10-K
NewtekOne, Inc. (NEWT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
OR
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
NEWTEKONE, INC.
(Exact name of registrant as specified in its charter)
| Maryland | 46-3755188 |
|---|---|
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| 4800 T Rex Avenue, Suite 120, Boca Raton, Florida | 33431 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 356-9500
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.02 per share | NEWT | Nasdaq Global Market LLC |
| 5.75% Notes due 2024 | NEWTL | Nasdaq Global Market LLC |
| 5.50% Notes due 2026 | NEWTZ | Nasdaq Global Market LLC |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨
No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨
No x
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | o | Accelerated Filer | x |
|---|---|---|---|
| Non-accelerated filer | o | Smaller reporting company | o |
| Emerging growth company | o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $432.0 million as of the last business day of the registrant’s second fiscal quarter of 2022, based on a closing price on that date of $18.93 on the Nasdaq Global Market. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates.
As of March 14, 2023, there were 24,608,631 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.
NEWTEKONE, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
| Item | Page | |
|---|---|---|
| PART I | ||
| 1. | Business | 8 |
| 1A. | Risk Factors | 33 |
| 1B. | Unresolved Staff Comments | 58 |
| 2. | Properties | 59 |
| 3. | Legal Proceedings | 59 |
| 4. | Mine Safety Disclosures | 59 |
| PART II | ||
| 5. | Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities | 60 |
| 6. | [Reserved] | 67 |
| 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 68 |
| 7A. | Quantitative and Qualitative Disclosures About Market Risk | 93 |
| 8. | Consolidated Financial Statements and Supplementary Data | 93 |
| 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 93 |
| 9A. | Controls and Procedures | 94 |
| 9B. | Other Information | 94 |
| 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 94 |
| PART III | ||
| 10. | Directors, Executive Officers and Corporate Governance | 95 |
| 11. | Executive Compensation | 100 |
| 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 113 |
| 13. | Certain Relationships, Related Party Transactions and Director Independence | 114 |
| 14. | Principal Accounting Fees and Services | 115 |
| PART IV | ||
| 15. | Exhibits and Financial Statement Schedules | 115 |
| Exhibits Index | 117 | |
| Signatures | 120 | |
| Financial Statements | 120 |
Table of Contents
Defined Terms
We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to NewtekOne, Inc. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:
| Terms | |
|---|---|
| 1940 Act | Investment Company Act of 1940, as amended |
| 2016-1 Trust | Newtek Small Business Loan Trust, Series 2016-1, terminated in December 2021 |
| 2017-1 Trust | Newtek Small Business Loan Trust, Series 2017-1 |
| 2018-1 Trust | Newtek Small Business Loan Trust, Series 2018-1 |
| 2019-1 Trust | Newtek Small Business Loan Trust, Series 2019-1 |
| 2021-1 Trust | Newtek Small Business Loan Trust, Series 2021-1 |
| 2022-1 Trust | Newtek Small Business Loan Trust, Series 2022-1 |
| 2022 Notes | 7.50% Notes due 2022, redeemed in August 2019 |
| 2023 Notes | 6.25% Notes due 2023, redeemed in February 2021 |
| 2024 Notes | 5.75% Notes due 2024 |
| 2025 6.85% Notes | 6.85% Notes due 2025, redeemed in May 2022 |
| 2025 5.00% Notes | 5.00% Notes due 2025 |
| 2025 8.125% Notes | 8.125% Notes due 2025 |
| 2025 Notes | Collectively, the 2025 6.85% Notes, the 2025 5.00% Notes and the 8.125% Notes due 2025 |
| 2026 Notes | 5.50% Notes due 2026 |
| ABL | Asset based lending |
| Acquisition | The Company’s Acquisition of NBNYC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million |
| Amended 2019 ATM Distribution Agreement | First Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents |
| ASC | Accounting Standards Codification, as issued by the FASB |
| ASU | Accounting Standards Updates, as issued by the FASB |
| 2017 ATM Equity Distribution Agreement | Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents |
| 2019 ATM Equity Distribution Agreement | Equity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents |
| 2020 ATM Equity Distribution Agreement | Equity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents, as amended on July 20, 2022 |
| BDC | Business Development Company under the 1940 Act |
| BHCA | The Bank Holding Company Act of 1956 |
| Board | The Company's board of directors |
| Capital One | Capital One Bank, National Association |
| C&I | Conventional commercial and industrial loans |
| CFPB | Consumer Financial Protection Bureau |
| Code | Internal Revenue Code of 1986, as amended |
| CRA | The Community Reinvestment Act |
| CRE | Conventional commercial real estate lending |
| Deutsche Bank | Deutsche Bank AG |
| DIF | Deposit Insurance Fund of the FDIC |
| DRIP | The Company's dividend reinvestment plan |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| Equity Incentive Plan | The Company's 2015 Equity Incentive Plan |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| Federal Reserve | Board of Governors of the Federal Reserve System |
| FDIC | Federal Deposit Insurance Corporation |
| FFIEC | Federal Financial Institutions Examination Council |
| --- | --- |
| FHLB | Federal Home Loan Bank System |
| LIBOR | London Interbank Offered Rate |
| NAV | Net Asset Value |
| NBL Capital One Facility | Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One |
| NBL Deutsche Bank Facility | Revolving Credit and Security Agreement between NBL SPV2, LLC, a wholly-owned subsidiary of NBL, and Deutsche Bank |
| NBL One Florida Bank Facility | Revolving Credit and Security Agreement between NBL SPV3, LLC, a wholly-owned subsidiary of NBL, and One Florida Bank |
| NBNYC | National Bank of New York City, which has been renamed Newtek Bank, National Association |
| Newtek Bank | Newtek Bank, National Association |
| Receivable and Inventory Facility | Loan and Security Agreement between NBC and Webster, as successor by merger to Sterling National Bank, as lender, to fund accounts receivable and inventory financing arrangements. |
| Related Party RLOC | Unsecured revolving line of credit agreement between NMS as lender and NewtekOne as borrower |
| OCC | Office of the Comptroller of the Currency |
| PLP | Preferred Lender Program, as authorized by the SBA |
| PPP | Paycheck Protection Program |
| Related Party RLOC | Unsecured revolving line of credit agreement between NMS as lender and NewtekOne as borrower |
| RIC | Regulated investment company under the Code |
| S&P | Standard and Poor's |
| SBA | United States Small Business Administration |
| SBLC | Small Business Lending Company |
| SEC | U.S. Securities and Exchange Commission |
| SMB | Small-and-medium sized businesses |
| Stock Purchase Agreement | Stock Purchase Agreement dated August 2, 2021, between the Company, NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC, as amended through December 12, 2022 |
| Taxable Subsidiaries | Companies formed by Newtek which are taxed as corporations for income tax purposes |
| Trustee | U.S. Bank, National Association |
| TSO II | TSO II Booster Aggregator, L.P. |
| U.S. GAAP or GAAP | Generally accepted accounting principles in the United States |
| Webster | Webster Bank, N.A. |
| Portfolio Companies and Subsidiaries as of December 31, 2022 | |
| NSBF | Newtek Small Business Finance, LLC, a consolidated subsidiary |
| NBL | Newtek Business Lending, LLC, a wholly-owned controlled portfolio company |
| NCL | Newtek Conventional Lending, LLC, a 50% owned portfolio company |
| Newtek-TSO JV | Newtek-TSO II Conventional Credit Partners, LP, a 50% owned portfolio company |
| Exponential | Exponential Business Development Co., Inc., a Taxable Subsidiary |
| NMS | Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company |
| Mobil Money | Mobil Money, LLC, a wholly-owned controlled portfolio company |
| NTS | Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company |
| IPM | International Professional Marketing, Inc., a former wholly-owned controlled portfolio company which merged into NTS on July 1, 2021 |
| SIDCO | SIDCO, LLC dba Cloud Nine Services, a wholly-owned subsidiary of NTS |
| EWS | Excel WebSolutions, LLC, a wholly-owned controlled portfolio company |
| NBC | CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company |
| SBL | Small Business Lending, LLC, a wholly-owned controlled portfolio company |
| --- | --- |
| BSP | ADR Partners, LLC dba banc-serv Partners, LLC, a former wholly-owned controlled portfolio company |
| NPS or PMT | PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company |
| NIA | Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company |
| TAM | Titanium Asset Management LLC, a wholly-owned controlled portfolio company |
| EMCAP | EMCAP Loan Holdings, LLC |
| POS | POS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company |
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS AND PROJECTIONS
This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, our loan portfolio, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties, including statements as to:
•our future operating results;
•
•our business prospects and the prospects of our subsidiaries;
•
•
•our contractual arrangements and relationships with third parties;
•
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•
•the ability of our business to achieve its objectives;
•the impact of a protracted decline in the liquidity of credit markets on our business;
•the adequacy of our cash resources and working capital;
•our ability to operate as a financial holding company and increased compliance and other costs associated with such operations;
•our ability to operate our subsidiary Newtek Bank, a national bank regulated and supervised by the OCC, and increased compliance and other costs associated with such operations;
•
•the timing of cash flows, if any, from the operations of our subsidiaries;
•Newtek Bank’s ability to maintain its SBA 7(a) license and obtain PLP status under the SBA 7(a) program;
•Newtek Bank’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
•Our ability to wind-down NSBF in an orderly manner and transition its SBA 7(a) lending activities to Newtek Bank;
•the valuation of NSBF’s portfolio of SBA 7(a) loans;
•the ability of NSBF’s and Newtek Bank’s SBA 7(a) borrowers to pay principal and interest, including after any deferment periods granted by NSBF or Newtek Bank; and
•Newtek Bank’s ability to originate SBA 7(a) guaranteed loans.
These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•an economic downturn could impair our subsidiaries’ ability to continue to operate or repay their borrowings, which could adversely affect our results;
•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
•interest rate volatility, including the decommissioning of LIBOR, which could adversely affect our results;
•impacts to financial markets and the global macroeconomic and geopolitical environment, including higher inflation and its impacts;
•higher interest rates and the impacts on macroeconomic conditions, and NewtekOne, Inc.’s funding costs; and
•the risks, uncertainties and other factors we identify in “Risk Factors” and elsewhere in this report and in our filings with the SEC.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include the ability of Newtek Bank to continue to originate loans under the SBA 7(a) program, obtain and maintain PLP status, and sell guaranteed portions of SBA 7(a) loans at premiums and grow deposits; our ability to originate new loans; our subsidiaries’ ability to generate revenue and obtain and maintain certain margins and levels of profitability; and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in “Risk Factors” and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. However, we will update this report to reflect any material changes to the information contained herein. The forward-looking statements in this report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act.
ITEM 1. BUSINESS.
Prior to January 6, 2023 and during the entirety of the 2022 fiscal year, we operated as an internally managed non-diversified closed-end management investment company that was regulated as a BDC under the 1940 Act, and was treated as a RIC under the Code for U.S. federal income tax purposes.
On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, and filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, following approval from our shareholders, and ceased to be a BDC. As a result of the Acquisition, we are now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. We no longer qualify as a regulated investment company for federal income tax purposes and no longer qualify for accounting treatment as an investment company.
Our Business
We are a financial holding company that is a leading business and financial solutions provider to SMBs. NewtekOne® and its subsidiaries provide SMBs with the following Newtek® branded business and financial solutions: Newtek Bank, Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek Technology. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across the United States and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to, but we believe better suited for our needs than, the system popularized by Salesforce.com and similar providers. In addition, we have launched the Newtek AdvantageTM (patent pending) dashboard for our depository and non-depository clients. The Newtek Advantage offers NewtekOne’s clients a single online dashboard to access all of NewtekOne’s business and financial solutions. We believe the Newtek Advantage will allow NewtekOne clients to easily interact with NewtekOne subject matter experts in the areas of Banking, Lending, Payments, Technology, Payroll and Insurance. We believe the Newtek Advantage will enable us to grow core retail deposits and provide an advantage to our existing and new clients. We believe that NewtekOne’s technology and business model distinguishes us from our competitors.
We define SMBs as companies having revenues of $1.0 million to $100.0 million, and we estimate the SMB market to be over 31 million businesses in the U.S. as of October 2020, according to the SBA. We expect to generate earnings from our subsidiaries, which have historically generated revenue from business operations, including a combination of realized gains on the sale of the government guaranteed portions of SBA 7(a) loans, servicing income and other income, including revenue generated from Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek Technology.
On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC.
The Company has also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money, LLC; NBC; PMT; NIA TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. See “Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance – Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations.”
On January 17, 2023, the Company changed its name from Newtek Business Services Corp. to NewtekOne, Inc.
NewtekOne’s Business and Financial Solutions Ecosystem
Newtek Lending
SBA 7(a) Lending
Our Newtek Lending platform includes loans originated under the federal Section 7(a) loan program, i.e., SBA 7(a) loans. The SBA is an independent government agency that facilitates one of the nation’s largest sources of SMB financing by providing credit guarantees for its loan programs. SBA 7(a) loans are partially guaranteed by the SBA, with SBA guarantees typically ranging between 50% and 90% of the principal and interest due. Under the SBA’s 7(a) lending program, a bank or other lender such as NSBF underwrites a loan between $5,000 and $5.0 million for a variety of general business purposes based on the SBA’s loan program requirements The recoveries and expenses on the unguaranteed portions of these loans are shared pari passu between the SBA and the lender, which substantially reduces the loss severity on the unguaranteed portion of a loan for SBA 7(a) loan investors. SBA 7(a) loans are typically between ten and 25 years in maturity, four to five years in duration and bear interest at the prime rate plus a spread from 2.25% to 3.00%. Since the guaranteed portions of SBA 7(a) loans carry the full faith and credit of the U.S. government, lenders may, and frequently do, sell the guaranteed portion of SBA 7(a) loans in the capital markets, hold the unguaranteed portion and retain all loan servicing rights.
Historically, prior to the acquisition of Newtek Bank, the Company’s NSBF subsidiary, a SBLC licensed by the SBA to originate SBA 7(a) loans, originated, serviced, sold and securitized loans originated under the SBA 7(a) program. As of January 6, 2023, NSBF was the third largest SBA 7(a) lender in the U.S. by loan approval dollar volume, including banks and nonbank lenders. NSBF has received PLP status, a designation whereby the SBA authorizes the most experienced SBA lenders to place SBA guarantees on loans without seeking prior SBA review and approval. PLP status has allowed NSBF to serve its clients in an expedited manner since it was not required to present applications to the SBA for concurrent review and approval. New SBA 7(a) loan originations will be transitioned to Newtek Bank, which anticipates obtaining PLP status. NewtekOne has a dedicated Senior Lending Team (as defined below) that is now supporting Newtek Bank, which will originate and service SBA 7(a) loans to qualifying SMBs and will follow the NewtekOne SBA 7(a) loan business model, as follows: originate SBA 7(a) loans, sell the guaranteed portions of the SBA 7(a) loans, typically within thirty to forty-five days of origination, and retain the unguaranteed portion until accumulating sufficient loans for investment or securitization. In a securitization, the unguaranteed portions of SBA 7(a) loans are transferred to a special purpose vehicle (a “Trust”), which in turn issues notes against the Trust’s assets in private placements. The Trust’s primary source of income for repaying the securitization notes is the cash flows generated from the unguaranteed portion of SBA 7(a) loans owned by the Trust. Principal on the securitization notes is paid by cash flows in excess of that needed to pay various fees related to the operation of the Trust and interest on the debt. Securitization notes have an expected maturity of approximately five years, and the Trust is dissolved when the securitization notes are paid in full, either at or prior to maturity. NSBF has completed twelve (12) securitizations. Newtek Bank will continue the SBA 7(a) business model utilizing the NewtekOne Senior Lending Team and may determine to engage in securitization transactions. NSBF will continue to manage and service its portfolio of guaranteed and unguaranteed SBA 7(a) loans.
We believe our twenty years of experience as one of the largest SBA 7(a) lenders, provides us with a distinct competitive advantage over other SMB lenders that have not overcome these significant barriers-to-entry in our primary loan market. NSBF originated $775.6 million of SBA 7(a) loans during 2022 and $560.6 million of SBA 7(a) loans during 2021. We believe that we will continue to be introduced to a variety of high-quality investment opportunities through our existing loan sourcing channels and our controlled portfolio companies’ relationships with their clients.
NewtekOne has a dedicated capital markets team that sells the guaranteed portions of its SBA 7(a) loans and has securitized the unguaranteed portions of its SBA 7(a) loans. Historically, NSBF has sold the guaranteed portions of its originated SBA 7(a) loans shortly after origination and retained the unguaranteed portions until accumulating sufficient loans for a securitization. NSBF has historically sold SBA guaranteed portions of SBA 7(a) loans at premiums ranging from 106% to 123% of par value, and in current market conditions, approximately 108% to 113% of par, and any portion of the premium that is above 110% of par value is shared equally between NSBF and the SBA. However, there is no guarantee that Newtek Bank will be able to continue to earn premiums of 106% to 123% on future sales of the guaranteed portions of SBA 7(a) loans or obtain PLP status. See “Item 1A. Risk Factors - Risks related to SBA lending.” Since December 2010, NSBF maintained its securitization program for unguaranteed portions of its SBA 7(a) loans and successfully completed 12 securitization transactions with Standard & Poor’s AA or A ratings and advance rates as high as 83.5% of par value. NSBF’s most recent securitization occurred in September 2022, when it sold $116.2 million of Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2022-1, consisting of $95.4 million of Class A Notes and $20.8 million Class B Notes, rated “A” and “BBB-”, respectively, by S&P Global, Inc. NSBF may complete additional securitizations in the future. Newtek Bank intends to use core deposits to fund SBA 7(a) loans and may securitize the unguaranteed portions of SBA 7(a) loans in the future, and may determine to retain the government guaranteed or unguaranteed portions of loans for longer periods, pending deployment of excess capital.
We have focused on making smaller SBA 7(a) loans, approximately $1.0 million or less, in order to maintain a diversified pool of loans that are dispersed both geographically and among industries, with a goal of limiting our exposure to regional and industry-specific economic downturns. Specifically, as of December 31, 2022, NSBF’s loan portfolio consisted of 3,538 loans originated across 50 states in 78 different industries as defined by the North American Industry Classification System (“NAICS”).
As discussed below, in addition to SBA 7(a) lending, our Newtek Lending ecosystem includes the following loan products to be originated by Newtek Bank: SBA 504 loans, C&I loans, CRE lending and ABL. In addition, non-conforming conventional loans will be originated by NewtekOne nonbank subsidiaries and joint ventures.
Commercial Banking – Newtek Bank
NewtekOne intends to centralize its Newtek Lending ecosystem within Newtek Bank (except for our nonconforming conventional lending business, discussed herein), its newly acquired commercial bank. As discussed above, Newtek Bank will be originating, servicing and selling SBA 7(a) loans in a similar manner to NSBF’s historic business model and will be originating and servicing SBA 504 loans, C&I loans, CRE loans and ABL loans.
In addition, we offer depository services and solutions through Newtek Bank. Our commercial banking clients will be able to take advantage of our full offerings via the Newtek Advantage dashboard.
Newtek Bank's business lines include:
SBA 7(a) Lending
NSBF's SBA 7(a) loan business is being transitioned to Newtek Bank. NewtekOne's dedicated Senior Lending Team, which now supports Newtek Bank, and NSBF's management team and employees who are now part of the Newtek Bank, will originate and service SBA 7(a) loans to qualifying SMBs and will follow the NewtekOne SBA 7(a) loan business model. Any delays in Newtek Bank obtaining PLP status may negatively impact Newtek Bank's SBA 7(a) loan origination volumes and revenues to be generated from the sale of guaranteed portions of SBA 7(a) loans.
SBA 504 Lending
Historically, NewtekOne’s SBA 504 loan origination business line was conducted by NBL, its former portfolio company which has become a subsidiary of Newtek Bank. SBA 504 loans provide financing of fixed assets such as real estate or equipment. NBL will continue to provide loan origination services to other parts of the Newtek Lending platform, including NewtekOne subsidiaries and joint ventures.
C&I Lending, CRE Lending and ABL Lending
The Newtek Lending ecosystem also includes C&I Lending, CRE Lending and ABL. Newtek Bank will continue to provide C&I loans and CRE loans to its commercial customers and will originate ABL loans. In addition, NewtekOne’s subsidiary, NBC provided receivables financing, inventory financing and health care receivables financing to SMBs, which obtained $10,000 to $2.0 million per month through the sale of their trade receivables or the financing of their inventories. NBC will not originate new ABL loans and will manage its current portfolio in runoff mode
Third Party Loan Servicing
SBL, a former NewtekOne portfolio company which is now a subsidiary of Newtek Bank provides third-parties with loan servicing for SBA and non-SBA loans and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. SBL provides loan servicing solutions to NSBF and also provides loan origination and servicing solutions to NewtekOne subsidiaries and affiliates, and has provided loan servicing solutions to banks, credit unions and government agencies including the FDIC.
Non-Conforming Conventional Commercial Loans
On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (NCL JV) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL JV is a 50/50 joint venture between NCL, a wholly-owned subsidiary of NewtekOne, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL JV ceased funding new non-conventional conforming loans during 2020. On January 28, 2022, NCL JV closed a non-conforming conventional commercial loan securitization with the sale of $56.3 million of Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of NCL JV’s portfolio of non-conforming conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL JV and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the NCL JV partners.
On August 5, 2022, NewtekOne launched its second joint venture to invest in non-conforming conventional commercial loans, Newtek-TSO JV. NCL and TSO II each committed to contribute an equal share of equity funding to the Newtek-TSO JV and each have equal voting rights on all material matters. Newtek-TSO JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The intended purpose of Newtek-TSO JV is to invest in non-conforming conventional commercial and industrial term loans made to middle-market companies as well as small businesses. Newtek-TSO JV began making investments during the fourth quarter of 2022.
Newtek Payments
NewtekOne’s business and financial solutions ecosystem also includes its Newtek Payments businesses. Newtek Payments businesses include NewtekOne’s subsidiaries NMS, Mobil Money and POS.
