) —
 (4,059) 16,000
 —
 —
International Professional Marketing, Inc. (1) —
 10,000
 (1,000) —
 —
 9,000
 6
 550
banc-serv Partners, LLC 5,400
 —
 —
 —
 (2,000) 3,400
 —
 —
CDS Business Services, Inc. 3,440
 15,703
 (10,498) —
 4,750
 13,395
 376
 200
Small Business Lending, LLC $5,500
 $—
 $—
 $—
 $(1,000) $4,500
 $—
 $600
 3,300
 —
 —
 —
 (800) 2,500
 —
 100
Newtek Insurance Agency, LLC 2,500
 —
 —
 —
 —
 2,500
 —
 —
PMTWorks Payroll, LLC 1,020
 1,210
 —
 —
 (25) 2,205
 109
 —
 2,045
 1,000
 —
 —
 (3,045) —
 —
 —
Universal Processing Services of Wisconsin, LLC 52,448
 —
 —
 —
 9,552
 62,000
 —
 4,500
CrystalTech Web Hosting, Inc. 21,414
 —
 —
 —
 (1,305) 20,109
 —
 990
CDS Business Services, Inc. 3,795
 100
 (1,000) —
 (925) 1,970
 92
 —
Titanium Asset Management LLC 1,824
 —
 (910) —
 24
 938
 8
 —
 508
 —
 (466) —
 (42) —
 6
 —
Premier Payments LLC 16,503
 —
 —
 —
 3,997
 20,500
 —
 1,350
Newtek Insurance Agency, LLC 2,500
 —
 —
 —
 —
 2,500
 —
 —
banc-serv Partners, LLC —
 5,400
 —
 —
 —
 5,400
 —
 240
Advanced Cyber Security Systems, LLC —
 —
 —
 —
 —
 —
 —
 —
Excel WebSolutions, LLC 904
 —
 (368) —
 (47) 489
 56
 —
SIDCO, LLC —
 2,665
 —
 —
 —
 2,665
 2
 —
Summit Systems and Designs, LLC —
 —
 —
 —
 —
 —
 54
 —
Secure CyberGateway Services, LLC 1,196
 —
 (900) —
 2
 298
 42
 39
 —
 —
 —
 —
 —
 —
 10
 26
Total Controlled Investments $106,200
 $6,710
 $(2,810) $—
 $10,320
 $120,420
 $251
 $7,719
 $122,206
 $29,368
 $(12,382) $—
 $(2,243) $136,949
 $510
 $7,326

(1) Refer to Note 3 for discussion of investment in IPM.

Prior to July 1, 2016, Titanium Asset Management LLC (“Titanium”)January 2017, EWS was not a controllednon-control/non-affiliate investment. During the threenine months ended September 30, 2016,2017, the Company exercised warrants to purchase the remaininga 50% membership interest in Titanium. Interest, fees, and dividends credited to income only include the period for which Titanium was a controlled investment.EWS. Interest, fees, and dividends attributable to the investment in TitaniumEWS that were credited to income prior to July 1, 2016January 2017 are included in investment income from non-affiliatesnon-affiliate investments on the condensed consolidated statements of operations.

During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.

Related Party Transactions

Note Payable - Related Parties

In June 2015, the Company entered into an unsecured revolving line of credit agreement with Universal Processing Services of Wisconsin, LLC (“UPSW”) and CrystalTech Web Hosting, Inc. (“NTS”). The maximuma Related Party RLOC. Maximum borrowings under the line of credit areRelated Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) the greaterLIBOR (with a floor of LIBOR or 50 basis points0.50%) plus (b) 7%6% or at a rate equal to (y) the greater of the Prime Rate or 3.5%, plus (z) 6%5%. At September 30, 2016, outstanding principal was $7,400,000. 2017, the Related Party RLOC bears interest at a rate of 7.31%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings from UPSW and NTS at September 30, 2017 were $20,541,000.
Interest expense incurred under the lineRelated Party RLOC for the three and nine months ended September 30, 2017 and 2016 was $19,000$378,000 and $196,000,$19,000, respectively. Interest expense incurred under the lineRelated Party RLOC for the three and nine months ended September 30, 20152017 and 2016 was $461,000$418,000 and $491,000,$196,000, respectively.


Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services expenses from NTS, loan processing and closing expenses from various related parties and payroll processing fees from PMTWorks Payroll, LLC (“PMT”).


NPS.
Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Managed technology services$297
 $159
 $747
 $448
 $186
 $297
 $656
 $747
Loan processing and closing14
 82
 29
 197
Loan related processing and auditing fees 101
 6
 139
 21
Referral fees 54
 8
 82
 8
Payroll processing9
 5
 26
 17
 10
 9
 29
 26
Consulting fees and other revenue—
 18
 —
 51
Total $351
 $320
 906
 802

Beginning in April 2016, the Company began sub-leasing portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged for the three and nine months ended September 30, 2016 were as follows:

Portfolio CompanyThree Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Universal Processing Services of Wisconsin, LLC $39
 $6
 $110
 $17
Small Business Lending, LLC$34
 $76
 19
 34
 61
 76
Newtek Insurance Agency, LLC 23
 23
 63
 31
CDS Business Services, Inc.25
 59
 15
 25
 47
 59
Premier Payments LLC 10
 19
 35
 40
PMTWorks Payroll, LLC8
 19
 12
 8
 37
 19
Universal Processing Services of Wisconsin, LLC6
 17
Newtek Insurance Agency, LLC23
 31
Premier Payments LLC19
 40
Titanium Asset Management LLC 6
 —
 13
 —
Total$115
 $242
 $124
 $115
 $366
 $242

Amounts due from related parties were $2,553,000 and $3,748,000 at September 30, 2017 and December 31, 2016, respectively. Amounts due to related parties were $3,012,000$812,000 and $1,191,000, respectively$1,227,000 at September 30, 2016. Amounts due from related parties2017 and due to related parties were $3,056,000 and $256,000, respectively at December 31, 2015.2016, 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. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature and are charged at an armsarm’s length basis. The table below summarizes amounts charged to each controlled affiliateportfolio company for the three and nine months ended September 30, 20162017 and 2015.2016. The amounts are recorded as a credit to salaries and benefits in the condensed consolidated statements of operations.


Portfolio Company Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Universal Processing Services of Wisconsin, LLC $112
 $117
 $347
 $474
 $101
 $112
 $314
 $347
CrystalTech Web Hosting, Inc. 160
 129
 519
 376
PMTWorks Payroll, LLC 26
 51
 79
 149
Newtek Technology Solutions, Inc. 138
 160
 407
 519
Newtek Insurance Agency, LLC 52
 62
 187
 181
 57
 52
 161
 187
Small Business Lending, LLC 85
 108
 279
 427
Premier Payments LLC 38
 56
 135
 142
International Professional Marketing, Inc. 33
 —
 52
 —
banc-serv Partners, LLC 52
 58
 150
 58
CDS Business Services, Inc. 9
 —
 19
 —
SIDCO, LLC 20
 —
 35
 —
Summit Systems and Designs, LLC 5
 —
 15
 —
 —
 5
 10
 15
Secure CyberGateway Services, LLC —
 14
 —
 29
 —
 —
 2
 —
Premier Payments LLC 56
 —
 142
 —
banc-serv Partners, LLC 58
 —
 58
 —
Small Business Lending, LLC 108
 52
 427
 156
PMTWorks Payroll, LLC 18
 26
 63
 79
Total $577
 $425
 $1,774
 $1,365
 $551
 $577
 $1,627
 $1,774

NOTE 5—SERVICING ASSETS:
At September 30, 20162017 and December 31, 2015,2016, servicing assets are measured at fair value. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates.

originates and sells.
The following table summarizes the fair value and valuation assumptions related to servicing assets at September 30, 20162017 and December 31, 2015:2016:
September 30, 2016 December 31, 2015September 30, 2017 December 31, 2016
Fair Value$15,619
 $13,042
$19,092
 $16,246
Discount factor (1)
12.03% 12.03%12.20% 12.03%
Cumulative prepayment rate15.50% 15.50%18.50% 15.50%
Average cumulative default rate20.00% 20.00%20.00% 20.00%
(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the three months ended September 30, 2017 and 2016 was $1,794,000 and 2015 was $1,551,000, and $1,262,000, respectively. Servicing fee income earned for the nine months ended September 30, 2017 and 2016 was $5,163,000 and 2015 was $4,581,000, and $3,373,000, 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'sCompany’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). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:

   
Level 1  Quoted prices in active markets for identical assets or liabilities. 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 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, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended September 30, 20162017 or 20152016. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, 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 net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”)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. 

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.

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, 20162017 and December 31, 20152016:

Fair Value Measurements at September 30, 2016 Using:Fair Value Measurements at September 30, 2017 Using:
Total Level 1 Level 2 Level 3Total Level 1 Level 2 Level 3
Assets:              
Investments in money markets funds$35
 $35
 $—
 $—
Credits in lieu of cash216
 —
 216
 —
Investments in money market funds$9
 $9
 $—
 $—
SBA unguaranteed non-affiliate investments196,624
 —
 —
 196,624
257,136
 —
 —
 257,136
SBA guaranteed non-affiliate investments8,754
 —
 8,754
 —
24,088
 —
 24,088
 —
Controlled investments120,420
 —
 —
 120,420
136,949
 —
 —
 136,949
Other real estate owned (1)
978
 —
 978
 —
890
 —
 890
 —
Non-control/non-affiliate investments1,020
 —
 —
 1,020
Servicing assets15,619
 —
 —
 15,619
19,092
 —
 —
 19,092
Total assets$343,666
 $35
 $9,948
 $333,683
$438,164
 $9
 $24,978
 $413,177
Liabilities:              
Notes payable in credits in lieu of cash$216
 $—
 $216
 $—
Contingent consideration liabilities (2)$620
 $—
 $—
 $620

(1) Included in Other Assets on the unaudited Condensed Consolidated Statements of Assets and Liabilities

For(2) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the nine months ended September 30, 2016, theCondensed Consolidated Statements of Assets and Liabilities. Refer to Note 3.

The change in unrealized appreciation (depreciation) included in the condensed consolidated statementstatements of operations attributable to Level 3 investments still held at September 30, 20162017 includes $578,000$238,000 in unrealized appreciation on SBA unguaranteed non-affiliate investments, $10,362,000 in unrealized appreciation on controlled investments, $43,000$2,243,000 in unrealized depreciation on non-control/non-affiliatecontrolled investments and $1,341,000$1,601,000 in unrealized depreciation on servicing assets.

Fair Value Measurements at December 31, 2015 Using:  Fair Value Measurements at December 31, 2016 Using:
Total Level 1 Level 2 Level 3 Total Gains
and (Losses)		Total Level 1 Level 2 Level 3
Assets:                
Investments in money markets funds$35
 $35
 $—
 $—
 $—
Credits in lieu of cash860
 —
 860
 —
 (7)
Investments in money market funds$35
 $35
 $—
 $—
SBA unguaranteed non-affiliate investments158,355
 —
 —
 158,355
 (8,410)211,471
 —
 —
 211,471
SBA guaranteed non-affiliate investments2,284
 —
 2,284
 —
 215
11,512
 —
 11,512
 —
Controlled investments104,376
 —
 —
 104,376
 12,250
121,302
 —
 —
 121,302
Other real estate owned (1)
989
 —
 989
 —
 (221)875
 —
 875
 —
Non-control/non-affiliate investments1,824
 —
 —
 1,824
 (24)
Non-control/Non-affiliate investments904
 —
 —
 904
Servicing assets13,042
 —
 —
 13,042
 (428)16,246
 —
 —
 16,246
Total assets$281,765
 $35
 $4,133
 $277,597
 $3,375
$362,345
 $35
 $12,387
 $349,923
Liabilities:         
Notes payable in credits in lieu of cash$860
 $—
 $860
 $—
 $(3)

(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

The following table represents the changes in investments and servicing assets measured at fair value using Level 3 inputs for the nine months ended September 30, 20162017 and 2015:2016:


Nine Months Ended September 30, 2016Nine Months Ended September 30, 2017
SBA Unguaranteed Investments Controlled Investments Non-Control/Non-Affiliate Investments Servicing AssetsSBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control/Non-Affiliate Investments Contingent Consideration Liabilities
Fair value, beginning of period$158,355
 $104,376
 $1,824
 $13,042
Fair value, December 31, 2016$211,471
 $121,302
 $16,246
 $904
 $—
Net change in unrealized appreciation (depreciation)869
 10,362
 (43) (1,341)238
 (2,243) (1,601) —
  
Realized loss(763) —
 —
 —
(131) —
 —
 —
 —
SBA unguaranteed non-affiliate investments, originated51,567
 —
 —
 —
SBA unguaranteed non-affiliate investments, funded62,185
 —
 —
 —
 —
Foreclosed real estate acquired(387) —
 —
 —
(212) —
 —
 —
 —
Funding of investments—
 6,275
 1,020
 —
Transfer from due from related parties—
 435
 —
 —
Transfer of Titanium Asset Management, LLC from non-control/non-affiliate to Controlled Investments—
 1,146
 (1,146) —
Purchase of investments—
 29,366
 —
 3,255
 —
Purchase of loan from SBA2,057
 —
 —
 —
3,821
 —
 —
 —
 —
Transfer of Excel WebSolutions, LLC from Non-control/Non-affiliate to Controlled Investments—
 904
 —
 (904) —
Record fair value of contingent consideration liabilities—
 —
 —
 —
 1,368
Change in fair value of contingent consideration liabilities—
 —
 —
 —
 (748)
Purchase of loan portfolio175
 —
 —
 —
 —
Net accretion of premium/discount19
 —
 —
 —
 —
Return of investment—
 (50) —
 —
 —
Principal payments received on debt investments(15,074) (2,174) (635) —
(20,430) (12,330) —
 (3,255) —
Additions to servicing assets—
 —
 —
 3,918
—
 —
 4,447
 —
 —
Fair value, end of period$196,624
 $120,420
 $1,020
 $15,619
Fair value, September 30, 2017$257,136
 $136,949
 $19,092
 $—
 $620

Nine Months Ended September 30, 2015Nine Months Ended September 30, 2016
SBA Unguaranteed Investments Controlled Investments Non-Control/Non-Affiliate Investments Servicing AssetsSBA Unguaranteed Investments Controlled Investments Non-Control/Non-Affiliate Investments Servicing Assets
Fair value, beginning of period$121,477
 $77,499
 $—
 $9,483
Fair value, December 31, 2015$158,355
 $104,376
 $1,824
 $13,042
Net change in unrealized appreciation (depreciation)(1,667) 10,289
 —
 (1,177)869
 10,362
 (43) (1,341)
Realized loss(628) —
 —
 —
(763) —
 —
 —
SBA unguaranteed non-affiliate investments, originated39,084
 —
 —
 —
SBA unguaranteed non-affiliate investments, funded51,567
 —
 —
 —
Foreclosed real estate acquired(832) —
 —
 —
(387) —
 —
 —
Funding of investments—
 16,703
 2,200
 —
Return of investment—
 (2,965) —
 —
Purchase of investments—
 6,275
 1,020
 —
Transfer from due from related parties—
 435
 —
 —
Transfer of Titanium Asset Management LLC from Non-control/Non-affiliate to Controlled Investments—
 1,146
 (1,146) —
Purchase of loan from SBA703
 —
 —
 —
2,057
 —
 —
 —
Principal payments received on debt investments(13,847) (800) (84) —
(15,074) (2,174) (635) —
Additions to servicing assets—
 —
 —
 3,589
—
 —
 —
 3,918
Fair value, end of period$144,290
 $100,726
 $2,116
 $11,895
Fair value, September 30, 2016$196,624
 $120,420
 $1,020
 $15,619

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of September 30, 20162017 and December 31, 2015.2016. In addition to the techniques and 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, 20162017 and December 31, 2015.2016.


     Range     Range
 Fair Value as of September 30, 2016 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum Fair Value as of September 30, 2017 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:                
SBA unguaranteed non-affiliate investments - performing loans $187,779
 Discounted cash flow Market yields 5.05% 5.05% 5.05% $247,347
 Discounted cash flow Market yields 5.50% 5.50% 5.50%
SBA unguaranteed non-affiliate investments - non-performing loans $8,845
 Discounted cash flow Market yields 6.24% 6.24% 6.24% $9,789
 Discounted cash flow Market yields 5.53% 5.53% 5.53%
Controlled equity investments (A)(B)
 $116,029
 Market comparable companies EBITDA multiples 6.10x
 3.00x
 7.00x
 $128,020
 Market comparable companies EBITDA multiples (B) 5.80x
 3.50x
 6.62x
   Market comparable companies Revenue multiples 1.20x
 0.60x
 3.00x
   Market comparable companies Revenue multiples (B) 1.11x
 0.22x
 2.49x
   Discounted cash flow Weighted average cost of capital 12.60% 10.60% 15.20%   Discounted cash flow Weighted average cost of capital (B) 12.68% 10.30% 22.50%
Controlled debt investments $4,391
 Discounted cash flow Market yields 7.08% 3.00% 12.00% $8,441
 Discounted cash flow Market yields 6.62% 4.75% 10.00%
Non-control/non-affiliate debt investments $1,020
 Liquidation value Asset value N/A
 N/A
 N/A
 $488
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $15,619
 Discounted cash flow Market yields 12.03% 12.03% 12.03% $19,092
 Discounted cash flow Market yields 12.20% 12.20% 12.20%
Contingent consideration liabilities $620
 Discounted cash flow Projected EBITDA and probability of achievement N/A
 N/A
 N/A

(A) In determining the fair value of the Company'sCompany’s controlled equity investments as of September 30, 2017, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 45.5% and 54.5%, respectively, on a weighted average basis.

(B) The Company valued $116,620,000 of investments using an equal weighting of EBITDA and revenue multiples and none of its investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $11,400,000 of investments using only discounted cash flows.


          Range
  Fair Value as of December 31, 2016 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:            
SBA unguaranteed non-affiliate investments - performing loans $202,887
 Discounted cash flow Market yields 5.50% 5.50% 5.50%
SBA unguaranteed non-affiliate investments - non-performing loans $8,584
 Discounted cash flow Market yields 6.19% 6.19% 6.19%
Controlled equity investments (A)(B) $116,919
 Market comparable companies EBITDA multiples (B) 6.10x
 3.01x
 6.99x
    Market comparable companies Revenue multiples (B) 1.21x
 0.62x
 3.08x
    Discounted cash flow Weighted average cost of capital (B) 12.57% 11.00% 15.30%
Controlled debt investments $3,875
 Discounted cash flow Market yields 7.05% 5.75% 10.00%
  $508
 Liquidation value Asset value N/A
 N/A
 N/A
Non-control/non-affiliate debt investments $904
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $16,246
 Discounted cash flow Market yields 12.20% 12.20% 12.20%

(A) In determining the fair value of the Company’s controlled equity investments as of December 31, 2016, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 46.0%46.1% and 54.0%53.9%, respectively, on a weighted average basis.

(B) The Company valued $105,109,000$106,609,000 of investments using an equal weighting of EBITDA and revenue multiples and $1,020,000$860,000 of investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $9,900,000 of investments using only discounted cash flows.

          Range
  Fair Value as of December 31, 2015 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:            
SBA unguaranteed non-affiliate investments - performing loans $152,158
 Discounted cash flow Market yields 5.30% 5.30% 5.30%
SBA unguaranteed non-affiliate investments - non-performing loans $6,197
 Discounted cash flow Market yields 8.76% 8.76% 8.76%
Controlled equity investments (A)(B)
 $100,310
 Market comparable companies EBITDA multiples 6.00x
 3.00x
 7.00x
    Market comparable companies Revenue multiples 1.08x
 0.50x
 3.00x
    Discounted cash flow Weighted average cost of capital 12.37% 11.30% 15.60%
Controlled debt investments $4,066
 Discounted cash flow Market yields 6.26% 5.75% 7.50%
Non-control/non-affiliate debt investments $1,824
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $13,042
 Discounted cash flow Market yields 12.03% 12.03% 12.03%

(A) In determining the fair value of the Company's controlled equity investments as of December 31, 2015, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 47.1% and 52.9%, respectively, on a weighted average basis.


(B) The Company valued $92,865,000 of investments using an equal weighting of EBITDA and revenue multiples and $1,020,000 of investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $6,425,000$9,450,000 of investments using only discounted cash flows.
 
NOTE 7—BORROWINGS:
Notes Due 2021

In April 2016, the Company and U.S. Bank, N.A. (the “Trustee”), entered into the Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021 (the “2021 Notes”). The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds.

The Notes will mature on March 31, 2021 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 April 22, 2017, 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 2021 Notes bear interest at a rate of 7.0% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing on June 30, 2016, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.” As of September 30, 2016, the Company was in compliance with all terms of the 2021 Notes.

At September 30, 20162017 and December 31, 20152016, the Company had borrowings comprised of the following:
September 30, 2016 December 31, 2015September 30, 2017 December 31, 2016
Commitments Borrowings Outstanding Weighted Average Interest Rate Commitments Borrowings Outstanding Weighted Average Interest RateCommitments Borrowings Outstanding Weighted Average Interest Rate Commitments Borrowings Outstanding Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)
$50,000
 $26,400
 4.50% $50,000
 $29,100
 4.25%$100,000
 $36,926
 4.00% $50,000
 $5,100
 4.50%
Capital One line of credit - unguaranteed (1)
—
 23,519
 5.38% —
 —
 —%—
 29,220
 5.00% —
 —
 —%
Notes due 202140,250
 38,680
 7.00% —
 —
 —%40,250
 39,027
 7.00% 40,250
 38,767
 7.00%
Notes due 20228,324
 7,832
 7.50% 8,324
 7,770
 7.50%8,324
 7,915
 7.50% 8,324
 7,853
 7.50%
Note payable - related parties38,000
 7,400
 7.50% 38,000
 5,647
 7.50%
Notes payable - Securitization Trusts75,550
 73,471
 3.64% 91,745
 89,244
 3.29%
Notes payable - related parties50,000
 20,541
 7.31% 38,000
 1,400
 7.67%
Notes payable - Securitization trusts97,607
 95,376
 4.41% 120,945
 118,122
 3.79%
Total$212,124
 $177,302
 5.07% $188,069
 $131,761
 3.93%$296,181
 $229,005
 5.23% $257,519
 $171,242
 4.75%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit are $50,000,000$100,000,000 at September 30, 20162017 and $50,000,000 December 31, 20152016.


Outstanding borrowings under the Notes due 2022, Notes due 2021 and Notes payable - Securitization Truststrusts consisted of the following:

September 30, 2016 December 31, 2015September 30, 2017 December 31, 2016
Notes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts Notes Due 2022 Notes Payable- Securitization TrustsNotes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts Notes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts
Principal$8,324
 $40,250
 $75,550
 $8,324
 $91,745
$8,324
 $40,250
 $97,607
 $8,324
 $40,250
 $120,945
Unamortized debt issuance costs(492) (1,570) (2,079) (554) (2,501)
Unamortized deferred financing costs(409) (1,223) (2,231) (471) (1,483) (2,823)
Net carrying amount$7,832
 $38,680
 $73,471
 $7,770
 $89,244
$7,915
 $39,027
 $95,376
 $7,853
 $38,767
 $118,122


At September 30, 20162017 and December 31, 20152016, the carrying amount of the Company'sCompany’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts,trusts, approximates fair value due to their variable interest rates.

The fair value of the fixed rate Notes due 2022 and Notes due 2021 is based on the closing public share price on the date of measurement. On September 30, 20162017, the closing price of the Notes due 2022 was $25.88$26.36 per note, or $8,617,000.$8,777,000. On September 30, 20162017, the closing price of the Notes due 2021 was $25.59$25.50 per note, or $41,120,000.$41,055,000. These borrowings are not recorded at fair value on a recurring basis.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended September 30, 2017 and 2016 was $2,981,000 and 2015 was $2,328,000, and $1,823,000, respectively. Total interest expense for the nine months ended September 30, 20162017 and 20152016 on all Company borrowings was $5,764,000$8,118,000 and $4,075,000,$5,764,000, respectively.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters

We may, fromFrom time to time, the Company may be involved in litigation arising out of ourits operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on usthe Company in connection with the activities of ourits portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we dothe Company does not expect that any current matters will materially affect ourits financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on ourits financial condition or results of operations in any future reporting period.

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.
Guarantees
The Company is a guarantor on a bank line of credit heldthe Sterling Receivable and Inventory Facility at CDS Business Services, Inc. (“NBC”), a controlled portfolio company.NBCS. Maximum borrowings under the line of creditSterling Receivable and Inventory Facility are $10,000,000 with a maturity date of$15,000,000. The Sterling Receivable and Inventory Facility matures in February 2017.2018. At September 30, 2016,2017, total principal owed by NBCNBCS was $7,353,000.$10,041,000. In addition, the Company deposited $750,000 to collateralize the guarantee. On August 27, 2015, NBC entered into Amendment No. 2 (the “Amendment”) to the Loan and Security Agreement, dated February 28, 2011 (as amended through August 27, 2015, including the Amendment, the “Agreement”), by and between Sterling National Bank (“Sterling”) and NBC. The Amendment permits NBC to use a portion of the warehouse line of credit provided by Sterling under the Agreement to fund inventory financing arrangements NBC may provide to its clients. The Amendment also removed certain restrictions placed upon the Company in connection with its guaranty of the credit facility provided under the Agreement. At September 30, 2016,2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.

NBCThe Company is also entered into an additional Loan and Security Agreement witha guarantor on the Sterling on August 27, 2015 (the “504 Loan Agreement”), pursuant to which Sterling and any future participant lenders agreed to provide NBC another line of credit to fund SBA 504 loans extended by NBC (the “504 Facility”).Facility at NBCS. Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At September 30, 2016,2017, total principal owed by NBCNBCS was $1,208,000. The 504 Loan Agreement specifies certain events of default, pursuant to which all outstanding amounts under the 504 Facility could become immediately due and payable. In addition, the Company has guaranteed NBC’s obligations under the 504 Loan Agreement, pursuant to a Guaranty dated as of August 27, 2015.$2,609,000. At September 30, 2016, the Company determined that it is not probable that payments would be required to be made under the guarantee.

On June 23, 2015, UPSW and NTS (together, the “Borrowers”), each a controlled portfolio company of the Company, entered into a Credit and Guaranty Agreement (the “Agreement”), dated June 23, 2015, with Goldman Sachs Bank USA (“GS Bank”), as Administrative Agent, Collateral Agent and Lead Arranger, pursuant to which GS Bank agreed to extend the Borrowers a term loan facility up to an aggregate principal amount of $38,000,000 (the “Facility” and each term loan made thereunder, a “Term Loan”). On September 18, 2015, the Agreement was amended to add Premier Payments LLC (“Premier”) as a borrower. The Company, Newtek Business Services Holdco 1, Inc., a wholly owned subsidiary of the Company (“Intermediate Holdings”), and certain subsidiaries of Intermediate Holdings party to the Agreement from time to time, have agreed to guarantee the repayment of the Facility and are parties to the Agreement as “Guarantors” thereunder. At September 30, 2016, $22,000,000 was outstanding under this Facility. At September 30, 2016,2017, 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 Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At September 30, 2017, total principal outstanding was $40,000,000. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.


NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Per share data (1)
     
Net asset value at beginning of period $14.06
 $16.31
 $14.30
 $14.06
Dividends from capital gains (1.13) (0.86)
Net investment loss (0.52) (0.61) (0.29) (0.52)
Net realized gain on investments 1.55
 2.12
Net unrealized appreciation on investments 0.82
 0.53
Net realized gain 1.61
 1.55
Net unrealized (depreciation) appreciation on investments (0.05) 0.82
Net unrealized depreciation on servicing assets (0.09) (0.11) (0.09) (0.09)
Exponential of New York, LLC distribution to members —
 (0.22)
Change in provision for deferred taxes 0.04
 (0.31)
Net increase in net assets 1.22
 1.45
Dividends to common stockholders from net investment income (0.36) —
Distributions to common stockholders from capital gains (0.84) (1.13)
Total dividends paid (1.20) (1.13)
Stock-based compensation expense 0.05
 0.02
Consolidation of Exponential Business Development Co., Inc. (0.03) —
 —
 (0.03)
Stock compensation 0.02
 —
Change in provision for deferred taxes (0.31) —
Accretive effect of stock offerings (issuing shares above NAV per share) 0.05
 —
Accretive effect of shares issued in connection with investments (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) (0.01) —
Impact of restricted stock awards (0.11) —
 —
 (0.11)
Reversal of deferred tax asset —
 (0.28)
Other (5) (0.02) —
Net asset value at end of period $14.26
 $16.88
 $14.40
 $14.26
        
Per share market value at end of period $14.26
 $16.43
 $17.82
 $14.26
Total return based on market value (3)
 10.27 % 17.14 % 19.62 % 10.27 %
Total return based on average net asset value (2)(4)
 12.61 % 4.61 %
Total return based on average net asset value (2)(3)(4) 12.12 % 12.61 %
Shares outstanding at end of period (in thousands) 14,594
 10,353
 17,750
 14,594
        
Ratios/Supplemental Data:        
Net assets at end of period $255,612
 $208,172
Ratio of expenses to average net assets (2)
 19.06 % 18.49 % 19.2 % 19.06 %
Ratio of net investment loss to average net assets (3.68)% (3.67)% (2.85)% (3.68)%
Net assets at end of period $208,172
 $174,733
Portfolio turnover 81.49 % 89.03 %
Average debt outstanding $154,640
 $134,322
 $200,124
 $154,640
Average debt outstanding per share $10.60
 $12.97
 $11.27
 $10.60
Asset coverage ratio 217 % 219 % 212 % 217 %
Portfolio turnover 89.03 % 88.53 %


(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) Annualized.
(3) Assumes dividends are reinvested.
(4) Total return based on average net asset value was calculated using the sum of ending net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(5) 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.