NMS markets credit and debit card processing services, check approval services, processing equipment, and software. NMS utilizes a multi-pronged sales approach of both direct and indirect sales. NMS’ primary sales efforts focus on direct sales through our Your Business Solutions Company® brand. Their indirect sales channels consist of alliance partners, principally financial institutions (banks, credit unions, insurance companies and other related businesses), and independent sales agents across the United States. These referring organizations and associations are typically paid a percentage of the processing revenue derived from the respective merchants that they successfully refer to NMS. In 2022, NMS processed merchant transactions with sales volumes of $5.0 billion.
We believe NMS has a number of competitive advantages which we believe will enable it to effectively compete in this market. These are:
•focus on non-traditional business generation: referral relationships, wholesale solicitations and financial institutions rather than independent sales agents;
•seeks to be a market leader in the implementation of technology in the payment processing business;
•It maintains its own staff of trained and skilled customer service representatives; and
•It markets and sells the latest in point-of-sale technology hardware and offers processing related cyber-security services.
NMS maintains its principal customer service and sales support offices in Lake Success, New York. NMS’s personnel assist merchants with initial installation of equipment and on-going service, as well as any other special processing needs that they may have.
NMS’ development and growth are focused on selling NMS’ services to internally generated referrals, merchant referrals identified by NewtekOne alliance partners and by independent sales representatives. We believe NMS is different than most electronic payment processing companies who acquire their clients primarily through independent sales agents. NMS believes that its business model provides it with a competitive advantage by enabling it to acquire new merchant customers at a lower cost level for third-party commissions than the industry average. NMS’ business model allows it to own the customer as well as the stream of residual payments, as opposed to models which rely more heavily on independent sales agents.
Mobil Money provides payment processing for a merchant portfolio of taxi cabs and related licensed payment processing
software.
NPS is a majority owned subsidiary of NewtekOne which provides a cloud based Point of Sale (POS) system for a variety of restaurant, retail, assisted living, parks and golf course businesses, which provides not only payments and purchase technology solutions, but also inventory, customer management, reporting, employee time clock, table and menu layouts, and ecommerce solutions as the central operating system for an SMB.
Newtek Insurance
NIA is a wholly-owned subsidiary which is a retail and wholesale brokerage insurance agency licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the SMB market as well as various personal lines of insurance.
Newtek Payroll
PMT is a wholly-owned subsidiary which offers an array of industry standard and competitively priced payroll management, and related payment and tax reporting services to SMBs.
Newtek Technology
NTS is a wholly-owned subsidiary, which along with its subsidiary SIDCO, provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services including consulting and implementing technology solutions for enterprise and commercial clients across the U.S. In addition, Excel WebSolutions, LLC (“Excel”), a wholly owned subsidiary, provides website design services to SMBs. As a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by Excel, NTS and SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period.
Newtek Branding
We have developed our branded line of business products and financial solutions to offer a full service suite of business and financial solutions for the SMB market in the United States. SMB market. NewtekOne reaches potential customers through its integrated multi-channel approach featuring direct, indirect and direct outbound solicitation efforts. We continue to utilize and grow our primary marketing channel of strategic alliance partners as well as a direct marketing strategy to SMB customers through our “go to market” brand, Your Business Solutions Company® and One Solution for All Your Business Needs®. Through our web presence, www.newtekone.com, we believe we are establishing ourselves as a preferred “go-to” provider for SMB financing and business solutions offered by NewtekOne® and its subsidiaries, including Newtek Bank®.
We believe that our patented NewTracker® system provides for transparency between NewtekOne and referring parties and has been material in our ability to obtain referrals from a wide variety of sources. The NewTracker system allows us and our alliance partners to review in real time the status of any referral as well as to provide real time compliance oversight by the respective alliance partner, which we believe creates confidence among the referred business client, the referring alliance partner and us. We own the NewTracker® patent, as well as all trademarks and other patented intellectual property used by us and our subsidiaries. Additional referrals are obtained from individual professionals in geographic markets that have signed up to provide referrals and earn commissions through our BizExec and TechExec Programs. In addition, we believe that the Newtek AdvantageTM dashboard, which patent is pending, is designed to be a management tool for our business clientele that can make their businesses more successful and that our clients can depend on. The Newtek Advantage will allow clients to access the entire suite of the NewtekOne business and financial solutions, and provide clients analytics, relationships and transactional capability that other banks do not offer. We believe the Newtek Advantage is unique because each of our clients will be assigned a NewtekOne relationship manager and specialist in each Newtek business line, and allow our clients to go into the Newtek Advantage and communicate via video or chat with a NewtekOne business line specialist.
Market Opportunity
We believe that the limited amount of capital and financial products available to SMBs, coupled with the desire of these companies for flexible and partnership-oriented sources of capital and other financial products, creates an attractive environment for us and our subsidiaries to further expand and offer our NewtekOne business and financial solutions. We believe the following factors will continue to provide us with opportunities to grow and deliver attractive returns to shareholders.
The SMB market represents a large, underserved market. We estimate the SMB market to include over 30 million businesses in the United States. We believe that SMBs, most of which are privately-held, are relatively underserved by traditional capital providers such as commercial banks, finance companies, hedge funds and collateralized loan obligation funds. Further, we believe that such companies generally possess conservative capital structures with significant enterprise value cushions, as compared to larger companies with more financing options. While the largest originators of SBA 7(a) loans have traditionally been regional and national banks, from 2012 through 2022, NSBF has consistently been the largest non-bank originator of SBA 7(a) loans by dollar volume of loan approvals and was the third largest SBA 7(a) lender in the United States as of January 6, 2023. As a result, we believe we and Newtek Bank are well positioned to provide financing to the types of SMBs that we have historically targeted and we have the technology and infrastructure in place presently to do it cost effectively in all 50 states and across many industries.
Increased demand for comprehensive, business-critical SMB solutions. Increased competition and rapid technological innovation are creating an increasingly competitive business environment that requires SMBs to fundamentally change the way they manage critical business processes. This environment is characterized by greater focus on increased quality, lower costs, faster turnaround and heightened regulatory scrutiny. To make necessary changes and adequately address these needs, we believe that companies are focusing on their core competencies and utilizing cost-effective outsourced solutions to improve productivity, lower costs and manage operations more efficiently. Our subsidiaries provide critical business solutions such as electronic payment processing, managed IT solutions, personal and commercial insurance services and full-service payroll and benefit solutions, receivables financing, funding of SBA 504 loans, which provide financing of fixed assets such as real estate or equipment, and non-conforming (non-SBA) commercial loans. We believe that each of these market segments are underserved for SMBs and since we are able to provide comprehensive financial and business solutions under the NewtekOne platform, we believe that we are well positioned to continue to realize growth from these product offerings.
Competitive Advantages
We believe that we are well positioned to take advantage of investment opportunities in SMBs due to the following competitive advantages:
Senior lending Team and Executive Committee. The key members of our Senior Lending Team, many of whom have worked together for more than ten years, each have over 25 years of experience in finance-related fields. These lending professionals have worked through two recessions, a credit crunch, the dot-com boom and bust and a historic, leverage-fueled asset valuation bubble. Each member brings a complementary component to a team well-rounded in banking, finance, accounting, operations, strategy, business law and executive management. We are led by our Executive Committee, which includes Barry Sloane, Peter Downs, Michael A. Schwartz and Nicholas Leger, under the supervision of our Board of Directors. Each member of the Executive Committee has significant experience in our fields of operations.
Business Model Enables Attractive Risk-Weighted Return on Investment in SBA 7(a) Lending. Our SBA 7(a) loans are structured so as to permit rapid sale of the U.S. government guaranteed portions, often within weeks of origination, and the unguaranteed portions have been successfully securitized, with the securitization notes being sold, usually within a year of loan origination. The return of principal and premium may result in an advantageous risk-weighted return on our original investment in each loan. We may determine to retain the government guaranteed or unguaranteed portions of loans pending deployment of excess capital.
State of the Art Technology. Our patented NewTracker® software enables us to board a SMB customer, process the application or inquiry, assemble necessary documents, complete the transaction and create a daily reporting system that is sufficiently unique as to receive a U.S. patent. NewTracker® enables us to identify a transaction, similar to a merchandise barcode or the customer management system used by SalesForce.com, then process a business transaction and generate internal reports used by management and external reports for strategic referral partners. NewTracker® allows our referral partners to have digital access into our back office and follow on a real time, 24/7 basis the processing of their referred customers. NewTracker® has been applied to all of the business and financial solutions we offer directly or through our subsidiaries.
Established Direct Origination Platform with Extensive Deal Sourcing Infrastructure. We have established a direct origination pipeline for loan origination opportunities without the necessity for financial institutions or brokers as well as broad marketing channels that we believe allow for highly selective underwriting. We believe the combination of our brand, our portal, our patented NewTracker® technology, and our web presence as Your Business Solutions Company® have created an extensive deal sourcing infrastructure. Although we pay fees for loan originations that are referred to us by our alliance partners, our Senior Lending Team works directly with the borrower to assemble and underwrite loans. We rarely invest in pre-assembled loans that are sold by investment banks or brokers. As a result, we believe that our unique national origination
platform has allowed us to originate attractive credits at a low cost. During 2022 and 2021 we funded $775.6 million and $560.6 million, respectively, of SBA 7(a) loans. We anticipate that our principal source of loan origination opportunities will continue to be in the same types of SMBs to which we currently provide financing. Our Executive Committee and Senior Lending Team also seeks to leverage our extensive network of additional referral sources, including law firms, accounting firms, financial, operational and strategic consultants and financial institutions, with whom we have completed investments. We believe our current infrastructure and expansive relationships will continue to enable us to review a significant amount of direct (or non-brokered) loan origination opportunities.
Flexible, Customized Financing Solutions for Seasoned, Smaller Businesses. While Newtek Bank’s primary focus will be to expand its lending by activities by providing SBA 7(a) loans,SBA 504 loans, CRE loans, C&I loans and ABL loans to SMBs, we and our subsidiaries also seek to offer SMBs a variety of attractive financing structures, as well as cost effective and efficient business solutions, to meet their capital needs through our Company and our subsidiaries. In particular we offer larger loans, between $5.0 million and $15.0 million, greater than loans available with the SBA guarantee, but with a higher interest rate to compensate for the increased risk. Unlike many of our competitors, we believe we have the business finance ecosystem that allows us to provide a complete package of business and financing solutions for SMBs, which allows for cross-selling opportunities and improved client retention. Our lending will continue to focus on making loans to SMBs that:
•have 3 to 10 years of operational history;
•significant experience in management;
•credit worthy owners who provide a personal guarantee for our investment;
•show a strong balance sheet; and
•show sufficient cash flow to be able to service the payments on our investments comfortably.
Although we may make investments in start-up businesses, we generally seek to avoid investing in high-risk, early-stage enterprises that are only beginning to develop their market share or build their management and operational infrastructure with limited collateral.
Disciplined Underwriting Policies and Rigorous Portfolio Management. We pursue rigorous due diligence of all prospective loans originated through our business finance ecosystem. Our Senior Lending Team has developed what we believe to be an extensive underwriting due diligence process, which includes a review of the operational, financial, legal and industry performance and outlook for the prospective borrower, including quantitative and qualitative stress tests, review of industry data and when necessary, consultation with outside experts regarding the creditworthiness of the borrower. These processes continue during the loan portfolio monitoring process, when we will conduct field examinations, when appropriate, review all compliance certificates and covenants and regularly assess the financial and business conditions and prospects of borrowers. In addition, SBL, an S&P rated servicer, is a third-party servicer for commercial, SBA 7(a) and other government guaranteed investments, whose exceptional servicing capabilities with compact timelines for loan resolutions and dispositions has attracted various third-party portfolios to SBL. SBL also services the loans funded by NewtekOne affiliates, including our joint ventures, and provides loan servicing to NSBF.
Former Business Development Company Status
Our predecessor was formed on June 29, 1999 under the laws of the State of New York and, on November 12, 2014, in connection with our election to be regulated as a BDC, merged with and into us for the purpose of reincorporating under the laws of the State of Maryland. From November 12, 2014 to January 6, 2023, we operated as a BDC and a RIC. As a BDC, we were required to meet certain regulatory tests, including the requirement to invest at least 70% of our gross assets in “qualifying assets.” In addition, as a BDC, we were not permitted to incur indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our total assets). Although we are no longer subject to regulation as a BDC under the 1940 Act, the 2024 Notes and 2026 Notes require us to maintain a minimum of 150% asset coverage during the time that the 2024 and 2026 Notes are outstanding. See “Risk Factors – Risks Related to Our Common Stock – We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.”
Additionally, as a RIC, we generally did not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute to our shareholders.
Although we maintained our status as a BDC and a RIC through the entirety of our 2022 fiscal and tax years, upon completing the Acquisition, we filed with the SEC Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and ceased to be a BDC. As a result, we are no longer subject to regulation as a BDC under the 1940 Act, and no longer qualify for tax treatment as a RIC under the Code or investment company accounting treatment.
Regulation and Supervision
General
The U.S. financial services and banking industry is highly regulated. The bank regulatory regime is intended primarily for the protection of customers, the public, the financial system and the DIF, rather than our stockholders or creditors.
The legal and regulatory regime affects virtually all aspects of our operations. Statutes, regulations and policies govern, among other things, the scope of activities that we may conduct and the manner in which we may conduct them; our business plan and growth; our board, management, and risk management infrastructure; the type, terms, and pricing of our products and services; our loan and investment portfolio; our capital and liquidity levels; our reserves against deposits; our ability to pay dividends, repurchase our stock or distribute capital; and our ability to engage in mergers, acquisitions and other strategic initiatives. The legal and regulatory regime is continually under review by legislatures, regulators and other governmental bodies, and changes regularly occur through the enactment or amendment of laws and regulations or through shifts in policy, implementation or enforcement. Changes are difficult to predict and could have significant effects on our business. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.”
The material regulatory requirements that are applicable to us and our subsidiaries are summarized below. The description below, as well as other descriptions of laws and regulations in this Form 10-K, are not intended to summarize all laws and regulations applicable to us and our subsidiaries, and are based upon the statutes, regulations, policies, interpretive letters and other written guidance that are in effect as of the date of this Form 10-K.
Regulatory Framework
We are subject to regulation and supervision by multiple regulatory bodies. As a bank holding company electing financial holding company status, the Company is subject to the BHCA and is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Federal Reserve. The Federal Reserve’s jurisdiction also extends to any company that is directly or indirectly controlled by a bank holding company.
As a national bank, Newtek Bank is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the OCC. The OCC charges fees to national banks, including Newtek Bank, in connection with its supervisory activities.
Newtek Bank’s deposits are insured by the DIF up to applicable legal limits. As an FDIC-insured depository institution, Newtek Bank is subject under certain circumstances to supervision, regulation and examination by the FDIC. The FDIC charges deposit insurance assessments to FDIC-insured institutions, including Newtek Bank, to fund and support the DIF. The rate of these deposit insurance assessments is based on, among other things, the risk characteristics of Newtek Bank. The FDIC has the power to terminate Newtek Bank’s deposit insurance if it determines Newtek Bank is engaging in unsafe or unsound practices. Federal banking laws provide for the appointment of the FDIC as receiver in the event Newtek Bank were to fail, such as in connection with undercapitalization, insolvency, unsafe or unsound condition or other financial distress. In a receivership, the claims of Newtek Bank’s depositors (and those of the FDIC as subrogee of Newtek Bank) would have priority over other general unsecured claims against Newtek Bank.
We are subject to the disclosure and regulatory requirements of the Securities Act and the Exchange Act, both as administered by the SEC. Our common stock is listed on the Nasdaq Global Market under the ticker symbol “NEWT” and therefore we are also subject to the rules of Nasdaq Global Market for listed companies. We have adopted certain policies and procedures intended to comply with the Nasdaq Global Market’s corporate governance rules. We will continue to monitor our compliance with all future listing standards that are approved by the SEC and will take actions necessary to ensure that we are in compliance therewith. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need
to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.”
Broad Powers to Ensure Safety and Soundness
A principal objective of the U.S. bank regulatory system is to ensure the safety and soundness of banking organizations. Safety and soundness is a broad concept that includes financial, operational, compliance and reputational considerations, including matters such as capital, asset quality, quality of board and management oversight, earnings, liquidity, and sensitivity to market and interest rate risk. As part of its commitment to maintain safety and soundness, at the time we acquired Newtek Bank, Newtek Bank entered into an Operating Agreement with the OCC (the “Operating Agreement”). The Operating Agreement sets forth key parameters within which Newtek Bank must operate, such as with respect to its business plan, minimum capital, minimum liquidity, risk management and compliance.
The banking and financial regulators have broad examination and enforcement authority. The regulators require banking organizations to file detailed periodic reports and regularly examine the operations of banking organizations. Banking organizations that do not meet the regulators’ supervisory expectations can be subjected to increased scrutiny and supervisory criticism. The regulators have various remedies available, which may be public or of a confidential supervisory nature, if they determine that an institution’s condition, management, operations or risk profile is unsatisfactory. The regulators may also take action if they determine that the banking organization or its management is violating or has violated any law or regulation. The regulators have the power to, among other things:
•require affirmative actions to correct any violation or practice;
•issue administrative orders that can be judicially enforced;
•direct increases in capital;
•direct the sale of subsidiaries or other assets;
•limit dividends and distributions;
•restrict growth and activities;
•set forth parameters, obligations and/or limitations with respect to the operation of our business;
•assess civil monetary penalties;
•remove officers and directors; and
•terminate deposit insurance.
Engaging in unsafe or unsound practices or failing to comply with applicable laws, regulations and supervisory agreements (including the Operating Agreement) could subject us and our subsidiaries or their officers, directors and institution-affiliated parties to a broad variety of sanctions or remedies, including those described above.
Limits on Activities and Approval Requirements
The BHCA generally restricts the Company’s ability, directly or indirectly, to engage in, or acquire more than 5% of any class of voting securities of a company engaged in activities other than those determined by the Federal Reserve to be so closely related to banking as to be a proper incident thereto. The Gramm-Leach-Bliley Act of 1999 authorized a bank holding company that meets specified conditions, including being “well capitalized” and “well managed,” to opt to become a “financial holding company” and thereby engage in a broader array of financial activities than previously permitted. The Company has elected to become a financial holding company, allowing it to engage in a broader array of financial activities than bank holding companies.
The bank regulatory regime, including through the Operating Agreement, requires that we obtain prior approval of one or more regulators for various initiatives or corporate actions, including acquisitions or minority investments, the establishment of branches, certain dividends or capital distributions, and significant deviations from Newtek Bank’s previously approved business plan. Regulators take into account a range of factors in determining whether to grant a requested approval, including the supervisory status of the applicant and its affiliates. Thus, there is no guarantee that a particular proposal by us would receive the required regulatory approvals.
The CRA requires federal banking regulators, in their review of certain applications by banking organizations, to take into account the applicant’s record in helping meet the credit needs of its community, including low- and moderate-income neighborhoods. Newtek Bank is subject to periodic examination under the CRA by the OCC, which will assign ratings based on the methodologies set forth in its regulations and guidance. Less favorable CRA ratings, or concerns raised under the CRA, may adversely affect Newtek Bank’s ability to obtain approval for certain types of applications. Newtek Bank’s latest rating by the OCC under the CRA is “Satisfactory”. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.”
Company as Source of Strength for Newtek Bank
Federal law and Federal Reserve policy require that a bank holding company serve as a source of financial and managerial strength for any FDIC-insured depository institution that it controls. Thus, if Newtek Bank were to be in financial distress or to otherwise be viewed by the regulators as in an unsatisfactory condition, then the regulators could require the Company to provide additional capital or liquidity support, or take other action, in support of Newtek Bank, even if doing so is not otherwise in the best interest of the Company.
Regulatory Capital Requirements and Prompt Corrective Action
The banking regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, FDIC-insured depository institutions and their holding companies are required to maintain a specified level of capital relative to the amount and types of assets they hold. While capital can serve as an important cushion against losses, higher capital requirements can also adversely affect an institution’s ability to grow and/or increase leverage through deposit-gathering or other sources of funding.
The Company and Newtek Bank are each subject to generally similar capital requirements adopted by the Federal Reserve and the OCC, respectively. These requirements establish required minimum ratios for common equity tier 1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; require an additional capital conservation buffer over the minimum required capital ratios in order to avoid certain limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses; and define what qualifies as capital for purposes of meeting the capital requirements. Specifically, the capital thresholds in order to be regarded as a well-capitalized institution under the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations are as follows: a common equity tier 1 risk-based capital ratio of 6.5%, a Tier 1 risk-based capital ratio of 8.0%, a total risk-based capital ratio of 10.0% and a Tier 1 leverage ratio of 5.0%.
The regulators assess any particular institution’s capital adequacy based on numerous factors and may require a particular banking organization to maintain capital at levels higher than the generally applicable minimums. In this regard, and unless otherwise directed by the OCC, we have made commitments for Newtek Bank to maintain a tier 1 leverage ratio of no less than 10% and a total risk-based capital ratio of 11.5% for the term of the Operating Agreement.
The Federal Deposit Insurance Act provides for a system of “prompt corrective action” (“PCA”). The PCA regime provides for capitalization categories ranging from “well-capitalized” to “critically undercapitalized.” An institution’s PCA category is determined primarily by its regulatory capital ratios. The PCA regime requires remedial actions and imposes limitations that become increasingly stringent as an institution’s condition deteriorates and its PCA capitalization category declines. Among other things, institutions that are less than well-capitalized become subject to increasingly stringent restrictions on their ability to accept and/or rollover brokered deposits.
In addition to capital requirements, depository institutions are required to maintain non-interest bearing reserves at specified levels against their transaction accounts and certain non-personal time deposits.
Regulatory Limits on Dividends and Distributions
The ability of the Company or Newtek Bank to pay dividends, repurchase stock and make other capital distributions is limited by regulatory capital rules and other aspects of the regulatory regime. For example, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition.
Dividends and capital distributions by Newtek Bank are also limited by the regulatory regimes. For example, the Operating Agreement requires Newtek Bank to be in compliance with certain capital levels before paying a dividend. Other laws and regulations generally applicable to national banks also limit the amount of dividends and capital distributions that may be made by a national bank and/or require prior approval of the OCC.
Federal Home Loan Bank System
Newtek Bank is a member of the FHLB, which consists of 11 regional Federal Home Loan Banks. The FHLB provides a central credit facility primarily for member institutions. Newtek Bank, as a member of the FHLB, is required to acquire and hold shares of capital stock in the FHLB. Newtek Bank is in compliance with this requirement with an investment in FHLB capital stock of $120,300.00 on January 18, 2023.
Consumer Protection
We are subject to a broad array of federal, state and local laws and regulations that govern almost every aspect of our business relationships with consumers. These laws relate to, among other things, the content and adequacy of disclosures, pricing and fees, fair lending, anti-discrimination, privacy, cybersecurity, usury, mortgages and housing finance, lending to service members, escheatment, debt collection, loan servicing, collateral secured lending, and unfair, deceptive or abusive acts or practices.
The CFPB is generally responsible for rulemaking with respect to certain federal laws related to the provision of financial products and services to consumers. In addition, the CFPB has examination and primary enforcement authority with respect to federal consumer financial protection laws with respect to banking organizations with assets of $10 billion or more. Newtek Bank has assets less than $10 billion; therefore, we are not currently subject to the examination and enforcement jurisdiction of the CFPB. However, many consumer protection rules adopted or amended by the CFPB do apply to us and are the subject of examination and enforcement with respect to us by the OCC.
If we fail to comply with these laws and regulations, we may be subject to significant penalties, judgments, other monetary or injunctive remedies, lawsuits (including putative class action lawsuits and actions by state and local attorneys general or other officials), customer rescission rights, supervisory or enforcement actions, and civil or criminal liability. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.”
Anti-Money Laundering, Sanctions and Financial Crime
We are subject to a wide range of laws related to anti-money laundering, economic sanctions and prevention of financial crime, including the Bank Secrecy Act, the USA PATRIOT Act and economic sanctions programs. We are required to, among other things, maintain an effective anti-money laundering and counter-terrorist compliance program, identify and file suspicious activity and currency transaction reports, and block transactions with sanctioned persons or jurisdictions. Compliance with these laws requires significant investment of management attention and resources. These laws are enforced by a number of regulatory authorities, including the Federal Reserve, OCC, Office of Foreign Assets Control, the Financial Crimes Enforcement Network, the U.S. Department of Justice, Drug Enforcement Administration, and Internal Revenue Service. Failure to comply with these laws, or to meet our regulators’ supervisory expectations in connection with these laws, could subject us to supervisory or enforcement action, significant financial penalties, criminal liability and/or reputational harm.
Third-Party Relationship Risk Management
We utilize third-party service providers to perform a wide range of operations and other functions, which may present various risks. Our regulators will expect us to maintain an effective program for managing risk arising from third-party relationships, which should be commensurate with the level of risk and complexity of our business and our third-party relationships. If not managed effectively, the use of third-party service providers may expose us to risks that could result in regulatory action, financial loss, litigation and reputational harm.
Privacy, Information Technology and Cybersecurity
We are subject to various laws related to the privacy of consumer information. For example, we and our subsidiaries are required under federal law periodically to disclose to their retail clients our policies and practices with respect to the sharing of nonpublic client information with their affiliates and others, and the confidentiality and security of that information. In some cases, Newtek Bank must obtain a consumer’s consent before sharing information with an unaffiliated third party, and Newtek Bank must allow a consumer to opt out of Newtek Bank’s sharing of information with its affiliates for marketing and certain other purposes. We are also subject to laws and regulatory requirements related to information technology and cybersecurity. For example, the FFIEC, which is a council comprised of the primary federal banking regulators, has issued guidance and supervisory expectations for banking organizations with respect to information technology and cybersecurity. Our regulators will regularly examine us for compliance with applicable laws, and adherence to industry best practices, with respect to these topics. For example, they will evaluate our security of user and customer credentials, business continuity planning, and the ability to identify and thwart cyber-attacks.
State regulators have also been increasingly active in implementing privacy and cybersecurity standards and regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and providing detailed requirements with respect to these programs, including data encryption requirements. Many states have also recently implemented or modified their data breach notification and data privacy requirements. For example, the California Privacy Rights Act of 2020 became fully operative on January 1, 2023. We expect this trend of state-level activity in those areas to continue, and are continually monitoring developments in the states in which our clients are located.
Limitations on Transactions with Affiliates and Loans to Insiders
Banks are subject to restrictions on their ability to conduct transactions with affiliates and other related parties under federal banking laws. For example, federal banking laws impose quantitative limits, qualitative requirements, and collateral standards on certain extensions of credit and other transactions by an insured depository institution with, or for the benefit of, its affiliates. In addition, most types of transactions by an insured depository institution with, or for the benefit of, an affiliate must be on terms substantially the same or at least as favorable to the insured depository institution as if the transaction were conducted with an unaffiliated third party. Federal banking laws also impose restrictions and procedural requirements in connection with the extension of credit by an insured depository institution to directors, executive officers, principal stockholders (including the Company) and their related interests. In addition, purchases and sales of assets between an insured depository institution and its executive officers, directors, and principal stockholders may also be limited under such laws. The Sarbanes-Oxley Act generally prohibits loans by public companies to their executive officers and directors. However, there is a specific exception for loans by financial institutions, such as Newtek Bank, to its executive officers and directors that are made in compliance with federal banking laws.
Acquisition of a Significant Interest in the Company
Banking laws impose various regulatory requirements on parties that may seek to acquire a significant interest in the Company. For example, the Change in Bank Control Act of 1978 would generally require that any party file a formal notice with, and obtain non-objection of, the Federal Reserve prior to acquiring (directly or indirectly, whether alone or acting in concert with any other party) 10% or more of any class of voting securities of the Company. Further approval requirements and significant ongoing regulatory consequences would apply to any company that (directly or indirectly, whether alone or as part of an association with another company) seeks to acquire “control” of the Company or Newtek Bank for purposes of the BHCA. The determination whether a party “controls” a depository institution or its holding company for purposes of these laws is based on applicable regulations and all of the facts and circumstances surrounding the investment. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - Federal law may discourage certain acquisitions of our common stock which could have a material adverse affect on our shareholders.”
Effect on Economic Environment
The policies of regulatory authorities, including the monetary policy of the Federal Reserve, have a significant effect on the operating results of bank holding companies and their subsidiaries. Among the means available to the Federal Reserve to affect the money supply are open market operations in U.S. government securities, changes in the discount rate on borrowings and changes in reserve requirements with respect to deposits. These means are used in varying combinations to influence overall growth and distribution of bank loans, investments and deposits, and their use may affect interest rates charged on loans or paid for deposits. The Federal Reserve monetary policies have materially affected the operating results of commercial banks in the past and are expected to continue to do so in the future. Although we conduct stress tests to measure and prepare for the impact of potential changes in monetary policy, we cannot predict with certainty the nature of future monetary policies and the effect of such policies on our business and earnings.
NSBF’s Regulation as a Small Business Lending Company and the Transition of SBA 7(a) Lending to Newtek Bank
Our wholly-owned subsidiary, NSBF, is licensed by the SBA as an SBLC that originates loans through the SBA 7(a) Program. However, as discussed above, as a result of the Acquisition, all SBA 7(a) loan originations are being transitioned to Newtek Bank, and NSBF will cease origination of SBA 7(a) loans, relinquish its PLP status and wind-down its operations. During this wind down process, NSBF will be required to continue to own the SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. During the wind down process, it is anticipated that NSBF will be required to maintain minimum capital requirements established by the SBA, will be required to maintain certain amounts of restricted cash available to meet any obligations to the SBA, will have restrictions on its ability to make dividends and distributions to its parent, and will remain liable to SBA for post-purchase denials and repairs, from the proceeds generated by NSBF’s SBA loan portfolio. Any future post-purchase denials and repairs demands on NSBF could negatively impact our results of operations. It is also anticipated that the Company will guarantee NSBF’s obligations to the SBA. NSBF will continue to service and manage its portfolio of SBA 7(a) loans pursuant to a lender service provider agreement with SBL.
We anticipate Newtek Bank will obtain PLP status. The SBA grants PLP status to certain lenders originating SBA 7(a) loans based on achievement of certain standards in lending which are regularly monitored by the SBA. As a Preferred Lender, Newtek Bank will be authorized to place SBA guarantees on SBA 7(a) loans without seeking prior SBA review and approval. Designated PLP lenders are delegated the authority to process, close, service, and liquidate most SBA guaranteed loans without prior SBA review. PLP lenders are authorized to make SBA guaranteed loans, subject only to a brief eligibility review and assignment of a loan number by SBA. In addition, they are expected to handle servicing and liquidation of all of their SBA loans with limited involvement of SBA. If Newtek Bank is delayed in obtaining, or fails to obtain, PLP status, it would have a material adverse impact on Newtek Bank’s ability to originate SBA 7(a) loans at NSBF’s historic levels. See “Item 1A. Risk Factors – There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.”
Pursuant to the SBA’s regulations, the SBA is released from liability on its guaranty of an SBA 7(a) loan and may, in its sole discretion, refuse to honor a guaranty purchase request in full or in part, or recover all or part of the funds already paid in connection with a guaranty purchase, if the lender failed to comply materially with a SBA Loan Program Requirement; failed to make, close, service or liquidate the loan in a prudent manner; placed the SBA at risk through improper action or inaction; failed to disclose a material fact to the SBA in a timely manner; or misrepresented a material fact to the SBA regarding the loan. In certain instances, the SBA may refuse to honor a guaranty purchase request in full (referred to by the SBA as a “denial”) or in part (referred to by the SBA as a “repair”), or recover all or part of the funds already paid in connection with a guaranty purchase. In the event of a repair or denial, liability on the guaranty, in whole or in part, would be transferred to NSBF or Newtek Bank as the originator of the loan, as the case may be. Even though NSBF will cease originating new SBA 7(a) loans, it will retain and be exposed to repair and denial liability to the SBA for SBA 7(a) loans in NSBF’s portfolio. The incurrence of repairs and denials when NSBF is no longer generating income from the sales of guaranteed portions of SBA 7(a) loans can have a material negative impact on our financial results and liquidity. In addition, changes in SBA regulations and economic factors may adversely impact NSBF’s or Newtek Bank’s repair and denial rates. See “Item 1A. Risk Factors – NSBF will remain subject to SBA regulation as it winds down its operations.”
In connection with NSBF’s 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA pursuant to NSBF’s commitment to operate under the SBA Loan Program Requirements. The agreement formalized many of the actions previously taken by NSBF to strengthen its operational procedures as they relate to NSBF’s delegated lender authority. Consistent with the terms of the agreement, NSBF has established a segregated restricted cash account in the amount of $10 million to account for potential post-purchase repairs and denials of guaranteed portions of SBA 7(a) loans, and agreed to take certain actions to demonstrate the sufficiency of NSBF’s liquidity and establish certain additional reporting and compliance procedures.
Lending Activities
We engage in various investment strategies from time to time in order to achieve our overall lending objectives.
Loan Characteristics
We have and will continue to target loans that generate both current income and capital appreciation. In each case, the following criteria and guidelines are applied to the review of a potential loan however, not all criteria are met in every single loan, nor do we guarantee that all criteria will be met in the loans we will make in the future. We have and will continue to limit our loans to the SMB market.
Experienced Management with Meaningful Investment. We seek to make loans to companies in which senior or key managers have significant company-or industry-level experience and have significant equity ownership. It has been our experience that these experienced managers are more committed to the company’s success and more likely to manage the company in a manner that protects our capital.
Significant Invested Capital. We believe that the existence of an appropriate amount of equity beneath our debt capital provides valuable support for our loans. In addition, the degree to which the particular loan is a meaningful one for the company’s owners (and their ability and willingness to invest additional equity capital as and to the extent necessary) are also important considerations.
Appropriate Capital Structures. We seek to make loans to companies that are appropriately capitalized. First, we examine the amount of equity that is being invested by the borrower’s equity owners to determine whether there is a sufficient capital cushion beneath our invested capital. We also analyze the amount of leverage, and the characteristics of senior debt with lien priority over our loan. A key consideration is a strong balance sheet and sufficient free cash flow to service any loan we may make.
Strong Competitive Position. We seek to make loans to companies that have developed strong, defensible product or service offerings within their respective market segment(s). These companies should be well positioned to capitalize on organic and strategic growth opportunities, and should compete in industries with strong fundamentals and meaningful barriers to entry. We further analyze prospective loans in order to identify competitive advantages within their industry, which may result in superior operating margins or industry-leading growth.
Customer and Supplier Diversification. We expect to make loans to companies with sufficiently diverse customer and supplier bases. We believe these companies will be better able to endure industry consolidation, economic contraction and increased competition than those that are not sufficiently diversified. However, we also recognize that from time to time, an attractive lending opportunity with some concentration among the borrower’s customer base or supply chain will present itself. We believe that concentration issues can be evaluated and, in some instances (whether due to supplier or customer product or platform diversification, the existence and quality of long-term agreements with such customers or suppliers or other select factors), mitigated, thus presenting a superior risk-weighted pricing scenario.
Historically, we target our loans, which have been principally made through our business finance ecosystem by NSBF under the SBA 7(a) program, to produce generally, a coupon rate of prime plus 2.25% to 3.00% which enables us to generate rapid sales of the guaranteed portions of SBA 7(a) loans in the secondary market, historically producing gains and with a yield on investment in excess of 30%. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA 7(a) loans are made with personal guarantees from any owner(s) of 20% or more of the company’s equity. As of December 31, 2022, substantially all of our SBA 7(a) loans at fair value consisted of loans secured by first or second priority liens on the assets of the borrower.
•First Lien Loans. Our first lien loans generally have terms of one to 25 years, provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years and is prepaid during the first three years) and are secured by a first priority security interest in all existing and future assets of the borrower. Our first lien loans may take many forms, including revolving lines of credit, term loans and acquisition lines of credit.
•Second Lien Loans. Our second lien loans generally have terms of five to 25 years, also primarily provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years and is prepaid during the first three years) and are secured by a second priority security interest in all existing and future assets of the borrower. We typically only take second lien positions on additional collateral where we also have first lien positions on business assets.
•Unsecured Loans. We make few unsecured investments, primarily to our subsidiaries, which because of our equity ownership are deemed to be more secure. Typically, these loans are to meet short-term funding needs.
We typically structure our loans to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our loans have strong protections, including default penalties, information rights and, in some cases, affirmative, negative and financial covenants.
Loan Generation/Origination
We believe that the combination of our brand, our portal, our patented NewTracker® technology, and our web presence as Your Business Solutions Company® have created an extensive loan sourcing infrastructure. This is maximized through long-standing and extensive relationships with industry contacts, commercial and investment bankers, entrepreneurs, services providers (such as lawyers and accountants), as well as current and former clients and our extensive network of strategic alliance partners. We supplement our relationships by the selective use of advertising aimed primarily at lending to the SMB market. We believe we have developed a reputation as a knowledgeable and reliable source of capital, providing value-added advice, prompt processing, and management and operations support to our clients.
We market our loan products and services, and those of our subsidiaries, through referrals from our alliance partners such as Amalgamated Bank, Stifel Bank, Axiom Bank, Credit Union National Association, ENT Federal Credit Union, Legacy Bank, Morgan Stanley Smith Barney, Navy Federal Credit Union, New York Community Bank, Raymond James, Randolph Brooks Federal Credit Union, UBS, Meineke Dealers Purchasing Cooperative, Transworld Business Advisors, Army Navy Federal Credit Union, Teachers Federal Credit Union, Nassau Federal Educators Federal Credit Union, Spire Federal Credit Union, Aamco, 1800 Accountants, and True Value Company, among others using our patented NewTracker® referral system as well as direct referrals from our web presence, www.newtekone.com. The patent for our NewTracker® referral system is a software application patent covering the systems and methods for tracking, reporting and performing processing activities and transactions in association with referral data and related information for a variety of product and service offerings in a business-to-business environment providing further for security and transparency between referring parties. NewTracker® allows us and our alliance partners to review in real time the status of any referral as well as to provide real time compliance oversight by the respective alliance partner, which we believe creates confidence between the referred business client, the referring alliance partner and us.
Additional deal sourcing and referrals are obtained from individual professionals in geographic markets that have signed up to provide referrals and earn commissions through our BizExec and TechExec Programs. The BizExecs and TechExecs are traditionally information technology professionals, CPAs, independent insurance agents and sales and/or marketing professionals. In addition, electronic payment processing services are marketed through independent sales representatives and web technology and eCommerce services are marketed through internet-based marketing and third-party resellers. A common thread across all business lines of our subsidiaries relates to acquiring customers at low cost. We seek to bundle our marketing efforts through our brand, our portal, NewTracker®, our web presence as Your Business Solutions Company® and one easy entry point of contact. We expect that this approach will allow us to continue to cross-sell the business and financial solutions of our subsidiaries to our customers and customers of our subsidiaries, and to build upon our extensive deal sourcing infrastructure.
Screening
We screen all potential loan referrals that we receive for suitability and consistency with our loan origination criteria and underwriting guidelines. See “Loan Characteristics,” above. In screening loan referrals, our Senior Lending Team utilizes a value-oriented philosophy and commits resources to managing downside exposure. If a potential loan meets our basic loan criteria, a business service specialist or other member of our team is assigned to perform preliminary due diligence.
SBA Lending Procedures
Prior to January 6, 2023, NSBF originated loans under the SBA 7(a) Program (authorized by section 7(a) of the Small Business Act, 15 U.S.C. 636(a)), in accordance with our credit and underwriting policy, which incorporates by reference the applicable regulations and the SBA Standard Operating Procedures, Lender and Development Company Loan Program (“SOP 50 10 and 50 57 2”) (collectively, “SBA Loan Program Requirements”) as they relate to the financing and servicing of such loans. Following the Acquisition, we anticipate that NSBF will continue to service its current portfolio of SBA 7(a) loans via a lender service provider agreement with SBL, and that new SBA 7(a) loan originations will be made by Newtek Bank. However, there can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending licenses, nor that Newtek Bank will obtain PLP status under the SBA 7(a) program following the Acquisition. See “Risk Factors – Risks Related to SBA Lending – There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.”
Historically, during the initial application process for a loan originated under the SBA 7(a) Program, a NewtekOne business service specialist assisted and guided the applicant through the application process, beginning with the submission of an online form through our customized loan portal. The online loan processing system collected required information and ensured that all necessary forms were provided to the applicant and filled out. The system conducted two early automatic screenings focused primarily on whether (i) the requested loan was for an eligible purpose, (ii) the requested loan was for an eligible amount and (iii) the applicant is an eligible borrower. If the applicant was eligible to fill out the entire application, the online system pre-qualified the applicant based on preset credit parameters meeting the standards of the Company and the SBA.
Once the online form and the application materials were completed, our underwriting department (the “Underwriting Department”) became primarily responsible for reviewing and analyzing the application in order to accurately assess the level of risk that would be undertaken in making a loan. The Underwriting Department was responsible for assuring that all information necessary to prudently analyze the risk associated with a loan application had been obtained and analyzed. Credit files were developed and maintained with the documentation received during the application process in such a manner as to facilitate file review during subsequent developments during the life of the loan.
We anticipate that Newtek Bank will have similar SBA lending procedures.
Required Information
For a loan originated under the SBA 7(a) Program, the primary application document is SBA Form 1919 (Borrower Information Form) (“Form 1919”). Among other things, Form 1919 requires identifying information about the applicant, loan request, indebtedness, the principals, current or previous government financing, and certain other disclosures.
In addition to Form 1919, the following additional information is required:
•an SBA Form 912 (Statement of Personal History), if the relevant questions in Form 1919 are answered affirmatively;
•an SBA Form 413 (Personal Financial Statement), for all owners of 20% or more (including the assets of the owner’s spouse and any minor children), and proposed guarantors;
•business financial statements dated within 180 days prior to submission to SBA, consisting of (a) year-end balance sheets for the last three years, including detailed debt schedule, (b) year-end profit & loss (P&L) statements for the last three years, (c) reconciliation of net worth, (d) interim balance sheet, and (e) interim P&L statements;
•a list of names and addresses of any subsidiaries and affiliates, including concerns in which the applicant holds a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with the applicant, and business financial statements meeting the same requirements as above of such subsidiaries and affiliates;
•formation documents for all obligor entities to validate existence and structure;
•the applicant’s original business license or certificate of doing business;
•records of any loans the applicant may have applied for in the past;
•signed personal and business U.S. federal income tax returns of the principals of the applicant’s business for previous three years;
•personal resumes for each principal;
•a brief history of the business and its challenges, including an explanation of why the SBA loan is needed and how it will help the business;
•a copy of the applicant’s business lease, or note from the applicant’s landlord, giving terms of proposed lease; and
•if purchasing an existing business, (a) current balance sheet and P&L statement of business to be purchased, (b) previous two years U.S. federal income tax returns of the business, (c) proposed Bill of Sale including Terms of Sale, and (d) asking price with schedule of inventory, machinery and equipment, furniture and fixtures.
We view current financial information as the foundation of sound credit analysis. To that end, we verify all business income tax returns with the Internal Revenue Service and generally request that financial statements be submitted on an annual basis after the loan closes. For business entities or business guarantors, we request U.S. federal income tax returns for each fiscal year-end to meet the prior three-year submission requirement. For interim periods, we will accept management-prepared financial statements. The most recent financial information may not be more than 180 days old at the time of the approval of the loan, but we generally request that the most recent financial information not be older than 90 days in order to provide time for underwriting and submission to SBA for guaranty approval, if required. For individuals or personal guarantors, we require a personal financial statement dated within 180 days of the application (sixty days is preferred) and personal income tax returns for the prior three years. In connection with each yearly update of business financial information, the personal financial information of each principal must also be updated. Spouses are required to sign all personal financial statements in order for the Underwriting Department to verify compliance with the SBA’s personal resource test. In addition, the Underwriting Department will ensure that there has been no adverse impact on financial condition of the applicant or its principals since the approval of the loan. If closing does not occur within ninety days of the date on which the loan is approved, updated business and personal financial statements must be obtained and any adverse change must be addressed before the proceeds of the loan may be disbursed. If closing does not occur within six months of the date on which the loan is approved, the applicant is generally required to reapply for the loan.