NOTE 10—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 Compensation, Corporate Governance and Nominating Committee of Company's Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Company’s 2015 Equity Incentive Plan (the “Equity Incentive Plan”).Plan. These shares generally vest over a one-yearone or two 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, 2016.2017.

Restricted Stockstock authorized under the plan (1)
 1,459,4391,500,000
Less restricted stock granted during:  
Year ended December 31, 2016(120,933)
Nine months ended September 30, 20162017 100,050(5,007
)
Restricted stock available for issuance as of September 30, 20162017 1,359,3891,374,060

(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3,000,000 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.

On August 2, 2016, the Board granted 100,050 shares of restricted stock to certain employees and officers. The shares of restricted stock, including dividends paid in common stock, vest on August 15, 2017.

For the three and nine months ended September 30, 2017 and 2016, the Company recognized total stock-based compensation expense of $226,000.$152,000 and $226,000, respectively. For the nine months ended September 30, 2017 and 2016, the Company recognized total stock-based compensation expense of $904,000 and $226,000, respectively.

As of September 30, 2016,2017, there was $1,129,000$276,000 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 0.831.49 years as of September 30, 2016.2017.

NOTE 11—COMMON STOCK:

The following table summarizes the total shares issued and proceeds received net of underwriting and offering costs in public offerings of the Company’s common stock since conversion to a BDC:


    Year Ended
  Nine Months Ended September 30, 2017 December 31, 2016 December 31, 2015 December 31, 2014
Shares issued 2,587,500
 —
 2,300,000
 2,530,000
Offering price per share $15.25
 $—
 $16.50
 $12.50
Proceeds net of underwriting discounts and offering costs $37,042
 $—
 $35,290
 $27,883

In January 2017 the Company priced a public offering of 2,250,000 shares of its common stock at a public offering price of $15.25 per share. The Company also sold an additional 337,500 shares of its common stock at a public offering price of $15.25 per share pursuant to the underwriter’s full exercise of the over-allotment option.

ATM Program

On March 20, 2017, the Company entered into an ATM Equity Distribution Agreement. The ATM Equity Distribution Agreement provides that the Company may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. On September 6, 2017, the Company entered into an amended ATM Equity Distribution Agreement for the purpose of adding D.A. Davidson as placement agent. During the nine months ended September 30, 2017, the Company sold 455,000 shares of its common stock at a weighted average price of $17.19 per share. Proceeds, net of offering costs and expenses were $7,666,000. As of September 30, 2017, there were 20,000 shares traded that had not settled and are not included in shares issued and outstanding on the face of the condensed consolidated balance sheet, but are included in the weighted average share outstanding in the condensed consolidated statement of operations and in the shares used to calculate net asset value per share. As of September 30, 2017, there were 2,445,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

Investment in IPM

In connection with its investment in IPM, the Company issued 60,490 restricted common shares valued at $1,000,000.

Share Repurchase Plan

On November 21, 2016 the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 200,000 of the Company’s outstanding common shares on the open market. This program terminated on May 21, 2017.

On May 11, 2016, the Company announced that its Board approved a share repurchase program under which the Company could repurchase up to 150,000 of the Company’s outstanding common shares on the open market. This program terminated on November 11, 2016.

During the nine months ended September 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for $866,000 as detailed in the table below. This program terminated on June 3, 2016

Purchase date Number of Shares Purchased Price per Share Total
March 10, 2016 10
 $12.34
 $123
March 18, 2016 20
 $12.45
 249
March 18, 2016 30
 $12.48
 375
March 23, 2016 10
 $11.88
 119
Total 70
   $866

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets per common share for the three and nine months ended September 30, 20162017 and 2015:2016:
 Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Net increase in net assets $10,040
 $4,749
 $21,016
 $19,628
 $8,077
 $10,040
 $20,912
 $21,016
Weighted average shares outstanding 14,556
 10,318
 14,515
 10,244
 17,487
 14,556
 17,076
 14,515
Net increase in net assets per common share $0.69
 $0.46
 $1.45
 $1.92
 $0.46
 $0.69
 $1.22
 $1.45

NOTE 12—13—DIVIDENDS AND DISTRIBUTIONS:

The Company'sCompany’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company'sCompany’s dividend declarations and distributions during the nine months ended September 30, 20162017 and 2015.

2016.

Date Declared Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP Shares Value Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP Shares Value
September 30, 2017        
March 6, 2017 March 20, 2017 March 31, 2017 $0.36
 $6,062
 6
 $89
May 4, 2017 May 31, 2017 June 30, 2017 $0.40
 $6,804
 7
 $112
August 21, 2017 September 22, 2017 September 29, 2017 $0.44
 $7,585
 11
 $184
        
September 30, 2016                
February 25, 2016 March 22, 2016 March 31, 2016 $0.35
 $4,708
 29
 $362
 March 22, 2016 March 31, 2016 $0.35
 $4,708
 29
 $362
June 9, 2016 June 20, 2016 June 30, 2016 $0.35
 $4,985
 7
 $83
 June 20, 2016 June 30, 2016 $0.35
 $4,985
 7
 $83
September 7, 2016 September 20, 2016 September 30, 2016 $0.43
 $6,152
 6
 $77
 September 20, 2016 September 30, 2016 $0.43
 $6,152
 6
 $77
        
September 30, 2015        
March 19, 2015 March 30, 2015 April 13, 2015 $0.39
 $3,985
 —
 $—
June 15, 2015 June 29, 2015 July 15, 2015 $0.47
 $4,715
 5
 $87

During the nine months ended September 30, 2016,2017, an additional 3,0006,591 shares valued at $43,000$110,000 were issued related to dividends from unvested restricted stock awards.
NOTE 13—14—SUPPLEMENTAL FINANCIAL DATA:
Summarized Financial Information of Our Unconsolidated Subsidiaries

The Company holds a controlling interest, as defined by the 1940 Act as amended, in portfolio companies that are not consolidated in the Company'sCompany’s condensed consolidated financial statements. Below is a brief description of a portfolio company that is 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 as of September 30, 20162017 and 2015.2016.

Universal Processing Services of Wisconsin, LLC

UPSW markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment. The Company generated $1,700,000 and $4,500,000 in dividend income from UPSW and recorded $5,900,000 and $9,600,000 in unrealized appreciation for the three and nine months ended September 30, 2016, respectively. The Company generated $1,300,000 and $3,600,000 in dividend income from UPSW and recorded $600,000 and $5,339,000 in unrealized appreciation for the three and nine months ended September 30, 2015, respectively.


The summarized financial information of our unconsolidated subsidiary is as follows:
Balance Sheets - Universal Processing Services of Wisconsin, LLC As of September 30, 2016 As of December 31, 2015 As of September 30, 2017 As of December 31, 2016
Current assets $5,944
 $6,126
 $8,014
 $11,522
Noncurrent assets 8,348
 11,288
 19,265
 4,907
Total assets $14,292
 $17,414
 $27,279
 $16,429
Current liabilities 2,947
 3,911
 3,500
 5,619
Noncurrent liabilities 16,999
 16,999
 30,499
 16,432
Total liabilities $19,946
 $20,910
 $33,999
 $22,051
Total deficit $(5,654) $(3,496) $(6,720) $(5,622)
Statements of Income - Universal Processing Services of Wisconsin, LLC Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Revenue $27,119
 $26,466
 $82,879
 $76,947
Expenses 24,925
 24,553
 76,559
 71,410
Income from operations $2,194
 $1,913
 $6,320
 $5,537
Interest (expense) income, net (328) (384) (1,115) (1,048)
Income before tax $1,866
 $1,529
 $5,205
 $4,489

The Company recorded the following related to its investment in UPSW:

Statements of Income - Universal Processing Services of Wisconsin, LLC Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015
Revenue $26,466
 $24,248
 $76,947
 $72,603
Expenses 24,553
 22,703
 71,410
 67,716
Income from operations $1,913
 $1,545
 $5,537
 $4,887
Interest (expense) income, net (384) (24) (1,048) (25)
Income before tax $1,529
 $1,521
 $4,489
 $4,862
  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Dividend income $1,750
 $1,700
 $5,250
 $4,500
Unrealized appreciation $2,000
 $5,900
 $3,000
 $9,600


NOTE 15—SUBSEQUENT EVENTS:

Portfolio Company Developments

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.

On October 24, 2017, the Company invested in 100% of the membership interests of a new wholly-owned, controlled portfolio company, United Capital Source, LLC (“UCS”), which is a lead generator for commercial financing companies. Total consideration paid by the Company was $3,050,000 and consisted of $500,000 in restricted shares of Newtek common stock and $1,950,000 in cash, with the $600,000 balance to be paid in cash and Newtek common stock, in two equal installments in 2018 and 2019 based on UCS attaining specific EBITDA targets for 2019 and 2020.

Common Stock

From October 1, 2017 through November 6, 2017 the Company sold 245,746 shares of its common stock at a weighted average price of $17.54 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $4,223,000. As of November 6, 2017, there were 2,199,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.



Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Nine Months Ended September 30, 20162017

Portfolio Company/Type of Investment (1)
 Amount of Interest, Fees or Dividends Credited in Income Fair Value at December 31, 2015 
Gross Additions (2)
 
Gross Reductions (3)
 Fair Value at September 30, 2016
Control Investments          
           
Advanced Cyber Security Systems, LLC          
50% Membership Interest $—
 $—
 $—
 $—
 $—
Term Loan —
 —
 —
 —
 —
           
Automated Merchant Services, Inc.          
100% Common Stock —
 —
 —
 —
 —
           
CDS Business Services, Inc.          
100% Common Stock —
 925
 —
 (925) —
Line of Credit 92
 2,870
 100
 (1,000) 1,970
           
CrystalTech Web Hosting, Inc.          
100% Common Stock 990
 21,414
 —
 (1,305) 20,109
           
Fortress Data Management, LLC          
100% Membership Interest —
 —
 —
 —
 —
           
Newtek Insurance Agency, LLC          
100% Membership Interest —
 2,500
 —
 —
 2,500
           
PMTWorks Payroll, LLC          
100% Membership Interest —
 1,020
 25
 (25) 1,020
Term Loans 109
 —
 1,185
 —
 1,185
           
Secure CyberGateway Services, LLC          
66.7% Membership Interest 39
 —
 —
 —
 —
Term Loan 42
 1,196
 2
 (900) 298
           
Premier Payments LLC          
100% Membership Interest 1,350
 16,503
 3,997
 —
 20,500
           
Small Business Lending, LLC          
100% Membership Interest 600
 5,500
 —
 (1,000) 4,500
           
banc-serv Partners, LLC         
100% Membership Interest 240
 —
 5,400
 —
 5,400
           
Titanium Asset Management, LLC (4)
          
100% Membership Interest —
 —
 —
 —
 —
Term Loans 8
 1,824
 67
 (953) 938
           
Portfolio Company Type of Investment (1) Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income (3) Fair Value at December 31, 2016 Gross Additions (4) Gross Reductions (5) Fair Value at September 30, 2017
Advanced Cyber Security Systems, LLC 50% Membership Interest (2) $—
 $—
 $—
 $—
 $—
 $—
 $—
  Term Loan (3%) (2) —
 —
 —
 —
 —
 —
 —
                 
Automated Merchant Services, Inc. 100% Common Stock (2) —
 —
 —
 —
 —
 —
 —
                 
CDS Business Services, Inc. 100% Common Stock —
 4,750
 200
 750
 4,750
 —
 5,500
  Line of Credit (Prime + 2.5%) (6) —
 —
 376
 2,690
 15,703
 (10,498) 7,895
                 
Newtek Technology Solutions, Inc. 100% Common Stock —
 (4,059) —
 20,109
 —
 (4,109) 16,000
                 
Fortress Data Management, LLC 100% Membership Interest (2) —
 —
 —
 —
 —
 —
 —
                 
Newtek Insurance Agency, LLC 100% Membership Interest (2) —
 —
 —
 2,500
 —
 —
 2,500
                 
PMTWorks Payroll, LLC 100% Membership Interest (2) —
 (860) —
 860
 —
 (860) —
  Term Loans (10%-12%) (2) —
 (2,185) —
 1,185
 1,000
 (2,185) —
                 
Secure CyberGateway Services, LLC 66.7% Membership Interest —
 —
 26
 —
 —
 —
 —
  Term Loan (7%) —
 —
 10
 —
 —
 —
 —
                 
Premier Payments LLC 100% Membership Interest —
 —
 1,200
 21,000
 —
 —
 21,000
                 
Small Business Lending, LLC 100% Membership Interest —
 (800) 100
 3,300
 —
 (800) 2,500

Portfolio Company/Type of Investment (1)
 Amount of Interest, Fees or Dividends Credited in Income Fair Value at December 31, 2015 
Gross Additions (2)
 
Gross Reductions (3)
 Fair Value at September 30, 2016
Summit Systems and Designs, LLC          
100% Membership Interest —
 —
 —
 —
 —
           
Universal Processing Services of Wisconsin, LLC          
100% Membership Interest 4,500
 52,448
 9,552
 —
 62,000
           
Total Control Investments $7,970
 $106,200
 $20,328
 $(6,108) $120,420
           
Portfolio Company Type of Investment (1) Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income (3) Fair Value at December 31, 2016 Gross Additions (4) Gross Reductions (5) Fair Value at September 30, 2017
                 
banc-serv Partners, LLC 100% Membership Interest —
 (2,000) —
 5,400
 —
 (2,000) 3,400
                 
International Professional Marketing, Inc. (8) 100% Common Stock —
 —
 550
 —
 8,800
 —
 8,800
  Line of Credit (Prime + 0.5%) (6) —
 —
 6
 —
 1,200
 (1,000) 200
                 
SIDCO, LLC (8) 100% Membership Interest (2) —
 —
 —
 —
 2,320
 —
 2,320
  Line of Credit (Prime + 0.5%) (6) —
 —
 2
 —
 345
 —
 345
                 
Excel WebSolutions LLC (7) Term Loans (10%) —
 (47) 56
 904
 —
 (415) 489
  50% Membership Interest (2) —
 —
 —
 —
 —
 —
 —
                 
Titanium Asset Management, LLC 100% Membership Interest (2) —
 (42) —
 —
 —
 —
 —
  Term Loans (3%) (2) —
 —
 6
 508
 —
 (508) —
                 
Summit Systems and Designs, LLC 100% Membership Interest (2) —
 —
 54
 —
 —
 —
 —
                 
Universal Processing Services of Wisconsin, LLC 100% Membership Interest —
 3,000
 5,250
 63,000
 3,000
 —
 66,000
                 
Total Controlled Investments   $—
 $(2,243) $7,836
 $122,206
 $37,118
 $(22,375) $136,949

This schedule should be read in connection with the Company'sCompany’s Condensed Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Condensed Consolidated Financial Statements.

(1) The principal amount and ownership detail as shown in the Company'sCompany’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 includes 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 includes net increases in unrealized appreciation or net decreases in unrealized depreciation.
(3)(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.
(4)
(6) Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At September 30, 2017, the Prime rate was 4.25%.
(7) Prior to July 1, 2016, Titanium was not a controlled investment. Interest, fees, and dividends credited to income only include the period for which TitaniumJanuary 2017, EWS was a non-control/non-affiliate investment. Refer to Note 4.
(8) During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled investment.


portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.

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- lookingforward-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, 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;
the impact of investments that we expect to make;
our informal relationships with third partiesparties;
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;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments;
our regulatory structure and tax status;
our ability to operate as a BDC and a RIC;
our ability to maintain our license under the SBA 7(a) program;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
the timing, form and amount of any dividend distributions;
the impact of fluctuations in interest rates on our business;
the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
our ability to recover unrealized losses.

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 15, 201613, 2017 and under “Forward-Looking Statements” of this Item 2.
Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek®Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial products to small- and medium-sized businesses (“SMBs”).SMBs. Newtek's products and services include: Business Lending, including U.S. Small Business Administration (“SBA”)the SBA’s 7(a) and 504 lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, The Secure Gateway, The Newtek Advantage®Advantage®, personal and commercial Insurance Services, Web Services, Data Backup, Store 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 U.S 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®NewTracker®, our patented prospect management technology software, which is similar to but we believe better than the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.


We are an internally-managed, closed-end, non-diversified investment company that has elected to be regulated as a business development company (“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 in the 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. We converted to a BDC in November 2014. 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) program. 
We consolidate the following wholly-owned subsidiaries:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
The Whitestone Group, LLC
Wilshire Colorado Partners, 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 New York Partners IV, LLC
Wilshire New York Partners V, LLC
Wilshire Partners, LLC
CCC Real Estate Holdings, LLC
Banc-Serv Acquisition, Inc.
Exponential Business Development Co., Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, 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 in our 2015 tax year ended December 31, 2015. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. 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) program.

Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF has been granted Preferred Lender Program (“PLP”)PLP status and originates, sells and services SBA 7(a) small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, 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 could adversely impact our marketing efforts and ultimately our loan origination volume which could 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 small business finance platform and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our small business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of 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.


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 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 immediate 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. 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 stockholders.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.

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 a termterms 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 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.

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 condensed consolidated statements of operations.

Expenses


Our primary operating expenses are salaries and benefits, interest expense and other general and administrative costs, such as professional fees, marketing, loan related 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 NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $15,000,000. The Sterling Receivable and Inventory Facility matures in February 2018. At September 30, 2017, total principal owed by NBCS was $10,041,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At September 30, 2017, total principal owed by NBCS was $2,609,000. At September 30, 2017, 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 Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At September 30, 2017, total principal outstanding was $40,000,000. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.


Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at September 30, 20162017 and December 31, 2015,2016, respectively (in thousands):
As of September 30, 20162017
Distribution by Business Type                
Business Type # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
Existing Business 860
 $164,045
 $191
 80.3% 1,139
 $216,247
 $190
 81.6%
Business Acquisition 166
 29,563
 178
 14.5% 182
 35,237
 194
 13.3%
Start-Up Business 132
 10,851
 82
 5.2% 134
 13,648
 102
 5.1%
Total 1,158
 $204,459
 $177
 100.0% 1,455
 $265,132
 $182
 100.0%
As of December 31, 20152016
Distribution by Business Type                
Business Type # of Loans Balance Average Balance % of Balance # of Loans Balance Average Balance % of Balance
Existing Business 679
 $130,692
 $192
 78.4% 921
 $177,430
 $193
 80.7%
Business Acquisition 144
 26,763
 186
 16.0% 169
 30,454
 180
 13.9%
Start-Up Business 125
 9,297
 74
 5.6% 138
 11,900
 86
 5.4%
Total 948
 $166,752
 $176
 100.0% 1,228
 $219,784
 $179
 100.0%
The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at September 30, 20162017 and December 31, 2015,2016, respectively (in thousands):
As of September 30, 20162017
Distribution by Borrower Credit Score                
Credit Score # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
500 to 550 16
 $1,618
 $101
 0.8% 17
 $2,657
 $156
 1.0%
551 to 600 38
 6,332
 167
 3.1% 45
 10,021
 223
 3.8%
601 to 650 149
 31,215
 209
 15.3% 209
 41,938
 201
 15.8%
651 to 700 324
 59,684
 184
 29.2% 429
 82,185
 192
 31.0%
701 to 750 350
 62,062
 177
 30.4% 433
 78,979
 182
 29.8%
751 to 800 234
 36,769
 157
 18.0% 271
 43,835
 162
 16.5%
801 to 850 40
 4,326
 108
 2.1% 41
 3,740
 91
 1.4%
Not available 7
 2,453
 350
 1.1% 10
 1,777
 178
 0.7%
Total 1,158
 $204,459
 $177
 100.0% 1,455
 $265,132
 $182
 100.0%

As of December 31, 2015

2016
Distribution by Borrower Credit Score                
Credit Score # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
500 to 550 12
 $1,085
 $90
 0.6% 17
 $2,036
 $120
 0.9%
551 to 600 32
 4,957
 155
 3.0% 38
 6,748
 178
 3.1%
601 to 650 113
 22,597
 200
 13.6% 160
 32,912
 206
 15.0%
651 to 700 262
 41,901
 160
 25.1% 344
 64,923
 189
 29.5%
701 to 750 291
 57,101
 196
 34.2% 372
 67,006
 180
 30.5%
751 to 800 198
 31,870
 161
 19.1% 250
 39,600
 158
 18.0%
801 to 850 34
 4,942
 145
 3.0% 40
 4,124
 103
 1.9%
Not available 6
 2,299
 383
 1.4% 7
 2,435
 348
 1.1%
Total 948
 $166,752
 $176
 100.0% 1,228
 $219,784
 $179
 100.0%
The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at September 30, 20162017 and December 31, 2015,2016, respectively (in thousands):
As of September 30, 20162017
Distribution by Primary Collateral Type                
Collateral Type # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 552
 $123,667
 $224
 60.5% 704
 $157,940
 $224
 59.6%
Machinery and Equipment 192
 35,203
 183
 17.2% 227
 43,374
 191
 16.4%
Residential Real Estate 250
 19,282
 77
 9.4% 307
 25,255
 82
 9.5%
Other 44
 12,885
 293
 6.3% 60
 21,693
 362
 8.2%
Accounts Receivable and Inventory 77
 11,864
 154
 5.8% 103
 13,359
 130
 5.0%
Liquid Assets 12
 425
 35
 0.2% 13
 645
 50
 0.2%
Furniture and Fixtures 10
 397
 40
 0.2% 12
 1,822
 152
 0.7%
Unsecured 21
 736
 35
 0.4% 29
 1,044
 36
 0.4%
Total 1,158
 $204,459
 $177
 100.0% 1,455
 $265,132
 $182
 100.0%


As of December 31, 20152016
Distribution by Primary Collateral Type                
Collateral Type # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 444
 $94,013
 $212
 56.5% 589
 $133,263
 $226
 60.6%
Machinery and Equipment 173
 32,423
 187
 19.4% 201
 37,426
 186
 17.0%
Residential Real Estate 197
 15,545
 79
 9.3% 264
 21,211
 80
 9.7%
Other 40
 11,284
 282
 6.8% 45
 13,822
 307
 6.3%
Accounts Receivable and Inventory 66
 12,583
 191
 7.5% 80
 12,075
 151
 5.5%
Liquid Assets 12
 451
 38
 0.3% 15
 667
 44
 0.3%
Unsecured 9
 240
 27
 0.1% 23
 883
 38
 0.4%
Furniture and Fixtures 7
 213
 30
 0.1% 11
 437
 40
 0.2%
Total 948
 $166,752
 $176
 100.0% 1,228
 $219,784
 $179
 100.0%

The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at September 30, 20162017 and December 31, 2015,2016, respectively (in thousands):
As of September 30, 20162017
Distribution by Days Delinquent                
Delinquency Status # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
Current 1,037
 $180,565
 $174
 88.3% 1,289
 $226,704
 $176
 85.5%
1 to 30 days 32
 5,943
 186
 2.9% 54
 13,126
 243
 5.0%
31 to 60 days 15
 3,079
 205
 1.5% 23
 5,058
 220
 1.9%
61 to 90 days —
 —
 —
 —% —
 —
 —
 —%
91 days or greater 74
 14,872
 201
 7.3% 89
 20,244
 227
 7.6%
Total 1,158
 $204,459
 $177
 100.0% 1,455
 $265,132
 $182
 100.0%
As of December 31, 20152016
Distribution by Days Delinquent                
Delinquency Status # of Loans  Balance Average Balance % of Balance # of Loans  Balance Average Balance % of Balance
Current 856
 $151,950
 $178
 91.2% 1,119
 $199,170
 $178
 90.6%
1 to 30 days 23
 3,525
 153
 2.1% 35
 3,680
 105
 1.7%
31 to 60 days 10
 2,190
 219
 1.3% 7
 1,570
 224
 0.7%
61 to 90 days —
 —
 —
 —% —
 —
 —
 —%
91 days or greater 59
 9,087
 154
 5.4% 67
 15,364
 229
 7.0%
Total 948
 $166,752
 $176
 100.0% 1,228
 $219,784
 $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. The condensed consolidated results of operations described below may not be indicative of the results we report in future periods.
Comparison of the three months ended September 30, 20162017 and 20152016
Investment Income
(in thousands)Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 ChangeThree Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Investment income:          
Interest income$2,675
 $2,211
 $464
$4,551
 $2,675
 $1,876
Dividend income2,933
 3,093
 (160)2,551
 2,933
 (382)
Servicing income1,551
 1,262
 289
1,794
 1,551
 243
Other income692
 472
 220
705
 692
 13
Total investment income$7,851
 $7,038
 $813
$9,601
 $7,851
 $1,750
Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $196,481,000$233,535,000 from $140,702,000$196,481,000 for the three months ended September 30, 2017 and 2016, and 2015, respectively.respectively, combined with an increase in the Prime Rate from 3.50% to 4.25%. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-

affiliatenon-affiliate investments period over period. The increase was also attributed to the increase in the Prime Rate from 3.25% to 3.50% in December 2015.

Dividend Income
The decrease in
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$1,750
 $1,700
 $50
Premier Payments LLC375
 450
 (75)
Newtek Technology Solutions, Inc.—
 330
 (330)
International Professional Marketing, Inc.200
 —
 200
Small Business Lending, LLC—
 200
 (200)
banc-serv Partners, LLC—
 240
 (240)
CDS Business Services, Inc.200
 —
 200
The Secure CyberGateway, LLC26
 13
 13
Total dividend income$2,551
 $2,933
 $(382)

Dividend income decreased $382,000 period over period. During the three months ended September 30, 2017, we earned $200,000 of dividend income is primarily relatedfrom NBCS, as compared to a one-time dividend generated by Exponential Business Development Co., Inc. of $1,080,000zero during the three months ended September 30, 2015. The decrease was offset by an increase in dividends generated2016. We also earned $200,000 of dividend income from UPSW, Premier andIPM, a new wholly-owned controlled portfolio company investment, banc-serv.that we invested in on April 6, 2017. These increases were offset by decreases in dividend income earned from NTS, SBL and BSP. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.
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, 20162017 and 2015:2016:
(in thousands):Three Months Ended September 30, 2016 Three Months Ended September 30, 2015  ChangeThree Months Ended September 30, 2017 Three Months Ended September 30, 2016  Change
Total NSBF originated servicing portfolio (1)
$902,604
 $723,778
 $178,826
$1,127,760
 $902,604
 $225,156
Total servicing income earned$1,551
 $1,262
 $289
$1,794
 $1,551
 $243
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $645,906,000$791,536,000 and $532,817,000$645,906,000 for the three months ended September 30, 20162017 and 2015,2016, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $113,089,000$145,630,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2015September 30, 2017 to September 30, 2016.
Other Income
Other income relates primarily to legal, packaging, and late fees earned from the origination of SBA 7(a) loans. The $13,000 increase isperiod over period was related to the increase in the number of loans originated to 96 for the three months ended September 30, 2016, from 75 during the three months ended September 30, 2015. This increase resulted in an increase in legal and packaging fees earned.
Adjusted Net Investment Income

We utilize adjusted net investment income as a measure of our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles net investment loss to adjusted net investment income.
(in thousands)Three Months Ended September 30, 2016 Three Months Ended September 30, 2015
Net investment loss$(2,125) $(1,491)
Loss on lease(152) (74)
Stock-based compensation226
 —
Net realized gains on SBA non-affiliate debt investments8,712
 6,620
Adjusted net investment income$6,661
 $5,055


We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on non-affiliate debt investments because they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market. The 2016 loss on lease is a one-time expense related to vacating our office space in West Hempstead, New York. The lease loss adjustment was added back to adjusted net investment income when recognized in April 2016, the resulting monthly amortization of the lease loss will be deducted from adjusted net investment income through the remaining term of the lease. The 2015 loss on lease adjustment was related to the amortization of the lease loss on our former New York City principal office, which was exited in October 2011. We exclude the loss on lease because it is a non-recurring, non-cash expense when the initial loss is recorded, and the remaining rental expense is recognized each period. We exclude stock-based compensation as it is a non-cash expense.
Expenses:
(in thousands)Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 ChangeThree Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Expenses:          
Salaries and benefits$3,439
 $3,444
 $(5)$4,776
 $3,665
 $1,111
Stock-based compensation226
 —
 226
Interest2,341
 1,864
 477
2,986
 2,341
 645
Depreciation and amortization84
 87
 (3)107
 84
 23
Loss on lease(152) (74) (78)
Professional fees605
 807
 (202)
Origination and servicing1,433
 1,537
 (104)
Change in fair value of contingent consideration liabilities(748) —
 (748)
Other general and administrative costs4,038
 3,208
 830
1,634
 1,542
 92
Total expenses$9,976
 $8,529
 $1,447
$10,793
 $9,976
 $817
Salaries and Benefits
Salaries and benefits were essentially unchanged period over period.
Salaries and benefits increased $147,000$1,111,000 primarily due to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations. The increase was offset by a $152,000 increase in managerial assistance fees charged to controlled affiliates which are credited to salaries and benefits.
Stock-Based Compensation
During the three months ended September 30, 2016, the Company granted 100,050 restricted stock awards to certain employees which resulted in the recognition of $226,000 of stock-based compensation. There was no stock-based compensation expense recognized during the three months ended September 30, 2015.
Interest Expense
The following is a summary of interest expense by facility for the three months endedSeptember 30, 20162017 and 2015:2016:
(in thousands)Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 ChangeThree Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Notes payable - Securitization Trusts$929
 $971
 $(42)
Notes payable - Securitization trusts$1,294
 $929
 $365
Bank notes payable393
 376
 17
341
 393
 (52)
Notes due 2022177
 15
 162
177
 177
 —
Notes due 2021810
 —
 810
792
 810
 (18)
Notes payable - related parties19
 461
 (442)378
 19
 359
Notes payable in credits in lieu of cash11
 27
 (16)
Other2
 14
 (12)4
 13
 (9)
Total interest expense$2,341
 $1,864
 $477
$2,986
 $2,341
 $645

In September 2015 and April 2016, the Company issued $8,324,000 of 7.5% Notes due 2022, and $40,250,000 of 7.0% Notes due 2021 (collectively, the “Notes), respectively. The Company incurred $987,000increase in related interest expense period over period is primarily related to interest from the Notes payable - Securitization trusts and Notes payable - related parties. The increase from Notes payable - Securitization trusts was the result of an additional securitization transaction completed in November 2016. The increase from Notes payable - related parties was related to the increase in the average outstanding balance during each period.