Stress Test
The standard underwriting process requires a stress test on the applicant’s interest rate to gauge the amount of increase that can be withstood by the applicant’s cash flow and still provide sufficient cash to service debt. The applicant’s cash flow is tested up to a 2% increase in interest rate. If the applicant’s debt service coverage ratio decreases to 1:1 or less than 1:1, the loan may only be made as an exception to our Underwriting Guidelines and would require the approval of our credit committee.
Required Site Visit
No loan will be funded without an authorized representative of NSBF first making a site visit to the business premises. We generally use a contracted vendor to make the required site visit but may from time to time send our own employees to perform this function. Each site visit will generate a narrative of the business property as well as photographs of the business property. Additional site visits will be made when a physical on-site inspection is warranted.
Credit Assessment of Applicant
Loan requests are assessed primarily based upon an analysis of the character, cash flow, capital, liquidity and collateral involved in the transaction.
Character: We require a personal credit report to be obtained on any principal or guarantor involved in a loan transaction. Emphasis is placed upon the importance of individual credit histories, as this is a primary indicator of an individual’s willingness and ability to repay debt. Any material negative credit information must be explained in writing by the principal, and must be attached to the personal credit report in the credit file. No loan will be made where an individual’s credit history calls into question the repayment ability of the business operation. A loan request from an applicant who has declared bankruptcy within the ten years preceding the loan application will require special consideration. A thorough review of the facts behind the bankruptcy and impact on creditors will be undertaken in determining whether the principal has demonstrated the necessary willingness and ability to repay debts. In addition, we will examine whether the applicant and its principals and guarantors have abided by the laws of their community. Any situation where a serious question concerning a principal’s character exists will be reviewed on a case-by-case basis. Unresolved character issues are grounds for declining a loan request regardless of the applicant’s financial condition or performance.
Cash Flow: We recognize that cash flow is the primary and desired source of repayment on any loan, and therefore is the primary focus of the credit decision. Any transaction in which the repayment is not reasonably assured through cash flow will be declined, regardless of other possible credit strengths. At a minimum, combined EBITDA will be used to evaluate repayment ability. Other financial analysis techniques will be employed as needed to establish the reasonableness of repayment. Where repayment is based on past experience, the applicant must demonstrate minimum combined cash flow coverage of 1.2 times based upon the most recent fiscal year-end financial statement. A determination of the ability to repay will not be based solely upon interim operating results. Where repayment ability is not evident from historical combined earnings (including new businesses and changes of ownership), projections will be analyzed to determine whether repayment ability is reasonably assured. For changes in ownership, monthly cash flow forecasts will be analyzed to determine adequacy to meet all of the borrower’s needs.
For business acquisition applications, the applicant will be required to submit projections and support such projections by detailed assumptions made for all major revenue and expense categories and an explanation of how the projections will be met. Analysis must include comparisons with relevant Risk Management Association (“RMA”) industry averages. EBITDA must be reasonably forecast to exceed debt service requirements by at least 1.2 times, after accounting for the initial phase of operations. For change of ownership applications, projections will also be measured against the actual historical financial results of the seller of the business concern. Projections must demonstrate repayment ability of not less than 1.2 times.
Capital: Capital is a strong traditional indicator of the financial health of a business. For going concern entities, the pro-forma leverage position, as measured by the debt to tangible net worth ratio, may not exceed the RMA industry median or 4 to 1, whichever is greater. For change of ownership transactions, generally 25% of total project costs should be contributed as equity resulting in debt to tangible net worth ratio of 3 to 1.
For a change of ownership transaction where a substantial portion of intangibles are included within the transaction, adequacy of capital will be determined based upon an evaluation of the business value and level of injection. In determining the legitimacy of the business value, the loan underwriter must utilize two SBA approved valuation methods, as outlined in SBA SOP 50 10. If the business value is found to be acceptable, and the equity injection into the project is within our requirements as outlined herein, then the capital position will be considered satisfactory.
As a general rule, shareholder and affiliate loans may be added back to net worth only if such loans will be subordinated for the life of the SBA loan, with no principal or interest payments to be made. Financing by the seller of the business may also be considered as equity if the loan will be placed on full standby for the life of the SBA loan. Adjustments to net worth to account for the difference between the book value and appraised value of fixed assets may be made only when supported by a current appraisal. Appraisals on a “subject to” basis are not acceptable.
Liquidity: Liquidity, as measured by the current ratio, must be in line with the RMA industry average. An assessment of the adequacy of working capital is required. An assessment of the liquidity of a business is essential in determining the ability to meet future obligations. Lending to cash businesses such as hotels and restaurants requires less analysis of the liquidity of the business due to the timing of cash receipts. Industries with large receivables, payables, and inventory accounts require thorough review of the cash cycle of the business and evaluation of the applicant’s ability to manage these accounts. The current and quick ratios and turnover of receivables, payables and inventory are measured against the RMA industry median in determining the adequacy of these liquidity measures.
Collateral: We are required to reasonably secure each loan transaction with all worthwhile and available assets. Pursuant to SBA SOP 50 10, we may not (and will not) decline a loan if the only weakness in the application is the value of collateral in relation to the loan amount, provided that all assets available to the business and its principals have been pledged. As set forth in SBA SOP 50 10, the SBA considers a loan to be fully secured if the lender has taken a security interest in all available fixed assets with a combined “net book value” adjusted up to the loan amounts below. For 7(a) loans, “fixed assets” means real estate, including land and structures and machinery and equipment owned by the business. “Net book value” is defined as an asset’s original price minus depreciation and amortization.
We attempt to secure each loan transaction with as much real estate and liquid asset collateral as necessary; however, all fixed assets must be evaluated. Fixed assets are evaluated on the basis of the net book value to determine the realizable value among collateral types. Valuation factors are applied as follows:
•Commercial real estate — 75%
•Residential real estate — 85%
•Vacant land — 50%
•Machinery & Equipment — 50%
•Furniture & Fixtures — 10%
•Accounts receivable & inventory —10%
•Leasehold improvements — 5%
•Certificate of Deposit — 100%
•Regulated Licenses — will vary dependent upon type of license and geographic area. The liquidation rate used must be fully justified.
In addition to an assessment of the criteria specified above, there are certain special industry-specific requirements that will be considered in the loan application decision.
Change of Ownership: The minimum equity injection required in a change of ownership transaction is generally 20% but may be lower for specific industries such as medical and dental practices, gas stations and convenience stores, flag hotels and “strong” non-lodging franchises.
In the event of financing from the seller of the business, the applicant must inject not less than 10% of the project cost; the seller of the business may provide the balance on a complete standby basis for the life of the SBA loan. Exceptions to the equity requirement are reviewed on a case-by-case basis.
For a change of ownership transaction, the application must be accompanied by a business plan including reasonable financial projections. The financial performance of the seller of the business must be evaluated based upon three years of corporate income tax returns and a current interim financial statement. Projections for the applicant must be in line with the historical financial performance at the business location. In cases where financial performance of the seller of the business is poor, a satisfactory explanation must be provided to detail the circumstances of performance. Projections for the applicant must be accompanied by detailed assumptions and be supported by information contained in the business plan.
Management should have related experience in the industry and demonstrate the ability to successfully operate the business. In the absence of satisfactory related experience, an assessment of management’s experience and capabilities, given the complexity and nature of the business, will be made. In the case of a franchise, we will generally take into account the reputation of a franchisor for providing worthwhile management assistance to its franchisees.
We carefully review change of ownership transactions. The loan underwriter will review the contract for sale, which will be included in the credit file. The contract for sale must include a complete breakdown of the purchase price, which must be justified through either a third party appraisal or directly by the loan underwriter through an approved valuation method specified in SBA SOP 50 10. The contract of sale must evidence an arm’s length transaction (but transactions between related parties are permitted so long as they are on an arm’s-length basis) which will preserve the existence of the small business or promote its sound development. In addition, a satisfactory reason for the sale of the business must be provided. The seller of the business must provide the prior three years of business tax returns and a current interim financial statement, as applicable.
As part of due diligence for a change of ownership transaction, the closing department will order and review lien searches run on the seller as well as the borrower/buyer. If such a search identifies any adverse information or unexpected liens, the credit will be referred back to underwriting so that a prudent credit decision may be made on the application in light of the new information.
Real Estate Transactions: Loan proceeds for the acquisition or refinancing of land or an existing building or for renovation or reconstruction of an existing building must meet the following criteria:
•the property must be at least 51% owner-occupied pursuant to SBA policies; and
•loan proceeds may not be used to remodel or convert any rental space in the property.
For new construction, the Applicant must occupy 60% of the Rentable Property, may permanently lease to a third party up to 20% and temporarily lease an additional 20% with the intention of using some of the additional 20% within 3 years and all of it within 10 years.
NSBF policy regarding the use of real estate appraisals and environmental reports is intended to provide for a secure, orderly and independent process for the ordering, receipt and approval of independent valuation and environmental reports. Commercial real estate appraisals are required on all primary collateral prior to the loan closing. In general, appraisals will be required as follows:
•For loans greater than $500,000 is secured by commercial real property; or
•For loans $500,000 or less secured by commercial real property, an appraisal will be required if such appraisal is necessary for appropriate evaluation of creditworthiness.
•The appraiser must be either State-licensed or State-certified (except when the property’s estimated value is over $1,000,000, when the appraiser must be State-certified) and the appraisal report must conform to Uniform Standards of Professional Appraisal Practice (USPAP);
•Appraisal reviews are required for all commercial real estate with an appraised value of $500,000 or more conducted by a licensed/certified and independent MAI appraiser.
Environmental screenings and an environmental questionnaire are required for all commercial real estate taken as collateral.
The type and depth of an Environmental Investigation to be performed varies with the risks of Contamination.
In general, environmental reports are required as follows:
•for real estate valued up to $500,000 — a transaction screen including a records review;
•for real estate valued in excess of $500,000 — a Phase I Environmental Report; and
•a Phase I Environmental Report will be required regardless of property value: gasoline service stations, car washes, dry cleaners and any other business known to be in environmentally polluting industries.
In all cases for commercial real estate taken as collateral:
•if further testing is recommended, the recommended level of testing will be performed prior to the loan closing; and
•if the report indicates remedial action to be taken by the business, such actions must be completed prior to the loan closing and a closure letter must be provided prior to funding.
Medical Professionals: In connection with a loan application relating to the financing of a medical business, all medical licenses will be verified, with the loss or non-renewal of license constituting grounds for denial of the application. In addition, medical professionals must provide evidence of malpractice liability insurance of at least $2.0 million or the loan amount, whichever is higher. Malpractice insurance must be maintained for the life of the loan.
Franchise Lending: All franchise loan applications will be evaluated as to eligibility by accessing SBA’s Franchise Directory as required by SBA, which does not permit assistance to a franchise that has not been approved and listed on its Franchise Directory. The underwriter will review the Franchise Disclosure Document and the Franchise Agreement in the course of underwriting the credit.
Credit Package
For each loan application, the loan underwriter will prepare a credit package (the “Credit Package”). All credit and collateral issues are addressed in the Credit Package, including but not limited to, the terms and conditions of the loan request, use of proceeds, collateral adequacy, financial condition of the applicant and business, management strength, repayment ability and conditions precedent. The Underwriting Department will recommend approval, denial or modification of the loan application. The Credit Package is submitted to our credit committee for further review and final decision regarding the loan application.
Other than rejections for ineligibility of the applicant, the type of business or the loan purpose, NSBF may decline a loan application for the following reasons:
•after taking into consideration prior liens and considered along with other credit factors, the net value of the collateral offered as security is not sufficient to protect the interest of the U.S. Government;
•lack of reasonable assurance of ability to repay loan (and other obligations) from earnings;
•lack of reasonable assurance that the business can be operated at a rate of profit sufficient to repay the loan (and other obligations) from earnings;
•disproportion of loan requested and of debts to tangible net worth before and after the loan;
•inadequate working capital after the disbursement of the loan;
•the result of granting the financial assistance requested would be to replenish funds distributed to the owners, partners, or shareholders;
•lack of satisfactory evidence that the funds required are not obtainable without undue hardship through utilization of personal credit or resources of the owner, partners or shareholders;
•the major portion of the loan requested would be to refinance existing indebtedness presently financed through normal lending channels;
•credit commensurate with applicant’s tangible net worth is already being provided on terms considered reasonable;
•gross disproportion between owner’s actual investment and the loan requested;
•lack of reasonable assurance that applicant will comply with the terms of the loan agreement;
•unsatisfactory experience on an existing loan; or
•economic or physical injury not substantiated.
If a loan application is accepted, we will issue an approval letter to the applicant. After approval, the SBA and NSBF enter into a Loan Authorization Agreement which sets forth the terms and conditions for the SBA’s guaranty on the loan. The closing of a loan is handled by the closing and legal department consisting of loan closer, in-house attorneys and paralegals, whose primary responsibility is to close the loan in accordance with prudent lending standards and in compliance with SBA requirements thereby seeking to preserve SBA’s guaranty of repayment. Before loan proceeds are disbursed, the closing staff will review all required documentation (including but not limited to entity documentation, proof of insurance and licensing, environmental reports and appraisals, and will verify the applicant’s required capital injection, ensure that loan proceeds are being used as authorized and obtain required lien positions.
Maintenance of Credit Files
Loan files (consisting of credit files, due diligence, loan closing documentation) are maintained and administered in the Newtek Loan Portal and permanently stored in the Newtek Filevault. The loan file contains all documentation necessary to show: (a) the basis and purpose of the loan, (b) compliance with policy, regulation, loan conditions (such as rate, terms of repayment, collateral), and (c) the authority for granting the loan. The loan file is subject to review or audit by the SBA at any time. The files are organized pursuant to a specified format which facilitates the consistency and readability of the documentation for reviewers and/or auditors. Portfolio and servicing documentation are also administered in the Newtek Loan Portal and permanently stored in the Newtek File Vault.
Non SBA 7(a) Loans
Due Diligence and Underwriting
In making loans other than SBA 7(a) loans or similar conventional loans to SMBs, our Senior Lending Team will take a direct role in screening potential loans, in supervising the due diligence process, in the preparation of deal documentation and the completion of the transactions. The members of the Senior Lending Team complete due diligence and analyze the relationships among the prospective client’s business plan, operations and expected financial performance. Due diligence may address some or all of the following depending on the size and nature of the proposed investment:
•on-site visits with management and relevant key employees;
•in-depth review of historical and projected financial statements, including covenant calculation work sheets;
•interviews with customers and suppliers;
•management background checks;
•review reports by third-party accountants, outside counsel and other industry, operational or financial experts; and/or
•review material contracts.
During the underwriting process, significant, ongoing attention is devoted to sensitivity analyses regarding whether a company might bear a significant “downside” case and remain profitable and in compliance with assumed financial covenants. These “downside” scenarios typically involve assumptions regarding the loss of key customers and/or suppliers, an economic downturn, adverse regulatory changes and other relevant stressors that we attempt to simulate in our quantitative and qualitative analyses. Further, we continually examine the effect of these scenarios on financial ratios and other metrics.
Approval, Documentation and Closing
Upon the completion of the due diligence process, the Senior Lending Team will review the results and determine if the transaction should proceed to approval. If approved by our Senior Lending Team or credit committee, the underwriting professionals heretofore involved proceed to documentation.
As and to the extent necessary, key documentation challenges are brought before our Senior Lending Team for prompt discussion and resolution. Upon the completion of satisfactory documentation and the satisfaction of closing conditions, final approval is sought from Senior Lending Team before closing and funding.
Competition
We compete for SBA 7(a) and other SMB loans with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for loans has emerged among alternative investment vehicles, such as collateralized loan obligations, some of which are sponsored by other alternative asset investors, as these entities have begun to focus on making investments in SMBs. As a result of these new entrants, competition for our loan opportunities may intensify. Many of these entities have greater financial and managerial resources than we do, but we believe that they invariably lack the ability to process loans as quickly as we can and do not have the depth of our customer service capabilities. We believe we will be able to compete with these entities primarily on the basis of our financial technology infrastructure, our experience and reputation, our deep industry knowledge and ability to provide customized business solutions, our willingness to make smaller loans than other specialty finance companies, the breadth of our contacts, our responsive and efficient loan analysis and decision-making processes, and the loan terms we offer.
We and our subsidiaries compete in a large number of markets for the sale of financial and business solutions to SMBs. Each of our subsidiaries competes not only against suppliers in its particular state or region of the country but also against suppliers operating on a national or even a multi-national scale. None of the markets in which our subsidiaries compete are dominated by a small number of companies that could materially alter the terms of the competition.
For example, our electronic payment processing subsidiaries compete with entities including Global Payments, First National Bank of Omaha and Paymentech, L.P.
Our Lending Platform ecosystem competes with regional and national banks and non-bank lenders. Other companies, including Intuit®, are bundling electronic payment processing, web hosting and payroll services similar to ours in offerings that compete in the same SMB market.
In many cases, we believe that our competitors are not as able as we are to take advantage of changes in business practices due to technological developments and, for those with a larger size, are unable to offer the personalized service that many SMB owners and operators desire.
While we compete with many different providers in our various businesses, we have been unable to identify any direct and comprehensive competitors that deliver the same broad suite of services focused on the needs of the SMB market with the same marketing strategy as we do. We believe that some of the competitive advantages of our ecosystem include:
•compatible products such as our e-commerce offerings that we are able to bundle to increase sales, reduce costs and reduce risks for our customers and enable us to sell two, three, or four products at the same time;
•the patented NewTracker® referral system, which allows us and our subsidiaries to process new business utilizing a web-based, centralized processing point and provides back end scalability, and allows our alliance partners to offer a centralized access point for their SMB clients as part of their larger strategic approach to marketing, thus demonstrating their focus on providing a suite of services to the SMB market in addition to their core service;
•the focus on developing and marketing business and financial solutions aimed at the SMB market;
•scalability, which allows us to size our business and financial solutions capabilities very quickly to meet customer and market needs;
•the ability to offer personalized service and competitive rates;
•a strategy of multiple channel distribution, which gives us maximum exposure in the marketplace;
•high quality customer service 24/7/365 across all business lines, with a focus primarily on absolute customer service and;
•a telephonic and video interview process, as opposed to requiring handwritten or data-typing processes, which allows us to offer high levels of customer service and satisfaction, particularly for SMB owners who do not get this service from our competitors
Human Capital including Senior Lending Team and Executive Committee
The long-term success of our Company depends on our people. Our team comprises experienced lending professionals, executive officers and banking, treasury, finance, risk management, administrative support, IT and human resources professionals.
The key members of our senior lending team (“Senior Lending Team”), many of whom have worked together for more than ten years, each have over 25 years of experience in lending-related fields. Many of these lending professionals have worked together through two recessions, a credit crunch, the dot-com boom and bust and a historic, leverage-fueled asset valuation bubble. Each member brings a complementary component to a team well-rounded in finance, accounting, operations, strategy, business law and executive management.
We are managed by our Executive Committee, which includes Barry Sloane, Peter Downs, Michael A. Schwartz and Nicholas Leger, under the supervision of our Board. While our subsidiaries are independently managed by their executive officers, members of our Executive Committee oversee our subsidiaries. Messrs. Sloane and Downs have been involved together in the structuring and management of equity investments for the past 19 years.
The retention of our Senior Lending Team and Executive Committee is material to the management of our business. The departure of key personnel could adversely affect our business and cause us to lose current and potential business opportunities. As such, we believe we offer a competitive compensation and benefits structure that we believe is attractive to our current and prospective professionals. As we hire and develop individuals, we take succession planning into account.
As of December 31, 2022 our workforce consisted of 104 professionals (not including portfolio company employees). We strive to continue to create a welcoming and inclusive work environment for our employees. We are committed to recruiting, motivating. and developing a diversity of talent and to create an inclusive community where all individuals are welcomed, valued, respected, and heard. In order to support a culture of learning, we provide many training opportunities for our employees to continue to build their skills and increase their effectiveness as members of a team, including offering a variety of external and internal classes and training sessions as well as hands-on learning and one-on-one mentorship.
We are committed to fostering a workplace conducive to the open communication of any concerns regarding unethical, fraudulent or illegal activities. Feedback from employees on matters related to their employment or our operations including its financial statement disclosures, accounting, internal accounting controls or auditing matters is greatly appreciated and helps to build a stronger organization. Each director, officer, regular full-time, part-time and temporary employee of the Company has the ability to report confidentially under the Company’s whistleblower policy: (a) questionable or improper accounting, internal controls, auditing matters, disclosure, or fraudulent business practices and (b) illegal or unethical behavior that has occurred, is ongoing, or is about to occur of an applicable law, rule, regulation or policy of the Company. We protect the confidentiality of those making reports of possible misconduct to the maximum extent permitted by law. Our no retaliation policy prohibits retaliation against those who report activities believed in good faith to be a violation of any law, rule, regulation or internal policy.
We maintain and ensure compliance of all directors, officers and employees to our Code of Business Conduct and Ethics (the “Code of Ethics”) which is acknowledged in writing on joining and annually by all our employees, as a continued condition of employment. Our Code of Ethics establishes applicable policies, guidelines, and procedures that promote ethical practices and conduct by the Company and all its employees, officers, and directors. Our Code of Ethics can be found on our website at https:/investor.newtekbusinessservices.com/corporate-governance.
We aim to provide a safe environment at work. Throughout the COVID-19 pandemic, the safety of our employees, clients, customers, and vendors was at the forefront of our decisions regarding a remote work policy. Following local and CDC guidance, we made our offices accessible to those who prefer to work in the office, with restrictions and safety protocols in place, including limiting office capacity. For those hesitant to return to the office, we have continued to support remote work as an option. In addition to protecting the physical safety of our employees, we seek to promote a safe environment that is free of harassment or bullying. We do not tolerate discrimination and harassment of any kind including but not limited to sexual, gender identity, race, religion, ethnicity, age, or disability, among others.
We monitor our attrition and analyze reasons for leaving the Company. We value employee feedback and make adjustments to employees’ needs and concerns as they are raised.
Available Information
We are subject to the informational requirements of the SEC and in accordance with those requirements file reports, proxy statements and other information with the SEC. The SEC maintains a web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the SEC’s web site is http://www.sec.gov. Our principal offices are located at 4800 T Rex Avenue, Suite 120, Boca Raton, Florida and our telephone number is (212) 356-9500. Our website may be directly accessed at http://www.newtekone.com. We make available through our website, free of charge, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. These documents may be directly accessed at https://investor.newtekbusinessservices.com. Information contained on our website is not a part of this report.
Code of Ethics
We have adopted a code of ethics pursuant to Section 5610 of the Nasdaq Corporate Governance Requirements that establishes procedures for personal investments and restricts certain transactions by our personnel. The code of ethics is published and available on the Company’s website at https://investor.newtekbusinessservices.com/corporate-governance is attached as an exhibit and is available on the EDGAR Database on the SEC’s Internet site at www.sec.gov. You may also obtain copies of the code of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Compliance Policies and Procedures
We have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures. Mr. Michael Schwartz currently serves as our Chief Compliance Officer.
Privacy Principles
We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.
Generally, we do not receive any non-public personal information relating to our shareholders, although certain non-public personal information of our shareholders may become available to us. We do not disclose any non-public personal information about our shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent).
Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:
•pursuant to Rule 13a-14 of the Exchange Act, our Chief Executive Officer and Chief Accounting Officer must certify the accuracy of the consolidated financial statements contained in our periodic reports;
•pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;
•pursuant to Rule 13a-15 of the Exchange Act, our management must prepare a report regarding its assessment of our internal controls over financial reporting; and
•pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.
Taxation as a Financial Holding Company
As a BDC, prior to our conversion on January 6, 2023 to a financial holding company, for any taxable year in which we qualified as a RIC and satisfied the Annual Distribution Requirement, we generally were not be subject to U.S. federal income tax on the portion of our income we distributed to our stockholders. In order to comply with these requirements, we maintained a dividend policy of making quarterly distributions in an amount that approximated 90 - 100% of the Company's annual taxable income.
For 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee
remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects.
ITEM 1A. RISK FACTORS.
You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes. While we believe the risks and uncertainties described below include the material factors that currently, individually or in the aggregate, could cause our actual results to differ significantly from anticipated or historical results, it is possible that these may not be the only ones we face. If any of the following risks occur, our business, financial condition and results of operations could be materially and adversely affected. In that case, the value of our common stock could decline and shareholders may lose all or part of their investment. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be a complete discussion of all potential risks or uncertainties.
Risk Factors Summary
Our business is subject to a number of risks that may adversely affect our business, financial condition, results of operations and prospects and could affect the price of our securities. These risks are discussed more fully below and include, but are not limited to:
Risks Related to Regulation, Supervision and Compliance
•We have a limited operating history as a financial holding company.
•We operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations can materially impact our business, financial condition and results of operations.
•Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations.
•Failure to comply with applicable laws, regulations or commitments, or to satisfy our regulators’ supervisory expectations, could subject us to, among other things, supervisory or enforcement action, which could adversely affect our business, financial condition and results of operations.
•We are subject to stringent capital and liquidity regulations and requirements.
•Our business may be adversely affected if our risk management framework does not effectively identify, assess and mitigate risk.
•The loss of pass-through tax treatment, as a result of the Company’s withdrawal of its election to be regulated as a BDC, may substantially reduce net assets and income available for dividends and debt repayments.
Risks Related to the Economy
•Global economic, political, social and market conditions, including uncertainty about the financial stability of the United States could have a significant adverse effect on our business, operating results and financial condition.
•Any public health emergency, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our subsidiaries and our clients.
•Economic recessions or downturns, including as a result of the COVID-19 pandemic, could impair our clients and our operating results.
•Inflation may adversely affect our and our clients’ business, results of operations and financial condition.
•A failure or the perceived risk of a failure to raise the statutory debt limit of the U.S. could have a material adverse effect on our business, financial condition and results of operations.
•If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending activities, the value of our loan portfolio value could decrease and our level liquidity could be affected adversely.
Risks Related to Our Industry
•We operate in a highly competitive market for clients, which could reduce returns and result in losses.
•We could be adversely affected by the soundness of other financial institutions.
Risks Related to Our Business and Structure
•We are dependent upon our Senior Lending Team and our Executive Committee for our future success, and if we are unable to hire and retain qualified personnel or if we lose any member of our Senior Lending Team or our Executive Committee, our business could be significantly harmed.
•If we are unable to acquire and process lending opportunities and clients effectively, we may be unable to achieve our objectives.
•To the extent we borrow money to finance client loans, changes in interest rates will affect our cost of capital and net investment income.
•We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and results of operations.
•An inability to maintain adequate liquidity could jeopardize our business and financial condition.
•Our acquisitions and other strategic transactions, including the Acquisition, may not yield the intended benefits.
•If we and our subsidiaries are unable to protect our intellectual property rights, our business and prospects could be harmed.
•We are subject to specific risks associated with our small business loans lending activities and certain other activities of our subsidiaries.
RISKS RELATED TO REGULATION, SUPERVISION AND COMPLIANCE
We have a limited operating history as a financial holding company.
Although we and our predecessor have operated since 1999, we became a financial holding company effective January 6, 2023, upon the completion of our acquisition of NBNYC, and therefore we have only recently became subject to the regulatory regime applicable to banking institutions in the United States. As of January 6, 2023, we are no longer regulated as a BDC and are no longer subject to the regulatory provisions of the 1940 Act (though certain of our outstanding indebtedness remains subject to covenants that were applicable to us as a BDC when such indebtedness was issued, as discussed below).
Accordingly, we have a limited operating history upon which to evaluate our business and future prospects as a financial holding company. Our lending prospects as a financial holding company may differ significantly from our investment prospects as a BDC, and it is difficult to predict future operating results and to assess the likelihood of the success of our business as a financial holding company. As a new financial holding company, we may be subject to risks and levels of risk that are greater than those encountered by financial institutions with longer established operations and relationships.
As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.
Upon becoming a financial holding company, we became subject to a wide range of statutory and regulatory restrictions and requirements that will affect many aspects of our business. We are subject to federal regulation and supervision by the FDIC, OCC and Federal Reserve. The laws and regulations applicable to us govern a variety of matters, including permissible types, amounts, and terms of loans and investments we may make, the maximum interest rate that may be charged, the amount of reserves we must hold against deposits we take, the types of deposits we may accept, maintenance of adequate capital and liquidity, changes in the control of Newtek Bank and the Company, restrictions on dividends, and establishment of new offices. A principal objective of the U.S. bank regulatory system is to ensure the safety and soundness of banking organizations. Safety and soundness is a broad concept that includes financial, operational, compliance and reputational considerations, including matters such as capital, asset quality, quality of board and management oversight, earnings, liquidity, and sensitivity to market and interest rate risk and is generally intended to protect customers, depositors, the DIF and the overall financial stability of the United States, not our stockholders or creditors. Our regulators also have the ability to compel us to take, or restrict us from taking, certain actions entirely, such as actions that our regulators deem to constitute an unsafe or unsound banking practice. As part of its commitment to maintain safety and soundness, at the time the Company acquired Newtek Bank, Newtek Bank entered into an Operating Agreement with the OCC (the “Operating Agreement”). The Operating Agreement sets forth key parameters within which Newtek Bank must operate, such as with respect to its business plan, minimum capital, minimum liquidity, risk management and compliance. We continue to devote substantial time and resources to compliance and meeting our regulators’ supervisory expectations, which may adversely affect our profitability and may adversely affect our ability to pursue advantageous business opportunities.
See “Item 1. Business – Regulation and Supervision” for information on the regulation and supervision framework which governs our Company and its activities as a financial holding company.
Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations.
As a financial holding company, we are subject to certain banking laws and regulations, including under the BHCA, and regulation and supervision by the Federal Reserve, and with respect to Newtek Bank, the OCC. As a result, we have regulatory restrictions on the actions in which we may engage, and such restrictions may limit our ability to acquire other businesses, enter into other strategic transactions, joint ventures, and undertake business transactions which we could otherwise undertake as a BDC. The Operating Agreement also contains certain concentration limits on the composition of Newtek Bank’s loan portfolio and dictates the amount of capital we must maintain (which during the term of the Operating Agreement is in excess of statutory requirements), which in turn could restrict our growth. Further, banking laws and regulations could require us to diversify into areas where we have less experience, which may adversely impact our financial condition and results of operations. For example, as a result of commitments made to the Federal Reserve, the Company has agreed to divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. The divestiture of these subsidiaries may adversely impact our financial condition and results of operations. As noted above, as a result of commitments made in the Operating Agreement, Newtek Bank is subject to, among other things, limitations on dividend payment, minimum liquidity requirements and risk management requirements. Further, if we do enter into acquisitions, partnerships and joint ventures, they may not provide us with the benefits we anticipate. We may not be able to successfully integrate any businesses, services or technologies that we acquire or with which we form a partnership or joint venture, or comply with applicable regulatory requirements.
Changes in laws, regulations, or policies may adversely affect our business, financial condition and results of operations.
Congress and federal regulatory agencies continually review banking laws, regulations, policies and other supervisory guidance for possible changes. Changes in the presidential administration or control of Congress also increases the likelihood of further changes to laws, regulations and supervisory practices affecting financial institutions, which could include more stringent requirements and greater scrutiny from regulatory authorities.
We are unable to predict all of the ways in which changes in the legal or regulatory environment could impact our anticipated business models or objectives. Changes in these laws or regulations applicable to us as a financial holding company, including changes in the interpretation or implementation of those regulations or policies, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition.
Failure to comply with applicable laws, regulations or commitments, or to satisfy our regulators’ supervisory expectations, could subject us to, among other things, supervisory or enforcement action, which could adversely affect our business, financial condition and results of operations.
If we do not comply with applicable laws, regulations or commitments, if we are deemed to have engaged in unsafe or unsound conduct, or if we do not satisfy our regulators’ supervisory expectations, then we may be subject to increased scrutiny, supervisory criticism, governmental or private litigation and/or a wide range of potential monetary penalties or consequences, enforcement actions, criminal liability and/or reputational harm. Such actions could be public or of a confidential nature, and arise even if we are acting in good faith or operating under a reasonable interpretation of the law and could include, for example, monetary penalties, payment of damages or other monetary relief, restitution or disgorgement of profits, directives to take remedial action or to cease or modify practices, restrictions on growth or expansionary proposals, denial or refusal to accept applications, removal of officers or directors, prohibition on dividends or capital distributions, increases in capital or liquidity requirements and/or termination of Newtek Bank’s deposit insurance. Additionally, compliance with applicable laws, regulations and commitments requires significant investment of management attention and resources. Any failure to comply with applicable laws, regulations or commitments could have an adverse effect on our business, financial condition and results of operations.
We are subject to anti-money laundering and similar laws, and non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition and results of operations.
We are subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act, which require financial institutions to design and implement programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are detected, financial institutions are obligated to file suspicious activity reports with Financial Crimes Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers and beneficial owners of certain legal entity customers seeking to open new financial accounts. Federal and state bank regulators also have focused on compliance with Bank Secrecy Act and anti-money laundering regulations. Failure to
comply with these regulations could result in fines or sanctions, including restrictions on conducting acquisitions or expanding activities. During the last several years, several banking institutions have received large fines for non-compliance with these laws and regulations. Although we have policies and procedures designed to assist in compliance with the Bank Secrecy Act and other anti-money laundering laws and regulations, there can be no assurance that such policies or procedures will work effectively all of the time or protect us against liability for actions taken by our employees, agents, and intermediaries with respect to our business or any businesses that we may acquire. Failure to maintain and implement adequate programs to combat money laundering and terrorist financing could also have serious reputational consequences for us, which could have a material adverse effect on our business, financial condition or results of operations.
We are subject to stringent capital and liquidity regulations and requirements.
NewtekOne, Inc. is the parent company of and a separate and distinct legal entity from Newtek Bank. Legal entity liquidity is an important consideration as there are legal, regulatory, contractual and other limitations on our ability to utilize liquidity from one legal entity to satisfy the liquidity requirements of another, which could result in adverse liquidity events at either NewtekOne, Inc. and/or Newtek Bank. Applicable laws and regulations, including capital and liquidity requirements and the Operating Agreement, could restrict our ability to transfer funds between Newtek Bank and NewtekOne, Inc., which could adversely affect our cash flow and financial condition. Additionally, applicable laws and regulations may restrict what NewtekOne, Inc.is able to do with the liquidity it does possess, which may adversely affect our business and results of operations.
Further, pursuant to the Operating Agreement we have made certain commitments to the OCC which requires Newtek Bank to hold capital incremental to the minimum required under the applicable standards, which could also impact the Company’s ability to invest in assets. From time to time, regulators may implement changes to these capital adequacy and liquidity requirements. If we fail to meet these minimum capital adequacy and liquidity guidelines and other regulatory requirements, our business activities, including lending, and its ability to expand could be limited. It could also result in the Company being required to take steps to increase its regulatory capital that may be dilutive or adverse to stockholders, including limiting the Company’s ability to pay dividends to stockholders or limiting the Company’s ability to invest in assets even if deemed more desirable from a financial and business perspective.
Federal law and Federal Reserve policy require that a bank holding company serve as a source of financial and managerial strength for any FDIC-insured depository institution that it controls. Thus, if Newtek Bank were to be in financial distress or to otherwise be viewed by the regulators as in an unsatisfactory condition, then the federal banking regulators could require the Company to provide additional capital or liquidity support, or take other action, in support of Newtek Bank, even if doing so is not otherwise in the best interest of the Company or its shareholders.
Our business may be adversely affected if our risk management framework does not effectively identify, assess and mitigate risk.
Our risk management framework seeks to appropriately balance risk and return and mitigate our risks, including risks attributable to third parties. We have established policies intended to regularly identify and assess our risk profile, including credit risk, pricing risk, liquidity risk, strategic risk and operational risk, and then implement appropriate processes and controls to mitigate risk. We have recently adopted a number of new policies as part of the conversion to a financial holding company and those policies and their efficacy are untested.
If our risk management framework does not effectively identify, assess and/or mitigate our risk profile, we could suffer unexpected losses or be adversely affected, which could have a material adverse effect on our business. For example, assessment of our risk profile depends, in part, upon the use of forecasting models. If these models are ineffective at predicting future losses or are otherwise inadequate, we may incur unexpected losses or otherwise be adversely affected. In addition, the information we use may be inaccurate or incomplete, both of which may be difficult to detect and avoid. Additionally, there may be risks that exist, or that develop in the future, that we have not appropriately anticipated, identified or mitigated.
Finally, our risk management framework may be deemed insufficient or inadequate by our regulators, which have in the past required, and we expect to continue to require, that we invest additional resources into remediating any deficiencies and adversely impact our ability to operate our business until such time as the revised framework is deemed sufficient and adequate by our regulators.
Federal law may discourage certain acquisitions of our common stock which could have a material adverse effect on our shareholders.
Federal law may make it more difficult for someone to acquire our common stock in certain circumstances. Under federal law and subject to certain exemptions, a person, entity or group must notify the federal banking agencies before acquiring control of a bank holding company. An acquisition of 10% or more of any class of voting stock of a bank holding company generally creates a rebuttable presumption that the acquirer “controls” the bank holding company. In addition, a bank holding company
must obtain the prior approval of the Federal Reserve before, among other things, acquiring direct or indirect ownership or control of more than 5% of the voting shares of any bank, including Newtek Bank. These provisions could delay or prevent a third party from acquiring us, despite the possible benefit to our shareholders, or otherwise adversely affect the market price of our common stock.
The withdrawal of the Company’s election to be regulated as a BDC has resulted in a significant change in our accounting and financial reporting requirements.
Due to the Company’s withdrawal of its election to be regulated as a BDC on January 6, 2023, the Company is no longer subject to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, which will result in a significant change in our accounting and financial reporting requirements. Our financial statements as of December 31, 2022 are, and in previous years were, presented and accounted for under the specialized method of accounting applicable to investment companies, including BDCs, which required us to recognize our investments, including controlled investments, at fair value. As a BDC, we were precluded from consolidating any entity other than another investment company that acted as an extension of our investment operations and facilitated the execution of our investment strategy or an investment in a controlled operating company that provided substantially all of its services to us. Our financial statements for the fiscal year ended December 31, 2022 consolidate the accounts of the Company and NSBF, and excludes other wholly-owned subsidiaries. Our financial statements for the fiscal year ended December 31, 2022 reflect our investments at fair value, as determined in good faith by our Board. Certain of our subsidiaries’ financial statements are separately provided as significant unconsolidated wholly-owned subsidiaries. In future financial statements, beginning with the first quarter of 2023, the Company will be required to consolidate the financial statements of certain of its controlled or majority-owned investments together with those of the Company, which will be a significant change in our accounting and financial reporting requirements. Management will be required to expend significant efforts in order to implement this change in accounting and financial reporting requirements, which could adversely affect the time and attention devoted to other aspects of our business and operations.
The loss of pass-through tax treatment, as a result of the Company’s withdrawal of its election to be regulated as a BDC, may substantially reduce net assets and income available for dividends and debt repayments.
Prior to January 6, 2023, we operated so as to qualify as a RIC, which generally allowed us to qualify for effective pass-through tax treatment. Upon withdrawing our election to be regulated as a BDC, we have ceased to qualify for such pass-through tax treatment, and we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which we expect will substantially reduce the amount of income available for distribution to our shareholders and to repay our borrowings. The Company will no longer qualify as a RIC beginning with the 2023 taxable year (e.g., beginning on January 1, 2023). For more information, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary.”
RISKS RELATED TO THE ECONOMY
Global economic, political, social and market conditions, including uncertainty, including uncertainty about the financial stability of the United States could have a significant adverse effect on our business, operating results and financial condition.
The current worldwide financial markets situation, as well as various social, political, economic and other conditions and events (including political tensions in the United States and around the world, wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as natural disasters, epidemics and pandemics) may create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.
Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in spreads on debt instruments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.
In addition, the war between Russia and Ukraine, and resulting market volatility, could adversely affect our business, financial condition or results of operations. In response to the war between Russia and Ukraine, the United States have imposed sanctions or other restrictive actions against Russia. The ongoing war and the measures in response could have a negative impact on the economy and business activity globally and could have a material adverse effect on our business, financial condition, cash flows and results of operations. The severity and duration of the war and its impact on global economic and market conditions are impossible to predict. In addition, sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact our business, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which our business and the business of our clients rely.
Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline.
In addition, recently, concerns have arisen with respect to the financial condition of a number of banking organizations in the United States, in particular those with exposure to certain types of depositors and large portfolios of investment securities. On March 10, 2023 Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation was appointed receiver of Silicon Valley Bank. On March 11, 2023, Signature Bank was similarly closed and placed into receivership and concurrently the Federal Reserve Board announced it will make available additional funding to eligible depository institutions to assist eligible banking organizations with potential liquidity needs. While the Company’s business, balance sheet and depositor profile differs substantially from banking institutions that are the focus of the greatest scrutiny, the operating environment and public trading prices of financial services sector securities can be highly correlated, in particular in times of stress, which may adversely affect the trading price of the Company’s common stock and potentially its results of operations.
Any public health emergency, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us, our subsidiaries and our clients.
The extent of the impact of any public health emergency, such as the COVID-19 pandemic, on our results of operations and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our personnel. This could create widespread business continuity issues for us.
A number of factors related to a public health emergency impacting us or our borrowers, customers or business partners could materially adversely affect our business, results of operations, and financial condition, including but not limited to:
•increases in loan delinquencies, losses and charge-offs;
•increases in borrowers seeking and being granted deferments of principal and interest payments;
•collateral for loans, including real estate, may decline in value, which could cause loan losses to increase;
•demand for our business products and solutions may decline, making it difficult to grow or maintain our assets and income;
•net worth and liquidity of the guarantors on our loans may decline, which could cause loan losses to increase;
•our risk management policies and practices may be negatively impacted by among, other things, changes in the SBA 7(a) loan program, including changes to SBA rules, regulations and SBA standard operating procedures; and
•increases in cyber risk as criminals may take advantage of the changes of business practices necessitated by a public health emergency.
If the economy is unable to substantially reopen or remain reopened after a public health emergency, and high levels of unemployment continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations.
Any public health emergency, pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and
the resulting financial and economic market uncertainty could have a significant adverse impact on us.
Economic recessions or downturns, including as a result of the COVID-19 pandemic, could impair our clients and our operating results.
Many of our clients may be susceptible to economic slowdowns or recessions and may be unable to repay outstanding borrowings during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, uncertainty in connection with economic sanctions resulting from the ongoing war between Russia and Ukraine, and uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future.
In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our assets is likely to decrease during these periods. The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing.
These events could limit our loan originations, negatively impact the revenues of our subsidiaries, limit our ability to grow and negatively impact our operating results and financial condition.
Inflation may adversely affect our and our clients’ business, results of operations and financial condition.
Recent inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer
spending, economic growth and our clients’ operations. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, its benchmark interest rates in an effort to combat inflation. Certain of our clients may operate in industries that have been, or are expected to be, impacted by inflation. If such clients are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans to them and could result in future unrealized losses.
While the United States and other developed economies are experiencing higher-than-normal inflation rates, it remains uncertain whether substantial inflation will be sustained over an extended period of time or have a significant effect on the U.S. economy or other economies. Inflation may affect our loan portfolio adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments we or our subsidiaries may have issued could increase, which would tend to reduce returns to our investors. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of many of our clients as noted above. Clients may have fixed income streams and, therefore, be unable to pay their debts when they become due. The market value of such investments may decline in value in times of higher inflation rates. As inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses. Governmental efforts to curb inflation often have negative effects on the level of economic activity. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. There can be no assurance that continued and more widespread inflation in the United States and/or other economies will not become a serious problem in the future and have a material adverse impact on us.
A failure or the perceived risk of a failure to raise the statutory debt limit of the U.S. could have a material adverse effect on our business, financial condition and results of operations.
U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States.
The impact of this or any downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.
If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending activities, the value of our loan portfolio could decrease and our level of liquidity could be affected adversely.
Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The prolonged continuation or worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all.
RISKS RELATED TO OUR INDUSTRY
We operate in a highly competitive market for clients, which could reduce returns and result in losses.