Change in Fair Value of Contingent Consideration

A portion of our investment in IPM consisted of contingent consideration based on IPM attaining specific EBITDA levels for 2017 and 2018. During the three months ended September 30, 20162017, we reduced the contingent consideration liability by $748,000 based on the Notes. Interest expense on notes payable - related parties was $19,000probability of IPM attaining specific EBITDA levels for 2017 and $461,000

during the three months ended September 30, 2016 and 2015, respectively, and represents interest on amounts borrowed under an unsecured revolving line of credit extended by UPSW and NTS. The decrease is attributed to a decrease in the average outstanding balance on Notes payable - related parties during the period.

Loss on Lease

In April 2016, the Company moved its headquarters to Lake Success, New York. As a result, the Company vacated its spaces in West Hempstead, New York and New York, New York. The Company recorded a loss related to the remaining liabilities under the West Hempstead lease, offset by any future rental income. Amounts recorded during the three months ended September 30, 2016 represent amortization of the loss. The Company has sublet its space in New York, New York and continues to market its space for sublease in West Hempstead, New York.
Other General and Administrative Costs
Other general and administrative costs include professional fees, marketing, loan related costs and rent. The increase in other general and administrative costs is primarily related to an increase in loan related costs. Loan related costs include referral fees, servicing expenses, appraisal fees, legal fees, search fees and other collateral preservation costs. Loan related costs increase as the number of loans we originate and service increase. At September 30, 2016, our loan portfolio consists of 1,158 SBA 7(a) loans as compared to 897 at September 30, 2015. Other increases include rent expenses as a result of the move to our Lake Success offices, increases in insurance and increases in tax and accounting fees.2018.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. RealizedNet realized gains for the three months ended September 30, 2017 and 2016 were $9,938,000 and 2015 were $9,489,000 and $6,848,000,$8,716,000, respectively. Realized losses were $777,000$87,000 and $228,000$777,000 during the three months ended September 30, 20162017 and 2015,2016, respectively. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses becomeare realized.

Net Realized Gains on SBA Non-Affiliate Investments
Three Months EndedThree Months Ended
September 30, 2016 September 30, 2015September 30, 2017 September 30, 2016
(in thousands)# of Debt Investments $ Amount # of Debt Investments $ Amount# of Debt Investments $ Amount # of Debt Investments $ Amount
SBA non-affiliate investments originated during the quarter96
 $85,895
 75
 $64,245
122
 $103,635
 96
 $85,895
SBA guaranteed non-affiliate investments sold during the quarter98
 $66,453
 76
 $50,155
117
 $68,461
 98
 $66,453
Realized gains recognized on sale of SBA guaranteed non-affiliate investments—
 $9,489
 —
 $6,848
—
 $10,025
 —
 $9,489
Average sale price as a percent of principal balance (1)
—
 111.84% —
 111.34%—
 112.31% —
 111.84%

(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.

Net Unrealized Appreciation (Depreciation) on Investments


(in thousands)Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments$(78) $(48) $(30)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments1,418
 (531) 1,949
Net unrealized appreciation on controlled investments4,638
 770
 3,868
Change in provision for deferred taxes on unrealized gains on investments(2,028) —
 (2,028)
Net unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash(1) (6) 5
Total net unrealized appreciation on investments$3,949
 $185
 $3,764
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments$1,151
 $(78) $1,229
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments(1,023) 1,418
 (2,441)
Net unrealized (depreciation) appreciation on controlled investments(500) 4,638
 (5,138)
Change in benefit (provision) for deferred taxes on unrealized (depreciation) appreciation on investments335
 (2,028) 2,363
Net unrealized loss in credits in lieu of cash and notes payable in credits in lieu of cash—
 (1) 1
Total net unrealized (depreciation) appreciation on investments$(37) $3,949
 $(3,986)

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 loans are sold.

NetFor the three months ended September 30, 2017, net unrealized depreciation on SBA unguaranteed non-affiliate investments consisted of $303,000 and $720,000 of unrealized depreciation on performing and non-performing SBA unguaranteed non-affiliate investments, respectively.

For the three months ended September 30, 2016, net unrealized appreciation on SBA unguaranteed non-affiliate investments resulted from a decrease in discount ratesconsisted of $1,852,000 of unrealized appreciation and $434,000 of unrealized depreciation on performing and non-performing SBA unguaranteed non-affiliate investments. investments, respectively.

The discount rate decreased from 5.38% to 5.05% period over periodchange in unrealized appreciation (depreciation) on performing SBA unguaranteed non-affiliate investments. Theinvestments related to an increase in the discount rate decreased from 8.50%5.05% to 6.24%5.50% period over period on non-performing SBA unguaranteed non-affiliate investments.period.


Net unrealizedUnrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$2,000
 $5,852
 $(3,852)
Newtek Technology Solutions, Inc.(1,500) (1,305) (195)
Premier Payments LLC—
 750
 (750)
CDS Business Services, Inc.2,000
 (700) 2,700
PMTWorks Payroll, LLC(1,000) (25) (975)
banc-serv Partners, LLC(2,000) —
 (2,000)
Titanium Asset Management LLC—
 66
 (66)
Total net unrealized (depreciation) appreciation on controlled investments$(500) $4,638
 $(5,138)

Unrealized appreciation on controlled investments forrelated to our investment in UPSW was primarily related to a decrease in the weighted average cost of capital during the three months ended September 30, 2017. Unrealized appreciation related to our investment in NBCS was the result of continued growth in EBITDA.

Unrealized depreciation related to our investment in NTS was related to continued weak financial performance. During the three months ended September 30, 2016 consisted2017, we made a $1,000,000 debt investment in NPS. Due to NPS’ continued negative cash flows, we recorded an unrealized loss of unrealized appreciation of $750,000 and $5,852,000$1,000,000 on our investmentsdebt investment in Premier and UPSW, respectively, offset by unrealized depreciationNPS due to the unlikelihood of $1,305,000 and $700,000 on our investments in NTS and NBC. The primary driver of the increases were increases in multiples of comparable companies and increases in revenue growth projections forcollection. During the three months ended September 30, 2016 compared2017, the Company recorded a $2,000,000 unrealized loss on its investment in BSP to reflect the potential impact to the three months ended September 30, 2015. The decreases at NTSbusiness and NBC were based on weaker than projected financial performance. Net unrealized appreciation on controlled investments was $770,000 for the three months ended September 30, 2015. This consisted primarily of $600,000, $215,000 and $200,000 of unrealized appreciation on the Company's investments in UPSW, SBL and Newtek Insurance Agency, LLC (“NIA”), respectively. Unrealized appreciation was offset by unrealized depreciation of $50,000 and $208,000 on the Company's investments in NTS and NBC. The primary drivertradename as a result of the increaseFBI investigation discussed in UPSW and NIA was better than projected financial performance. The primary driver of the increase in SBL was better than projected financial performance and the addition of a new third-party servicing contract which provides a longer-term stable revenue stream. The primary driver of the decrease in NTS and NBC was weaker than projected financial performance.Note 8.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries 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, 2017, we recognized a benefit from deferred taxes of $335,000 related to unrealized depreciation of certain controlled portfolio company investments. During the three months ended September 30, 2016, the Companywe recognized a provision for deferred taxes onof $2,028,000 related to unrealized gainsappreciation of $2,028,000.

Net Unrealized Depreciation on Servicing Assets
(in thousands)Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Change
Net unrealized depreciation on servicing assets$(500) $(565) $65
certain controlled portfolio company investments.
Comparison of the nine months ended September 30, 20162017 and 20152016

Investment Income
(in thousands)Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 ChangeNine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Investment income:          
Interest income$7,655
 $6,711
 $944
$13,689
 $7,655
 $6,034
Dividend income7,719
 5,967
 1,752
7,326
 7,719
 (393)
Servicing income4,581
 3,373
 1,208
5,163
 4,581
 582
Other income1,913
 1,343
 570
2,320
 1,913
 407
Total investment income$21,868
 $17,394
 $4,474
$28,498
 $21,868
 $6,630
Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $182,637,000$220,367,000 from $132,758,000$182,637,000 for the nine months ended September 30, 2017 and 2016, and 2015, respectively.respectively combined with an increase in the Prime Rate from 3.50% to 4.25%. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. The increase also was attributedIn addition, during the nine months ended September 30, 2017, we recognized $1,493,000 of interest income related to the increaseaccrued non-performing interest owed by two borrowers who paid their accrued interest balance in the Prime Rate from 3.25% to 3.50% in December 2015.full.

Dividend Income
The increase
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$5,250
 $4,500
 $750
Premier Payments LLC1,200
 1,350
 (150)
Newtek Technology Solutions, Inc.—
 990
 (990)
International Professional Marketing, Inc.550
 —
 550
Small Business Lending, LLC100
 600
 (500)
banc-serv Partners, LLC—
 240
 (240)
CDS Business Services, Inc.200
 —
 200
The Secure CyberGateway, LLC26
 39
 (13)
Total dividend income$7,326
 $7,719
 $(393)

Dividend income decreased $393,000 period over period. During the nine months ended September 30, 2017, we earned $200,000 of dividend income from NBCS and $550,000 of dividend income from IPM, a new wholly-owned controlled portfolio company that we invested in on April 6, 2017. Dividend income earned from UPSW increased $750,000 period over period. These increases were offset by decreases in dividend income is primarily related to an increase of dividends generated from Premier of $1,050,000, an increase of $900,000 in dividends generated from UPSW, an increase of $390,000 in dividends generatedearned from NTS, SBL and $240,000 of dividends generated from banc-serv, a new wholly owned controlled portfolio company investment. The increase in 2015 was the result of a one-time dividend generated by Exponential Business Development Co., Inc. of $1,080,000 in the prior period.BSP. Dividend income is dependent on portfolio company earnings. Current period dividend income may not be indicative of future period dividend income.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents NSBF originated servicing portfolio and servicing income earned for the nine months ended September 30, 20162017 and 2015:2016:
(in thousands):Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015  ChangeNine Months Ended September 30, 2017 Nine Months Ended September 30, 2016  Change
Total NSBF originated servicing portfolio (1)
$902,604
 $723,778
 $178,826
$1,127,760
 $902,604
 $225,156
Total servicing income earned$4,581
 $3,373
 $1,208
$5,163
 $4,581
 $582
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $613,817,000$758,700,000 and $507,746,000$613,817,000 for the nine months ended September 30, 20162017 and 2015,2016, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $106,071,000$144,883,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2015September 30, 2017 to September 30, 2016.
Other Income
Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA loans. The increase iswas related to the increase in the number of loans originated to 295 for the nine months ended September 30, 2016 from 208 during the nine months ended September 30, 2015. This increase resulted in an increase in legal and packaging fees earned.
Adjusted Net Investment Income

We utilize adjusted net investment incomeearned as a measure of our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily

comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles net investment loss to adjusted net investment income.
(in thousands)Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015
Net investment loss$(7,586) $(6,262)
Loss on lease1,335
 (218)
Stock-based compensation226
 —
Net realized gains on SBA non-affiliate debt investments22,517
 21,659
Adjusted net investment income$16,492
 $15,179

We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on non-affiliate debt investments because they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market. The 2016 loss on lease is a one-time expense related to vacating our office space in West Hempstead, New York. The lease loss adjustment was added back to adjusted net investment income when recognized in April 2016, and the resulting monthly recognition of income will be deducted from adjusted net investment income through the remaining termresult of the lease. The 2015 loss on lease adjustment was related to the amortizationlarger dollar volume of the lease loss on our former New York City principal office, which was exited in October 2011. We exclude the loss on lease because it is a non-recurring, non-cash expense when the initial loss is recorded, and the remaining rental expense is recognized each period. We exclude stock-based compensation as it is a non-cash expense.loans funded.

Expenses:
(in thousands)Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 ChangeNine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Expenses:          
Salaries and benefits$10,412
 $9,600
 $812
$14,407
 $10,638
 $3,769
Stock-based compensation226
 —
 226
Interest5,804
 4,948
 856
8,133
 5,804
 2,329
Depreciation and amortization209
 257
 (48)292
 209
 83
Loss on lease1,335
 (218) 1,553
Professional fees2,054
 2,519
 (465)
Origination and servicing4,086
 4,190
 (104)
Change in fair value of contingent consideration liabilities(748) —
 (748)
Other general and administrative costs11,468
 9,069
 2,399
5,239
 6,094
 (855)
Total expenses$29,454
 $23,656
 $5,798
$33,463
 $29,454
 $4,009
Salaries and Benefits
Salaries and benefits increased $1,221,000$3,769,000 primarily due to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations. The increase in salaries and benefits was offset byalso related to a $409,000$678,000 increase in managerial assistance fees charged to controlled affiliates which are credited to salaries and benefits.
Stock-Based Compensation
During the nine months ended September 30, 2016, the Company granted 100,050 restricted stock awards to certain employees which resulted in the recognition of $226,000 of stock-based compensation. There was no stock-based compensation expense recognized during the nine months ended September 30, 2015.period over period.
Interest Expense
The following is a summary of interest expense by facility for the nine months endedSeptember 30, 20162017 and 2015:

2016:
(in thousands)Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 ChangeNine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Notes payable - Securitization Trusts$2,808
 $2,804
 $4
Notes payable - Securitization trusts$4,096
 $2,808
 $1,288
Bank notes payable840
 970
 (130)700
 840
 (140)
Capital One term loan and line of credit (NBS)—
 564
 (564)
Notes due 2022531
 15
 516
530
 531
 (1)
Notes due 20211,389
 —
 1,389
2,372
 1,389
 983
Notes payable - related parties196
 491
 (295)418
 196
 222
Notes payable in credits in lieu of cash38
 63
 (25)
Other2
 41
 (39)17
 40
��(23)
Total interest expense$5,804
 $4,948
 $856
$8,133
 $5,804
 $2,329

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization trusts, 2021 Notes and Notes payable - related parties. The increase from Notes payable - Securitization trusts was the result of an additional securitization transaction completed in November 2016.

In September 2015 and April 2016, the Companywe issued $8,324,000 of 7.5% Notes due 2022, and $40,250,000 of 7.0% Notes due 2021 respectively. The CompanyNotes. During the nine months ended September 30, 2017, we incurred $1,920,000 in related$2,372,000 of interest expense duringexpense. During the nine months ended September 30, 2016, on the Notes. Interest expense on noteswe incurred only a partial period worth of interest expense.

The increase from Notes payable - related parties was $196,000related to the increase in the average outstanding balance during each period.

Change in Fair Value of Contingent Consideration

A portion of our investment in IPM consisted of contingent consideration based on IPM attaining specific EBITDA levels for 2017 and $491,000 during2018. During the nine months ended September 30, 2017, we reduced the contingent consideration liability by $748,000 based on the probability of IPM attaining specific EBITDA levels for 2017 and 2018.
Other General and Administrative Costs

Other general and administrative costs include managed IT services, marketing, rent and other costs. In April 2016, we moved our headquarters to Lake Success, New York and vacated our space in West Hempstead, New York. During the nine months ended September 30, 2016, and 2015, respectively, and represents interest on amounts borrowedwe incurred a loss of $1,487,000 related to the remaining liabilities under an unsecured revolving line of credit extended by UPSW and NTS. The decrease is attributed to a decrease in the average outstanding balance on Notes payable - related parties during the period. In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. The NBS Capital One term loan and line of credit were paid in full and extinguished in June 2015, and aslease. No such no interest expense was incurred during the nine months ended September 30, 2016. The decrease in interest2017. This was offset by $979,000 of bad debt expense related to the NSBF Capital One lines of credit wasamounts owed from a result of a decrease in the average outstanding balance during the nine months ended September 30, 2016 when compared to September 30, 2015.

Loss on Lease

In April 2016, the Company moved its headquarters to Lake Success, New York. As a result, the Company vacated its spaces in West Hempstead, New York and New York, New York. The Company recorded a loss of $1,335,000 (net of $303,000 of amortization), related to the remaining liabilities under the West Hempstead lease, offset by any future rental income, during the nine months ended September 30, 2016. The Company has sublet its space in New York, New York and continues to market its space for sublease in West Hempstead, New York.
Other General and Administrative Costs
Other general and administrative costs include professional fees, marketing, loan related costs and rent. The increase in other general and administrative costs is primarily related to an increase in loan related costs. Loan related costs include referral fees, servicing expenses, appraisal fees, legal fees, search fees and other collateral preservation costs. Loan related costs increase as the number of loans we originate and service increase. At September 30, 2016, our loan portfolio consists of 1,158 SBA 7(a) loans as compared to 897 at September 30, 2015. Other increases include rent expenses as a result of the move to our Lake Success offices, increases in insurance and increases in tax and accounting fees.party.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. RealizedNet realized gains for the nine months ended September 30, 2017 and 2016 were $27,537,000 and 2015 were $23,299,000 and $22,287,000,$22,536,000, respectively. Realized losses were $763,000$131,000 and $628,000$763,000 during the nine months ended September 30, 20162017 and 2015,2016, respectively. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Net Realized Gains on SBA Non-Affiliate Investments

Nine Months EndedNine Months Ended
September 30, 2016 September 30, 2015September 30, 2017 September 30, 2016
(in thousands)# of Debt Investments $ Amount # of Debt Investments $ Amount# of Debt Investments $ Amount # of Debt Investments $ Amount
SBA non-affiliate investments originated during the quarter295
 $217,779
 208
 $167,756
SBA non-affiliate investments originated during the period324
 $262,804
 295
 $217,779
SBA guaranteed non-affiliate investments sold during the period287
 $160,171
 219
 $154,687
322
 $189,349
 287
 $160,171
Realized gains recognized on sale of SBA guaranteed non-affiliate investments—
 $23,280
 —
 $22,287
—
 $27,668
 —
 $23,280
Average sale price as a percent of principal balance (1)
  112.09%   112.09%  112.21%   112.09%

(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.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments$690
 $(3,210) $3,900
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments869
 (1,667) 2,536
Net unrealized appreciation on controlled investments10,362
 10,289
 73
Change in provision for deferred taxes on unrealized gains on investments(4,469) —
 (4,469)
Net unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash(2) (4) 2
Net unrealized depreciation on non-control/non-affiliate investments(43) —
 (43)
Total net unrealized appreciation on investments$7,407
 $5,408
 $1,999
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Net unrealized appreciation on SBA guaranteed non-affiliate investments$1,201
 $690
 $511
Net unrealized appreciation on SBA unguaranteed non-affiliate investments238
 869
 (631)
Net unrealized (depreciation) appreciation on controlled investments(2,243) 10,362
 (12,605)
Change in benefit (provision) for deferred taxes on unrealized (depreciation) appreciation on investments745
 (4,469) 5,214
Net unrealized depreciation on non-control/non-affiliate investments—
 (43) 43
Net unrealized depreciation in credits in lieu of cash and notes payable in credits in lieu of cash—
 (2) 2
Total net unrealized (depreciation) appreciation on investments$(59) $7,407
 $(7,466)

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 SBA 7(a) loans are sold.

The decrease
Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$3,000
 $9,552
 $(6,552)
Newtek Technology Solutions, Inc.(4,059) (1,305) (2,754)
Premier Payments LLC—
 3,997
 (3,997)
CDS Business Services, Inc.4,750
 (925) 5,675
PMTWorks Payroll, LLC(3,045) (25) (3,020)
banc-serv Partners, LLC(2,000) —
 (2,000)
Small Business Lending, LLC(800) (1,000) 200
The Secure CyberGateway, LLC—
 2
 (2)
Titanium Asset Management LLC(42) 66
 (108)
Excel WebSolutions, LLC(47) —
 (47)
Total net unrealized (depreciation) appreciation on controlled investments$(2,243) $10,362
 $(12,605)

Unrealized appreciation related to our investment in net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted fromUPSW was related to an increase in EBITDA projections combined with a decrease in discount rates on performing and non-performing SBA unguaranteed non-affiliate investments. Thethe discount rate decreased from 5.38%during the nine months ended September 30, 2017. Unrealized appreciation related to 5.05% period over period on performingour investment in NBCS was related to continued growth in its SBA unguaranteed non-affiliate investments. The discount rate decreased from 8.50% to 6.24% period over period on non-performing SBA unguaranteed non-affiliate investments.504 lending program and growth in its accounts receivable and inventory financing programs.

Net unrealized appreciation on controlled investments forUnrealized depreciation related to our investment in NTS was related to weaker than projected financial performance. During the nine months ended September 30, 2016 consisted2017, we made an additional $1,000,000 debt investment in NPS. Due to NPS’ continued negative cash flows, we recorded an unrealized loss of unrealized appreciation of $3,997,000 and $9,552,000$3,045,000 on our investmentstotal investment in Premier and UPSW, respectively offset by unrealized depreciation of $1,000,000, $1,305,000, and $925,000 on our investments in SBL, NTS, and NBC, respectively. The primary driver of the increases were increases in multiples of comparable companies and increases in revenue growth projections. The decrease in SBL, NTS, and NBC was based on weaker than projected financial performance. Net unrealized appreciation on controlled investments forNPS. During the nine months ended September 30, 2015 consisted primarily of $5,339,000 of2017, the Company recorded a $2,000,000 unrealized appreciationloss on the Company'sits investment in UPSWBSP to reflect the potential impact to the business and $5,565,000 of unrealized appreciation on the Company's investment in SBL offset by unrealized depreciation of approximately $420,000 on the Company's investment in NTS and $408,000 on NBC. The primary driver for the increase in SBL was the addition oftradename as a new third-party servicing contract which provides a longer-term stable revenue stream. The primary driverresult of the increaseFBI investigation discussed in UPSW was better than projected financial performance.Note 8.


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, 2016, the Company2017, we recognized a provision forbenefit from deferred taxes on unrealized gains of $4,469,000.

Net Unrealized Depreciation on Servicing Assets
(in thousands)Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Change
Net unrealized depreciation on servicing assets$(1,341) $(1,177) $(164)

The increase in$745,000 related to unrealized depreciation on servicing assets is primarily related to the increase in the discount rate from 11.57% to 12.03% offset by decreases in the assumed cumulative prepayment and average cumulative default rates. The increase in discount rate is attributed to determining the discount rate based on risk spreads and observable secondary market transactions forof certain controlled portfolio company investments. During the nine months ended September 30, 2016, comparedwe recognized a provision for deferred taxes of $4,469,000 related to a weighted average costunrealized appreciation of capital and servicing spread for the nine months ended September 30, 2015. The assumed cumulative prepayment rate decreased from 19% to 15.5% and the assumed average cumulative default rate decreased from 25% to 20%.certain controlled portfolio company investments.


Liquidity and Capital Resources
Overview
Cash requirements
Our liquidity and liquidity needs over the next twelve monthscapital resources are anticipated to be funded primarily through operating results, available cashderived from our Capital One Facility, Notes payable - related parties, 2021 Notes, 2022 Notes, securitization transactions and cash equivalents, existing credit lines, proposed new credit lines,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 securitizationsequity or debt capital through both registered offerings off a shelf registration, including “At-The-Market”, or ATM, and private offerings of the Company’s SBA unguaranteed loan portions and additional issuances of debt or equity securities.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. During the nine months ended September 30, 2017, we sold 455,000 shares of our common stock at a weighted average price of $17.19 per share. Proceeds, net of offering costs and expenses were $7,666,000. The Company may offer up to an additional 2,445,000 shares of common stock under the ATM Equity Distribution Agreement as of September 30, 2017.

We intend to use the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies. Additionally, we may use net proceeds for general corporate purposes, which include funding investments, repaying any outstanding indebtedness, acquisitions and other general corporate purposes.

Equity Offerings

In January 2017 we completed a public offering of 2,250,000 shares of our common stock at a public offering price of $15.25 per share and an additional 337,500 shares of common stock at a public offering price of $15.25 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $37,042,000.

Debt Offerings

In April 2016, the Company and U.S. Bank, N.A. (the “Trustee”),the Trustee, entered into the Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021 (the “2021 Notes”).2021. The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds. The 2021 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 2021 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 2021 Notes will mature on March 31, 2021 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 April 22, 2017, 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 2021 Notes bear interest at a rate of 7.0% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing on June 30, 2016, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.”

The Base Indenture, as supplemented by the Second Supplemental Indenture, 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)(1) of the 1940 Act, to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2021 Notes, and to provide financial information to the holders of the 2021 Notes and the Trustee if the Company should no longer be subject to

the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the First Supplemental Indenture. 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 2021 Notes may declare such 2021 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2016,2017, the Company iswas in compliance with all covenants related to the 2021 Notes.

On October 15, 2015 we completed a public offering of 2,000,000 shares of our common stock at a public offering price of $16.50 per share. We also sold an additional 300,000 shares of common stock at a public offering price of $16.50 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $35,290,000.

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 $8,324,000, 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”).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. The 2022 Notes will mature on September 30, 2022 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 September 23, 2018, 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. Proceeds net of offering costs and expenses were $7,747,000.

The Base Indenture, as supplemented by the First Supplemental Indenture, 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)(1) of the 1940 Act, to comply with the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, and to provide financial information to the holders of the 2022 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 the Second Supplemental Indenture. 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 2022 Notes may declare such 2022 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2016,2017, the Company is in compliance with all covenants related to the 2022 Notes.

On November 18, 2014 we completed a public offering of 2,200,000 shares of our common stock at a public offering price of $12.50 per share. We also sold an additional 330,000 shares of common stock at a public offering price of $12.50 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $27,883,000.

Capital One Facilities

In May 2017, NSBF hasamended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and provided a $50,000,000 credit facility with Capital One. The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans it originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans it originates.reduction in interest rates. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, is set at Prime minus 0.25% (previously Prime plus 1.00%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, is set at Prime plus 0.75% (previously Prime plus 1.875%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. 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 2015, weNSBF amended the existing facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on the our ability to pay dividends to stockholders,shareholders, as well as the release of the guarantees of our former subsidiaries (now treated as portfolio companies). In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2016 to May 16, 2017 and extended the maturity date of the facility to May 16, 2019. 

At September 30, 2016,2017, we had $23,519,000$29,220,000 and $26,400,000$36,926,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At September 30, 20162017, we were in full compliance with all applicable loan covenants.

Related Party Notes Payable
- Related Parties

In June 2015, wethe Company entered into an unsecured revolving line of credit agreement with UPSW and NTS.the Related Party RLOC. Maximum borrowings under the line of credit areRelated Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) the greaterLIBOR (with a floor of LIBOR or 50 basis points0.50%) plus (b) 7%6% or at a rate equal to (y) the greater of the

Prime Rate or 3.5%, plus (z) 6%5%. At September 30, 2016,2017, the line of creditRelated Party RLOC bears interest at a rate of 7.5%7.31%. The revolving line of creditRelated Party RLOC has a maturity date of June 21, 2019. The outstanding2021. Outstanding borrowings at September 30, 20162017 were $7,400,000.$20,541,000.

Securitization Transactions

In DecemberSince 2010, we created a financing channel for the saleNSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans held on our balance sheet. We transferredloans. In the unguaranteed portions of SBA loans of $19,615,000, and an additional $3,000,000 in loans issued subsequent to the transaction, tosecuritization, it uses a special purpose entity created(the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for this purpose, Newtek Small Business Loan Trust 2010-1 (the “2010 Trust”),VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which in turn issued notes (the “securitization notes”) forbecame effective January 1, 2010, the par amount of $16,000,000 against the assets in a private placement. The Trust is only permitted to purchase the unguaranteed portion of SBA 7(a) loans, issue asset-backed securities, and make payments on the securities. The 2010 Trust issued a single series of securitization notes to pay for the unguaranteed portions it acquired from us and will be dissolved when those securities have been paid in full. The primary source for repayment of the securitization notes is the cash flows generated from the unguaranteed portion of SBA 7(a) loans now owned by the 2010 Trust. Principal on the securitization notes will be paid by cash flow in excess ofCompany determined that needed to pay various fees related to the operation of the 2010 Trust and interest on the debt. At the time of issuance, the securitization notes had an anticipated maturity of about five years based on the expected performance of the underlying collateral and structure of the debt and a legal maturity of 30 years from the date of issuance. The assets of the 2010 Trust are legally isolated and are not available to pay our creditors. We continue to retain rights to cash reserves and all residual interests in the 2010 Trust and will

receive servicing income. Proceeds from this transaction were used to repay a Capital One loan and for general corporate and lending purposes. Because we determined we areas the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust weand its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trust into our financial statements. We continue to recognizeTrusts. NSBF therefore consolidated the securitization notesentity 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. The investors and the 2010 Trust have no recourse to any of our other assets for failure if the Trust has insufficient funds to payPayable - Securitization Trusts.
In November 2016, NSBF completed its obligations when due; however, Newtek had provided a limited guaranty to the investorsseventh securitization which resulted in the 2010 Trust in an amount not to exceed 10%transfer of the original issuance amount, to be used after all of the assets of the 2010 Trust have been exhausted. This limited guaranty was removed in the subsequent 2015 upsizing of the 2010 Trust, as set forth below. The notes were issued with an “AA” rating from S&P based on the underlying collateral.

In December 2011, we entered into a Supplemental Indenture by which the $16,000,000 of securitization notes issued by the 2010 Trust were amended to reflect a new principal amount of $12,880,000, as a result of principal payments made, and additional notes were issued in an initial principal amount of $14,899,000, so that the initial aggregate principal amount of all notes as of December 31, 2011 totaled $27,779,000. The notes are backed by approximately $40,500,000 of the unguaranteed portions of loans originated, and include an additional $5,000,000 to be originated and issued to the 2010 Trust by us under the SBA loan program. The notes retained their “AA” rating under S&P, and the final maturity date of the amended notes is March 22, 2037. The proceeds of the transaction have been used to repay debt and originate new loans.

In March 2013, we transferred the $23,569,000$56,073,000 of unguaranteed portions of SBA loans of, and an additional $5,900,000 in loans issued subsequent to the transaction, to a special purpose entity, Newtek Small Business Loan Trust 2013-1 (the “2013 Trust”).2016-1 Trust.  The 20132016-1 Trust in turn issued securitization notes for the par amount of $20,909,000$53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” rating by S&P; and the final maturity date of the amended notes is June 25, 2038. The proceeds of the transaction have been used to repay debt and originate new loans.

In December 2013, we completed an additional transaction whereby the unguaranteed portions of SBA loans of $23,947,000, and an additional $3,642,000 in loans issued subsequent to the transaction, was transferred to the 2013 Trust. The 2013 Trust in turn issued securitization notes for the par amount of $24,433,000 against the assets in a private placement. The notes received an “A”“BBB+” rating by S&P, and the final maturity date of the amended notes is April 25, 2039. The proceeds of the transaction have been used to repay debt and originate new loans.

In December 2014, we completed an additional transaction which resulted in the transfer of $36,000,000 of unguaranteed portions of SBA loans and an additional $7,500,000 in loans which were issued subsequent to the transaction, to the Newtek Small Business Loan Trust 2014-1 (the “2014 Trust”). The 2014 Trust in turn issued securitization notes for the par amount of $31,700,000 against the assets in a private placement. The notes received an “A” rating by S&P,respectively, and the final maturity date of the notes is April 2040. The proceedsFebruary 2042.

Share Repurchase Plan

On November 21, 2016 the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 200,000 of the transaction have been used to repay debt and originate new loans.Company’s outstanding common shares on the open market. This program terminated on May 21, 2017.

In September 2015, we issued additional unguaranteed SBA 7(a) loan-backed notes as part of an upsizingOn May 11, 2016, the Company announced that its Board approved a share repurchase program under which the Company could repurchase up to 150,000 of the 2010 Trust. Company’s outstanding common shares on the open market. This program terminated on November 11, 2016.

During the nine months ended September 30, 2017, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000 as detailed in the table below. This program terminated on June 3, 2016.

Purchase dateNumber of Shares Purchased Price per Share Total
March 10, 201610
 $12.34
 $123
March 18, 201620
 12.45
 249
March 18, 201630
 12.48
 375
March 23, 201610
 11.88
 119
Total70
   $866

Note Repurchase Plan

The Company had a program which allowed it to repurchase up to 10%, or $832,400 in aggregate principal amountsamount, of its 7.5% Notes due 2022 and up to 10%, or $4,025,000 in aggregate principal amount, of its 7.0% Notes due 2021 through open market purchases, including block purchases, in such manner as will comply with the provisions of the original and exchanged notes were approximately $8,771,000 with additional notes which totaled approximately $32,028,000 as part of the upsizing. The initial aggregate amount of the senior notes issued by the 2010 Trust were approximately $40,800,000 on the closing date. The notes are collateralized by approximately $46,458,000 of SBA 7(a) unguaranteed portions and include a prefunded amount of $14,679,000 to be originated and transferred subsequently to the Trust. The notes retained their “AA” rating under S&P,1940 Act and the final maturity ofExchange Act. The program terminated on May 21, 2017. The Company did not make any repurchases under this program during the amended notes is February 25, 2041.nine months ended September 30, 2017.

Cash Flows and Liquidity
As of September 30, 2016,2017, the Company’s unused sources of liquidity consisted of $81,000$20,966,000 available through the Capital One facility; $11,719,000$13,159,000 available through notes payable with related parties; $2,718,000$3,915,000 in unrestricted cash and $35,000$9,000 in money market funds.


Restricted cash of $24,781,000$26,602,000 as of September 30, 20162017 is primarily held in NSBF. The majority, or $23,031,000$25,851,000 of restricted cash is related to NSBF, and includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations, paymentsloan principal and interest collected which are due to loan participants and a reserve established as part of a voluntary agreement with the SBA and amounts owed to the SBA.


The Company generated and used cash as follows:
(in thousands)Nine months ended September 30, 2016 Nine months ended September 30, 2015Nine months ended September 30, 2017 Nine months ended September 30, 2016
Net cash used in operating activities$(23,048) $(20,989)$(76,139) $(23,048)
Net cash used in investing activities(294) (93)(345) (294)
Net cash provided by financing activities21,752
 6,367
78,348
 21,752
Net decrease in cash and cash equivalents(1,590) (14,715)
Net increase (decrease) in cash and cash equivalents1,864
 (1,590)
Cash and cash equivalents, beginning of period4,308
 17,813
2,051
 4,308
Cash and cash equivalents, end of period$2,718
 $3,098
$3,915
 $2,718
During the nine months ended September 30, 2016,2017, operating activities used cash of $23,048,000,$76,139,000, consisting primarily of (i) $217,779,000 of SBA 7(a) loan investments, (ii) a $5,400,000 investment in 100% of the membership interests of banc-serv Partners, LLC (iii) a $2,057,000 repurchase of a loan from the SBA, (iv) a debt investment of $750,000 in PMT, and (v) a debt investment of $1,020,000 in Excel WebSolutions, LLC. These decreases were offset by (i) the decreasean increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded but had not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at period end, (ii) $18,045,000$262,804,000 of principal payments from affiliate and non-affiliateSBA 7(a) loan investments (iii) $15,703,000 of advances to NBCS under a decreaserevolving line of credit (iv) $9,952,000 of cash paid in connection with our investment in IPM, (v) a $3,821,000 purchase of an SBA 7(a) loan from the SBA, (vi) a $3,255,000 non-control/non-affiliate investment and (vii) an increase in restricted cash of $1,923,000, and (iv) $183,452,000$4,585,000. These decreases were offset by (i) $217,016,000 of proceeds from the sale of SBA 7(a) investments.investments and (ii) $35,914,000 of principal payments received consisting of $20,327,000 from SBA non-affiliate investments, $3,255,000 from non-control/non-affiliate investments and $12,332,000 from controlled investments, including $10,497,000 from NBCS.
Net cash provided by financing activities was $21,752,000$78,348,000 consisting primarily of (i) net proceeds of $38,510,000, net of deferred financing costs$37,042,000 from our offer andthe sale of 7.0% Notes due 2021,2,857,500 shares of common stock, (ii) net proceeds of $20,819,000$7,666,000 from borrowingsthe sale of 455,000 shares of common stock under the ATM Equity Distribution Agreement, (iii) net borrowings of $61,046,000 from our Capital One lines of credit and (iii) Net borrowings(iv) $19,141,000 of $1,753,000proceeds under the related party revolving line of credit. These increases were offset by (i) $22,168,000$20,836,000 of dividend payments and (ii) $16,297,000$23,414,000 of principal payments related to securitizations, and (iii) $866,000 of share repurchases.securitizations.
Contractual Obligations
The following chart represents the Company’s significant obligations and commitments as of September 30, 2016:2017:
(in thousands)Payments due by periodPayments due by period
Contractual ObligationsTotal Less than 1 year 1-3 years 3-5 years More than 5 yearsTotal Less than 1 year 1-3 years 3-5 years More than 5 years
Bank notes payable$49,919
 $26,400
 $23,519
 $—
 $—
$66,146
 $36,926
 $29,220
 $—
 $—
Securitization notes payable (1)
75,550
 —
  —
  —
 75,550
97,607
 —
  —
  —
 97,607
Notes due 2022 (1)
8,324
 —
 —
 —
 8,324
8,324
 —
 —
 8,324
 —
Notes due 2021 (1)
40,250
 —
 —
 40,250
 —
40,250
 —
 —
 40,250
 —
Notes payable - related parties7,400
 —
 7,400
 —
 —
20,541
 —
 —
 20,541
 —
Employment agreements563
 563
 —
 —
 —
600
 300
 300
 —
 —
Operating leases(2)14,234
 285
 3,770
 2,416
 7,763
12,565
 502
 3,153
 2,298
 6,612
Totals$196,240
 $27,248
  $34,689
  $42,666
 $91,637
$246,033
 $37,728
  $32,673
  $71,413
 $104,219
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See Note 7.
(2) Minimum payments have not been reduced by minimum sublease rentals of $550,000 due in the future under non-cancelable subleases.

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 MeasurementsIncome Taxes

We value investmentsDeferred 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 market quotationsthose temporary differences are readily available at their market quotations. However, a readily available market value is not expected to exist for manybe realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the investmentsdeferred 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 2014 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in our portfolio,tax law and we value these portfolio investmentsnew 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 fair valueleast 90% of investment company taxable income, as determined in good faithdefined by our Board under our valuation policy and process. We may seek pricing informationthe 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 certainany 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 three and nine months ended September 30, 2017 and 2016, 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 $5,240,000 and $5,983,000 at September 30, 2017 and December 31, 2016, respectively, and are recorded as a deferred tax

liabilities on the condensed 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 condensed consolidated statements of operations.

Investment Income

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

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 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 notinvestment and then as a readily available market value. realized gain on investment.

The applicationCompany earns servicing income related to the guaranteed portions of our valuation methods may include comparisonsSBA loan investments which it sells into the secondary market. These recurring fees are earned daily and recorded when earned. Servicing income is earned for the full term of our portfolio companies to peer companies that are public, the enterprise valueloan or until the loan is repaid.

The Company earns a variety of a portfolio company,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 realizable valueearned as “one time” fees in connection with the origination 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 asnew debt investments with non-affiliates.

Investment transactions are accounted for on a purchase transaction, public offeringtrade-date basis. Realized gains or subsequent equity sale occurs, we will consider the pricing indicatedlosses on investments are measured by the external eventdifference between the net proceeds from the disposition and the cost basis of investment, without regard to corroborate the private equity valuation. Due to the inherent uncertainty of determiningunrealized 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 condensed 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.

New Accounting Standards

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which requires that dothe statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods. Early adoption is permitted. The Company does not believe this ASU will have a readily available marketmaterial impact on its consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its consolidated statements of assets and liabilities.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which, among other things, requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the

instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the ASU changes the disclosure requirements for financial instruments. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted for certain provisions. The Company does not believe this ASU will have a material impact on its consolidated financial statements and disclosures.

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, 2017 December 31, 2016
  Cost Fair Value Cost Fair Value
Money market funds $9
 $9
 $35
 $35
Non-affiliate debt investments 286,769
 281,224
 230,950
 223,887
Controlled investments        
Equity 46,356
 128,020
 35,285
 116,919
Debt 12,535
 8,929
 5,716
 4,383
Total investments $345,669
 $418,182
 $271,986
 $345,224

In April 2017, the Company invested in 100% of the common stock of a new wholly-owned, controlled portfolio company, IPM. IPM provides consulting, design and implementation of technology solutions for enterprise and commercial clients. Total consideration for the investment was $11,120,000 and consisted of $1,000,000 in restricted shares of Newtek common stock, $8,752,000 in cash and $1,368,000 to be paid in cash in two equal installments in 2018 and 2019 based on IPM attaining specific EBITDA levels for 2017 and 2018. As of September 30, 2017, the fair value of the investments may differ significantly fromcontingent consideration liabilities was $620,000 and is included in Accounts Payable, Accrued Expenses and other liabilities on the values that would have been used had a readily available market value existed for such investmentscondensed consolidated statement of assets and may differ materially from values that may ultimately be received or settled.
liabilities.

Our BoardDuring the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed.
The following table shows the Company’s portfolio investments by industry at September 30, 2017 and December 31, 2016:

  September 30, 2017 December 31, 2016
  Cost Fair Value Cost Fair Value
Data processing, hosting and related services $29,583
 $103,605
 $29,010
 $107,180
Food Services and Drinking Places 28,314
 27,752
 21,941
 21,702
Amusement, Gambling, and Recreation Industries 19,452
 20,037
 18,486
 18,995
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 18,302
 19,966
 12,909
 12,649
Ambulatory Health Care Services 14,474
 13,645
 13,068
 11,976
Repair and Maintenance 12,990
 13,391
 12,066
 12,228
Professional, Scientific, and Technical Services 27,676
 27,171
 12,240
 11,582
Accommodation 10,566
 11,243
 9,455
 9,849
Specialty Trade Contractors 9,029
 8,712
 8,311
 7,595
Merchant Wholesalers, Durable Goods 6,404
 6,330
 6,211
 5,989
Truck Transportation 15,483
 14,615
 7,469
 6,938
Food and Beverage Stores 5,187
 5,160
 5,221
 5,194
Heavy and Civil Engineering Construction 4,530
 4,430
 4,328
 4,209
Fabricated Metal Product Manufacturing 11,113
 11,511
 5,922
 5,961
Administrative and Support Services 5,873
 5,268
 6,379
 5,727
Social Assistance 6,869
 7,013
 4,903
 4,905
Motor Vehicle and Parts Dealers 5,059
 5,156
 5,059
 5,051
Food Manufacturing 9,437
 7,507
 5,596
 4,873
Transit and Ground Passenger Transportation 3,482
 3,302
 1,836
 1,703
Clothing and Clothing Accessories Stores 3,600
 3,675
 4,221
 4,134
Personal and Laundry Services 10,333
 10,861
 4,255
 4,206
Gasoline Stations 6,136
 5,807
 5,938
 5,570
Printing and Related Support Activities 3,790
 3,495
 3,547
 3,183
Insurance Carriers and Related Activities 833
 3,366
 1,126
 3,631
Other 77,154
 75,164
 62,489
 60,194
Total $345,669
 $418,182
 $271,986
 $345,224

NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS:

Transactions with Affiliated Companies

An affiliated company is ultimatelyan 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 companies for the nine months ended September 30, 2017 were as follows:

Portfolio Company Fair Value at December 31, 2016 Purchases (Cost) Principal Received (Cost) Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at September 30, 2017 Interest and Other Income Dividend Income
Controlled Investments                
Universal Processing Services of Wisconsin, LLC $63,000
 $—
 $—
 $—
 $3,000
 $66,000
 $—
 $5,250
Premier Payments LLC 21,000
 —
 —
 —
 —
 21,000
 —
 1,200
Newtek Technology Solutions, Inc. 20,109
 —
 (50) —
 (4,059) 16,000
 —
 —
International Professional Marketing, Inc. (1) —
 10,000
 (1,000) —
 —
 9,000
 6
 550
banc-serv Partners, LLC 5,400
 —
 —
 —
 (2,000) 3,400
 —
 —
CDS Business Services, Inc. 3,440
 15,703
 (10,498) —
 4,750
 13,395
 376
 200
Small Business Lending, LLC 3,300
 —
 —
 —
 (800) 2,500
 —
 100
Newtek Insurance Agency, LLC 2,500
 —
 —
 —
 —
 2,500
 —
 —
PMTWorks Payroll, LLC 2,045
 1,000
 —
 —
 (3,045) —
 —
 —
Titanium Asset Management LLC 508
 —
 (466) —
 (42) —
 6
 —
Excel WebSolutions, LLC 904
 —
 (368) —
 (47) 489
 56
 —
SIDCO, LLC —
 2,665
 —
 —
 —
 2,665
 2
 —
Summit Systems and Designs, LLC —
 —
 —
 —
 —
 —
 54
 —
Secure CyberGateway Services, LLC —
 —
 —
 —
 —
 —
 10
 26
Total Controlled Investments $122,206
 $29,368
 $(12,382) $—
 $(2,243) $136,949
 $510
 $7,326

(1) Refer to Note 3 for discussion of investment in IPM.

Prior to January 2017, EWS was a non-control/non-affiliate investment. During the nine months ended September 30, 2017, the Company exercised warrants to purchase a 50% membership interest in EWS. Interest, fees, and solely responsibledividends attributable to the investment in EWS that were credited to income prior to January 2017 are included in investment income from non-affiliate investments on the condensed consolidated statements of operations.

During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.

Related Party Transactions

Note Payable - Related Parties

In June 2015, the Company entered into a Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6% or at a rate equal to (y) the greater of the Prime Rate or 3.5% plus (z) 5%. At September 30, 2017, the Related Party RLOC bears interest at a rate of 7.31%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings from UPSW and NTS at September 30, 2017 were $20,541,000.
Interest expense incurred under the Related Party RLOC for determining,the three months ended September 30, 2017 and 2016 was $378,000 and $19,000, respectively. Interest expense incurred under the Related Party RLOC for the nine months ended September 30, 2017 and 2016 was $418,000 and $196,000, respectively.


Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, loan processing and closing expenses from various related parties and payroll processing fees from NPS.
  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Managed technology services $186
 $297
 $656
 $747
Loan related processing and auditing fees 101
 6
 139
 21
Referral fees 54
 8
 82
 8
Payroll processing 10
 9
 29
 26
Total $351
 $320
 906
 802

Beginning in good faith,April 2016, the fair valueCompany began sub-leasing portions of investments thatits office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:

Portfolio Company Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Universal Processing Services of Wisconsin, LLC $39
 $6
 $110
 $17
Small Business Lending, LLC 19
 34
 61
 76
Newtek Insurance Agency, LLC 23
 23
 63
 31
CDS Business Services, Inc. 15
 25
 47
 59
Premier Payments LLC 10
 19
 35
 40
PMTWorks Payroll, LLC 12
 8
 37
 19
Titanium Asset Management LLC 6
 —
 13
 —
Total $124
 $115
 $366
 $242

Amounts due from related parties were $2,553,000 and $3,748,000 at September 30, 2017 and December 31, 2016, respectively. Amounts due to related parties were $812,000 and $1,227,000 at September 30, 2017 and December 31, 2016, 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. Amounts are not publicly traded, whose market pricescharged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are not readily availablerecorded on a quarterly basis, or any other situation whereare recurring in nature and are charged at an arm’s length basis. The table below summarizes amounts charged to each controlled portfolio investments requirecompany for the three and nine months ended September 30, 2017 and 2016. The amounts are recorded as a credit to salaries and benefits in the condensed consolidated statements of operations.


Portfolio Company Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Universal Processing Services of Wisconsin, LLC $101
 $112
 $314
 $347
Newtek Technology Solutions, Inc. 138
 160
 407
 519
Newtek Insurance Agency, LLC 57
 52
 161
 187
Small Business Lending, LLC 85
 108
 279
 427
Premier Payments LLC 38
 56
 135
 142
International Professional Marketing, Inc. 33
 —
 52
 —
banc-serv Partners, LLC 52
 58
 150
 58
CDS Business Services, Inc. 9
 —
 19
 —
SIDCO, LLC 20
 —
 35
 —
Summit Systems and Designs, LLC —
 5
 10
 15
Secure CyberGateway Services, LLC —
 —
 2
 —
PMTWorks Payroll, LLC 18
 26
 63
 79
Total $551
 $577
 $1,627
 $1,774

NOTE 5—SERVICING ASSETS:
At September 30, 2017 and December 31, 2016, 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.
The following table summarizes the fair value determination.
and valuation assumptions related to servicing assets at September 30, 2017 and December 31, 2016:
 September 30, 2017 December 31, 2016
Fair Value$19,092
 $16,246
Discount factor (1)12.20% 12.03%
Cumulative prepayment rate18.50% 15.50%
Average cumulative default rate20.00% 20.00%
(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the three months ended September 30, 2017 and 2016 was $1,794,000 and $1,551,000, respectively. Servicing fee income earned for the nine months ended September 30, 2017 and 2016 was $5,163,000 and $4,581,000, 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 (an exit price). ASC 820 establishesdate. 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 that prioritizes thefor inputs to valuation techniquesis used to measurein measuring fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally,that maximizes the Company carries its credits in lieuuse of cash, notes payable in credits in lieuobservable inputs and minimizes the use of cash, and servicing assets at fair value. unobservable inputs by requiring that the most observable inputs be used when available.

The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:

Level 1  Quoted prices in active markets for identical assets or liabilities. 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;liabilities, quoted prices in markets that are not active;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.

ValuationIn certain cases, the inputs used to measure fair value may fall into different levels of Investmentsthe 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, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended September 30, 2017 or
2016. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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 net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”)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. 

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.

Income RecognitionThe 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, 2017 and December 31, 2016:
 Fair Value Measurements at September 30, 2017 Using:
 Total Level 1 Level 2 Level 3
Assets:       
Investments in money market funds$9
 $9
 $—
 $—
SBA unguaranteed non-affiliate investments257,136
 —
 —
 257,136
SBA guaranteed non-affiliate investments24,088
 —
 24,088
 —
Controlled investments136,949
 —
 —
 136,949
Other real estate owned (1)890
 —
 890
 —
Servicing assets19,092
 —
 —
 19,092
Total assets$438,164
 $9
 $24,978
 $413,177
Liabilities:       
Contingent consideration liabilities (2)$620
 $—
 $—
 $620

(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

(2) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities. Refer to Note 3.

The change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at September 30, 2017 includes $238,000 in unrealized appreciation on SBA unguaranteed non-affiliate investments, $2,243,000 in unrealized depreciation on controlled investments and $1,601,000 in unrealized depreciation on servicing assets.

 Fair Value Measurements at December 31, 2016 Using:
 Total Level 1 Level 2 Level 3
Assets:       
Investments in money market funds$35
 $35
 $—
 $—
SBA unguaranteed non-affiliate investments211,471
 —
 —
 211,471
SBA guaranteed non-affiliate investments11,512
 —
 11,512
 —
Controlled investments121,302
 —
 —
 121,302
Other real estate owned (1)875
 —
 875
 —
Non-control/Non-affiliate investments904
 —
 —
 904
Servicing assets16,246
 —
 —
 16,246
Total assets$362,345
 $35
 $12,387
 $349,923

(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

The following table represents the changes in investments and servicing assets measured at fair value using Level 3 inputs for the nine months ended September 30, 2017 and 2016:


Interest
 Nine Months Ended September 30, 2017
 SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control/Non-Affiliate Investments Contingent Consideration Liabilities
Fair value, December 31, 2016$211,471
 $121,302
 $16,246
 $904
 $—
Net change in unrealized appreciation (depreciation)238
 (2,243) (1,601) —
  
Realized loss(131) —
 —
 —
 —
SBA unguaranteed non-affiliate investments, funded62,185
 —
 —
 —
 —
Foreclosed real estate acquired(212) —
 —
 —
 —
Purchase of investments—
 29,366
 —
 3,255
 —
Purchase of loan from SBA3,821
 —
 —
 —
 —
Transfer of Excel WebSolutions, LLC from Non-control/Non-affiliate to Controlled Investments—
 904
 —
 (904) —
Record fair value of contingent consideration liabilities—
 —
 —
 —
 1,368
Change in fair value of contingent consideration liabilities—
 —
 —
 —
 (748)
Purchase of loan portfolio175
 —
 —
 —
 —
Net accretion of premium/discount19
 —
 —
 —
 —
Return of investment—
 (50) —
 —
 —
Principal payments received on debt investments(20,430) (12,330) —
 (3,255) —
Additions to servicing assets—
 —
 4,447
 —
 —
Fair value, September 30, 2017$257,136
 $136,949
 $19,092
 $—
 $620

 Nine Months Ended September 30, 2016
 SBA Unguaranteed Investments Controlled Investments Non-Control/Non-Affiliate Investments Servicing Assets
Fair value, December 31, 2015$158,355
 $104,376
 $1,824
 $13,042
Net change in unrealized appreciation (depreciation)869
 10,362
 (43) (1,341)
Realized loss(763) —
 —
 —
SBA unguaranteed non-affiliate investments, funded51,567
 —
 —
 —
Foreclosed real estate acquired(387) —
 —
 —
Purchase of investments—
 6,275
 1,020
 —
Transfer from due from related parties—
 435
 —
 —
Transfer of Titanium Asset Management LLC from Non-control/Non-affiliate to Controlled Investments—
 1,146
 (1,146) —
Purchase of loan from SBA2,057
 —
 —
 —
Principal payments received on debt investments(15,074) (2,174) (635) —
Additions to servicing assets—
 —
 —
 3,918
Fair value, September 30, 2016$196,624
 $120,420
 $1,020
 $15,619

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2017 and December 31, 2016. In addition to the techniques and 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, 2017 and December 31, 2016.


          Range
  Fair Value as of September 30, 2017 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:            
SBA unguaranteed non-affiliate investments - performing loans $247,347
 Discounted cash flow Market yields 5.50% 5.50% 5.50%
SBA unguaranteed non-affiliate investments - non-performing loans $9,789
 Discounted cash flow Market yields 5.53% 5.53% 5.53%
Controlled equity investments (A)(B) $128,020
 Market comparable companies EBITDA multiples (B) 5.80x
 3.50x
 6.62x
    Market comparable companies Revenue multiples (B) 1.11x
 0.22x
 2.49x
    Discounted cash flow Weighted average cost of capital (B) 12.68% 10.30% 22.50%
Controlled debt investments $8,441
 Discounted cash flow Market yields 6.62% 4.75% 10.00%
  $488
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $19,092
 Discounted cash flow Market yields 12.20% 12.20% 12.20%
Contingent consideration liabilities $620
 Discounted cash flow Projected EBITDA and probability of achievement N/A
 N/A
 N/A

(A) In determining the fair value of the Company’s controlled equity investments as of September 30, 2017, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 45.5% and 54.5%, respectively, on a weighted average basis.

(B) The Company valued $116,620,000 of investments using an equal weighting of EBITDA and revenue multiples and none of its investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $11,400,000 of investments using only discounted cash flows.