We compete for clients with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for clients has emerged among alternative investment vehicles, such as CLOs, some of which are sponsored by other alternative asset investors, as these entities have begun to focus on making investments in SMBs. As a result of these new entrants, competition for our clients may intensify. Many of our competitors will be substantially larger and have considerably greater financial, technical and marketing resources than us. For example, some competitors may have a lower cost of capital and access to funding sources that will not be available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we will have. Additionally, some of our competitors may also be subject to less burdensome licensing and other regulatory requirements. These characteristics could allow our competitors to establish more relationships and offer better pricing and more flexible structuring than we will be able to offer. We may lose clients if we do not match our competitors’ pricing, terms and structure. If we are forced to match our competitors’ pricing, terms and structure, we may not be able to achieve acceptable returns or may bear substantial risk of capital loss.
Substantial and increasing competition in our industry may harm our business.
The financial services and banking industry is increasingly competitive. We compete with a variety of entities in various markets in this industry. The consumer lending market is very competitive and is served by a variety of entities, including banks, savings and loan associations, credit unions, independent finance companies, and financial technology companies. The recreation lending and home improvement lending markets are also highly fragmented, with a small number of lenders capturing large shares of each market and many smaller lenders competing for the remaining market share. Our competitors often seek to provide financing on terms more favorable to consumers or dealers, contractors, and financial services providers (“FSPs”) than we offer. Many of these competitors also have long-standing relationships with dealers, contractors, and FSPs and may offer other forms of financing that we do not offer. We may encounter greater competition as we expand our operations, and competition may also increase in more stable or favorable economic conditions. Certain of our competitors are not subject to the same regulatory requirements that we are and, as a result, these competitors may have advantages in conducting certain business and providing certain services and may be more aggressive in their loan origination activities. Increasing competition could also require us to lower the rates we charge on loans in order to maintain our desired loan origination volume, which could also have a material adverse effect on our business, financial condition and results of operations.
We could be adversely affected by weakness in the residential housing and commercial real estate markets.
Weakness in residential home and commercial real estate values could impair our ability to collect on defaulted SBA loans as real estate is pledged in many of our SBA loans as part of the collateral package.
We could be adversely affected by the soundness of other financial institutions.
Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. We have exposure to many different industries and counterparties, and routinely execute transactions with counterparties in the financial services industry, including commercial banks, brokers and dealers, investment banks and other institutional clients. Many of these transactions expose us to credit risk in the event of a default by a counterparty or client. In addition, our credit risk may be exacerbated when our collateral cannot be foreclosed upon or is liquidated at prices not sufficient to recover the full amount of the credit or derivative exposure due. Any such losses could adversely affect our business, financial condition and results of operations.
RISKS RELATED TO OUR BUSINESS AND STRUCTURE
We are dependent upon our Senior Lending Team and our Executive Committee for our future success, and if we are unable to hire and retain qualified personnel or if we lose any member of our Senior Lending Team or our Executive Committee, our business could be significantly harmed.
We depend on our Senior Lending Team and Executive Committee as well as other key personnel for the identification, final selection, structuring, closing and monitoring of business opportunities. These executive officers and employees have critical industry experience and relationships that we rely on to implement our business plan. Our future success depends on the continued service of our Senior Lending Team and our Executive Committee and the replacement of any departing individuals with others of comparable skills and experience. The departure of any of the members of our Senior Lending Team, our Executive Committee or a significant number of our other senior personnel could have a material adverse effect on our business and operations. As a result, we may not be able to operate our business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer.
If we are unable to acquire and process clients effectively, we may be unable to achieve our objectives.
Our ability to achieve our objectives depends on our ability to acquire clients. Accomplishing this on a cost-effective basis is largely a function of our marketing capabilities, our management of our referral processing, our ability to provide efficient services and our access to financing sources on acceptable terms. To grow, we need to continue to hire, train, supervise and manage new employees and to implement computer and other systems capable of effectively accommodating our growth. However, we cannot provide assurance that any such employees will contribute to the success of our business or that we will implement such systems effectively. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.
Our business model depends, to a significant extent, upon strong referral relationships and our inability to maintain or further develop these relationships, the failure of which could adversely affect our business, financial condition and results of operations.
We expect that members of our Senior Lending Team and our Executive Committee will maintain their relationships with intermediaries, financial institutions, investment bankers, commercial bankers, financial advisors, attorneys, accountants, consultants, alliance partners, and other individuals within their networks, and we will rely, to a significant extent, upon these relationships to provide us with potential clients. If our Senior Lending Team and our Executive Committee fail to maintain its existing relationships or develop new relationships with referral partners, we may not be able to acquire new clients. In addition, individuals with whom members of our Senior Lending Team and our Executive Committee have relationships are not obligated to provide us with referral opportunities, and, therefore, there is no assurance that such relationships will generate opportunities for us.
Indebtedness could adversely affect our business and financial results.
In the past, we have had a significant amount of indebtedness. If our debt service obligations increase, whether due to the increased cost of existing indebtedness or the incurrence of additional indebtedness, more of our cash flow from operations would need to be allocated to the payment of principal of, and interest on, our indebtedness, which would reduce the funds available for other purposes. Our indebtedness also could limit our ability to execute our business plans and withstand competitive pressures and could reduce our flexibility in responding to changing business and economic conditions.
Our ability to make payments on our debt, to repay our existing indebtedness when due, and to fund our business, operations and significant planned capital expenditures will depend on our ability to pay with available cash or generate cash in the future. This, to a certain extent, is subject to financial, competitive, legislative, regulatory and other factors that are beyond our control. In addition, if we cannot service our indebtedness, we may have to take actions such as utilizing available capital, limiting the facilitation of additional loans, selling assets, selling equity or reducing or delaying capital expenditures, strategic acquisitions, investments and alliances, any of which could impede the implementation of our business strategy, prevent us from entering into transactions that would otherwise benefit our business and/or adversely affect our business and financial results. We also may not be able to refinance our indebtedness or take such other actions, if necessary, on commercially reasonable terms, or at all.
To the extent we borrow money to finance our lending activities, changes in interest rates will affect our cost of capital and net investment income.
To the extent we borrow money to finance our lending activities, our earnings will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we lend those funds. General interest rate fluctuations may also have an impact on the value of our common stock. As a result, a significant change in market interest rates may have a material adverse effect on our income in the event we borrow money to finance our loans. In periods of rising interest rates, our cost of funds would increase, which could reduce our income. Further, rising interest rates could also adversely affect our financial condition and results of operations if we hold loans with floating interest rates, subject to specified minimum interest rates (such as a LIBOR floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income is not increasing in a corresponding manner as a result of such minimum interest rates. Rising interest rates could also cause clients to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans, which could adversely affect our income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.
We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and results of operations.
LIBOR is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. In July 2017, the Financial Conduct Authority announced its intention to cease sustaining LIBOR by the end of 2021. As of January 1, 2023, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The ICE Benchmark Administration has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023.
As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. It is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for LIBOR-based financial instruments.
The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new base rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we will still need to renegotiate any credit agreements extending beyond June 2023 that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of loans and, as a result on our results of operations. Moreover, if LIBOR ceases to exist, we may need to renegotiate certain terms of our credit facilities. If we are unable to do so, amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations.
We may expose ourselves to risks as we engage in hedging transactions.
In the second half of 2021, we began using derivatives to hedge interest rate exposure on specific fixed rate loans originated by us or our subsidiaries until such fixed rate loans are sold or securitized. We may continue to enter into such hedging transactions in an effort to mitigate our exposure to adverse fluctuations in interest rates and we may increase our floating rate loans to hedge against interest rate increases. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk or if we will continue to enter into such interest rate hedges. Hedging transactions may also limit our ability to participate in the benefits of lower interest rates with respect to our loans. Moreover, as we engage in hedging transactions, we expose ourselves to certain risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of certain of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against interest rate fluctuations affecting the value of securities in our portfolio.
An inability to maintain adequate liquidity could jeopardize our business and financial condition.
Liquidity is essential to our business. Although we believe that we currently have an adequate amount of liquidity to support our business, there are a number of factors that could reduce and/or deplete our existing liquidity position, including results of operations that are reduced relative to our projections, costs related to existing or future litigation or regulatory matters, the pursuit of strategic business opportunities (whether through acquisition or organic) and unanticipated liabilities. Additionally, as noted above, we are subject to stringent capital and liquidity regulations and requirements and need to manage our liquidity position at NewtekOne, NSBF and Newtek Bank within the parameters and terms set forth by applicable regulations and regulators. Newtek Bank is subject to various legal, regulatory and other restrictions on its ability to make distributions and payments to the Company. Any inability to maintain an adequate liquidity position could adversely affect our operations, our compliance with applicable regulations and the performance of our business.
Further, our ability to raise additional capital, should that be deemed beneficial and/or necessary, depends on conditions in the capital markets, economic conditions and a number of other factors, including investor perceptions regarding the financial services and banking industry, market conditions, governmental activities, and our financial condition and performance. Accordingly, we may be unable to raise additional capital if needed or on acceptable terms, which may adversely affect our liquidity, business, financial condition and results of operations.
Our acquisitions and other strategic transactions, including the Acquisition, may not yield the intended benefits.
We have historically, and may continue to, evaluate and consider strategic transactions, combinations, acquisitions, dispositions or alliances. These transactions could be material to our financial condition and results of operations if consummated. If we are able to identify an appropriate business opportunity, we may not be successful in negotiating favorable terms and/or consummating the transaction and, even if we do consummate such a transaction, we may be unable to obtain the benefits or avoid the difficulties and risks of such transaction.
In particular, on January 6, 2023, we completed the Acquisition (of NBNYC). We anticipate that the Acquisition will continue to be transformational for the Company from both a financial and strategic perspective. However, any acquisition (including the Acquisition), disposition or other strategic transactions involves risks, including:
•difficulties in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business, which may require ongoing investment in development and enhancement of additional operational and reporting processes and controls;
•inability of the acquired technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits;
•difficulties in retaining, training, motivating and integrating key personnel;
•diversion of management’s time and resources from our normal daily operations;
•difficulties in successfully incorporating licensed or acquired technology and rights into our platform;
•difficulties in maintaining uniform standards, controls, procedures and policies within the combined organization;
•difficulties in retaining relationships with customers, employees and suppliers of the acquired business;
•risks of entering markets in which we have no or limited direct prior experience;
•regulatory risks, including remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well as being subject to new regulators with oversight over an acquired business;
•assumption of contractual obligations that contain terms that are not beneficial to us, require us to license or waive intellectual property rights or increase our risk for liability;
•failure to successfully further develop any acquired technology;
•liability for activities of the acquired or disposed of business before the acquisition or disposition, including patent and trademark infringement claims, violations of laws, regulatory actions, commercial disputes, tax liabilities and other known and unknown liabilities;
•difficulty in separating assets and replacing shared services;
•assumption of exposure to performance of any acquired loan portfolios;
•potential disruptions to our ongoing businesses; and
•unexpected costs and unknown risks and liabilities associated with the acquisition.
Accordingly, any acquisition, disposition or other strategic transaction may not be successful, may not benefit our business strategy, may not generate sufficient revenue to offset the associated costs or may not otherwise result in the intended benefits. Additionally, it may take us longer than expected to fully realize the anticipated benefits and synergies of these transactions (including the Acquisition), and those benefits and synergies may ultimately be smaller than anticipated or may not be realized at all, which could adversely affect our business and operating results.
Any transactions, combinations, acquisitions, dispositions or alliances may also require us to issue additional equity securities, spend our cash, or incur debt (and increased interest expense), liabilities and amortization expenses related to intangible assets or write-offs of goodwill, which could adversely affect our results of operations and dilute the economic and voting rights of our stockholders and the interests of holders of our indebtedness.
In addition, we cannot assure you that any acquisition of new businesses or technology will lead to the successful development of new or enhanced products and services or that any new or enhanced products and services, if developed, will achieve market acceptance or prove to be profitable.
Finally, we may also choose to divest certain businesses or product lines that no longer fit with our strategic objectives. If we decide to sell assets or a business, we may have difficulty obtaining terms acceptable to us in a timely manner, or at all. Additionally, the terms of such potential transactions may expose us to ongoing obligations and liabilities.
Internal control deficiencies could impact the accuracy of our financial results or prevent the detection of fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the price of our common stock.
Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Any failure by us to identify future deficiencies in our internal control over financial reporting in a timely manner or remediate any such deficiencies, could prevent us from accurately and timely reporting our financial results. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock.
We are required to disclose changes made in our internal control and procedures on a quarterly basis and our management is required to assess the effectiveness of these controls annually. An independent assessment of the effectiveness of our internal controls could detect problems that our management’s assessment might not. Undetected material weaknesses in our internal controls could lead to financial statement restatements and require us to incur the expense of remediation. In the event that we are unable to maintain or achieve compliance with Section 404 of the Sarbanes-Oxley Act and related rules, the market price of our common stock may be adversely affected.
If we and our subsidiaries are unable to protect our intellectual property rights, our business and prospects could be harmed.
The proprietary software essential to our business and that of our subsidiaries is owned by us and made available to them for their use. Our future success and competitive position will depend in part upon our ability to maintain and protect proprietary technology used in our products and services. We will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate our intellectual property, and disputes as to ownership of intellectual property may arise. We may, from time to time, be required to institute litigation to enforce the patents, copyrights or other intellectual property rights, protect trade secrets, determine the validity and scope of the proprietary rights of others or defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources.
RISKS RELATED TO SBA LENDING
There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.
Prior to the Acquisition, both Newtek Bank and NSBF were granted SBA 7(a) lending licenses. Additionally, prior to the Acquisition, NSBF had been granted PLP status, which allowed it to place SBA guarantees on loans without seeking prior SBA review and approval. PLP status allowed NSBF to expedite loans since NSBF was not required to present applications to the SBA for concurrent review and approval. While the Company intends that NBSF will continue to service its current portfolio of SBA 7(a) loans, and that new SBA 7(a) loan originations will be made by Newtek Bank, there can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license or obtain and maintain PLP status. The loss of Newtek Bank’s SBA 7(a) lending license or failure to obtain and maintain, or delays in obtaining, PLP status would have a material adverse impact on Newtek Bank’s ability to originate SBA 7(a) loans at NSBF’s historic levels, and it may negatively impact Newtek Bank’s SBA 7(a) loan origination volumes and revenues to be generated from the sale of guaranteed portions of SBA 7(a) loans, which could in turn negatively impact our results of operations.
NSBF will remain subject to SBA regulation as it winds down its operations.
In connection with NSBF’s 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA pursuant to NSBF’s commitment to operate under the SBA Loan Program Requirements. The agreement formalized many of the actions previously taken by NSBF to strengthen its operational procedures as they relate to NSBF’s delegated lender authority. Consistent with the terms of the agreement, NSBF has established a segregated restricted cash account in the amount of $10 million to account for potential post-purchase repairs and denials of guaranteed portions of SBA 7(a) loans, and agreed to take certain actions to demonstrate the sufficiency of NSBF’s liquidity and establish certain additional reporting and compliance procedures.
As a result of the Acquisition, all SBA 7(a) loan originations are being transitioned to Newtek Bank, and NSBF will cease origination of SBA 7(a) loans, relinquish its PLP status and wind-down its operations. During this wind down process, NSBF will be required to continue to own the SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. During the wind down process, it is anticipated that NSBF will be required to maintain minimum capital requirements established by the SBA, will be required to maintain certain amounts of restricted cash available to meet any obligations to the SBA, will have restrictions on its ability to make dividends and distributions to its parent, and will remain liable to SBA for post-purchase denials and repairs, from the proceeds generated by NSBF’s SBA loan portfolio. Any future post-purchase denials and repairs demands on NSBF could negatively impact our results of operations. It is also anticipated that the Company will guarantee NSBF’s obligations to the SBA.
If NSBF or Newtek Bank fail to comply with SBA regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, liability on the SBA guaranty, in whole or part, could be transferred to NSBF or Newtek Bank.
Loans to small businesses involve a high risk of default. Such loans are generally not rated by any statistical rating organization. Small businesses usually have smaller product lines and market shares than larger companies and therefore may be more vulnerable to competition and general economic conditions. These businesses’ success typically depends on their management talents and efforts of one person or a small group of persons whose death, disability or resignation would adversely affect the business. Because these businesses frequently have highly leveraged capital structures, reduced cash flow resulting from economic downturns can severely impact the businesses’ ability to meet their obligations, which could impact our results of operations. The portions of SBA 7(a) loans to be retained by us do not benefit directly from any SBA guarantees; in an event of default, however, we and the SBA typically cooperate in collateral foreclosure or other work-out efforts and share in any resulting collections.
We have generally sold the guaranteed portion of SBA loans in the secondary market. Such sales have resulted in our earning premiums and creating a stream of servicing income. Sale prices for guaranteed portions of SBA 7(a) loans can be negatively impacted by market conditions, in particular a higher interest rate environment, which can lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business. There can be no assurance that we will be able to continue originating these loans, or that a secondary market will exist for, or that we will continue to realize premiums upon the sale of the guaranteed portions of the SBA 7(a) loans.
Since we sell the guaranteed portion of substantially all of our SBA 7(a) loan portfolio, we retain credit risk on the non-guaranteed portion of the SBA loans. We share pro rata with the SBA in any recoveries. In the event of default on an SBA loan, our pursuit of remedies against a borrower is subject to SBA approval.
If we fail to comply with certain of the SBA’s regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, the SBA may be released from liability on its guaranty of a 7(a) loan, and may refuse to honor a guaranty purchase request in full (referred to by SBA as a “denial”) or in part (referred to by SBA as a “repair”), or recover all or part of the funds already paid in connection with a guaranty purchase. In the event of a repair or denial, liability on the guaranty, in whole or part, would be transferred to NSBF or Newtek Bank. In addition, the growth in the number of loans made by Newtek Bank, changes in SBA regulations and economic factors may adversely impact our current repair and denial rate.
Curtailment of the government-guaranteed loan programs could adversely affect our results of operations.
We are dependent upon the federal government to maintain the SBA 7(a) program. Although the SBA 7(a) program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) program, or that it will continue to guarantee loans at current levels. From time-to-time the SBA has reached its internal budgeted limits and ceased to guarantee loans for a stated period of time. In addition, the SBA may change its rules regarding loans or Congress may adopt legislation or fail to approve a budget that would have the effect of discontinuing, reducing availability of funds for, or
changing the SBA 7(a) program or other loan programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to small businesses that now qualify for government guaranteed loans could decline, as could the profitability of these loans. There are non-bank lenders as well as a large number of banks that participate in the SBA 7(a) program. All of these participants compete for the business of eligible borrowers.
Furthermore, in an effort to support our communities during the pandemic, we participated in the PPP under the CARES Act whereby we made loans to small businesses and those loans are subject to the regulatory requirements that require forbearance of loan payments for a specified time or limit our ability to pursue all available remedies in the event of a loan default. If the borrower under the PPP loan fails to qualify for loan forgiveness, we may be at the heightened risk of holding these loans at unfavorable interest rates as compared to the loans to customers that we would have otherwise extended credit. If we cannot continue originating and selling government-guaranteed loans, we will generate fewer origination fees and our ability to generate gains on the sale of loans will decrease.
RISKS RELATED TO OUR SUBSIDIARIES - NEWTEK MERCHANT SOLUTIONS (NMS)
We could be adversely affected if either of NMS’ two bank sponsorships is terminated.
Because NMS is not a bank, it is unable to belong to and directly access the Visa® and MasterCard® bankcard associations. The Visa® and MasterCard® operating regulations require NMS to be sponsored by a bank in order to process bankcard transactions. A bank sponsorship is an agreement under which a financial institution that has a membership with MasterCard®, Visa® or American Express sponsors an independent sales organization, like NMS, that markets credit card processing services to merchants who accept credit cards as a form of payment, gains access to the Visa®, MasterCard®, and American Express networks. NMS is currently sponsored by two banks. If either of the sponsorships is terminated, and NMS is not able to secure or transfer the respective merchant portfolio to a new bank sponsor or sponsors, the business, financial condition, results of operations and cash flows of the electronic payment processing business could be materially adversely affected. If both the sponsorships are terminated and NMS is unable to secure a bank sponsor for the merchant portfolios, it will not be able to process bankcard transactions for the affected portfolios. Consequently, the loss of both of NMS’ sponsorships would have a material adverse effect on our business. Furthermore, NMS’ agreements with sponsoring banks gives the sponsoring banks substantial discretion in approving certain elements of its business practices, including its solicitation, application and qualification procedures for merchants, the terms of their agreements with merchants, the processing fees that they charge, their customer service levels and its use of independent sales organizations and independent sales agents. We cannot guarantee that NMS’ sponsoring banks’ actions under these agreements would not be detrimental to us.
Other service providers, some of whom are NMS’ competitors, are necessary for the conduct of NMS’ business. The termination by service providers of these arrangements with NMS or their failure to perform these services efficiently and effectively may adversely affect NMS’ relationships with the merchants whose accounts it serves and may cause those merchants to terminate their processing agreements with NMS.
If NMS or its processors or bank sponsors fail to adhere to the standards of the Visa® and MasterCard® bankcard associations, its registrations with these associations could be terminated and it could be required to stop providing payment processing services for Visa® and MasterCard®.
Substantially all of the transactions NMS processes involve Visa® or MasterCard®. If NMS, its bank sponsors or its processors fail to comply with the applicable requirements of the Visa® and MasterCard® bankcard associations, Visa® or MasterCard® could suspend or terminate its registration. The termination of NMS’ registration or any changes in the Visa® or MasterCard® rules that would impair its registration could require it to stop providing payment processing services, which would have a material adverse effect on its business and could be detrimental to us.
On occasion, NMS experiences increases in interchange and sponsorship fees. If it cannot pass along these increases to its merchants, its profit margins will be reduced.
NMS pays interchange fees or assessments to bankcard associations for each transaction it processes using their credit, debit and gift cards. From time to time, the bankcard associations increase the interchange fees that they charge processors and the sponsoring banks, which generally pass on such increases to NMS. From time to time, the sponsoring banks increase their fees as well. If NMS is not able to pass these fee increases along to merchants through corresponding increases in its processing fees, its profit margins in this line of business will be reduced.
Unauthorized disclosure of merchant or cardholder data, whether through breach of our computer systems or otherwise, could expose us to liability and business losses.