          Range
  Fair Value as of December 31, 2016 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:            
SBA unguaranteed non-affiliate investments - performing loans $202,887
 Discounted cash flow Market yields 5.50% 5.50% 5.50%
SBA unguaranteed non-affiliate investments - non-performing loans $8,584
 Discounted cash flow Market yields 6.19% 6.19% 6.19%
Controlled equity investments (A)(B) $116,919
 Market comparable companies EBITDA multiples (B) 6.10x
 3.01x
 6.99x
    Market comparable companies Revenue multiples (B) 1.21x
 0.62x
 3.08x
    Discounted cash flow Weighted average cost of capital (B) 12.57% 11.00% 15.30%
Controlled debt investments $3,875
 Discounted cash flow Market yields 7.05% 5.75% 10.00%
  $508
 Liquidation value Asset value N/A
 N/A
 N/A
Non-control/non-affiliate debt investments $904
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $16,246
 Discounted cash flow Market yields 12.20% 12.20% 12.20%

(A) In determining the fair value of the Company’s controlled equity investments as of December 31, 2016, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 46.1% and 53.9%, respectively, on a weighted average basis.

(B) The Company valued $106,609,000 of investments using an equal weighting of EBITDA and revenue multiples and $860,000 of investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $9,450,000 of investments using only discounted cash flows.
NOTE 7—BORROWINGS:

At September 30, 2017 and December 31, 2016, the Company had borrowings comprised of the following:
 September 30, 2017 December 31, 2016
 Commitments Borrowings Outstanding Weighted Average Interest Rate Commitments Borrowings Outstanding Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)
$100,000
 $36,926
 4.00% $50,000
 $5,100
 4.50%
Capital One line of credit - unguaranteed (1)
—
 29,220
 5.00% —
 —
 —%
Notes due 202140,250
 39,027
 7.00% 40,250
 38,767
 7.00%
Notes due 20228,324
 7,915
 7.50% 8,324
 7,853
 7.50%
Notes payable - related parties50,000
 20,541
 7.31% 38,000
 1,400
 7.67%
Notes payable - Securitization trusts97,607
 95,376
 4.41% 120,945
 118,122
 3.79%
Total$296,181
 $229,005
 5.23% $257,519
 $171,242
 4.75%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit are $100,000,000 at September 30, 2017 and $50,000,000 December 31, 2016.


Outstanding borrowings under the Notes due 2022, Notes due 2021 and Notes payable - Securitization trusts consisted of the following:

 September 30, 2017 December 31, 2016
 Notes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts Notes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts
Principal$8,324
 $40,250
 $97,607
 $8,324
 $40,250
 $120,945
Unamortized deferred financing costs(409) (1,223) (2,231) (471) (1,483) (2,823)
Net carrying amount$7,915
 $39,027
 $95,376
 $7,853
 $38,767
 $118,122


At September 30, 2017 and December 31, 2016, 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 value of the fixed rate Notes due 2022 and Notes due 2021 is based on the closing public share price on the date of measurement. On September 30, 2017, the closing price of the Notes due 2022 was $26.36 per note, or $8,777,000. On September 30, 2017, the closing price of the Notes due 2021 was $25.50 per note, or $41,055,000. These borrowings are not recorded at fair value on a recurring basis.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended September 30, 2017 and 2016 was $2,981,000 and $2,328,000, respectively. Total interest expense for the nine months ended September 30, 2017 and 2016 on all Company borrowings was $8,118,000 and $5,764,000, respectively.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters

From time to time, the Company may be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect that any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on its financial condition or results of operations in any future reporting period.

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $15,000,000. The Sterling Receivable and Inventory Facility matures in February 2018. At September 30, 2017, total principal owed by NBCS was $10,041,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At September 30, 2017, total principal owed by NBCS was $2,609,000. At September 30, 2017, 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 Goldman Facility, a term loan investmentsfacility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At September 30, 2017, total principal outstanding was $40,000,000. At September 30, 2017, the Company determined that it is accruednot probable that payments would be required to be made under the guarantee.


NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

  Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Per share data (1)    
Net asset value at beginning of period $14.30
 $14.06
Net investment loss (0.29) (0.52)
Net realized gain 1.61
 1.55
Net unrealized (depreciation) appreciation on investments (0.05) 0.82
Net unrealized depreciation on servicing assets (0.09) (0.09)
Change in provision for deferred taxes 0.04
 (0.31)
Net increase in net assets 1.22
 1.45
Dividends to common stockholders from net investment income (0.36) —
Distributions to common stockholders from capital gains (0.84) (1.13)
Total dividends paid (1.20) (1.13)
Stock-based compensation expense 0.05
 0.02
Consolidation of Exponential Business Development Co., Inc. —
 (0.03)
Accretive effect of stock offerings (issuing shares above NAV per share) 0.05
 —
Accretive effect of shares issued in connection with investments (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) (0.01) —
Impact of restricted stock awards —
 (0.11)
Other (5) (0.02) —
Net asset value at end of period $14.40
 $14.26
     
Per share market value at end of period $17.82
 $14.26
Total return based on market value (3) 19.62 % 10.27 %
Total return based on average net asset value (2)(3)(4) 12.12 % 12.61 %
Shares outstanding at end of period (in thousands) 17,750
 14,594
     
Ratios/Supplemental Data:    
Net assets at end of period $255,612
 $208,172
Ratio of expenses to average net assets (2) 19.2 % 19.06 %
Ratio of net investment loss to average net assets (2.85)% (3.68)%
Portfolio turnover 81.49 % 89.03 %
Average debt outstanding $200,124
 $154,640
Average debt outstanding per share $11.27
 $10.60
Asset coverage ratio 212 % 217 %


(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) Annualized.
(3) Assumes dividends are reinvested.
(4) Total return based on average net asset value was calculated using the sum of ending net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(5) 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.

NOTE 10—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 or two 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, 2017.

Restricted stock authorized under the plan (1)1,500,000
Less restricted stock granted during:
Year ended December 31, 2016(120,933)
Nine months ended September 30, 2017(5,007)
Restricted stock available for issuance as of September 30, 20171,374,060

(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3,000,000 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.

For the three months ended September 30, 2017 and 2016, the Company recognized total stock-based compensation expense of $152,000 and $226,000, respectively. For the nine months ended September 30, 2017 and 2016, the Company recognized total stock-based compensation expense of $904,000 and $226,000, respectively.

As of September 30, 2017, there was $276,000 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 1.49 years as of September 30, 2017.

NOTE 11—COMMON STOCK:

The following table summarizes the total shares issued and proceeds received net of underwriting and offering costs in public offerings of the Company’s common stock since conversion to a BDC:


    Year Ended
  Nine Months Ended September 30, 2017 December 31, 2016 December 31, 2015 December 31, 2014
Shares issued 2,587,500
 —
 2,300,000
 2,530,000
Offering price per share $15.25
 $—
 $16.50
 $12.50
Proceeds net of underwriting discounts and offering costs $37,042
 $—
 $35,290
 $27,883

In January 2017 the Company priced a public offering of 2,250,000 shares of its common stock at a public offering price of $15.25 per share. The Company also sold an additional 337,500 shares of its common stock at a public offering price of $15.25 per share pursuant to the underwriter’s full exercise of the over-allotment option.

ATM Program

On March 20, 2017, the Company entered into an ATM Equity Distribution Agreement. The ATM Equity Distribution Agreement provides that the Company may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. On September 6, 2017, the Company entered into an amended ATM Equity Distribution Agreement for the purpose of adding D.A. Davidson as placement agent. During the nine months ended September 30, 2017, the Company sold 455,000 shares of its common stock at a weighted average price of $17.19 per share. Proceeds, net of offering costs and expenses were $7,666,000. As of September 30, 2017, there were 20,000 shares traded that had not settled and are not included in incomeshares issued and outstanding on the face of the condensed consolidated balance sheet, but are included in the weighted average share outstanding in the condensed consolidated statement of operations and in the shares used to calculate net asset value per share. As of September 30, 2017, there were 2,445,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

Investment in IPM

In connection with its investment in IPM, the Company issued 60,490 restricted common shares valued at $1,000,000.

Share Repurchase Plan

On November 21, 2016 the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 200,000 of the Company’s outstanding common shares on the open market. This program terminated on May 21, 2017.

On May 11, 2016, the Company announced that its Board approved a share repurchase program under which the Company could repurchase up to 150,000 of the Company’s outstanding common shares on the open market. This program terminated on November 11, 2016.

During the nine months ended September 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for $866,000 as detailed in the table below. This program terminated on June 3, 2016

Purchase date Number of Shares Purchased Price per Share Total
March 10, 2016 10
 $12.34
 $123
March 18, 2016 20
 $12.45
 249
March 18, 2016 30
 $12.48
 375
March 23, 2016 10
 $11.88
 119
Total 70
   $866

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets per common share for the three and nine months ended September 30, 2017 and 2016:
  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Net increase in net assets $8,077
 $10,040
 $20,912
 $21,016
Weighted average shares outstanding 17,487
 14,556
 17,076
 14,515
Net increase in net assets per common share $0.46
 $0.69
 $1.22
 $1.45

NOTE 13—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, 2017 and 2016.

Date Declared Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP Shares Value
September 30, 2017            
March 6, 2017 March 20, 2017 March 31, 2017 $0.36
 $6,062
 6
 $89
May 4, 2017 May 31, 2017 June 30, 2017 $0.40
 $6,804
 7
 $112
August 21, 2017 September 22, 2017 September 29, 2017 $0.44
 $7,585
 11
 $184
             
September 30, 2016            
February 25, 2016 March 22, 2016 March 31, 2016 $0.35
 $4,708
 29
 $362
June 9, 2016 June 20, 2016 June 30, 2016 $0.35
 $4,985
 7
 $83
September 7, 2016 September 20, 2016 September 30, 2016 $0.43
 $6,152
 6
 $77

During the nine months ended September 30, 2017, an additional 6,591 shares valued at $110,000 were issued related to dividends from unvested restricted stock awards.
NOTE 14—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 company that is 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 as of September 30, 2017 and 2016.

Universal Processing Services of Wisconsin, LLC

UPSW markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment.


The summarized financial information of our unconsolidated subsidiary is as follows:
Balance Sheets - Universal Processing Services of Wisconsin, LLC As of September 30, 2017 As of December 31, 2016
Current assets $8,014
 $11,522
Noncurrent assets 19,265
 4,907
Total assets $27,279
 $16,429
Current liabilities 3,500
 5,619
Noncurrent liabilities 30,499
 16,432
Total liabilities $33,999
 $22,051
Total deficit $(6,720) $(5,622)
Statements of Income - Universal Processing Services of Wisconsin, LLC Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Revenue $27,119
 $26,466
 $82,879
 $76,947
Expenses 24,925
 24,553
 76,559
 71,410
Income from operations $2,194
 $1,913
 $6,320
 $5,537
Interest (expense) income, net (328) (384) (1,115) (1,048)
Income before tax $1,866
 $1,529
 $5,205
 $4,489

The Company recorded the following related to its investment in UPSW:

  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Dividend income $1,750
 $1,700
 $5,250
 $4,500
Unrealized appreciation $2,000
 $5,900
 $3,000
 $9,600


NOTE 15—SUBSEQUENT EVENTS:

Portfolio Company Developments

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.

On October 24, 2017, the Company invested in 100% of the membership interests of a new wholly-owned, controlled portfolio company, United Capital Source, LLC (“UCS”), which is a lead generator for commercial financing companies. Total consideration paid by the Company was $3,050,000 and consisted of $500,000 in restricted shares of Newtek common stock and $1,950,000 in cash, with the $600,000 balance to be paid in cash and Newtek common stock, in two equal installments in 2018 and 2019 based on UCS attaining specific EBITDA targets for 2019 and 2020.

Common Stock

From October 1, 2017 through November 6, 2017 the Company sold 245,746 shares of its common stock at a weighted average price of $17.54 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $4,223,000. As of November 6, 2017, there were 2,199,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.



Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Nine Months Ended September 30, 2017

Portfolio Company Type of Investment (1) Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income (3) Fair Value at December 31, 2016 Gross Additions (4) Gross Reductions (5) Fair Value at September 30, 2017
Advanced Cyber Security Systems, LLC 50% Membership Interest (2) $—
 $—
 $—
 $—
 $—
 $—
 $—
  Term Loan (3%) (2) —
 —
 —
 —
 —
 —
 —
                 
Automated Merchant Services, Inc. 100% Common Stock (2) —
 —
 —
 —
 —
 —
 —
                 
CDS Business Services, Inc. 100% Common Stock —
 4,750
 200
 750
 4,750
 —
 5,500
  Line of Credit (Prime + 2.5%) (6) —
 —
 376
 2,690
 15,703
 (10,498) 7,895
                 
Newtek Technology Solutions, Inc. 100% Common Stock —
 (4,059) —
 20,109
 —
 (4,109) 16,000
                 
Fortress Data Management, LLC 100% Membership Interest (2) —
 —
 —
 —
 —
 —
 —
                 
Newtek Insurance Agency, LLC 100% Membership Interest (2) —
 —
 —
 2,500
 —
 —
 2,500
                 
PMTWorks Payroll, LLC 100% Membership Interest (2) —
 (860) —
 860
 —
 (860) —
  Term Loans (10%-12%) (2) —
 (2,185) —
 1,185
 1,000
 (2,185) —
                 
Secure CyberGateway Services, LLC 66.7% Membership Interest —
 —
 26
 —
 —
 —
 —
  Term Loan (7%) —
 —
 10
 —
 —
 —
 —
                 
Premier Payments LLC 100% Membership Interest —
 —
 1,200
 21,000
 —
 —
 21,000
                 
Small Business Lending, LLC 100% Membership Interest —
 (800) 100
 3,300
 —
 (800) 2,500

Portfolio Company Type of Investment (1) Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income (3) Fair Value at December 31, 2016 Gross Additions (4) Gross Reductions (5) Fair Value at September 30, 2017
                 
banc-serv Partners, LLC 100% Membership Interest —
 (2,000) —
 5,400
 —
 (2,000) 3,400
                 
International Professional Marketing, Inc. (8) 100% Common Stock —
 —
 550
 —
 8,800
 —
 8,800
  Line of Credit (Prime + 0.5%) (6) —
 —
 6
 —
 1,200
 (1,000) 200
                 
SIDCO, LLC (8) 100% Membership Interest (2) —
 —
 —
 —
 2,320
 —
 2,320
  Line of Credit (Prime + 0.5%) (6) —
 —
 2
 —
 345
 —
 345
                 
Excel WebSolutions LLC (7) Term Loans (10%) —
 (47) 56
 904
 —
 (415) 489
  50% Membership Interest (2) —
 —
 —
 —
 —
 —
 —
                 
Titanium Asset Management, LLC 100% Membership Interest (2) —
 (42) —
 —
 —
 —
 —
  Term Loans (3%) (2) —
 —
 6
 508
 —
 (508) —
                 
Summit Systems and Designs, LLC 100% Membership Interest (2) —
 —
 54
 —
 —
 —
 —
                 
Universal Processing Services of Wisconsin, LLC 100% Membership Interest —
 3,000
 5,250
 63,000
 3,000
 —
 66,000
                 
Total Controlled Investments   $—
 $(2,243) $7,836
 $122,206
 $37,118
 $(22,375) $136,949

This schedule should be read in connection with the Company’s Condensed Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Condensed 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 includes 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 includes 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, 2017, the Prime rate was 4.25%.
(7) Prior to January 2017, EWS was a non-control/non-affiliate investment. Refer to Note 4.
(8) During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.

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, 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;
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;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments;
our regulatory structure and tax status;
our ability to operate as a BDC and a RIC;
our ability to maintain our license under the SBA 7(a) program;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
the timing, form and amount of any dividend distributions;
the impact of fluctuations in interest rates appliedon our business;
the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
our ability to principal amounts outstanding. Interest incomerecover unrealized losses.

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 13, 2017 and under “Forward-Looking Statements” of this Item 2.
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 products to SMBs. Newtek's products and services include: Business Lending, including the SBA’s 7(a) and 504 lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, The Secure Gateway, The Newtek Advantage®, personal and commercial Insurance Services, Web Services, Data Backup, Store and Retrieval and Payroll and Benefits Solutions to SMB accounts nationwide across all industries. We have an established and reliable platform that is determined usingnot limited by client size, industry type, or location. As a methodresult, we believe we have a strong and diversified client base across every state in the U.S and across a variety of different industries. In addition, we have developed a financial and technology based business model that resultsenables us and our controlled portfolio companies to acquire and process our SMB clients in a levelvery 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 than the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.



We consolidate the following wholly-owned subsidiaries:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
The Whitestone Group, LLC
Wilshire Colorado Partners, 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 New York Partners IV, LLC
Wilshire New York Partners V, LLC
Wilshire Partners, LLC
CCC Real Estate Holdings, LLC
Banc-Serv Acquisition, Inc.
Exponential Business Development Co., Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, 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 in our 2015 tax year ended December 31, 2015. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. 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) program.

Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF has been granted PLP status and originates, sells and services SBA 7(a) small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, 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 could adversely impact our marketing efforts and ultimately our loan origination volume which could 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 small business finance platform and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our small business finance platform under the SBA 7(a) program, to produce a coupon rate of returnprime plus 2.75% which enables us to generate rapid sales of 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 principal amounts outstanding. Whenthe assets of the portfolio company and a loan becomes 90 daysfirst 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.

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 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 immediate 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. 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 if we otherwise do not expect to receive interestthird party consents and, principal repayments,in certain cases, the loan is placedapproval 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 non-accrual status andan ongoing basis depending on the recognitionterms of the transaction.

Revenues

We generate revenue in the form of interest, dividend, servicing and other fee income is discontinued. Intereston 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 received on loans that areour debt investments based on non-accrual status are treated as reductionsscheduled amortization of principal until the principal is repaid.

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 loan investments which we sell into the secondary market. These recurring fees are earned daily and recorded when earned. Servicing income is earned for the full term of the loan or until the loan is repaid.

We receive a variety of fees from borrowersIn addition, we may generate revenue in the ordinary courseform of conducting our business, including packaging, prepayment, legal and late fees. We record such fees late feesrelated 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 prepayment fees. All other income is recorded when earned.

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.

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 condensed consolidated statements of operations.

Expenses

Our primary operating expenses are salaries and benefits, interest expense and other general and administrative costs, such as professional fees, marketing, loan related 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 NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $15,000,000. The Sterling Receivable and Inventory Facility matures in February 2018. At September 30, 2017, total principal owed by NBCS was $10,041,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At September 30, 2017, total principal owed by NBCS was $2,609,000. At September 30, 2017, 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 Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At September 30, 2017, total principal outstanding was $40,000,000. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.


Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Business Type        
Business Type # of Loans  Balance Average Balance % of Balance
Existing Business 1,139
 $216,247
 $190
 81.6%
Business Acquisition 182
 35,237
 194
 13.3%
Start-Up Business 134
 13,648
 102
 5.1%
Total 1,455
 $265,132
 $182
 100.0%
As of December 31, 2016
Distribution by Business Type        
Business Type # of Loans Balance Average Balance % of Balance
Existing Business 921
 $177,430
 $193
 80.7%
Business Acquisition 169
 30,454
 180
 13.9%
Start-Up Business 138
 11,900
 86
 5.4%
Total 1,228
 $219,784
 $179
 100.0%
The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Borrower Credit Score        
Credit Score # of Loans  Balance Average Balance % of Balance
500 to 550 17
 $2,657
 $156
 1.0%
551 to 600 45
 10,021
 223
 3.8%
601 to 650 209
 41,938
 201
 15.8%
651 to 700 429
 82,185
 192
 31.0%
701 to 750 433
 78,979
 182
 29.8%
751 to 800 271
 43,835
 162
 16.5%
801 to 850 41
 3,740
 91
 1.4%
Not available 10
 1,777
 178
 0.7%
Total 1,455
 $265,132
 $182
 100.0%

As of December 31, 2016
Distribution by Borrower Credit Score        
Credit Score # of Loans  Balance Average Balance % of Balance
500 to 550 17
 $2,036
 $120
 0.9%
551 to 600 38
 6,748
 178
 3.1%
601 to 650 160
 32,912
 206
 15.0%
651 to 700 344
 64,923
 189
 29.5%
701 to 750 372
 67,006
 180
 30.5%
751 to 800 250
 39,600
 158
 18.0%
801 to 850 40
 4,124
 103
 1.9%
Not available 7
 2,435
 348
 1.1%
Total 1,228
 $219,784
 $179
 100.0%
The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Primary Collateral Type        
Collateral Type # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 704
 $157,940
 $224
 59.6%
Machinery and Equipment 227
 43,374
 191
 16.4%
Residential Real Estate 307
 25,255
 82
 9.5%
Other 60
 21,693
 362
 8.2%
Accounts Receivable and Inventory 103
 13,359
 130
 5.0%
Liquid Assets 13
 645
 50
 0.2%
Furniture and Fixtures 12
 1,822
 152
 0.7%
Unsecured 29
 1,044
 36
 0.4%
Total 1,455
 $265,132
 $182
 100.0%
As of December 31, 2016
Distribution by Primary Collateral Type        
Collateral Type # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 589
 $133,263
 $226
 60.6%
Machinery and Equipment 201
 37,426
 186
 17.0%
Residential Real Estate 264
 21,211
 80
 9.7%
Other 45
 13,822
 307
 6.3%
Accounts Receivable and Inventory 80
 12,075
 151
 5.5%
Liquid Assets 15
 667
 44
 0.3%
Unsecured 23
 883
 38
 0.4%
Furniture and Fixtures 11
 437
 40
 0.2%
Total 1,228
 $219,784
 $179
 100.0%

The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Days Delinquent        
Delinquency Status # of Loans  Balance Average Balance % of Balance
Current 1,289
 $226,704
 $176
 85.5%
1 to 30 days 54
 13,126
 243
 5.0%
31 to 60 days 23
 5,058
 220
 1.9%
61 to 90 days —
 —
 —
 —%
91 days or greater 89
 20,244
 227
 7.6%
Total 1,455
 $265,132
 $182
 100.0%
As of December 31, 2016
Distribution by Days Delinquent        
Delinquency Status # of Loans  Balance Average Balance % of Balance
Current 1,119
 $199,170
 $178
 90.6%
1 to 30 days 35
 3,680
 105
 1.7%
31 to 60 days 7
 1,570
 224
 0.7%
61 to 90 days —
 —
 —
 —%
91 days or greater 67
 15,364
 229
 7.0%
Total 1,228
 $219,784
 $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, 2017 and 2016
Investment Income
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Investment income:     
Interest income$4,551
 $2,675
 $1,876
Dividend income2,551
 2,933
 (382)
Servicing income1,794
 1,551
 243
Other income705
 692
 13
Total investment income$9,601
 $7,851
 $1,750
Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $233,535,000 from $196,481,000 for the three months ended September 30, 2017 and 2016, respectively, combined with an increase in the Prime Rate from 3.50% to 4.25%. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.

Dividend Income
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$1,750
 $1,700
 $50
Premier Payments LLC375
 450
 (75)
Newtek Technology Solutions, Inc.—
 330
 (330)
International Professional Marketing, Inc.200
 —
 200
Small Business Lending, LLC—
 200
 (200)
banc-serv Partners, LLC—
 240
 (240)
CDS Business Services, Inc.200
 —
 200
The Secure CyberGateway, LLC26
 13
 13
Total dividend income$2,551
 $2,933
 $(382)

Dividend income decreased $382,000 period over period. During the three months ended September 30, 2017, we earned $200,000 of dividend income from NBCS, as compared to zero during the three months ended September 30, 2016. We also earned $200,000 of dividend income from IPM, a new wholly-owned controlled portfolio company that we invested in on April 6, 2017. These increases were offset by decreases in dividend income earned from NTS, SBL and BSP. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.
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, 2017 and 2016:
(in thousands):Three Months Ended September 30, 2017 Three Months Ended September 30, 2016  Change
Total NSBF originated servicing portfolio (1)
$1,127,760
 $902,604
 $225,156
Total servicing income earned$1,794
 $1,551
 $243
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $791,536,000 and $645,906,000 for the three months ended September 30, 2017 and 2016, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $145,630,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from September 30, 2017 to September 30, 2016.
Other Income
Other income relates primarily to legal, packaging, and late fees earned from the origination of SBA 7(a) loans. The $13,000 increase period over period was related to an increase in legal and packaging fees earned.

Expenses:
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Expenses:     
Salaries and benefits$4,776
 $3,665
 $1,111
Interest2,986
 2,341
 645
Depreciation and amortization107
 84
 23
Professional fees605
 807
 (202)
Origination and servicing1,433
 1,537
 (104)
Change in fair value of contingent consideration liabilities(748) —
 (748)
Other general and administrative costs1,634
 1,542
 92
Total expenses$10,793
 $9,976
 $817
Salaries and Benefits

Salaries and benefits increased $1,111,000 primarily due to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations.
Interest Expense
The following is a summary of interest expense by facility for the three months ended September 30, 2017 and 2016:
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Notes payable - Securitization trusts$1,294
 $929
 $365
Bank notes payable341
 393
 (52)
Notes due 2022177
 177
 —
Notes due 2021792
 810
 (18)
Notes payable - related parties378
 19
 359
Other4
 13
 (9)
Total interest expense$2,986
 $2,341
 $645

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization trusts and Notes payable - related parties. The increase from Notes payable - Securitization trusts was the result of an additional securitization transaction completed in November 2016. The increase from Notes payable - related parties was related to the increase in the average outstanding balance during each period.

Change in Fair Value of Contingent Consideration

A portion of our investment in IPM consisted of contingent consideration based on IPM attaining specific EBITDA levels for 2017 and 2018. During the three months ended September 30, 2017, we reduced the contingent consideration liability by $748,000 based on the probability of IPM attaining specific EBITDA levels for 2017 and 2018.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. Net realized gains for the three months ended September 30, 2017 and 2016 were $9,938,000 and $8,716,000, respectively. Realized losses were $87,000 and $777,000 during the three months ended September 30, 2017 and 2016, respectively. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Net Realized Gains on SBA Non-Affiliate Investments
 Three Months Ended
 September 30, 2017 September 30, 2016
(in thousands)# of Debt Investments $ Amount # of Debt Investments $ Amount
SBA non-affiliate investments originated during the quarter122
 $103,635
 96
 $85,895
SBA guaranteed non-affiliate investments sold during the quarter117
 $68,461
 98
 $66,453
Realized gains recognized on sale of SBA guaranteed non-affiliate investments—
 $10,025
 —
 $9,489
Average sale price as a percent of principal balance (1)—
 112.31% —
 111.84%

(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.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments$1,151
 $(78) $1,229
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments(1,023) 1,418
 (2,441)
Net unrealized (depreciation) appreciation on controlled investments(500) 4,638
 (5,138)
Change in benefit (provision) for deferred taxes on unrealized (depreciation) appreciation on investments335
 (2,028) 2,363
Net unrealized loss in credits in lieu of cash and notes payable in credits in lieu of cash—
 (1) 1
Total net unrealized (depreciation) appreciation on investments$(37) $3,949
 $(3,986)

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 loans are sold.

For the three months ended September 30, 2017, net unrealized depreciation on SBA unguaranteed non-affiliate investments consisted of $303,000 and $720,000 of unrealized depreciation on performing and non-performing SBA unguaranteed non-affiliate investments, respectively.

For the three months ended September 30, 2016, net unrealized appreciation on SBA unguaranteed non-affiliate investments consisted of $1,852,000 of unrealized appreciation and $434,000 of unrealized depreciation on performing and non-performing SBA unguaranteed non-affiliate investments, respectively.

The change in unrealized appreciation (depreciation) on performing SBA unguaranteed non-affiliate investments related to an increase in the discount rate from 5.05% to 5.50% period over period.


Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$2,000
 $5,852
 $(3,852)
Newtek Technology Solutions, Inc.(1,500) (1,305) (195)
Premier Payments LLC—
 750
 (750)
CDS Business Services, Inc.2,000
 (700) 2,700
PMTWorks Payroll, LLC(1,000) (25) (975)
banc-serv Partners, LLC(2,000) —
 (2,000)
Titanium Asset Management LLC—
 66
 (66)
Total net unrealized (depreciation) appreciation on controlled investments$(500) $4,638
 $(5,138)

Unrealized appreciation related to our investment in UPSW was primarily related to a decrease in the weighted average cost of capital during the three months ended September 30, 2017. Unrealized appreciation related to our investment in NBCS was the result of continued growth in EBITDA.

Unrealized depreciation related to our investment in NTS was related to continued weak financial performance. During the three months ended September 30, 2017, we made a $1,000,000 debt investment in NPS. Due to NPS’ continued negative cash flows, we recorded an unrealized loss of $1,000,000 on our debt investment in NPS due to the unlikelihood of collection. During the three months ended September 30, 2017, the Company recorded a $2,000,000 unrealized loss on its investment in BSP to reflect the potential impact to the business and tradename as a result of the FBI investigation discussed in Note 8.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries 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, 2017, we recognized a benefit from deferred taxes of $335,000 related to unrealized depreciation of certain controlled portfolio company investments. During the three months ended September 30, 2016, we recognized a provision for deferred taxes of $2,028,000 related to unrealized appreciation of certain controlled portfolio company investments.
Comparison of the nine months ended September 30, 2017 and 2016
Investment Income
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Investment income:     
Interest income$13,689
 $7,655
 $6,034
Dividend income7,326
 7,719
 (393)
Servicing income5,163
 4,581
 582
Other income2,320
 1,913
 407
Total investment income$28,498
 $21,868
 $6,630
Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $220,367,000 from $182,637,000 for the nine months ended September 30, 2017 and 2016, respectively combined with an increase in the Prime Rate from 3.50% to 4.25%. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. In addition, during the nine months ended September 30, 2017, we recognized $1,493,000 of interest income related to accrued non-performing interest owed by two borrowers who paid their accrued interest balance in full.

Dividend Income
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$5,250
 $4,500
 $750
Premier Payments LLC1,200
 1,350
 (150)
Newtek Technology Solutions, Inc.—
 990
 (990)
International Professional Marketing, Inc.550
 —
 550
Small Business Lending, LLC100
 600
 (500)
banc-serv Partners, LLC—
 240
 (240)
CDS Business Services, Inc.200
 —
 200
The Secure CyberGateway, LLC26
 39
 (13)
Total dividend income$7,326
 $7,719
 $(393)

Dividend income decreased $393,000 period over period. During the nine months ended September 30, 2017, we earned $200,000 of dividend income from NBCS and $550,000 of dividend income from IPM, a new wholly-owned controlled portfolio company that we invested in on April 6, 2017. Dividend income earned from UPSW increased $750,000 period over period. These increases were offset by decreases in dividend income earned from NTS, SBL and BSP. Dividend income is dependent on portfolio company earnings. Current period dividend income may not be indicative of future period dividend income.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents NSBF originated servicing portfolio and servicing income earned for the nine months ended September 30, 2017 and 2016:
(in thousands):Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016  Change
Total NSBF originated servicing portfolio (1)
$1,127,760
 $902,604
 $225,156
Total servicing income earned$5,163
 $4,581
 $582
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $758,700,000 and $613,817,000 for the nine months ended September 30, 2017 and 2016, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $144,883,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from September 30, 2017 to September 30, 2016.
Other Income
Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA loans. The increase was related to an increase in legal and packaging fees earned as a result of the larger dollar volume of loans funded.

Expenses:
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Expenses:     
Salaries and benefits$14,407
 $10,638
 $3,769
Interest8,133
 5,804
 2,329
Depreciation and amortization292
 209
 83
Professional fees2,054
 2,519
 (465)
Origination and servicing4,086
 4,190
 (104)
Change in fair value of contingent consideration liabilities(748) —
 (748)
Other general and administrative costs5,239
 6,094
 (855)
Total expenses$33,463
 $29,454
 $4,009
Salaries and Benefits
Salaries and benefits increased $3,769,000 primarily due to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations. The increase in salaries and benefits was also related to a $678,000 increase in stock-based compensation expense period over period.
Interest Expense
The following is a summary of interest expense by facility for the nine months ended September 30, 2017 and 2016:
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Notes payable - Securitization trusts$4,096
 $2,808
 $1,288
Bank notes payable700
 840
 (140)
Notes due 2022530
 531
 (1)
Notes due 20212,372
 1,389
 983
Notes payable - related parties418
 196
 222
Other17
 40
��(23)
Total interest expense$8,133
 $5,804
 $2,329

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization trusts, 2021 Notes and Notes payable - related parties. The increase from Notes payable - Securitization trusts was the result of an additional securitization transaction completed in November 2016.

In April 2016, we issued $40,250,000 of 2021 Notes. During the nine months ended September 30, 2017, we incurred $2,372,000 of interest expense. During the nine months ended September 30, 2016, we incurred only a partial period worth of interest expense.

The increase from Notes payable - related parties was related to the increase in the average outstanding balance during each period.

Change in Fair Value of Contingent Consideration

A portion of our investment in IPM consisted of contingent consideration based on IPM attaining specific EBITDA levels for 2017 and 2018. During the nine months ended September 30, 2017, we reduced the contingent consideration liability by $748,000 based on the probability of IPM attaining specific EBITDA levels for 2017 and 2018.
Other General and Administrative Costs

Other general and administrative costs include managed IT services, marketing, rent and other costs. In April 2016, we moved our headquarters to Lake Success, New York and vacated our space in West Hempstead, New York. During the nine months ended September 30, 2016, we incurred a loss of $1,487,000 related to the remaining liabilities under the lease. No such expense was incurred during the nine months ended September 30, 2017. This was offset by $979,000 of bad debt expense related to amounts owed from a related party.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. Net realized gains for the nine months ended September 30, 2017 and 2016 were $27,537,000 and $22,536,000, respectively. Realized losses were $131,000 and $763,000 during the nine months ended September 30, 2017 and 2016, respectively. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Net Realized Gains on SBA Non-Affiliate Investments
 Nine Months Ended
 September 30, 2017 September 30, 2016
(in thousands)# of Debt Investments $ Amount # of Debt Investments $ Amount
SBA non-affiliate investments originated during the period324
 $262,804
 295
 $217,779
SBA guaranteed non-affiliate investments sold during the period322
 $189,349
 287
 $160,171
Realized gains recognized on sale of SBA guaranteed non-affiliate investments—
 $27,668
 —
 $23,280
Average sale price as a percent of principal balance (1)  112.21%   112.09%

(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.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Net unrealized appreciation on SBA guaranteed non-affiliate investments$1,201
 $690
 $511
Net unrealized appreciation on SBA unguaranteed non-affiliate investments238
 869
 (631)
Net unrealized (depreciation) appreciation on controlled investments(2,243) 10,362
 (12,605)
Change in benefit (provision) for deferred taxes on unrealized (depreciation) appreciation on investments745
 (4,469) 5,214
Net unrealized depreciation on non-control/non-affiliate investments—
 (43) 43
Net unrealized depreciation in credits in lieu of cash and notes payable in credits in lieu of cash—
 (2) 2
Total net unrealized (depreciation) appreciation on investments$(59) $7,407
 $(7,466)

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 SBA 7(a) loans are sold.


Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$3,000
 $9,552
 $(6,552)
Newtek Technology Solutions, Inc.(4,059) (1,305) (2,754)
Premier Payments LLC—
 3,997
 (3,997)
CDS Business Services, Inc.4,750
 (925) 5,675
PMTWorks Payroll, LLC(3,045) (25) (3,020)
banc-serv Partners, LLC(2,000) —
 (2,000)
Small Business Lending, LLC(800) (1,000) 200
The Secure CyberGateway, LLC—
 2
 (2)
Titanium Asset Management LLC(42) 66
 (108)
Excel WebSolutions, LLC(47) —
 (47)
Total net unrealized (depreciation) appreciation on controlled investments$(2,243) $10,362
 $(12,605)

Unrealized appreciation related to our investment in UPSW was related to an increase in EBITDA projections combined with a decrease in the discount rate during the nine months ended September 30, 2017. Unrealized appreciation related to our investment in NBCS was related to continued growth in its SBA 504 lending program and growth in its accounts receivable and inventory financing programs.

Unrealized depreciation related to our investment in NTS was related to weaker than projected financial performance. During the nine months ended September 30, 2017, we made an additional $1,000,000 debt investment in NPS. Due to NPS’ continued negative cash flows, we recorded an unrealized loss of $3,045,000 on our total investment in NPS. During the nine months ended September 30, 2017, the Company recorded a $2,000,000 unrealized loss on its investment in BSP to reflect the potential impact to the business and tradename as a result of the FBI investigation discussed in Note 8.


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, 2017, we recognized a benefit from deferred taxes of $745,000 related to unrealized depreciation of certain controlled portfolio company investments. During the nine months ended September 30, 2016, we recognized a provision for deferred taxes of $4,469,000 related to unrealized appreciation of certain controlled portfolio company investments.

Liquidity and Capital Resources
Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2021 Notes, 2022 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.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. During the nine months ended September 30, 2017, we sold 455,000 shares of our common stock at a weighted average price of $17.19 per share. Proceeds, net of offering costs and expenses were $7,666,000. The Company may offer up to an additional 2,445,000 shares of common stock under the ATM Equity Distribution Agreement as of September 30, 2017.

We intend to use the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies. Additionally, we may use net proceeds for general corporate purposes, which include funding investments, repaying any outstanding indebtedness, acquisitions and other general corporate purposes.

Equity Offerings

In January 2017 we completed a public offering of 2,250,000 shares of our common stock at a public offering price of $15.25 per share and an additional 337,500 shares of common stock at a public offering price of $15.25 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $37,042,000.

Debt Offerings

In April 2016, the Company and the Trustee, entered into the Second Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021. The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds. The 2021 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 2021 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 2021 Notes will mature on March 31, 2021 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 April 22, 2017, 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 2021 Notes bear interest at a rate of 7.0% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing on June 30, 2016, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.”

The Base Indenture, as supplemented by the Second Supplemental Indenture, 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)(1) of the 1940 Act, to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2021 Notes, and to provide financial information to the holders of the 2021 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 the First Supplemental Indenture. 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 2021 Notes may declare such 2021 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2017, the Company was in compliance with all covenants related to the 2021 Notes.

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 $8,324,000, 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. The 2022 Notes will mature on September 30, 2022 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 September 23, 2018, 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. Proceeds net of offering costs and expenses were $7,747,000.

The Base Indenture, as supplemented by the First Supplemental Indenture, 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)(1) of the 1940 Act, to comply with the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, and to provide financial information to the holders of the 2022 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 the Second Supplemental Indenture. 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 2022 Notes may declare such 2022 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2017, the Company is in compliance with all covenants related to the 2022 Notes.

Capital One Facilities

In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and provided a reduction in interest rates. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, is set at Prime minus 0.25% (previously Prime plus 1.00%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, is set at Prime plus 0.75% (previously Prime plus 1.875%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. 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 2015, NSBF amended the existing facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on the our ability to pay dividends to shareholders, as well as the release of the guarantees of our former subsidiaries (now treated as portfolio companies).

At September 30, 2017, we had $29,220,000 and $36,926,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At September 30, 2017, 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. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6% or at a rate equal to (y) the greater of the

Prime Rate or 3.5% plus (z) 5%. At September 30, 2017, the Related Party RLOC bears interest at a rate of 7.31%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings at September 30, 2017 were $20,541,000.

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.
In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56,073,000 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 $53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 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.

Share Repurchase Plan

On November 21, 2016 the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 200,000 of the Company’s outstanding common shares on the open market. This program terminated on May 21, 2017.

On May 11, 2016, the Company announced that its Board approved a share repurchase program under which the Company could repurchase up to 150,000 of the Company’s outstanding common shares on the open market. This program terminated on November 11, 2016.

During the nine months ended September 30, 2017, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000 as detailed in the table below. This program terminated on June 3, 2016.

Purchase dateNumber of Shares Purchased Price per Share Total
March 10, 201610
 $12.34
 $123
March 18, 201620
 12.45
 249
March 18, 201630
 12.48
 375
March 23, 201610
 11.88
 119
Total70
   $866

Note Repurchase Plan

The Company had a program which allowed it to repurchase up to 10%, or $832,400 in aggregate principal amount, of its 7.5% Notes due 2022 and up to 10%, or $4,025,000 in aggregate principal amount, of its 7.0% Notes due 2021 through open market purchases, including block purchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange Act. The program terminated on May 21, 2017. The Company did not make any repurchases under this program during the nine months ended September 30, 2017.
Cash Flows and Liquidity
As of September 30, 2017, the Company’s unused sources of liquidity consisted of $20,966,000 available through the Capital One facility; $13,159,000 available through notes payable with related parties; $3,915,000 in unrestricted cash and $9,000 in money market funds.


Restricted cash of $26,602,000 as of September 30, 2017 is primarily held in NSBF. The majority, or $25,851,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations, loan principal and interest collected which are due to loan participants and a reserve established as part of voluntary agreement with SBA.

The Company generated and used cash as follows:
(in thousands)Nine months ended September 30, 2017 Nine months ended September 30, 2016
Net cash used in operating activities$(76,139) $(23,048)
Net cash used in investing activities(345) (294)
Net cash provided by financing activities78,348
 21,752
Net increase (decrease) in cash and cash equivalents1,864
 (1,590)
Cash and cash equivalents, beginning of period2,051
 4,308
Cash and cash equivalents, end of period$3,915
 $2,718
During the nine months ended September 30, 2017, operating activities used cash of $76,139,000, consisting primarily of (i) an increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded but had not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at period end, (ii) $262,804,000 of SBA 7(a) loan investments (iii) $15,703,000 of advances to NBCS under a revolving line of credit (iv) $9,952,000 of cash paid in connection with our investment in IPM, (v) a $3,821,000 purchase of an SBA 7(a) loan from the SBA, (vi) a $3,255,000 non-control/non-affiliate investment and (vii) an increase in restricted cash of $4,585,000. These decreases were offset by (i) $217,016,000 of proceeds from the sale of SBA 7(a) investments and (ii) $35,914,000 of principal payments received consisting of $20,327,000 from SBA non-affiliate investments, $3,255,000 from non-control/non-affiliate investments and $12,332,000 from controlled investments, including $10,497,000 from NBCS.
Net cash provided by financing activities was $78,348,000 consisting primarily of (i) net proceeds $37,042,000 from the sale of 2,857,500 shares of common stock, (ii) net proceeds of $7,666,000 from the sale of 455,000 shares of common stock under the ATM Equity Distribution Agreement, (iii) net borrowings of $61,046,000 from our Capital One lines of credit and (iv) $19,141,000 of proceeds under the related party revolving line of credit. These increases were offset by (i) $20,836,000 of dividend payments and (ii) $23,414,000 of principal payments related to securitizations.
Contractual Obligations
The following chart represents the Company’s significant obligations and commitments as of September 30, 2017:
(in thousands)Payments due by period
Contractual ObligationsTotal Less than 1 year 1-3 years 3-5 years More than 5 years
Bank notes payable$66,146
 $36,926
 $29,220
 $—
 $—
Securitization notes payable (1)97,607
 —
  —
  —
 97,607
Notes due 2022 (1)8,324
 —
 —
 8,324
 —
Notes due 2021 (1)40,250
 —
 —
 40,250
 —
Notes payable - related parties20,541
 —
 —
 20,541
 —
Employment agreements600
 300
 300
 —
 —
Operating leases (2)12,565
 502
 3,153
 2,298
 6,612
Totals$246,033
 $37,728
  $32,673
  $71,413
 $104,219
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See Note 7.
(2) Minimum payments have not been reduced by minimum sublease rentals of $550,000 due in the future under non-cancelable subleases.

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.
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 20132014 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 three and nine months ended September 30, 2017 and 2016, 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 $5,240,000 and $5,983,000 at September 30, 2017 and December 31, 2016, respectively, and are recorded as a deferred tax

liabilities on the condensed 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 condensed consolidated statements of operations.

Investment Income

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

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 daily and recorded when earned. 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 condensed 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.

New Accounting Standards

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which requires that the statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods. Early adoption is permitted. The Company does not believe this ASU will have a material impact on its consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its consolidated statements of assets and liabilities.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which, among other things, requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the

instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the ASU changes the disclosure requirements for financial instruments. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted for certain provisions. The Company does not believe this ASU will have a material impact on its consolidated financial statements and disclosures.

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, 2017 December 31, 2016
  Cost Fair Value Cost Fair Value
Money market funds $9
 $9
 $35
 $35
Non-affiliate debt investments 286,769
 281,224
 230,950
 223,887
Controlled investments        
Equity 46,356
 128,020
 35,285
 116,919
Debt 12,535
 8,929
 5,716
 4,383
Total investments $345,669
 $418,182
 $271,986
 $345,224

In April 2017, the Company invested in 100% of the common stock of a new wholly-owned, controlled portfolio company, IPM. IPM provides consulting, design and implementation of technology solutions for enterprise and commercial clients. Total consideration for the investment was $11,120,000 and consisted of $1,000,000 in restricted shares of Newtek common stock, $8,752,000 in cash and $1,368,000 to be paid in cash in two equal installments in 2018 and 2019 based on IPM attaining specific EBITDA levels for 2017 and 2018. As of September 30, 2017, the fair value of the contingent consideration liabilities was $620,000 and is included in Accounts Payable, Accrued Expenses and other liabilities on the condensed consolidated statement of assets and liabilities.

During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed.
The following table shows the Company’s portfolio investments by industry at September 30, 2017 and December 31, 2016:

  September 30, 2017 December 31, 2016
  Cost Fair Value Cost Fair Value
Data processing, hosting and related services $29,583
 $103,605
 $29,010
 $107,180
Food Services and Drinking Places 28,314
 27,752
 21,941
 21,702
Amusement, Gambling, and Recreation Industries 19,452
 20,037
 18,486
 18,995
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 18,302
 19,966
 12,909
 12,649
Ambulatory Health Care Services 14,474
 13,645
 13,068
 11,976
Repair and Maintenance 12,990
 13,391
 12,066
 12,228
Professional, Scientific, and Technical Services 27,676
 27,171
 12,240
 11,582
Accommodation 10,566
 11,243
 9,455
 9,849
Specialty Trade Contractors 9,029
 8,712
 8,311
 7,595
Merchant Wholesalers, Durable Goods 6,404
 6,330
 6,211
 5,989
Truck Transportation 15,483
 14,615
 7,469
 6,938
Food and Beverage Stores 5,187
 5,160
 5,221
 5,194
Heavy and Civil Engineering Construction 4,530
 4,430
 4,328
 4,209
Fabricated Metal Product Manufacturing 11,113
 11,511
 5,922
 5,961
Administrative and Support Services 5,873
 5,268
 6,379
 5,727
Social Assistance 6,869
 7,013
 4,903
 4,905
Motor Vehicle and Parts Dealers 5,059
 5,156
 5,059
 5,051
Food Manufacturing 9,437
 7,507
 5,596
 4,873
Transit and Ground Passenger Transportation 3,482
 3,302
 1,836
 1,703
Clothing and Clothing Accessories Stores 3,600
 3,675
 4,221
 4,134
Personal and Laundry Services 10,333
 10,861
 4,255
 4,206
Gasoline Stations 6,136
 5,807
 5,938
 5,570
Printing and Related Support Activities 3,790
 3,495
 3,547
 3,183
Insurance Carriers and Related Activities 833
 3,366
 1,126
 3,631
Other 77,154
 75,164
 62,489
 60,194
Total $345,669
 $418,182
 $271,986
 $345,224

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 companies for the nine months ended September 30, 2017 were as follows:

Portfolio Company Fair Value at December 31, 2016 Purchases (Cost) Principal Received (Cost) Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at September 30, 2017 Interest and Other Income Dividend Income
Controlled Investments                
Universal Processing Services of Wisconsin, LLC $63,000
 $—
 $—
 $—
 $3,000
 $66,000
 $—
 $5,250
Premier Payments LLC 21,000
 —
 —
 —
 —
 21,000
 —
 1,200
Newtek Technology Solutions, Inc. 20,109
 —
 (50) —
 (4,059) 16,000
 —
 —
International Professional Marketing, Inc. (1) —
 10,000
 (1,000) —
 —
 9,000
 6
 550
banc-serv Partners, LLC 5,400
 —
 —
 —
 (2,000) 3,400
 —
 —
CDS Business Services, Inc. 3,440
 15,703
 (10,498) —
 4,750
 13,395
 376
 200
Small Business Lending, LLC 3,300
 —
 —
 —
 (800) 2,500
 —
 100
Newtek Insurance Agency, LLC 2,500
 —
 —
 —
 —
 2,500
 —
 —
PMTWorks Payroll, LLC 2,045
 1,000
 —
 —
 (3,045) —
 —
 —
Titanium Asset Management LLC 508
 —
 (466) —
 (42) —
 6
 —
Excel WebSolutions, LLC 904
 —
 (368) —
 (47) 489
 56
 —
SIDCO, LLC —
 2,665
 —
 —
 —
 2,665
 2
 —
Summit Systems and Designs, LLC —
 —
 —
 —
 —
 —
 54
 —
Secure CyberGateway Services, LLC —
 —
 —
 —
 —
 —
 10
 26
Total Controlled Investments $122,206
 $29,368
 $(12,382) $—
 $(2,243) $136,949
 $510
 $7,326

(1) Refer to Note 3 for discussion of investment in IPM.

Prior to January 2017, EWS was a non-control/non-affiliate investment. During the nine months ended September 30, 2017, the Company exercised warrants to purchase a 50% membership interest in EWS. Interest, fees, and dividends attributable to the investment in EWS that were credited to income prior to January 2017 are included in investment income from non-affiliate investments on the condensed consolidated statements of operations.

During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.

Related Party Transactions

Note Payable - Related Parties

In June 2015, the Company entered into a Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6% or at a rate equal to (y) the greater of the Prime Rate or 3.5% plus (z) 5%. At September 30, 2017, the Related Party RLOC bears interest at a rate of 7.31%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings from UPSW and NTS at September 30, 2017 were $20,541,000.
Interest expense incurred under the Related Party RLOC for the three months ended September 30, 2017 and 2016 was $378,000 and $19,000, respectively. Interest expense incurred under the Related Party RLOC for the nine months ended September 30, 2017 and 2016 was $418,000 and $196,000, respectively.


Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, loan processing and closing expenses from various related parties and payroll processing fees from NPS.
  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Managed technology services $186
 $297
 $656
 $747
Loan related processing and auditing fees 101
 6
 139
 21
Referral fees 54
 8
 82
 8
Payroll processing 10
 9
 29
 26
Total $351
 $320
 906
 802

Beginning in April 2016, the Company began sub-leasing portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:

Portfolio Company Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Universal Processing Services of Wisconsin, LLC $39
 $6
 $110
 $17
Small Business Lending, LLC 19
 34
 61
 76
Newtek Insurance Agency, LLC 23
 23
 63
 31
CDS Business Services, Inc. 15
 25
 47
 59
Premier Payments LLC 10
 19
 35
 40
PMTWorks Payroll, LLC 12
 8
 37
 19
Titanium Asset Management LLC 6
 —
 13
 —
Total $124
 $115
 $366
 $242

Amounts due from related parties were $2,553,000 and $3,748,000 at September 30, 2017 and December 31, 2016, respectively. Amounts due to related parties were $812,000 and $1,227,000 at September 30, 2017 and December 31, 2016, 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. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature and are charged at an arm’s length basis. The table below summarizes amounts charged to each controlled portfolio company for the three and nine months ended September 30, 2017 and 2016. The amounts are recorded as a credit to salaries and benefits in the condensed consolidated statements of operations.


Portfolio Company Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Universal Processing Services of Wisconsin, LLC $101
 $112
 $314
 $347
Newtek Technology Solutions, Inc. 138
 160
 407
 519
Newtek Insurance Agency, LLC 57
 52
 161
 187
Small Business Lending, LLC 85
 108
 279
 427
Premier Payments LLC 38
 56
 135
 142
International Professional Marketing, Inc. 33
 —
 52
 —
banc-serv Partners, LLC 52
 58
 150
 58
CDS Business Services, Inc. 9
 —
 19
 —
SIDCO, LLC 20
 —
 35
 —
Summit Systems and Designs, LLC —
 5
 10
 15
Secure CyberGateway Services, LLC —
 —
 2
 —
PMTWorks Payroll, LLC 18
 26
 63
 79
Total $551
 $577
 $1,627
 $1,774

NOTE 5—SERVICING ASSETS:
At September 30, 2017 and December 31, 2016, 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.
The following table summarizes the fair value and valuation assumptions related to servicing assets at September 30, 2017 and December 31, 2016:
 September 30, 2017 December 31, 2016
Fair Value$19,092
 $16,246
Discount factor (1)12.20% 12.03%
Cumulative prepayment rate18.50% 15.50%
Average cumulative default rate20.00% 20.00%
(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the three months ended September 30, 2017 and 2016 was $1,794,000 and $1,551,000, respectively. Servicing fee income earned for the nine months ended September 30, 2017 and 2016 was $5,163,000 and $4,581,000, 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). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:

Level 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, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the nine months ended September 30, 2017 or 2016. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, 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. 

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.

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, 2017 and December 31, 2016:
 Fair Value Measurements at September 30, 2017 Using:
 Total Level 1 Level 2 Level 3
Assets:       
Investments in money market funds$9
 $9
 $—
 $—
SBA unguaranteed non-affiliate investments257,136
 —
 —
 257,136
SBA guaranteed non-affiliate investments24,088
 —
 24,088
 —
Controlled investments136,949
 —
 —
 136,949
Other real estate owned (1)890
 —
 890
 —
Servicing assets19,092
 —
 —
 19,092
Total assets$438,164
 $9
 $24,978
 $413,177
Liabilities:       
Contingent consideration liabilities (2)$620
 $—
 $—
 $620

(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

(2) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities. Refer to Note 3.

The change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at September 30, 2017 includes $238,000 in unrealized appreciation on SBA unguaranteed non-affiliate investments, $2,243,000 in unrealized depreciation on controlled investments and $1,601,000 in unrealized depreciation on servicing assets.

 Fair Value Measurements at December 31, 2016 Using:
 Total Level 1 Level 2 Level 3
Assets:       
Investments in money market funds$35
 $35
 $—
 $—
SBA unguaranteed non-affiliate investments211,471
 —
 —
 211,471
SBA guaranteed non-affiliate investments11,512
 —
 11,512
 —
Controlled investments121,302
 —
 —
 121,302
Other real estate owned (1)875
 —
 875
 —
Non-control/Non-affiliate investments904
 —
 —
 904
Servicing assets16,246
 —
 —
 16,246
Total assets$362,345
 $35
 $12,387
 $349,923

(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

The following table represents the changes in investments and servicing assets measured at fair value using Level 3 inputs for the nine months ended September 30, 2017 and 2016:


 Nine Months Ended September 30, 2017
 SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control/Non-Affiliate Investments Contingent Consideration Liabilities
Fair value, December 31, 2016$211,471
 $121,302
 $16,246
 $904
 $—
Net change in unrealized appreciation (depreciation)238
 (2,243) (1,601) —
  
Realized loss(131) —
 —
 —
 —
SBA unguaranteed non-affiliate investments, funded62,185
 —
 —
 —
 —
Foreclosed real estate acquired(212) —
 —
 —
 —
Purchase of investments—
 29,366
 —
 3,255
 —
Purchase of loan from SBA3,821
 —
 —
 —
 —
Transfer of Excel WebSolutions, LLC from Non-control/Non-affiliate to Controlled Investments—
 904
 —
 (904) —
Record fair value of contingent consideration liabilities—
 —
 —
 —
 1,368
Change in fair value of contingent consideration liabilities—
 —
 —
 —
 (748)
Purchase of loan portfolio175
 —
 —
 —
 —
Net accretion of premium/discount19
 —
 —
 —
 —
Return of investment—
 (50) —
 —
 —
Principal payments received on debt investments(20,430) (12,330) —
 (3,255) —
Additions to servicing assets—
 —
 4,447
 —
 —
Fair value, September 30, 2017$257,136
 $136,949
 $19,092
 $—
 $620

 Nine Months Ended September 30, 2016
 SBA Unguaranteed Investments Controlled Investments Non-Control/Non-Affiliate Investments Servicing Assets
Fair value, December 31, 2015$158,355
 $104,376
 $1,824
 $13,042
Net change in unrealized appreciation (depreciation)869
 10,362
 (43) (1,341)
Realized loss(763) —
 —
 —
SBA unguaranteed non-affiliate investments, funded51,567
 —
 —
 —
Foreclosed real estate acquired(387) —
 —
 —
Purchase of investments—
 6,275
 1,020
 —
Transfer from due from related parties—
 435
 —
 —
Transfer of Titanium Asset Management LLC from Non-control/Non-affiliate to Controlled Investments—
 1,146
 (1,146) —
Purchase of loan from SBA2,057
 —
 —
 —
Principal payments received on debt investments(15,074) (2,174) (635) —
Additions to servicing assets—
 —
 —
 3,918
Fair value, September 30, 2016$196,624
 $120,420
 $1,020
 $15,619

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2017 and December 31, 2016. In addition to the techniques and 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, 2017 and December 31, 2016.