Through NMS, we collect and store sensitive data about merchants and cardholders, and we maintain a database of cardholder data relating to specific transactions, including payment, card numbers and cardholder addresses, in order to process the transactions and for fraud prevention and other internal processes. If anyone penetrates our network security or otherwise misappropriates sensitive merchant or cardholder data, we could be subject to liability or business interruption. While we subject these systems to periodic independent testing and review, we cannot guarantee that our systems will not be penetrated in the future. If a breach of our system occurs, we may be subject to liability, including claims for unauthorized purchases with misappropriated card information, impersonation or other similar fraud claims. Similar risks exist with regard to the storage and transmission of such data by our processors. In the event of any such a breach, we may also be subject to a class action lawsuit. SMBs are less prepared for the complexities of safeguarding cardholder data than their larger counterparts. In the event of noncompliance by a customer of card industry rules, we could face fines from payment card networks. There can be no assurance that we would be able to recover any such fines from such customer.
NMS is liable if its processing merchants refuse or cannot reimburse charge-backs resolved in favor of their customers.
If a billing dispute between a merchant and a cardholder is not ultimately resolved in favor of the merchant, the disputed transaction is “charged back” to the merchant’s bank and credited to the account of the cardholder. If NMS or its processing banks are unable to collect the charge-back from the merchant’s account, or if the merchant refuses or is financially unable due to bankruptcy or other reasons to reimburse the merchant’s bank for the charge-back, NMS must bear the loss for the amount of the refund paid to the cardholder’s bank. Most of NMS’ merchants deliver products or services when purchased, so a contingent liability for charge-backs is unlikely to arise, and credits are issued on returned items. However, some of its merchants do not provide services until sometime after a purchase, which increases the potential for contingent liability and future charge-backs. NMS and the sponsoring bank can require that merchants maintain cash reserves under its control to cover charge-back liabilities but such reserves may not be sufficient to cover the liability or may not even be available to them in the event of a bankruptcy or other legal action.
NMS has potential liability for customer or merchant fraud.
Credit card fraud occurs when a merchant’s customer uses a stolen card (or a stolen card number in a card-not-present transaction) to purchase merchandise or services. In a traditional card-present transaction, if the merchant swipes the card, receives authorization for the transaction from the card issuing bank and verifies the signature on the back of the card against the paper receipt signed by the customer, the card issuing bank remains liable for any loss. In a fraudulent card-not-present transaction, even if the merchant receives authorization for the transaction, the merchant is liable for any loss arising from the transaction. Many NMS customers are small and transact a substantial percentage of their sales over the Internet or by telephone or mail orders. Because their sales are card-not-present transactions, these merchants are more vulnerable to customer fraud than larger merchants, and NMS could experience charge-backs arising from cardholder fraud more frequently with these merchants.
Merchant fraud occurs when a merchant, rather than a customer, knowingly uses a stolen or counterfeit card or card number to record a false sales transaction or intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Anytime a merchant is unable to satisfy a charge-back, NMS is ultimately responsible for that charge-back unless it has required that a cash reserve be established. We cannot assure that the systems and procedures NMS has established to detect and reduce the impact of merchant fraud are or will be effective. Failure to effectively manage risk and prevent fraud could increase NMS charge-back liability and adversely affect its results of operations.
NMS payment processing systems may fail due to factors beyond its control, which could interrupt its business or cause it to lose business and likely increase costs.
NMS depends on the uninterrupted operations of our computer network systems, software and our processors’ data centers. Defects in these systems or damage to them due to factors beyond its control could cause severe disruption to NMS’ business and other material adverse effects on its payment processing businesses.
The electronic payment processing business is undergoing very rapid technological changes which may make it difficult or impossible for NMS to compete effectively.
The introduction of new technologies, primarily mobile payment capabilities, and the entry into the payment processing market of new competitors, Apple, Inc., for example, could dramatically change the competitive environment and require significant changes and costs for NMS to remain competitive. There is no assurance that NMS will have the capability to stay competitive with such changes.
NMS and others in the payment processing industry have come under increasing pressures from various regulatory agencies seeking to use the leverage of the payment processing business to limit or modify the practices of merchants which could lead to increased costs.
Various agencies, particularly the Federal Trade Commission (“FTC”), have within the past few years attempted to pressure merchants to discontinue or modify various sales or other practices. As a part of the payment processing industry, processors such as NMS could experience pressure and/or litigation aimed at restricting access to credit card sales by such merchants. These efforts could cause an increase in the cost to NMS of doing business or otherwise make its business less profitable and may subject NMS to assess penalties for not taking actions deemed sufficiently aggressive to limit such practices. As a result of a litigation brought by the FTC in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
Increased regulatory focus on the payments industry may result in costly new compliance burdens on NMS’ clients and on NMS itself, leading to increased costs and decreased payments volume and revenues.
Regulation of the payments industry has increased significantly in recent years. Complying with these and other regulations increases costs and can reduce revenue opportunities. Similarly, the impact of such regulations on clients may reduce the volume of payments processed. Moreover, such regulations can limit the types of products and services that are offered. Any of these occurrences can materially and adversely affect NMS’ business, prospects for future growth, financial condition and results of operations.
Examples include:
•Data Protection and Information Security. Aspects of NMS’ operations and business are subject to privacy and data protection regulation. NMS’ financial institution clients are subject to similar requirements under the guidelines issued by the federal banking agencies. In addition, many individual states have enacted legislation requiring consumer notification in the event of a security breach.
•Anti-Money Laundering and Anti-Terrorism Financing. The U.S.A. PATRIOT Act requires NMS to maintain an anti-money laundering program. Sanctions imposed by the U.S. Treasury Office of Foreign Assets Control, or OFAC, restrict NMS from dealing with certain parties considered to be connected with money laundering, terrorism or narcotics. NMS has controls in place designed to ensure OFAC compliance, but if those controls should fail, it could be subject to penalties, reputational damage and loss of business.
•Money Transfer Regulations. As NMS expands its product offerings, it may become subject to money transfer regulations, increasing regulatory oversight and costs of compliance.
•Formal Investigation. If NMS is suspected of violating government statutes, such as the Federal Trade Commission Act or the Telemarketing and Consumer Fraud and Abuse Prevention Act, governmental agencies may formally investigate NMS. As a result of such a formal investigation, criminal or civil charges could be filed against NMS and it could be required to pay significant fines or penalties in connection with such investigation or other governmental investigations. Any criminal or civil charges by a governmental agency, including any fines or penalties, could materially harm NMS’ business, results of operations, financial position and cash flows. Currently, NMS is operating under an order for injunctive relief it voluntarily entered into with the Federal Trade Commission.
RISKS RELATED TO OUR SUBSIDIARIES - NEWTEK BANK
If the credit decisioning, pricing, loss forecasting and scoring models we use contain errors, do not adequately assess risk, or are otherwise ineffective, our reputation and relationships with customers could be harmed, our market share could decline and the value of loans held on our balance sheet may be adversely affected.
Our ability to attract clients to, and build trust in, Newtek Bank is significantly dependent on our ability to effectively evaluate a borrower’s credit profile and likelihood of default. To conduct this evaluation, we utilize credit decisioning, pricing, loss forecasting and scoring models that assign each loan offered through our marketplace bank a grade and a corresponding interest rate.
Additionally, if these models fail to adequately assess the creditworthiness of our borrowers, we may experience higher than forecasted losses. Furthermore, as stated above, we hold loans on our balance sheet. We periodically assess the value of these loans and in doing so we review and incorporate a number of factors including forecasted losses. Accordingly, if we fail to adequately assess the creditworthiness of our borrowers such that we experience higher than forecasted losses, the value of the loans held on our balance sheet may be adversely affected.
Similarly, if any of these models contain programming or other errors, are ineffective or the data provided by borrowers or third parties is incorrect or stale, our loan pricing and approval process could be negatively affected, resulting in mispriced or misclassified loans or incorrect approvals or denials of loans. If these errors were to occur, we may be obligated to repurchase the affected loans, investors may try to rescind their affected investments or decide not to invest in loans in the future or borrowers may seek to revise the terms of their loans or reduce the use of our marketplace bank for loans.
If collection efforts on delinquent loans are ineffective or unsuccessful, the return on investment for investors in those loans would be adversely affected and investors may not find investing through our marketplace bank desirable.
Many of our loan products are unsecured obligations of borrowers, and they are not secured by any collateral. None of the loans facilitated on our platform are guaranteed or insured by any third party or backed by any governmental authority in any way. We are the loan servicer for all loans supporting notes, all certificates and certain secured borrowings, and we are the loan servicer for most, though not all, loans sold as whole loans. The ability to collect on the loans is dependent on the borrower’s continuing financial stability, and consequently, collections can be adversely affected by a number of factors, including bankruptcy or the economic and/or social factors. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on these loans. Accordingly, we and our designated third-party servicers and collection agencies are limited in our ability to collect loans.
In addition, most investors must depend on us or our third-party servicers and collection agents to pursue collection on delinquent borrower loans. Because we make payments ratably on an investor’s investment only if we receive the borrower’s payments on the corresponding loan, if we, or third parties on our behalf, cannot adequately perform collection services, the investor will not be entitled to any payments under the terms of the investment. Further, if collection action must be taken in respect of a loan, we or the collection agency may charge a collection fee on any amounts that are obtained (excluding litigation). These fees will correspondingly reduce the amounts of any payments received by an investor. Similarly, the returns to investors may be impacted by declines in market rates for sales of charged-off loans to third-party purchasers. Ultimately, if delinquencies impair our ability to offer attractive risk-adjusted returns for investors, they may seek alternative investments and our business may suffer.
In addition, because our servicing fees depend on the collectability of the loans, if we experience a significant increase in the number of delinquent or charged-off loans we will be unable to collect our entire servicing fee for such loans and our revenue could be adversely affected.
RISKS RELATED TO OUR SUBSIDIARIES - NEWTEK TECHNOLOGY SOLUTIONS (NTS)
NTS operates in a highly competitive industry in which technological change can be rapid.
The information technology business and its related technology involve a broad range of rapidly changing technologies. NTS equipment and the technologies on which it is based may not remain competitive over time, and others may develop superior technologies that render its products non-competitive, without significant additional capital expenditures. Some of NTS’ competitors are significantly larger and have substantially greater market presence as well as greater financial, technical, operational, marketing and other resources and experience than NTS. In the event that such a competitor expends significant sales and marketing resources in one or several markets, NTS may not be able to compete successfully in such markets. We believe that competition will continue to increase, placing downward pressure on prices. Such pressure could adversely affect NTS gross margins if it is not able to reduce its costs commensurate with such price reductions. There can be no assurances that NTS will remain competitive.
NTS’ technology solutions business depends on the efficient and uninterrupted operation of its computer and communications hardware systems and infrastructure.
Despite precautions taken by NTS against possible failure of its systems, interruptions could result from natural disasters, power loss, the inability to acquire fuel for its backup generators, telecommunications failure, terrorist attacks and similar events. NTS also leases telecommunications lines from local, regional and national carriers whose service may be interrupted. NTS’ business, financial condition and results of operations could be harmed by any damage or failure that interrupts or delays its operations. There can be no assurance that NTS’ insurance will cover all of the losses or compensate NTS for the possible loss of clients occurring during any period that NTS is unable to provide service.
NTS’ inability to maintain the integrity of its infrastructure and the privacy of confidential information would materially affect its business.
The NTS infrastructure is potentially vulnerable to physical or electronic break-ins, viruses or similar problems. If its security measures are circumvented, it could jeopardize the security of confidential information stored on NTS’ systems, misappropriate proprietary information or cause interruptions in NTS’ operations. We may be required to make significant additional investments and efforts to protect against or remedy security breaches. Security breaches that result in access to confidential information could damage our reputation and expose us to a risk of loss or liability. The security services that NTS offers in connection with customers’ networks cannot assure complete protection from computer viruses, break-ins and other disruptive problems. The occurrence of these problems may result in claims against NTS or us or liability on our part. These claims, regardless of their ultimate outcome, could result in costly litigation and could harm our business and reputation and impair NTS’ ability to attract and retain customers.
NTS could be adversely affected by information security breaches or cyber security attacks.
NTS’ web and cloud services involve the storage and transmission of our customers’and employees’ proprietary information. NTS’ business relies on its digital technologies, computer and email systems, software, and networks to conduct its operations. NTS’ technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom NTS deals, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to NTS’ business strategy that its facilities and infrastructure remain secure and are perceived by the marketplace to be secure. For more information on risks relating to cybersecurity, see “Item 1A. Risk Factors – Risks Related to Cybersecurity.”
NTS’ business depends on Microsoft Corporation and others for the licenses to use software as well as other intellectual property in the managed technology solutions business.
NTS’ managed technology business is built on technological platforms relying on the Microsoft Windows® products and other intellectual property that NTS currently licenses. As a result, if NTS is unable to continue to have the benefit of those licensing arrangements or if the products upon which its platform is built become obsolete, its business could be materially and adversely affected.
RISKS RELATED TO OUR SUBSIDIARIES - NEWTEK BUSINESS CREDIT SOLUTIONS (NBC)
An unexpected level of defaults in NBC’s accounts receivables or inventory portfolios would reduce its income and increase its expenses.
If NBC’s level of non-accrual assets in its receivable financing or inventory financing business rises in the future, it could adversely affect its revenue, earnings and cash flow. Non-accrual assets primarily consist of receivables for which the customer has not made timely payment. In certain situations, NBC may restructure the receivable to permit such a customer to have smaller payments over a longer period of time. Such a restructuring or non-payment by a receivables or inventory customer will result in lower revenue and less cash available for NBC’ operational activities.
NBC’s reserve for credit losses may not be sufficient to cover unexpected losses.
NBC’s business depends on the behavior of its customers. In addition to its credit practices and procedures, NBC maintains a reserve for credit losses on its accounts receivable and inventory portfolios, which it has judged to be adequate given the receivables it purchases. NBC periodically reviews its reserve for adequacy considering current economic conditions and trends, charge-off experience and levels of non-accrual assets, and adjusts its reserve accordingly. However, because of recent unstable economic conditions, its reserves may prove inadequate, which could have a material adverse effect on its financial condition and results of operations.
NBC depends on outside financing to support its receivables financing and inventory financing business.
NBC’s receivables and inventory financing business depends on outside financing to support its acquisition of receivables. Termination of the credit lines for any reason would have a material adverse effect on its business, including but not limited to, the liquidation of its receivables portfolios to pay down the lines. If funds from such sale were insufficient to completely pay down the line of credit, NBC’s would be responsible for any short fall. We are a guarantor on the Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $12.0 million. The Receivable and Inventory Facility matures in May 2023. As of December 31, 2022, total principal owed by NBC was $10.2 million.
We have guaranteed NBC’s obligations under this facility. If NBC defaults on this line of credit, we would be required to make payments under the guarantee, which could have a material adverse effect on our financial condition and results of operations.
In addition, if NBC loses this line of credit and NBC is unable to renew or replace this line of credit, it would materially impact the business of NBC and have a material adverse effect on its financial condition and results of operations.
RISKS RELATED TO OUR CAPCO BUSINESS
The Capco programs and the tax credits they provide are created by state legislation and implemented through regulation, and such laws and rules are subject to possible action to repeal or retroactively revise the programs for political, economic or other reasons. Such an attempted repeal or revision would create substantial difficulty for the Capco programs and could, if ultimately successful, cause us material financial harm.
The tax credits associated with the Capco programs and provided to our Capcos’ investors are to be utilized by the investors over a period of time, which is typically ten years. Much can change during such a period and it is possible that one or more states may revise or eliminate the tax credits. Any such revision or repeal could have a material adverse economic impact on our Capcos, either directly or as a result of the Capco’s insurer’s actions. Any such final state action that jeopardizes the tax credits could result in the provider of our Capco insurance assuming partial or full control of the particular Capco in order to minimize its liability under the Capco insurance policies issued to our investors.
Because our Capcos are subject to requirements under state law, a failure of any of them to meet these requirements could subject the Capco and our shareholders to the loss of one or more Capcos.
Despite the fact that we have met all applicable minimum requirements of the Capco programs in which we still participate, each Capco remains subject to state regulation until it has invested 100% of its funds and otherwise remains in full legal compliance. There can be no assurance that we will continue to be able to do so. A major regulatory violation, while not fatal to our Capco business, would materially increase the cost of operating the Capcos.
We know of no other publicly-held company that sponsors and operates Capcos as a part of its business. As such, there are, to our knowledge, no other companies against which investors may compare our Capco business and its operations, results of operations and financial and accounting structures.
In the absence of any meaningful peer group comparisons for our Capco business, investors may have a difficult time understanding and judging the strength of our business. This, in turn, may have a depressing effect on the value of our stock.
RISKS RELATED TO OUR COMMON STOCK
Our common stock price may be volatile and may decrease substantially.
The trading price of our common stock may fluctuate substantially. The price of our common stock may be higher or lower depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following:
•price and volume fluctuations in the overall stock market from time to time;
•investor demand for our stock;
•significant volatility in the market price and trading volume of securities of other companies in our sector, which are not necessarily related to the operating performance of these companies;
•changes in regulatory policies or tax guidelines with respect to financial holding companies;
•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;
•changes, or perceived changes, in the value of our loans;
•departures of key Company personnel;
•operating performance of companies comparable to us; and
•general economic conditions and trends and other external factors.
In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Due to the potential volatility of our stock price once a market for our stock is established, we may become the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business.
The authorization and issuance of “blank check” preferred shares could have an anti-takeover effect detrimental to the interests of our shareholders.
Our certificate of incorporation allows our Board to issue preferred shares with rights and preferences set by the Board without further shareholder approval. The issuance of these “blank check” preferred shares could have an anti-takeover effect detrimental to the interests of our shareholders. For example, in the event of a hostile takeover attempt, it may be possible for management and the Board to impede the attempt by issuing the preferred shares, thereby diluting or impairing the voting power of the other outstanding common shares and increasing the potential costs to acquire control of us. Our Board has the right to issue any new shares, including preferred shares, without first offering them to the holders of common shares, as they have no preemptive rights. The Company does not currently intend to issue preferred shares.
Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.
In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities
litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our Board’s attention and resources from our business. Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism.
Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
The Maryland General Corporation Law and our charter and bylaws contain provisions that may discourage, delay or make more difficult a change in control of NewtekOne or the removal of our directors. We are subject to the Maryland Business Combination Act. Our Board has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our Board, including approval by a majority of our independent directors. If the resolution exempting business combinations is repealed or our Board does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our stock by any person. If we amend our Bylaws to repeal the exemption from the Maryland Control Share Acquisition Act, the Maryland Control Shares Acquisition Act may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction.
We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our Board in three classes serving staggered three-year terms and authorizing our Board to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, to amend our charter without shareholder approval and to increase or decrease the number of shares of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders.
Future issuances of additional equity securities could result in dilution of existing shareholders’ equity ownership.
We may determine from time to time to issue additional equity securities to raise additional capital, support growth, or to make acquisitions. Further, we may issue stock options or other stock grants to retain and motivate our employees. These issuances of our securities could dilute the voting and economic interests of our existing shareholders.
We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.
The 2024 and 2026 Notes were issued pursuant to a base indenture, dated as of September 23, 2015 (the “Base Indenture”), and a Fourth Supplemental Indenture, dated as of July 29, 2019, and a Seventh Supplemental Indenture dated as of January 22, 2021, respectively, each between us and U.S. Bank National Association, as trustee. The Fourth Supplemental Indenture and Seventh Supplemental Indenture include covenants requiring us to comply with (regardless of whether we are subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether we are subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the Notes and the Trustee if we should no longer be subject to the reporting requirements under the Exchange Act. As a result, we are subject to 150% asset coverage requirements under the 1940 Act even though, effective January 6, 2023, we are not regulated as a BDC or under the 1940 Act.
Under these requirements we are only permitted to issue multiple classes of indebtedness and one class of shares senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance.
The ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, must be at least 150%. As a result, if we were to redeem all of the outstanding 2024 Notes and 2026 Notes, we would no longer be subject to the above requirements.
RISKS RELATED TO CYBERSECURITY
We could be adversely affected by information security breaches or cybersecurity attacks.
Our business operations and our subsidiaries’ business operations rely upon secure information technology systems for data processing, storage and reporting. Despite security and controls design, implementation and updating, such information technology systems could become subject to cyber-attacks. Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition.
In addition, our business operations involve the storage and transmission of Newtek, customer and employee proprietary information. Our businesses rely on our digital technologies, computer and email systems, software, and networks to conduct operations. Our technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of us or third parties with whom we deal, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure.
Additionally, the increased use of mobile and cloud technologies due to the increased amount of remote work resulting from the COVID-19 pandemic could heighten these and other operational risks as certain aspects of the security of such technologies may be complex and unpredictable. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure.
We maintain a cybersecurity risk management program that is overseen by the Chief Information Security Officer (“CISO”) of NTS. The CISO is chiefly responsible for developing, maintaining, and enforcing cybersecurity and cyber risk-related policies; ensuring the Company and its subsidiaries satisfy requirements of relevant regulations, industry standards, and third-party risk assessment requirements; keeping abreast of developing security threats, and helping both the Board and the board of directors of Newtek Bank understand potential security problems that might arise from the changing threat landscape; and overseeing and implementing regular security awareness training of all employees on cybersecurity, and supporting effective communication with users to limit security vulnerabilities. The CISO regularly reports to the Board and the board of directors of Newtek Bank on the state of our cybersecurity risk management program and provides updates on cybersecurity matters.
Although we believe we and our IT providers employ appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our and our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If our and our IT provider’s security measures are breached as a result of third-party action, employee error or otherwise, and as a result our or our customers’ data becomes available to unauthorized parties, we could incur liability and our reputation would be damaged, which could lead to the loss of current and potential customers. If we experience any breaches of our network security or sabotage, we might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and we may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. For example, in early 2018, an unauthorized third-party misappropriated three of NTS’ domain names. NTS’ management and forensic investigators determined that attackers compromised a portion of NTS’ shared webhosting system, and may have acquired certain customer information limited to its shared webhosting customers, and/or gained access to certain of its shared webhosting servers. In response, NTS has taken a range of steps designed to further secure its systems, enhance its security protections, enhance access controls, and prevent future unauthorized activity.
As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although we have insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage.
The failure in cyber-security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.
The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have
an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data.