          Range
  Fair Value as of September 30, 2017 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:            
SBA unguaranteed non-affiliate investments - performing loans $247,347
 Discounted cash flow Market yields 5.50% 5.50% 5.50%
SBA unguaranteed non-affiliate investments - non-performing loans $9,789
 Discounted cash flow Market yields 5.53% 5.53% 5.53%
Controlled equity investments (A)(B) $128,020
 Market comparable companies EBITDA multiples (B) 5.80x
 3.50x
 6.62x
    Market comparable companies Revenue multiples (B) 1.11x
 0.22x
 2.49x
    Discounted cash flow Weighted average cost of capital (B) 12.68% 10.30% 22.50%
Controlled debt investments $8,441
 Discounted cash flow Market yields 6.62% 4.75% 10.00%
  $488
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $19,092
 Discounted cash flow Market yields 12.20% 12.20% 12.20%
Contingent consideration liabilities $620
 Discounted cash flow Projected EBITDA and probability of achievement N/A
 N/A
 N/A

(A) In determining the fair value of the Company’s controlled equity investments as of September 30, 2017, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 45.5% and 54.5%, respectively, on a weighted average basis.

(B) The Company valued $116,620,000 of investments using an equal weighting of EBITDA and revenue multiples and none of its investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $11,400,000 of investments using only discounted cash flows.


          Range
  Fair Value as of December 31, 2016 Valuation Techniques Unobservable Input Weighted Average Minimum Maximum
Assets:            
SBA unguaranteed non-affiliate investments - performing loans $202,887
 Discounted cash flow Market yields 5.50% 5.50% 5.50%
SBA unguaranteed non-affiliate investments - non-performing loans $8,584
 Discounted cash flow Market yields 6.19% 6.19% 6.19%
Controlled equity investments (A)(B) $116,919
 Market comparable companies EBITDA multiples (B) 6.10x
 3.01x
 6.99x
    Market comparable companies Revenue multiples (B) 1.21x
 0.62x
 3.08x
    Discounted cash flow Weighted average cost of capital (B) 12.57% 11.00% 15.30%
Controlled debt investments $3,875
 Discounted cash flow Market yields 7.05% 5.75% 10.00%
  $508
 Liquidation value Asset value N/A
 N/A
 N/A
Non-control/non-affiliate debt investments $904
 Liquidation value Asset value N/A
 N/A
 N/A
Servicing assets $16,246
 Discounted cash flow Market yields 12.20% 12.20% 12.20%

(A) In determining the fair value of the Company’s controlled equity investments as of December 31, 2016, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 46.1% and 53.9%, respectively, on a weighted average basis.

(B) The Company valued $106,609,000 of investments using an equal weighting of EBITDA and revenue multiples and $860,000 of investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $9,450,000 of investments using only discounted cash flows.
NOTE 7—BORROWINGS:

At September 30, 2017 and December 31, 2016, the Company had borrowings comprised of the following:
 September 30, 2017 December 31, 2016
 Commitments Borrowings Outstanding Weighted Average Interest Rate Commitments Borrowings Outstanding Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)
$100,000
 $36,926
 4.00% $50,000
 $5,100
 4.50%
Capital One line of credit - unguaranteed (1)
—
 29,220
 5.00% —
 —
 —%
Notes due 202140,250
 39,027
 7.00% 40,250
 38,767
 7.00%
Notes due 20228,324
 7,915
 7.50% 8,324
 7,853
 7.50%
Notes payable - related parties50,000
 20,541
 7.31% 38,000
 1,400
 7.67%
Notes payable - Securitization trusts97,607
 95,376
 4.41% 120,945
 118,122
 3.79%
Total$296,181
 $229,005
 5.23% $257,519
 $171,242
 4.75%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit are $100,000,000 at September 30, 2017 and $50,000,000 December 31, 2016.


Outstanding borrowings under the Notes due 2022, Notes due 2021 and Notes payable - Securitization trusts consisted of the following:

 September 30, 2017 December 31, 2016
 Notes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts Notes Due 2022 Notes Due 2021 Notes Payable- Securitization Trusts
Principal$8,324
 $40,250
 $97,607
 $8,324
 $40,250
 $120,945
Unamortized deferred financing costs(409) (1,223) (2,231) (471) (1,483) (2,823)
Net carrying amount$7,915
 $39,027
 $95,376
 $7,853
 $38,767
 $118,122


At September 30, 2017 and December 31, 2016, 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 value of the fixed rate Notes due 2022 and Notes due 2021 is based on the closing public share price on the date of measurement. On September 30, 2017, the closing price of the Notes due 2022 was $26.36 per note, or $8,777,000. On September 30, 2017, the closing price of the Notes due 2021 was $25.50 per note, or $41,055,000. These borrowings are not recorded at fair value on a recurring basis.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended September 30, 2017 and 2016 was $2,981,000 and $2,328,000, respectively. Total interest expense for the nine months ended September 30, 2017 and 2016 on all Company borrowings was $8,118,000 and $5,764,000, respectively.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters

From time to time, the Company may be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect that any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on its financial condition or results of operations in any future reporting period.

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $15,000,000. The Sterling Receivable and Inventory Facility matures in February 2018. At September 30, 2017, total principal owed by NBCS was $10,041,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At September 30, 2017, total principal owed by NBCS was $2,609,000. At September 30, 2017, 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 Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At September 30, 2017, total principal outstanding was $40,000,000. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.


NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

  Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Per share data (1)    
Net asset value at beginning of period $14.30
 $14.06
Net investment loss (0.29) (0.52)
Net realized gain 1.61
 1.55
Net unrealized (depreciation) appreciation on investments (0.05) 0.82
Net unrealized depreciation on servicing assets (0.09) (0.09)
Change in provision for deferred taxes 0.04
 (0.31)
Net increase in net assets 1.22
 1.45
Dividends to common stockholders from net investment income (0.36) —
Distributions to common stockholders from capital gains (0.84) (1.13)
Total dividends paid (1.20) (1.13)
Stock-based compensation expense 0.05
 0.02
Consolidation of Exponential Business Development Co., Inc. —
 (0.03)
Accretive effect of stock offerings (issuing shares above NAV per share) 0.05
 —
Accretive effect of shares issued in connection with investments (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) (0.01) —
Impact of restricted stock awards —
 (0.11)
Other (5) (0.02) —
Net asset value at end of period $14.40
 $14.26
     
Per share market value at end of period $17.82
 $14.26
Total return based on market value (3) 19.62 % 10.27 %
Total return based on average net asset value (2)(3)(4) 12.12 % 12.61 %
Shares outstanding at end of period (in thousands) 17,750
 14,594
     
Ratios/Supplemental Data:    
Net assets at end of period $255,612
 $208,172
Ratio of expenses to average net assets (2) 19.2 % 19.06 %
Ratio of net investment loss to average net assets (2.85)% (3.68)%
Portfolio turnover 81.49 % 89.03 %
Average debt outstanding $200,124
 $154,640
Average debt outstanding per share $11.27
 $10.60
Asset coverage ratio 212 % 217 %


(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) Annualized.
(3) Assumes dividends are reinvested.
(4) Total return based on average net asset value was calculated using the sum of ending net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(5) 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.

NOTE 10—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 or two 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, 2017.

Restricted stock authorized under the plan (1)1,500,000
Less restricted stock granted during:
Year ended December 31, 2016(120,933)
Nine months ended September 30, 2017(5,007)
Restricted stock available for issuance as of September 30, 20171,374,060

(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3,000,000 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.

For the three months ended September 30, 2017 and 2016, the Company recognized total stock-based compensation expense of $152,000 and $226,000, respectively. For the nine months ended September 30, 2017 and 2016, the Company recognized total stock-based compensation expense of $904,000 and $226,000, respectively.

As of September 30, 2017, there was $276,000 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 1.49 years as of September 30, 2017.

NOTE 11—COMMON STOCK:

The following table summarizes the total shares issued and proceeds received net of underwriting and offering costs in public offerings of the Company’s common stock since conversion to a BDC:


    Year Ended
  Nine Months Ended September 30, 2017 December 31, 2016 December 31, 2015 December 31, 2014
Shares issued 2,587,500
 —
 2,300,000
 2,530,000
Offering price per share $15.25
 $—
 $16.50
 $12.50
Proceeds net of underwriting discounts and offering costs $37,042
 $—
 $35,290
 $27,883

In January 2017 the Company priced a public offering of 2,250,000 shares of its common stock at a public offering price of $15.25 per share. The Company also sold an additional 337,500 shares of its common stock at a public offering price of $15.25 per share pursuant to the underwriter’s full exercise of the over-allotment option.

ATM Program

On March 20, 2017, the Company entered into an ATM Equity Distribution Agreement. The ATM Equity Distribution Agreement provides that the Company may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. On September 6, 2017, the Company entered into an amended ATM Equity Distribution Agreement for the purpose of adding D.A. Davidson as placement agent. During the nine months ended September 30, 2017, the Company sold 455,000 shares of its common stock at a weighted average price of $17.19 per share. Proceeds, net of offering costs and expenses were $7,666,000. As of September 30, 2017, there were 20,000 shares traded that had not settled and are not included in shares issued and outstanding on the face of the condensed consolidated balance sheet, but are included in the weighted average share outstanding in the condensed consolidated statement of operations and in the shares used to calculate net asset value per share. As of September 30, 2017, there were 2,445,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.

Investment in IPM

In connection with its investment in IPM, the Company issued 60,490 restricted common shares valued at $1,000,000.

Share Repurchase Plan

On November 21, 2016 the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 200,000 of the Company’s outstanding common shares on the open market. This program terminated on May 21, 2017.

On May 11, 2016, the Company announced that its Board approved a share repurchase program under which the Company could repurchase up to 150,000 of the Company’s outstanding common shares on the open market. This program terminated on November 11, 2016.

During the nine months ended September 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for $866,000 as detailed in the table below. This program terminated on June 3, 2016

Purchase date Number of Shares Purchased Price per Share Total
March 10, 2016 10
 $12.34
 $123
March 18, 2016 20
 $12.45
 249
March 18, 2016 30
 $12.48
 375
March 23, 2016 10
 $11.88
 119
Total 70
   $866

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets per common share for the three and nine months ended September 30, 2017 and 2016:
  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Net increase in net assets $8,077
 $10,040
 $20,912
 $21,016
Weighted average shares outstanding 17,487
 14,556
 17,076
 14,515
Net increase in net assets per common share $0.46
 $0.69
 $1.22
 $1.45

NOTE 13—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, 2017 and 2016.

Date Declared Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP Shares Value
September 30, 2017            
March 6, 2017 March 20, 2017 March 31, 2017 $0.36
 $6,062
 6
 $89
May 4, 2017 May 31, 2017 June 30, 2017 $0.40
 $6,804
 7
 $112
August 21, 2017 September 22, 2017 September 29, 2017 $0.44
 $7,585
 11
 $184
             
September 30, 2016            
February 25, 2016 March 22, 2016 March 31, 2016 $0.35
 $4,708
 29
 $362
June 9, 2016 June 20, 2016 June 30, 2016 $0.35
 $4,985
 7
 $83
September 7, 2016 September 20, 2016 September 30, 2016 $0.43
 $6,152
 6
 $77

During the nine months ended September 30, 2017, an additional 6,591 shares valued at $110,000 were issued related to dividends from unvested restricted stock awards.
NOTE 14—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 company that is 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 as of September 30, 2017 and 2016.

Universal Processing Services of Wisconsin, LLC

UPSW markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment.


The summarized financial information of our unconsolidated subsidiary is as follows:
Balance Sheets - Universal Processing Services of Wisconsin, LLC As of September 30, 2017 As of December 31, 2016
Current assets $8,014
 $11,522
Noncurrent assets 19,265
 4,907
Total assets $27,279
 $16,429
Current liabilities 3,500
 5,619
Noncurrent liabilities 30,499
 16,432
Total liabilities $33,999
 $22,051
Total deficit $(6,720) $(5,622)
Statements of Income - Universal Processing Services of Wisconsin, LLC Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Revenue $27,119
 $26,466
 $82,879
 $76,947
Expenses 24,925
 24,553
 76,559
 71,410
Income from operations $2,194
 $1,913
 $6,320
 $5,537
Interest (expense) income, net (328) (384) (1,115) (1,048)
Income before tax $1,866
 $1,529
 $5,205
 $4,489

The Company recorded the following related to its investment in UPSW:

  Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016
Dividend income $1,750
 $1,700
 $5,250
 $4,500
Unrealized appreciation $2,000
 $5,900
 $3,000
 $9,600


NOTE 15—SUBSEQUENT EVENTS:

Portfolio Company Developments

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.

On October 24, 2017, the Company invested in 100% of the membership interests of a new wholly-owned, controlled portfolio company, United Capital Source, LLC (“UCS”), which is a lead generator for commercial financing companies. Total consideration paid by the Company was $3,050,000 and consisted of $500,000 in restricted shares of Newtek common stock and $1,950,000 in cash, with the $600,000 balance to be paid in cash and Newtek common stock, in two equal installments in 2018 and 2019 based on UCS attaining specific EBITDA targets for 2019 and 2020.

Common Stock

From October 1, 2017 through November 6, 2017 the Company sold 245,746 shares of its common stock at a weighted average price of $17.54 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $4,223,000. As of November 6, 2017, there were 2,199,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.



Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Nine Months Ended September 30, 2017

Portfolio Company Type of Investment (1) Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income (3) Fair Value at December 31, 2016 Gross Additions (4) Gross Reductions (5) Fair Value at September 30, 2017
Advanced Cyber Security Systems, LLC 50% Membership Interest (2) $—
 $—
 $—
 $—
 $—
 $—
 $—
  Term Loan (3%) (2) —
 —
 —
 —
 —
 —
 —
                 
Automated Merchant Services, Inc. 100% Common Stock (2) —
 —
 —
 —
 —
 —
 —
                 
CDS Business Services, Inc. 100% Common Stock —
 4,750
 200
 750
 4,750
 —
 5,500
  Line of Credit (Prime + 2.5%) (6) —
 —
 376
 2,690
 15,703
 (10,498) 7,895
                 
Newtek Technology Solutions, Inc. 100% Common Stock —
 (4,059) —
 20,109
 —
 (4,109) 16,000
                 
Fortress Data Management, LLC 100% Membership Interest (2) —
 —
 —
 —
 —
 —
 —
                 
Newtek Insurance Agency, LLC 100% Membership Interest (2) —
 —
 —
 2,500
 —
 —
 2,500
                 
PMTWorks Payroll, LLC 100% Membership Interest (2) —
 (860) —
 860
 —
 (860) —
  Term Loans (10%-12%) (2) —
 (2,185) —
 1,185
 1,000
 (2,185) —
                 
Secure CyberGateway Services, LLC 66.7% Membership Interest —
 —
 26
 —
 —
 —
 —
  Term Loan (7%) —
 —
 10
 —
 —
 —
 —
                 
Premier Payments LLC 100% Membership Interest —
 —
 1,200
 21,000
 —
 —
 21,000
                 
Small Business Lending, LLC 100% Membership Interest —
 (800) 100
 3,300
 —
 (800) 2,500

Portfolio Company Type of Investment (1) Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income (3) Fair Value at December 31, 2016 Gross Additions (4) Gross Reductions (5) Fair Value at September 30, 2017
                 
banc-serv Partners, LLC 100% Membership Interest —
 (2,000) —
 5,400
 —
 (2,000) 3,400
                 
International Professional Marketing, Inc. (8) 100% Common Stock —
 —
 550
 —
 8,800
 —
 8,800
  Line of Credit (Prime + 0.5%) (6) —
 —
 6
 —
 1,200
 (1,000) 200
                 
SIDCO, LLC (8) 100% Membership Interest (2) —
 —
 —
 —
 2,320
 —
 2,320
  Line of Credit (Prime + 0.5%) (6) —
 —
 2
 —
 345
 —
 345
                 
Excel WebSolutions LLC (7) Term Loans (10%) —
 (47) 56
 904
 —
 (415) 489
  50% Membership Interest (2) —
 —
 —
 —
 —
 —
 —
                 
Titanium Asset Management, LLC 100% Membership Interest (2) —
 (42) —
 —
 —
 —
 —
  Term Loans (3%) (2) —
 —
 6
 508
 —
 (508) —
                 
Summit Systems and Designs, LLC 100% Membership Interest (2) —
 —
 54
 —
 —
 —
 —
                 
Universal Processing Services of Wisconsin, LLC 100% Membership Interest —
 3,000
 5,250
 63,000
 3,000
 —
 66,000
                 
Total Controlled Investments   $—
 $(2,243) $7,836
 $122,206
 $37,118
 $(22,375) $136,949

This schedule should be read in connection with the Company’s Condensed Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Condensed 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 includes 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 includes 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, 2017, the Prime rate was 4.25%.
(7) Prior to January 2017, EWS was a non-control/non-affiliate investment. Refer to Note 4.
(8) During the three months ended September 30, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $8,800,000 and $2,320,000, respectively. Refer to Note 3.

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, 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;
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;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments;
our regulatory structure and tax status;
our ability to operate as a BDC and a RIC;
our ability to maintain our license under the SBA 7(a) program;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
the timing, form and amount of any dividend distributions;
the impact of fluctuations in interest rates on our business;
the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
our ability to recover unrealized losses.

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 13, 2017 and under “Forward-Looking Statements” of this Item 2.
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 products to SMBs. Newtek's products and services include: Business Lending, including the SBA’s 7(a) and 504 lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, The Secure Gateway, The Newtek Advantage®, personal and commercial Insurance Services, Web Services, Data Backup, Store 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 U.S 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 than the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.



We consolidate the following wholly-owned subsidiaries:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
The Whitestone Group, LLC
Wilshire Colorado Partners, 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 New York Partners IV, LLC
Wilshire New York Partners V, LLC
Wilshire Partners, LLC
CCC Real Estate Holdings, LLC
Banc-Serv Acquisition, Inc.
Exponential Business Development Co., Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, 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 in our 2015 tax year ended December 31, 2015. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. 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) program.

Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF has been granted PLP status and originates, sells and services SBA 7(a) small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, 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 could adversely impact our marketing efforts and ultimately our loan origination volume which could 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 small business finance platform and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our small business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of 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.

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 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 immediate 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. 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.

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 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.

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 condensed consolidated statements of operations.

Expenses

Our primary operating expenses are salaries and benefits, interest expense and other general and administrative costs, such as professional fees, marketing, loan related 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 NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $15,000,000. The Sterling Receivable and Inventory Facility matures in February 2018. At September 30, 2017, total principal owed by NBCS was $10,041,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At September 30, 2017, total principal owed by NBCS was $2,609,000. At September 30, 2017, 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 Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At September 30, 2017, total principal outstanding was $40,000,000. At September 30, 2017, the Company determined that it is not probable that payments would be required to be made under the guarantee.


Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Business Type        
Business Type # of Loans  Balance Average Balance % of Balance
Existing Business 1,139
 $216,247
 $190
 81.6%
Business Acquisition 182
 35,237
 194
 13.3%
Start-Up Business 134
 13,648
 102
 5.1%
Total 1,455
 $265,132
 $182
 100.0%
As of December 31, 2016
Distribution by Business Type        
Business Type # of Loans Balance Average Balance % of Balance
Existing Business 921
 $177,430
 $193
 80.7%
Business Acquisition 169
 30,454
 180
 13.9%
Start-Up Business 138
 11,900
 86
 5.4%
Total 1,228
 $219,784
 $179
 100.0%
The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Borrower Credit Score        
Credit Score # of Loans  Balance Average Balance % of Balance
500 to 550 17
 $2,657
 $156
 1.0%
551 to 600 45
 10,021
 223
 3.8%
601 to 650 209
 41,938
 201
 15.8%
651 to 700 429
 82,185
 192
 31.0%
701 to 750 433
 78,979
 182
 29.8%
751 to 800 271
 43,835
 162
 16.5%
801 to 850 41
 3,740
 91
 1.4%
Not available 10
 1,777
 178
 0.7%
Total 1,455
 $265,132
 $182
 100.0%

As of December 31, 2016
Distribution by Borrower Credit Score        
Credit Score # of Loans  Balance Average Balance % of Balance
500 to 550 17
 $2,036
 $120
 0.9%
551 to 600 38
 6,748
 178
 3.1%
601 to 650 160
 32,912
 206
 15.0%
651 to 700 344
 64,923
 189
 29.5%
701 to 750 372
 67,006
 180
 30.5%
751 to 800 250
 39,600
 158
 18.0%
801 to 850 40
 4,124
 103
 1.9%
Not available 7
 2,435
 348
 1.1%
Total 1,228
 $219,784
 $179
 100.0%
The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Primary Collateral Type        
Collateral Type # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 704
 $157,940
 $224
 59.6%
Machinery and Equipment 227
 43,374
 191
 16.4%
Residential Real Estate 307
 25,255
 82
 9.5%
Other 60
 21,693
 362
 8.2%
Accounts Receivable and Inventory 103
 13,359
 130
 5.0%
Liquid Assets 13
 645
 50
 0.2%
Furniture and Fixtures 12
 1,822
 152
 0.7%
Unsecured 29
 1,044
 36
 0.4%
Total 1,455
 $265,132
 $182
 100.0%
As of December 31, 2016
Distribution by Primary Collateral Type        
Collateral Type # of Loans  Balance Average Balance % of Balance
Commercial Real Estate 589
 $133,263
 $226
 60.6%
Machinery and Equipment 201
 37,426
 186
 17.0%
Residential Real Estate 264
 21,211
 80
 9.7%
Other 45
 13,822
 307
 6.3%
Accounts Receivable and Inventory 80
 12,075
 151
 5.5%
Liquid Assets 15
 667
 44
 0.3%
Unsecured 23
 883
 38
 0.4%
Furniture and Fixtures 11
 437
 40
 0.2%
Total 1,228
 $219,784
 $179
 100.0%

The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at September 30, 2017 and December 31, 2016, respectively (in thousands):
As of September 30, 2017
Distribution by Days Delinquent        
Delinquency Status # of Loans  Balance Average Balance % of Balance
Current 1,289
 $226,704
 $176
 85.5%
1 to 30 days 54
 13,126
 243
 5.0%
31 to 60 days 23
 5,058
 220
 1.9%
61 to 90 days —
 —
 —
 —%
91 days or greater 89
 20,244
 227
 7.6%
Total 1,455
 $265,132
 $182
 100.0%
As of December 31, 2016
Distribution by Days Delinquent        
Delinquency Status # of Loans  Balance Average Balance % of Balance
Current 1,119
 $199,170
 $178
 90.6%
1 to 30 days 35
 3,680
 105
 1.7%
31 to 60 days 7
 1,570
 224
 0.7%
61 to 90 days —
 —
 —
 —%
91 days or greater 67
 15,364
 229
 7.0%
Total 1,228
 $219,784
 $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, 2017 and 2016
Investment Income
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Investment income:     
Interest income$4,551
 $2,675
 $1,876
Dividend income2,551
 2,933
 (382)
Servicing income1,794
 1,551
 243
Other income705
 692
 13
Total investment income$9,601
 $7,851
 $1,750
Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $233,535,000 from $196,481,000 for the three months ended September 30, 2017 and 2016, respectively, combined with an increase in the Prime Rate from 3.50% to 4.25%. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.

Dividend Income
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$1,750
 $1,700
 $50
Premier Payments LLC375
 450
 (75)
Newtek Technology Solutions, Inc.—
 330
 (330)
International Professional Marketing, Inc.200
 —
 200
Small Business Lending, LLC—
 200
 (200)
banc-serv Partners, LLC—
 240
 (240)
CDS Business Services, Inc.200
 —
 200
The Secure CyberGateway, LLC26
 13
 13
Total dividend income$2,551
 $2,933
 $(382)

Dividend income decreased $382,000 period over period. During the three months ended September 30, 2017, we earned $200,000 of dividend income from NBCS, as compared to zero during the three months ended September 30, 2016. We also earned $200,000 of dividend income from IPM, a new wholly-owned controlled portfolio company that we invested in on April 6, 2017. These increases were offset by decreases in dividend income earned from NTS, SBL and BSP. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.
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, 2017 and 2016:
(in thousands):Three Months Ended September 30, 2017 Three Months Ended September 30, 2016  Change
Total NSBF originated servicing portfolio (1)
$1,127,760
 $902,604
 $225,156
Total servicing income earned$1,794
 $1,551
 $243
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $791,536,000 and $645,906,000 for the three months ended September 30, 2017 and 2016, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $145,630,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from September 30, 2017 to September 30, 2016.
Other Income
Other income relates primarily to legal, packaging, and late fees earned from the origination of SBA 7(a) loans. The $13,000 increase period over period was related to an increase in legal and packaging fees earned.

Expenses:
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Expenses:     
Salaries and benefits$4,776
 $3,665
 $1,111
Interest2,986
 2,341
 645
Depreciation and amortization107
 84
 23
Professional fees605
 807
 (202)
Origination and servicing1,433
 1,537
 (104)
Change in fair value of contingent consideration liabilities(748) —
 (748)
Other general and administrative costs1,634
 1,542
 92
Total expenses$10,793
 $9,976
 $817
Salaries and Benefits

Salaries and benefits increased $1,111,000 primarily due to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations.
Interest Expense
The following is a summary of interest expense by facility for the three months ended September 30, 2017 and 2016:
(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Notes payable - Securitization trusts$1,294
 $929
 $365
Bank notes payable341
 393
 (52)
Notes due 2022177
 177
 —
Notes due 2021792
 810
 (18)
Notes payable - related parties378
 19
 359
Other4
 13
 (9)
Total interest expense$2,986
 $2,341
 $645

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization trusts and Notes payable - related parties. The increase from Notes payable - Securitization trusts was the result of an additional securitization transaction completed in November 2016. The increase from Notes payable - related parties was related to the increase in the average outstanding balance during each period.

Change in Fair Value of Contingent Consideration

A portion of our investment in IPM consisted of contingent consideration based on IPM attaining specific EBITDA levels for 2017 and 2018. During the three months ended September 30, 2017, we reduced the contingent consideration liability by $748,000 based on the probability of IPM attaining specific EBITDA levels for 2017 and 2018.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. Net realized gains for the three months ended September 30, 2017 and 2016 were $9,938,000 and $8,716,000, respectively. Realized losses were $87,000 and $777,000 during the three months ended September 30, 2017 and 2016, respectively. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Net Realized Gains on SBA Non-Affiliate Investments
 Three Months Ended
 September 30, 2017 September 30, 2016
(in thousands)# of Debt Investments $ Amount # of Debt Investments $ Amount
SBA non-affiliate investments originated during the quarter122
 $103,635
 96
 $85,895
SBA guaranteed non-affiliate investments sold during the quarter117
 $68,461
 98
 $66,453
Realized gains recognized on sale of SBA guaranteed non-affiliate investments—
 $10,025
 —
 $9,489
Average sale price as a percent of principal balance (1)—
 112.31% —
 111.84%

(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.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments$1,151
 $(78) $1,229
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments(1,023) 1,418
 (2,441)
Net unrealized (depreciation) appreciation on controlled investments(500) 4,638
 (5,138)
Change in benefit (provision) for deferred taxes on unrealized (depreciation) appreciation on investments335
 (2,028) 2,363
Net unrealized loss in credits in lieu of cash and notes payable in credits in lieu of cash—
 (1) 1
Total net unrealized (depreciation) appreciation on investments$(37) $3,949
 $(3,986)

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 loans are sold.

For the three months ended September 30, 2017, net unrealized depreciation on SBA unguaranteed non-affiliate investments consisted of $303,000 and $720,000 of unrealized depreciation on performing and non-performing SBA unguaranteed non-affiliate investments, respectively.

For the three months ended September 30, 2016, net unrealized appreciation on SBA unguaranteed non-affiliate investments consisted of $1,852,000 of unrealized appreciation and $434,000 of unrealized depreciation on performing and non-performing SBA unguaranteed non-affiliate investments, respectively.

The change in unrealized appreciation (depreciation) on performing SBA unguaranteed non-affiliate investments related to an increase in the discount rate from 5.05% to 5.50% period over period.


Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$2,000
 $5,852
 $(3,852)
Newtek Technology Solutions, Inc.(1,500) (1,305) (195)
Premier Payments LLC—
 750
 (750)
CDS Business Services, Inc.2,000
 (700) 2,700
PMTWorks Payroll, LLC(1,000) (25) (975)
banc-serv Partners, LLC(2,000) —
 (2,000)
Titanium Asset Management LLC—
 66
 (66)
Total net unrealized (depreciation) appreciation on controlled investments$(500) $4,638
 $(5,138)

Unrealized appreciation related to our investment in UPSW was primarily related to a decrease in the weighted average cost of capital during the three months ended September 30, 2017. Unrealized appreciation related to our investment in NBCS was the result of continued growth in EBITDA.

Unrealized depreciation related to our investment in NTS was related to continued weak financial performance. During the three months ended September 30, 2017, we made a $1,000,000 debt investment in NPS. Due to NPS’ continued negative cash flows, we recorded an unrealized loss of $1,000,000 on our debt investment in NPS due to the unlikelihood of collection. During the three months ended September 30, 2017, the Company recorded a $2,000,000 unrealized loss on its investment in BSP to reflect the potential impact to the business and tradename as a result of the FBI investigation discussed in Note 8.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries 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, 2017, we recognized a benefit from deferred taxes of $335,000 related to unrealized depreciation of certain controlled portfolio company investments. During the three months ended September 30, 2016, we recognized a provision for deferred taxes of $2,028,000 related to unrealized appreciation of certain controlled portfolio company investments.
Comparison of the nine months ended September 30, 2017 and 2016
Investment Income
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Investment income:     
Interest income$13,689
 $7,655
 $6,034
Dividend income7,326
 7,719
 (393)
Servicing income5,163
 4,581
 582
Other income2,320
 1,913
 407
Total investment income$28,498
 $21,868
 $6,630
Interest Income
The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $220,367,000 from $182,637,000 for the nine months ended September 30, 2017 and 2016, respectively combined with an increase in the Prime Rate from 3.50% to 4.25%. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. In addition, during the nine months ended September 30, 2017, we recognized $1,493,000 of interest income related to accrued non-performing interest owed by two borrowers who paid their accrued interest balance in full.

Dividend Income
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$5,250
 $4,500
 $750
Premier Payments LLC1,200
 1,350
 (150)
Newtek Technology Solutions, Inc.—
 990
 (990)
International Professional Marketing, Inc.550
 —
 550
Small Business Lending, LLC100
 600
 (500)
banc-serv Partners, LLC—
 240
 (240)
CDS Business Services, Inc.200
 —
 200
The Secure CyberGateway, LLC26
 39
 (13)
Total dividend income$7,326
 $7,719
 $(393)

Dividend income decreased $393,000 period over period. During the nine months ended September 30, 2017, we earned $200,000 of dividend income from NBCS and $550,000 of dividend income from IPM, a new wholly-owned controlled portfolio company that we invested in on April 6, 2017. Dividend income earned from UPSW increased $750,000 period over period. These increases were offset by decreases in dividend income earned from NTS, SBL and BSP. Dividend income is dependent on portfolio company earnings. Current period dividend income may not be indicative of future period dividend income.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents NSBF originated servicing portfolio and servicing income earned for the nine months ended September 30, 2017 and 2016:
(in thousands):Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016  Change
Total NSBF originated servicing portfolio (1)
$1,127,760
 $902,604
 $225,156
Total servicing income earned$5,163
 $4,581
 $582
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $758,700,000 and $613,817,000 for the nine months ended September 30, 2017 and 2016, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $144,883,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from September 30, 2017 to September 30, 2016.
Other Income
Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA loans. The increase was related to an increase in legal and packaging fees earned as a result of the larger dollar volume of loans funded.

Expenses:
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Expenses:     
Salaries and benefits$14,407
 $10,638
 $3,769
Interest8,133
 5,804
 2,329
Depreciation and amortization292
 209
 83
Professional fees2,054
 2,519
 (465)
Origination and servicing4,086
 4,190
 (104)
Change in fair value of contingent consideration liabilities(748) —
 (748)
Other general and administrative costs5,239
 6,094
 (855)
Total expenses$33,463
 $29,454
 $4,009
Salaries and Benefits
Salaries and benefits increased $3,769,000 primarily due to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations. The increase in salaries and benefits was also related to a $678,000 increase in stock-based compensation expense period over period.
Interest Expense
The following is a summary of interest expense by facility for the nine months ended September 30, 2017 and 2016:
(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Notes payable - Securitization trusts$4,096
 $2,808
 $1,288
Bank notes payable700
 840
 (140)
Notes due 2022530
 531
 (1)
Notes due 20212,372
 1,389
 983
Notes payable - related parties418
 196
 222
Other17
 40
��(23)
Total interest expense$8,133
 $5,804
 $2,329

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization trusts, 2021 Notes and Notes payable - related parties. The increase from Notes payable - Securitization trusts was the result of an additional securitization transaction completed in November 2016.

In April 2016, we issued $40,250,000 of 2021 Notes. During the nine months ended September 30, 2017, we incurred $2,372,000 of interest expense. During the nine months ended September 30, 2016, we incurred only a partial period worth of interest expense.

The increase from Notes payable - related parties was related to the increase in the average outstanding balance during each period.

Change in Fair Value of Contingent Consideration

A portion of our investment in IPM consisted of contingent consideration based on IPM attaining specific EBITDA levels for 2017 and 2018. During the nine months ended September 30, 2017, we reduced the contingent consideration liability by $748,000 based on the probability of IPM attaining specific EBITDA levels for 2017 and 2018.
Other General and Administrative Costs

Other general and administrative costs include managed IT services, marketing, rent and other costs. In April 2016, we moved our headquarters to Lake Success, New York and vacated our space in West Hempstead, New York. During the nine months ended September 30, 2016, we incurred a loss of $1,487,000 related to the remaining liabilities under the lease. No such expense was incurred during the nine months ended September 30, 2017. This was offset by $979,000 of bad debt expense related to amounts owed from a related party.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. Net realized gains for the nine months ended September 30, 2017 and 2016 were $27,537,000 and $22,536,000, respectively. Realized losses were $131,000 and $763,000 during the nine months ended September 30, 2017 and 2016, respectively. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Net Realized Gains on SBA Non-Affiliate Investments
 Nine Months Ended
 September 30, 2017 September 30, 2016
(in thousands)# of Debt Investments $ Amount # of Debt Investments $ Amount
SBA non-affiliate investments originated during the period324
 $262,804
 295
 $217,779
SBA guaranteed non-affiliate investments sold during the period322
 $189,349
 287
 $160,171
Realized gains recognized on sale of SBA guaranteed non-affiliate investments—
 $27,668
 —
 $23,280
Average sale price as a percent of principal balance (1)  112.21%   112.09%

(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.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Net unrealized appreciation on SBA guaranteed non-affiliate investments$1,201
 $690
 $511
Net unrealized appreciation on SBA unguaranteed non-affiliate investments238
 869
 (631)
Net unrealized (depreciation) appreciation on controlled investments(2,243) 10,362
 (12,605)
Change in benefit (provision) for deferred taxes on unrealized (depreciation) appreciation on investments745
 (4,469) 5,214
Net unrealized depreciation on non-control/non-affiliate investments—
 (43) 43
Net unrealized depreciation in credits in lieu of cash and notes payable in credits in lieu of cash—
 (2) 2
Total net unrealized (depreciation) appreciation on investments$(59) $7,407
 $(7,466)

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 SBA 7(a) loans are sold.


Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Change
Universal Processing Services of Wisconsin, LLC$3,000
 $9,552
 $(6,552)
Newtek Technology Solutions, Inc.(4,059) (1,305) (2,754)
Premier Payments LLC—
 3,997
 (3,997)
CDS Business Services, Inc.4,750
 (925) 5,675
PMTWorks Payroll, LLC(3,045) (25) (3,020)
banc-serv Partners, LLC(2,000) —
 (2,000)
Small Business Lending, LLC(800) (1,000) 200
The Secure CyberGateway, LLC—
 2
 (2)
Titanium Asset Management LLC(42) 66
 (108)
Excel WebSolutions, LLC(47) —
 (47)
Total net unrealized (depreciation) appreciation on controlled investments$(2,243) $10,362
 $(12,605)

Unrealized appreciation related to our investment in UPSW was related to an increase in EBITDA projections combined with a decrease in the discount rate during the nine months ended September 30, 2017. Unrealized appreciation related to our investment in NBCS was related to continued growth in its SBA 504 lending program and growth in its accounts receivable and inventory financing programs.

Unrealized depreciation related to our investment in NTS was related to weaker than projected financial performance. During the nine months ended September 30, 2017, we made an additional $1,000,000 debt investment in NPS. Due to NPS’ continued negative cash flows, we recorded an unrealized loss of $3,045,000 on our total investment in NPS. During the nine months ended September 30, 2017, the Company recorded a $2,000,000 unrealized loss on its investment in BSP to reflect the potential impact to the business and tradename as a result of the FBI investigation discussed in Note 8.


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, 2017, we recognized a benefit from deferred taxes of $745,000 related to unrealized depreciation of certain controlled portfolio company investments. During the nine months ended September 30, 2016, we recognized a provision for deferred taxes of $4,469,000 related to unrealized appreciation of certain controlled portfolio company investments.

Liquidity and Capital Resources
Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2021 Notes, 2022 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.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. During the nine months ended September 30, 2017, we sold 455,000 shares of our common stock at a weighted average price of $17.19 per share. Proceeds, net of offering costs and expenses were $7,666,000. The Company may offer up to an additional 2,445,000 shares of common stock under the ATM Equity Distribution Agreement as of September 30, 2017.

We intend to use the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies. Additionally, we may use net proceeds for general corporate purposes, which include funding investments, repaying any outstanding indebtedness, acquisitions and other general corporate purposes.

Equity Offerings

In January 2017 we completed a public offering of 2,250,000 shares of our common stock at a public offering price of $15.25 per share and an additional 337,500 shares of common stock at a public offering price of $15.25 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $37,042,000.

Debt Offerings

In April 2016, the Company and the Trustee, entered into the Second Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021. The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds. The 2021 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 2021 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 2021 Notes will mature on March 31, 2021 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 April 22, 2017, 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 2021 Notes bear interest at a rate of 7.0% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing on June 30, 2016, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.”

The Base Indenture, as supplemented by the Second Supplemental Indenture, 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)(1) of the 1940 Act, to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2021 Notes, and to provide financial information to the holders of the 2021 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 the First Supplemental Indenture. 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 2021 Notes may declare such 2021 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2017, the Company was in compliance with all covenants related to the 2021 Notes.

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 $8,324,000, 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. The 2022 Notes will mature on September 30, 2022 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 September 23, 2018, 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. Proceeds net of offering costs and expenses were $7,747,000.

The Base Indenture, as supplemented by the First Supplemental Indenture, 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)(1) of the 1940 Act, to comply with the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, and to provide financial information to the holders of the 2022 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 the Second Supplemental Indenture. 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 2022 Notes may declare such 2022 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At September 30, 2017, the Company is in compliance with all covenants related to the 2022 Notes.

Capital One Facilities

In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and provided a reduction in interest rates. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, is set at Prime minus 0.25% (previously Prime plus 1.00%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, is set at Prime plus 0.75% (previously Prime plus 1.875%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. 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 2015, NSBF amended the existing facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on the our ability to pay dividends to shareholders, as well as the release of the guarantees of our former subsidiaries (now treated as portfolio companies).

At September 30, 2017, we had $29,220,000 and $36,926,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At September 30, 2017, 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. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6% or at a rate equal to (y) the greater of the

Prime Rate or 3.5% plus (z) 5%. At September 30, 2017, the Related Party RLOC bears interest at a rate of 7.31%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings at September 30, 2017 were $20,541,000.

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.
In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56,073,000 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 $53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 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.

Share Repurchase Plan

On November 21, 2016 the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 200,000 of the Company’s outstanding common shares on the open market. This program terminated on May 21, 2017.

On May 11, 2016, the Company announced that its Board approved a share repurchase program under which the Company could repurchase up to 150,000 of the Company’s outstanding common shares on the open market. This program terminated on November 11, 2016.

During the nine months ended September 30, 2017, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000 as detailed in the table below. This program terminated on June 3, 2016.

Purchase dateNumber of Shares Purchased Price per Share Total
March 10, 201610
 $12.34
 $123
March 18, 201620
 12.45
 249
March 18, 201630
 12.48
 375
March 23, 201610
 11.88
 119
Total70
   $866

Note Repurchase Plan

The Company had a program which allowed it to repurchase up to 10%, or $832,400 in aggregate principal amount, of its 7.5% Notes due 2022 and up to 10%, or $4,025,000 in aggregate principal amount, of its 7.0% Notes due 2021 through open market purchases, including block purchases, in such manner as will comply with the provisions of the 1940 Act and the Exchange Act. The program terminated on May 21, 2017. The Company did not make any repurchases under this program during the nine months ended September 30, 2017.
Cash Flows and Liquidity
As of September 30, 2017, the Company’s unused sources of liquidity consisted of $20,966,000 available through the Capital One facility; $13,159,000 available through notes payable with related parties; $3,915,000 in unrestricted cash and $9,000 in money market funds.


Restricted cash of $26,602,000 as of September 30, 2017 is primarily held in NSBF. The majority, or $25,851,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations, loan principal and interest collected which are due to loan participants and a reserve established as part of voluntary agreement with SBA.

The Company generated and used cash as follows:
(in thousands)Nine months ended September 30, 2017 Nine months ended September 30, 2016
Net cash used in operating activities$(76,139) $(23,048)
Net cash used in investing activities(345) (294)
Net cash provided by financing activities78,348
 21,752
Net increase (decrease) in cash and cash equivalents1,864
 (1,590)
Cash and cash equivalents, beginning of period2,051
 4,308
Cash and cash equivalents, end of period$3,915
 $2,718
During the nine months ended September 30, 2017, operating activities used cash of $76,139,000, consisting primarily of (i) an increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded but had not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at period end, (ii) $262,804,000 of SBA 7(a) loan investments (iii) $15,703,000 of advances to NBCS under a revolving line of credit (iv) $9,952,000 of cash paid in connection with our investment in IPM, (v) a $3,821,000 purchase of an SBA 7(a) loan from the SBA, (vi) a $3,255,000 non-control/non-affiliate investment and (vii) an increase in restricted cash of $4,585,000. These decreases were offset by (i) $217,016,000 of proceeds from the sale of SBA 7(a) investments and (ii) $35,914,000 of principal payments received consisting of $20,327,000 from SBA non-affiliate investments, $3,255,000 from non-control/non-affiliate investments and $12,332,000 from controlled investments, including $10,497,000 from NBCS.
Net cash provided by financing activities was $78,348,000 consisting primarily of (i) net proceeds $37,042,000 from the sale of 2,857,500 shares of common stock, (ii) net proceeds of $7,666,000 from the sale of 455,000 shares of common stock under the ATM Equity Distribution Agreement, (iii) net borrowings of $61,046,000 from our Capital One lines of credit and (iv) $19,141,000 of proceeds under the related party revolving line of credit. These increases were offset by (i) $20,836,000 of dividend payments and (ii) $23,414,000 of principal payments related to securitizations.
Contractual Obligations
The following chart represents the Company’s significant obligations and commitments as of September 30, 2017:
(in thousands)Payments due by period
Contractual ObligationsTotal Less than 1 year 1-3 years 3-5 years More than 5 years
Bank notes payable$66,146
 $36,926
 $29,220
 $—
 $—
Securitization notes payable (1)97,607
 —
  —
  —
 97,607
Notes due 2022 (1)8,324
 —
 —
 8,324
 —
Notes due 2021 (1)40,250
 —
 —
 40,250
 —
Notes payable - related parties20,541
 —
 —
 20,541
 —
Employment agreements600
 300
 300
 —
 —
Operating leases (2)12,565
 502
 3,153
 2,298
 6,612
Totals$246,033
 $37,728
  $32,673
  $71,413
 $104,219
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See Note 7.
(2) Minimum payments have not been reduced by minimum sublease rentals of $550,000 due in the future under non-cancelable subleases.

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 credits in lieu of cash, notes payable in credits in lieu of cash, and servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:
Level 1 ��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 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.

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 method for determining enterprise value uses 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. 

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.

Income Recognition

Interest on loan investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

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 daily and recorded when earned. 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.

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.

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 2013 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 beginning with the 2015 tax year under the Code 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 return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not part of the RIC. 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 stockholdersshareholders 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,shareholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholdersshareholders 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 three and nine months ended September 30, 20162017 and 2015,2016, 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 appreciationgains generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $5,327,000were $5,240,000 and $857,000$5,983,000 at September 30, 20162017 and December 31, 2015,2016, respectively and are recorded as a deferred tax liabilityliabilities on the condensed consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net realized and unrealized appreciation (depreciation) on investmentsgains in the condensed consolidated statements of operations.
New Accounting Standards

In MarchNovember 2016, the Financial Accounting Standards Board (“FASB”)FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” which is intended to simplify several aspects2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the accounting for share-based payment transactions, includingFASB Emerging Issues Task Force),” which requires that the income tax consequences, classificationstatement of awardscash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as either equityrestricted cash or liabilities,restricted cash equivalents. Amounts generally described as restricted cash and classificationrestricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. TheThis ASU is effective for annual reporting periods beginning after December 15, 2016,2017, and interim periods within those periods. Early applicationadoption is permitted. The Company is currently evaluating the impactdoes not believe this ASU will have a material impact on its condensed consolidated financial statements and disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases”,“Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its condensed consolidated statements of assets and liabilities.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which, among other things, requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the ASU changes the disclosure requirements for financial instruments. This

ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted for certain provisions. The Company is currently evaluating the impactdoes not believe this ASU will have a material impact on its condensed consolidated financial statements and disclosures.
Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of September 30, 2016.2017.
Recent Developments

None.Portfolio Company Developments

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016.  The Company is monitoring the situation and is cooperating fully with the authorities. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.

On October 24, 2017, the Company invested in 100% of the membership interests of a new wholly-owned, controlled portfolio company, United Capital Source, LLC (“UCS”), which is a lead generator for commercial financing companies. Total consideration paid by the Company was $3,050,000 and consisted of $500,000 in restricted shares of Newtek common stock and $1,950,000 in cash, with the $600,000 balance to be paid in cash and Newtek common stock, in two equal installments in 2018 and 2019 based on UCS attaining specific EBITDA targets for 2019 and 2020.

Common Stock

From October 1, 2017 through November 6, 2017 the Company sold 245,746 shares of its common stock at a weighted average price of $17.54 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $4,223,000. As of November 6, 2017, there were 2,199,000 shares of common stock available for sale under the ATM Equity Distribution Agreement.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
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 as well as the securitization notes are on a prime plus a fixed factor basis. 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 made; 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. At this time the secondary market for the guaranteed portions of SBA loans is robust but during the 2008 and 2009 financial crisis the Company had difficulty selling its loans for a premium; although not expected at this time, if such conditions did recur NSBF would most likely cease making new loans and could experience a substantial reduction in profitability.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $27,535,000$30,527,000 at September 30, 2016.2017. 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. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of September 30, 2016,2017, cash deposits in excess of insured amounts totaled approximately $9,913,000.$11,068,000.

ITEM 4. CONTROLS AND PROCEDURES.

As 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) under the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief accounting officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief accounting officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and 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. 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.


PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.

WeIn the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may tryparty to seeklawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to impose liability on us in connection with the activities of our portfolio companies. While the outcome ofcontest vigorously any current legal proceedings cannot at this time be predicted with certainty, we doclaims it believes are without compelling merit. The Company is not expect any current matters will materially affect our financial condition or results of operations; however , there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.  The Company’s controlled portfolio companies are currently involved in variousany litigation matters, including as follows:

During the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., in the United States District Court for the Middle District of Florida (the “Court”), to add UPSW as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPSW on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary relief against UPSW and the other remaining defendants. Prior to the Court hearing on the motions, UPSW and the FTC reached a settlement on the FTC’s motion for a permanent injunction. On May 19, 2015, the Court entered an equitable monetary judgment against UPSW for approximately $1,735,000, which has been deposited with the Court pending the outcome of UPSW’s appeal of the judgment. The $1,735,000 was fully expensed in 2014 by UPSW. On June 14, 2016, the United States Court of Appeals for the Eleventh Circuit set aside the Court’s judgment awarding joint and several liability for equitable monetary relief in the amount of approximately $1,735,000 against UPSW, and remanded the case to the Court for findings of fact and conclusions of law as to whether and why UPSW should be jointly and severally liable for restitution, and in what amount, if any. On October 18, 2016, the Court ordered that the $1,735,000 payment be returned to UPSW.  On October 26, 2017, the Court issued an order finding UPSW jointly and severally liable in the amount of $1,735,000.  UPSW is in the process of reviewing the order with counsel and determining its next steps.


UPSW instituted an action against a former independent sales agent in Wisconsin state court for, among other things, breach of contract. The former sales agent answered the complaint and filed counterclaims against UPSW. The court recently granted certain aspects of defendants’ motions for summary judgment, dismissing certain of the claims asserted by UPSW. The case has been stayed pending certain matters under appeal to the Wisconsin Supreme Court. UPSW intends to vigorously pursue its claims against the former sales agent and defend the counterclaims asserted.

In October 2015, NTS was served with an amended complaint filed by a former customer of NTS alleging claims in connection with a server leased by the customer from NTS.  In April 2016, the court denied NTS’ motion to dismiss the action.  In order to avoid the continued burdens and expense of further litigation, NTS settled the litigation, which settlement expense was covered by NTS’ insurance carrier. 

matters.

ITEM 1A. RISK FACTORS.

In addition to the risk factors discussed below,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, 2015,2016, 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. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2015. Risks related the Notes due 2022 were previously discussed in our Annual Report on Form 10-K for the year ended December 31, 2015. The risk factors below include both the Notes due 2022 and 2021 as discussed in the Form N-2 filed on July 7, 2016 with the SEC.

RISKS RELATING TO OUR PUBLICLY-TRADED SECURITIES

The 7.5% notes due 2022 (the “2022 Notes”) and the 7.00% notes due 2021 (the “2021 Notes,” and together with the 2022 Notes, the “Notes”) are unsecured and therefore are effectively subordinated to any secured indebtedness we have outstanding or may incur in the future.

In September 2015 and April 2016, we issued $8,324,000 and $40,250,000 in aggregate principal amount of the 2022 Notes and 2021 Notes, respectively. The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding or may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security). In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the existing or future secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes.

The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Any assets of our subsidiaries will not be directly available to satisfy the claims of our creditors, including holders of the Notes.

Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities (including trade payables) of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise.

The indentures under which the Notes were issued contains limited protection for holders of the Notes.

The indentures under which the Notes were issued offers limited protection to holders of the Notes. The terms of the indentures and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indentures and the Notes do not place any restrictions on our or our subsidiaries’ ability to:

issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings;

with respect to the 2021 Notes, pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2021 Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2021 Notes, we will not declare any dividend (except a dividend payable in stock of the issuer), or declare any other distribution, upon a class of the capital stock of the Company, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage (as defined in the 1940 Act) of at least 200 per centum after deducting the amount of such dividend, distribution or purchase price, as the case may be, and giving effect, in each case, (i) to any exemptive relief granted to the Company by the SEC and (ii) to any no-action relief granted by the SEC to another business development company (or to the Company if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act in order to maintain such business development

company’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended;

with respect to the 2022 Notes, pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, giving effect to (i) any exemptive relief granted to us by the SEC and (ii) no-action relief granted by the SEC to another BDC (or to the Company if it determines to seek such similar no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code (these provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock, or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase);

sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

enter into transactions with affiliates;

create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

make investments; or

create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indentures do not require us to offer to purchase the Notes in connection with a change of control, asset sale or any other event.

Furthermore, the terms of the indentures and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Other debt we issue or incur in the future could contain more protections for its holders than the indentures and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.

If we default on our obligations to pay other indebtedness that we may incur in the future, we may not be able to make payments on the Notes.

In the future, we may enter into agreements to incur additional indebtedness, including a secured credit facility. A default under such agreements to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on such future additional indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing such future additional indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders of other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the

collateral securing the debt. Because any future credit facilities likely will have customary cross-default provisions, if the indebtedness under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

We may choose to redeem the Notes when prevailing interest rates are relatively low.

On or after April 22, 2017 and September 23, 2018, we may choose to redeem the 2021 Notes and the 2022 Notes, respectively, from time to time, especially when prevailing interest rates are lower than the interest rate on the 2021 Notes or 2022 Notes. If prevailing rates are lower at the time of redemption, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches.

The trading market or market value of our publicly traded debt securities may fluctuate.

The 2022 Notes and the 2021 Notes are new issues of debt securities listed on the Nasdaq Global Market under the symbols “NEWTZ” and “NEWTL,” respectively. Although the Notes are listed on Nasdaq, we cannot assure you that a trading market for our publicly issued debt securities will be maintained. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following:

the time remaining to the maturity of these debt instruments;

the outstanding principal amount of debt securities with terms identical to these debt securities;

ratings assigned by the national statistical rating agencies;

the general economic environment;

the supply of debt securities trading in the secondary market, if any;

the level, direction and volatility of market interest rates generally; and

market rates of interest higher or lower than rates borne by the debt securities.

You should be aware that there may be a limited number of buyers when you decide to sell your securities. This too may materially adversely affect the market value of the debt securities of the trading market for the debt securities.

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. 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.

Additionally, under current law, SBA 7(a) lenders must share equally with the SBA any SBA 7(a) loan premium in excess of 110% of the par value of such loans. Legislation pending in the U.S. Senate would, among other things, require SBA 7(a) lenders to share equally with the SBA any SBA 7(a) loan premium in excess of 108% of the par value of such loans, thereby decreasing the share of loan premium received by the SBA 7(a) lender. Such legislation also would impose a new fee of 3 basis points on the guaranteed portion of the SBA 7(a) loan. If passed in its present form, the legislation could serve to negatively impact the profitability of SBA 7(a) loans.

NSBF’s failure to maintain PLP status or maintain its SBA 7(a) license could adversely affect our results of operation.


There can be no assurance that NSBF will be able to maintain its status as a PLP or that NSBF can maintain its SBA 7(a) license. If NSBF cannot continue originating and selling government guaranteed loans at current levels, we could experience a decrease in future servicing spreads and earned premiums.

NSBF has been granted PLP status and originates, sells and services small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, PLP status allows NSBF to expedite loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status could adversely impact our marketing efforts and ultimately loan origination volume which could negatively impact our results of operations.

We could be adversely affected by information security breaches or cyber security attacks.

Our portfolio companies’ web services involve the storage and transmission of customers’ and employees’ proprietary information. Our businesses rely on our digital technologies, computer and email systems, software, and networks to conduct its operations. Our technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom we deal, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although we employ appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If our security measures are breached as a result of third-party action, employee error or otherwise, and as a result our customers’ data becomes available to unauthorized parties, we could incur liability and our reputation would be damaged, which could lead to the loss of current and potential customers. If we experience any breaches of our network security or sabotage, we might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and we may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although we have insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage.

NTS could be adversely affected by information security breaches or cyber security attacks.

NTS’ web services involve the storage and transmission of our customers’, employees’, and portfolio companies’ proprietary information. NTS’ business relies on its digital technologies, computer and email systems, software, and networks to conduct its operations. NTS’ technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom NTS deals, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to NTS’ business strategy that its facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although NTS employs appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If NTS’ security measures are breached as a result of third-party action, employee error or otherwise, and as a result its customers’ data becomes available to unauthorized parties, NTS and our other portfolio companies could incur liability and its reputation would be damaged, which could lead to the loss of current and potential customers. If NTS experiences any breaches of its network security or sabotage, NTS might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and it may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, NTS may be unable to anticipate these techniques or implement adequate preventative measures. As cyber threats continue to evolve, NTS may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although NTS has insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage.

PMTWorks Payroll, LLC is subject to risks surrounding Automated Clearing House (“ACH”) payments.


Credit risk in ACH payments arises when a party to a contract fails to deposit funds required to settle the contract. This can occur if a client of PMTWorks Payroll , LLC suffers losses or enters into bankruptcy.

Our stockholders may experience dilution upon the repurchase of common shares.

The Company has a program which allows the Company to repurchase up to 150,000 of the Company’s outstanding common shares on the open market. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. During the nine months ended September 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000. This program terminated on June 3, 2016. On May 11, 2016, the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 150,000 of the Company’s outstanding common shares on the open market. Unless extended or terminated by the Board, the Company expects the termination date of for this new repurchase program will be on November 11, 2016. The Company did not make any repurchases of its common stock during the year ended December 31, 2015. If we were to repurchase shares at a price above net asset value, such repurchases would result in an immediate dilution to existing common stockholders due to a reduction in our earnings and assets due to the repurchase that is greater than the reduction in total shares outstanding.

Pending legislation may allow us to incur additional leverage.

As a BDC, under the 1940 Act we generally are not permitted to incur indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). If legislation previously introduced in the U.S. House of Representatives is passed, or similar legislation is introduced, it would modify this section of the 1940 Act and increase the amount of debt that BDCs may incur by modifying the asset coverage percentage from 200% to 150%. As a result, we may be able to incur additional indebtedness in the future and therefore your risk of an investment in us may increase.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.In connection with the investment in IPM, the Company issued 60,490 restricted common shares in a private transaction as a portion of the consideration, as discussed herein.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.
Number Description
11
 
Computation of Per Share Earnings (included in the notes to the condensed consolidated financial statements in this report).
   
31.1
 
Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
   
31.2
 
Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
   
32.1
 
Certification by Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnishedfiled herewith.

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 7, 20162017By:
/S/    BARRY SLOANE        
  Barry Sloane
  
Chairman and Chief Executive Officer
(Principal Executive Officer)
   
Date: November 7, 20162017By:
/S/    JENNIFER EDDELSON        
  Jennifer Eddelson
  
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)



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