We and our subsidiaries depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in our and our subsidiaries’ operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders, material nonpublic information and other sensitive information in our possession.
A disaster or a disruption in the infrastructure that supports our business, including a disruption involving electronic communications or other services used by us or third parties with whom we conduct business, or directly affecting our headquarters, could have a material adverse impact on our ability to continue to operate our business without interruption. Our disaster recovery programs may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for our losses, if at all.
Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above.
In addition, cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.
We and our service providers continue to be impacted by the occurrence of remote work arising from the global COVID-19 pandemic. Policies of extended periods of remote working, whether by us or by our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. Accordingly, the risks described above are heightened under current conditions.
We and our subsidiaries are subject to risks associated with “phishing” and other cyber-attack.
Our business and the business of our subsidiaries relies upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, ours and our subsidiaries’ information technology systems could become subject to cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking”, malicious software coding, social engineering or “phishing” attempts) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of service attacks on websites (i.e., efforts to make network services unavailable to intended users). Our employees have been and expect to continue to be the target of fraudulent calls, emails and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, regulatory fines or penalties, or other adverse effects on our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks related to cyber-attacks.
Our and our service providers’ increased use of mobile and cloud technologies could heighten the risk of a cyber-attack as well as other operational risks, as certain aspects of the security of such technologies may be complex, unpredictable or beyond their control. Our and other service providers’ reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt their operations and result in misappropriation, corruption or loss of personal, confidential or proprietary information. In addition, there is a risk that encryption and other protective measures against cyber-attacks may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available.
GENERAL RISK FACTORS
We are subject to risks related to corporate social responsibility.
Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions.
Additionally, new regulatory initiatives related to ESG could adversely affect our business. The SEC has proposed rules that,
among other matters, would establish a framework for reporting of climate-related risks. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective (if at all). Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our subsidiaries conduct our businesses and adversely affect our profitability.
The effect of global climate change may impact our operations and the operations of our subsidiaries.
Climate change is widely considered to be a significant threat to the global economy. Climate change creates physical and financial risk and we and some of our subsidiaries may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of us or our subsidiaries if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect our and some of our subsidiaries’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.
In December 2015 the United Nations, of which the United States is a member, adopted a climate accord (the “Paris Agreement”) with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. On November 4, 2016, the past administration announced that the United States would cease participation in the Paris Agreement with the withdrawal taking effect on November 4, 2020. However, on January 20, 2021, President Joseph R. Biden signed an executive order to rejoin the Paris Agreement. As a result, we and some of our subsidiaries may become subject to new or strengthened regulations or legislation, which could increase our and their operating costs and decrease our and their revenues.
ITEM 1B. UNRESOLVED STAFF COMMENTS.
None.
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ITEM 2. PROPERTIES.
We conduct our principal business activities in facilities leased from unrelated parties at market rates. Our headquarters are located in Boca Raton, Florida. Our operating subsidiaries have properties which are material to the conduct of their business as noted below. In addition, our Capcos maintain offices in each of the states in which they operate.
Below is a list of our leased offices and space as of December 31, 2022 which are material to the conduct of our business:
| Location | Lease expiration | Purpose | Approximate square feet |
|---|---|---|---|
| 4800 T Rex Avenue<br>Boca Raton, FL 33431 | April 2026 | Corporate headquarters and NSBF lending operations | 7,800 |
| 1981 Marcus Avenue<br>Lake Success, NY 11042 | April 2027 | Lending operations, corporate operations, NY Capco offices and certain subsidiaries’ offices | 44,800 |
| 14 East Washington Street<br>Orlando, FL 32801 | Month-to-Month | NBL lending operations | 1,700 |
| 1111 Brickell Avenue, Suite 135<br>Miami, Florida 33131 | February 2027 | Main office Newtek Bank, National Association | 1,800 |
ITEM 3. LEGAL PROCEEDINGS.
In the ordinary course of business, the Company and its wholly-owned subsidiaries may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition. For legal proceedings involving controlled portfolio companies, refer to Part I, “Item 1A. Risk Factors” of this Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 1, 2022.
For example, the Company closed on its $5.4 million investment in BSP in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 million by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Holdco 5 obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. Holdco 5 has not recorded any gain contingency relating to this litigation.
In addition, as a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
ITEM 4. MINE SAFETY DISCLOSURES.
None.
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Price Range of Common Stock
Our common stock is traded on the Nasdaq Global Market under the symbol “NEWT.” High and low prices for the common stock over the previous two years are set forth below, based on the highest and lowest intraday sales price per share during that period.
| Price Range | NAV1 | Premium of High Sales Price to NAV2 | Premium of Low Sales Price to NAV2 | ||
|---|---|---|---|---|---|
| High | Low | ||||
| 2021 | |||||
| First Quarter | $28.63 | $18.77 | $16.28 | 76% | 15% |
| Second Quarter | $38.78 | $26.41 | $16.38 | 137% | 61% |
| Third Quarter | $36.41 | $24.07 | $16.23 | 124% | 48% |
| Fourth Quarter | $32.38 | $25.63 | $16.72 | 94% | 53% |
| 2022 | |||||
| First Quarter | $28.70 | $24.00 | $16.49 | 74% | 46% |
| Second Quarter | $27.18 | $17.65 | $16.31 | 67% | 8% |
| Third Quarter | $23.11 | $15.65 | $16.04 | 44% | (2)% |
| Fourth Quarter | $19.51 | $14.75 | $15.25 | 28% | (3)% |
| 2023 | |||||
| First Quarter: January 1, 2023 through March 14, 2023 | $20.83 | $11.26 | * | *% | *% |
(1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The values reflect net asset value per share and are based on outstanding shares at the end of each period.
(2) Calculated as the respective high or low sales price divided by net asset value and subtracting 1.
* Not determinable at time of filing.
The last reported price for our common stock on March 14, 2023 was $12.66 per share.
The possibility that our shares of common stock will trade at a discount from net asset value or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value will decrease. It is not possible to predict whether our shares will trade at, above, or below net asset value. During the time that we operated as a BDC, our shares of common stock have traded at prices both less than and exceeding our NAV per share.
Holders
As of March 14, 2023, there were approximately 92 holders of record of our common stock.
Sales of Unregistered Securities
We issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with the DRIP. During the years ended December 31, 2022 and December 31, 2021 we issued 95,300 and 72,200 shares of common stock, respectively, valued at $1.6 million and $1.9 million, respectively to shareholders in connection with the DRIP.
We also issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with dividends on unvested restricted stock awards. During the years ended December 31, 2022 and December 31, 2021 we issued an additional 35,500 and 19,200 shares, respectively, valued at $0.6 million and $0.5 million, respectively, related to dividends on unvested restricted stock awards.
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Distributions
Prior to our 2023 taxable year, when the Company operated as a RIC, we were required to timely distribute to our shareholders, in respect of each taxable year, dividends for U.S. federal income tax purposes of an amount generally at least equal to the Annual Distribution Requirement. Upon satisfying this requirement in respect of a taxable year, we generally were not subject to U.S. federal income taxes at corporate rates on any income we distributed to our shareholders as dividends for U.S. federal income tax purposes.
However, as a RIC we were subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income and gains unless we made distributions treated as dividends for U.S. federal income tax purposes in a timely manner to our shareholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. We were not subject to this excise tax on any amount on which we incurred U.S. federal corporate income tax (such as the tax imposed on a RIC’s retained net capital gains).
Depending on the level of taxable income earned in a taxable year, we could choose to carry over taxable income in excess of that taxable’s year distributions treated as dividends for U.S. federal income tax purposes from such taxable income into the next taxable year and incur a 4% U.S. federal excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions treated as dividends for U.S. federal income tax purposes paid in the following taxable year, subject to certain declaration and payment guidelines.
As a financial holding company, the Company will no longer maintain the dividend policy pursuant to which the Company distributed an amount equal to the Annual Distribution Requirement and can offer no assurance that we will achieve results that will permit the payment of any cash distributions. See “Item 1. Business.”
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The following table summarizes our dividend declarations and distributions through December 31, 2022:
| Record Date | Payment Date | Distribution Declared | |
|---|---|---|---|
| March 30, 2015 | April 13, 2015 | $ | 0.39 |
| June 29, 2015 | July 15, 2015 | $ | 0.47 |
| October 22, 2015 | November 3, 2015 | $ | 0.50 |
| November 18, 2015(1) | December 31, 2015 | $ | 2.69 |
| January 7, 2016 | January 19, 2016 | $ | 0.40 |
| March 22, 2016 | March 31, 2016 | $ | 0.35 |
| June 20, 2016 | June 30, 2016 | $ | 0.35 |
| September 20, 2016 | September 30, 2016 | $ | 0.43 |
| December 15, 2016 | December 30, 2016 | $ | 0.40 |
| March 20, 2017 | March 31, 2017 | $ | 0.36 |
| May 31, 2017 | June 30, 2017 | $ | 0.40 |
| September 22, 2017 | September 29, 2017 | $ | 0.44 |
| December 18, 2017 | December 28, 2017 | $ | 0.44 |
| March 20, 2018 | March 30, 2018 | $ | 0.40 |
| June 15, 2018 | June 29, 2018 | $ | 0.42 |
| September 17, 2018 | September 28, 2018 | $ | 0.48 |
| December 18, 2018 | December 28, 2018 | $ | 0.50 |
| March 15, 2019 | March 29, 2019 | $ | 0.40 |
| June 14, 2019 | June 28, 2019 | $ | 0.46 |
| September 20, 2019 | September 30, 2019 | $ | 0.58 |
| December 16, 2019 | December 30, 2019 | $ | 0.71 |
| March 18, 2020 | March 31, 2020 | $ | 0.44 |
| July 15, 2020 | July 31, 2020 | $ | 0.56 |
| September 21, 2020 | September 30, 2020 | $ | 0.58 |
| December 18, 2020 | December 30, 2020 | $ | 0.47 |
| March 22, 2021 | March 31, 2021 | $ | 0.50 |
| June 15, 2021 | June 30, 2021 | $ | 0.70 |
| September 20, 2021 | September 30, 2021 | $ | 0.90 |
| December 20, 2021 | December 30, 2021 | $ | 1.05 |
| March 21, 2022 | March 31, 2022 | $ | 0.65 |
| June 20, 2022 | June 30, 2022 | $ | 0.75 |
| September 20, 2022 | September 30, 2022 | $ | 0.65 |
| December 20, 2022 | December 30, 2022 | $ | 0.70 |
| $ | 19.52 |
(1) The Special dividend was declared as a result of the Company’s RIC election for tax year 2015 and represents the distribution of 100% of the Company’s accumulated earnings and profits through December 31, 2014. Pursuant to applicable Treasury Regulation and IRS guidance, 27% of the dividend was paid in cash and 73% was paid in newly issued shares of our common stock.
Prior to 2023, as a BDC and RIC, our Board maintained a variable distribution policy with the objective of distributing four quarterly distributions in an amount that approximated 90 - 100% of our estimated annual taxable income for a particular taxable year. As a financial holding company the Company’s ability to pay dividends and make other capital distributions is limited by regulatory capital rules and other aspects of the regulatory regime. For example, a policy statement of the Federal Reserve provides that, among other things, a financial holding company generally should not pay dividends if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition.
Historically, distributions in excess of our current and accumulated earnings and profits would generally be treated first as a return of capital to the extent of a shareholder’s tax basis in our shares, and any distributions paid in excess of a shareholder’s tax basis in our shares would generally be treated as a capital gain. The determination of the tax attributes of our distributions is
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made annually as of the end of our taxable year and is generally based upon our taxable income for the full taxable year and distributions paid for the full taxable year. Of the distributions declared during the year ended December 31, 2022, $48.3 million was distributions derived from our current and accumulated earnings and profits and capital gains and $17.9 million was a return of capital. Of the distributions declared during the year ended December 31, 2021, 100% were distributions derived from our current and accumulated earnings and profits and capital gains. See NOTE 18—INCOME TAXES. There can be no certainty to shareholders that this determination is representative of the tax attributes of the 2023 distributions that we anticipate would be made to shareholders.
We maintain an “opt-out” dividend reinvestment plan for our common shareholders. As a result, if we declare a distribution, cash distributions will be automatically reinvested in additional shares of our common stock unless the shareholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions. During the years ended December 31, 2022 and 2021, we issued 95,300 and 72,200 shares, respectively, of common stock to shareholders in connection with the DRIP.
The Company has a stock-based compensation plan as discussed in NOTE 12—STOCK BASED COMPENSATION. Securities authorized for issuance under equity compensation plans as of December 31, 2022:
| Plan Category | (a)<br>Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b)<br>Weighted-average exercise price of outstanding options, warrants and rights | (c)<br>Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
|---|---|---|---|
| Equity compensation plans approved by security holders | None | None | 2,311,596 shares |
| Equity compensation plans not approved by security holders | None | None | None |
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Stock Performance Graph
The following graph compares the return on our common stock with that of the Standard & Poor’s 500 Stock Index, the NASDAQ Composite Index, the Russell 2000, and S&P Small Cap 600 for the period from December 31, 2017 through December 31, 2022. The graph assumes that, on January 1, 2018, a person invested $100 in each of our common stock, the Nasdaq Composite, S&P 500 Index, Russell 2000 and S&P Small Cap 600. The graph measures total shareholder return, which takes into account both changes in stock price and dividends. It assumes that dividends paid are invested in like securities.
Senior Securities
As of December 31, 2022, we held $546.5 million of aggregate principal amount of senior securities, which represented 169% asset coverage, as defined under the 1940 Act.
Information about our senior securities is shown in the following table as of the end of each fiscal year for the past ten years. The information as of December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 has been derived from Newtek Business Services Corp. and Subsidiaries’, and Newtek Business Services, Inc. and Subsidiaries’, consolidated financial statements, which have been audited by RSM US LLP. RSM US LLP’s report on the senior securities table as of December 31, 2022 is attached as an exhibit to this Annual Report.
| Class and Year | Total Amount Outstanding Exclusive of Treasury Securities (1)<br><br>(in thousands) | Asset Coverage Ratio Per Unit (2) | Involuntary Liquidation Preference Per Unit (3) | Average Market Value Per Unit (4) | |||
|---|---|---|---|---|---|---|---|
| Securitization Trust | |||||||
| December 31, 2022 | $ | 283,143 | $ | 3,256 | $ | — | $ N/A |
| 2021 | 249,750 | 3,537 | — | N/A | |||
| 2020 | 221,752 | 3,595 | — | N/A | |||
| 2019 | 276,637 | 2,754 | — | N/A | |||
| 2018 | 220,137 | 2,839 | — | N/A | |||
| 2017 | 165,432 | 3,018 | — | N/A | |||
| 2016 | 120,945 | 3,184 | — | N/A | |||
| 2015 | 91,745 | 3,692 | — | N/A | |||
| 2014 | 79,520 | 3,634 | — | N/A | |||
| 2013 | 60,140 | 2,966 | — | N/A | |||
| Bank Notes Payable | |||||||
| December 31, 2022 | 55,885 | 16,496 | — | N/A | |||
| 2021 | 50,000 | 17,667 | — | N/A | |||
| 2020 | 86,339 | 9,234 | — | N/A | |||
| 2019 | 30,000 | 25,392 | — | N/A | |||
| 2018 | 34,700 | 18,010 | — | N/A | |||
| 2017 | — | — | — | N/A | |||
| 2016 | 5,100 | 75,512 | — | N/A | |||
| 2015 | 29,100 | 11,641 | — | N/A | |||
| 2014 | 43,023 | 6,716 | — | N/A | |||
| 2013 | 41,218 | 4,327 | — | N/A | |||
| Notes Payable Related Parties | |||||||
| December 31, 2022 | 24,250 | 38,016 | — | N/A | |||
| 2021 | 11,450 | 77,147 | — | N/A | |||
| 2020 | 24,090 | 33,096 | — | N/A | |||
| 2019 | 12,163 | 62,633 | — | N/A | |||
| 2018 | 16,840 | 37,111 | — | N/A | |||
| 2017 | 7,001 | 71,324 | — | N/A | |||
| 2016 | 1,400 | 275,081 | — | N/A | |||
| 2015 | 5,647 | 59,990 | — | N/A | |||
| 2014 | — | — | — | N/A | |||
| 2013 | — | — | — | N/A | |||
| Notes due 2026 | |||||||
| December 31, 2022 | 115,000 | 8,016 | — | 997 | |||
| 2021 | 115,000 | 7,681 | — | 1,035 | |||
| 2020 | — | — | — | — | |||
| 2019 | — | — | — | — | |||
| 2018 | — | — | — | — | |||
| 2017 | — | — | — | — | |||
| 2016 | — | — | — | — | |||
| --- | --- | --- | --- | --- | |||
| 2015 | — | — | — | — | |||
| 2014 | — | — | — | — | |||
| 2013 | — | — | — | — | |||
| Notes due 2025 | |||||||
| December 31, 2022 | 30,000 | 30,730 | — | N/A | |||
| 2021 | 15,000 | 58,889 | — | N/A | |||
| 2020 | 5,000 | 159,457 | — | N/A | |||
| 2019 | — | — | — | N/A | |||
| 2018 | — | — | — | N/A | |||
| 2017 | — | — | — | N/A | |||
| 2016 | — | — | — | N/A | |||
| 2015 | — | — | — | N/A | |||
| 2014 | — | — | — | N/A | |||
| 2013 | — | — | — | N/A | |||
| Notes due 2024 (5) | |||||||
| December 31, 2022 | 38,250 | 24,102 | — | 1,002 | |||
| 2021 | 38,250 | 23,094 | — | 1,014 | |||
| 2020 | 63,250 | 12,605 | — | 963 | |||
| 2019 | 63,250 | 12,044 | — | 1,009 | |||
| 2018 | — | — | — | N/A | |||
| 2017 | — | — | — | N/A | |||
| 2016 | — | — | — | N/A | |||
| 2015 | — | — | — | N/A | |||
| 2014 | — | — | — | N/A | |||
| 2013 | — | — | — | N/A | |||
| Notes due 2023 (6) | |||||||
| December 31, 2022 | — | — | — | — | |||
| 2021 | — | — | — | — | |||
| 2020 | 57,500 | 13,866 | — | 983 | |||
| 2019 | 57,500 | 13,248 | — | 1,027 | |||
| 2018 | 57,500 | 10,869 | — | 1,023 | |||
| 2017 | — | — | — | N/A | |||
| 2016 | — | — | — | N/A | |||
| 2015 | — | — | — | N/A | |||
| 2014 | — | — | — | N/A | |||
| 2013 | — | — | — | N/A | |||
| Notes due 2022 (7) | |||||||
| December 31, 2022 | — | — | — | N/A | |||
| 2021 | — | — | — | N/A | |||
| 2020 | — | — | — | N/A | |||
| 2019 | — | — | — | N/A | |||
| 2018 | 8,324 | 75,078 | — | 968 | |||
| 2017 | 8,324 | 59,988 | — | 1,018 | |||
| --- | --- | --- | --- | --- | |||
| 2016 | 8,324 | 46,265 | — | 969 | |||
| 2015 | 8,324 | 40,697 | — | 1,025 | |||
| 2014 | — | — | — | N/A | |||
| 2013 | — | — | — | N/A | |||
| Notes due 2021 (8) | |||||||
| December 31, 2022 | — | — | — | N/A | |||
| 2021 | — | — | — | N/A | |||
| 2020 | — | — | — | N/A | |||
| 2019 | — | — | — | N/A | |||
| 2018 | — | — | — | N/A | |||
| 2017 | 40,250 | 12,406 | — | 1,019 | |||
| 2016 | 40,250 | 9,568 | — | 972 | |||
| 2015 | — | — | — | N/A | |||
| 2014 | — | — | — | N/A | |||
| 2013 | — | — | — | N/A |
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
(2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4) Not applicable for senior securities that are not registered for public trading. The average market values per unit for our 2026 Notes, 2024 Notes, 2023 Notes, 2022 Notes, and for our 2021 Notes are based on the average daily prices of such notes and are expressed per $1,000 of indebtedness.
(5) On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The Company partially redeemed $40.0 million in aggregate principal amount of the 2024 Notes on December 29, 2021.
(6) The Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on February 22, 2021.
(7) The Company redeemed all $8.324 million in aggregate principal amount of the 2022 Notes on August 29, 2019.
(8) The Company redeemed all $40.25 million in aggregate principal amount of the 2021 Notes on March 23, 2018.
ITEM 6. [RESERVED].
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Introduction and Certain Cautionary Statements
The following discussion and analysis of our financial condition and results of operations is intended to assist in the understanding and assessment of significant changes and trends related to the results of operations and financial position of the Company together with its subsidiaries. This discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying notes.
The statements in this Annual Report may contain forward-looking statements relating to such matters as anticipated future financial performance, business prospects, legislative developments and similar matters. We note that a variety of factors could cause our actual results to differ materially from the anticipated results expressed in the forward-looking statements such as intensified competition and/or operating problems in our operating business projects and their impact on revenues and profit margins or additional factors as described under “Risk Factors” above.
Executive Overview
Conversion to a Financial Holding Company
As of January 6, 2023, we are a financial holding company that, together with our consolidated subsidiaries, intends to provide a wide range of business and financial solutions under the NewtekOne® brand to the SMB market. Effective January 6, 2023, following authorization by our shareholders, we withdrew our previous election to be regulated as a BDC under the 1940 Act. Prior to such time, we operated as a closed-end, non-diversified management investment company that was subject to regulation as a BDC under the 1940 Act. Contemporaneously with withdrawing our election to be regulated as a BDC, on January 6, 2023, we completed the previously announced Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which we acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become our wholly owned subsidiary. In connection with the completion of the Acquisition, we have contributed to Newtek Bank $31 million of cash and two of our subsidiaries, NBL and SBL. As a result of the Acquisition, we are now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. We no longer qualify as a RIC under Subchapter M of the Code for federal income tax purposes and will no longer qualify for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following portfolio companies and subsidiaries will now be consolidated non-bank subsidiaries in our financial statements: NSBF; NMS; Mobil Money; NBC; PMT; NIA; TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, we will divest or otherwise terminate the activities conducted by EWS and NTS including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. See “Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance – Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations.”
Historical Business Regulation and Taxation
Prior to January 6, 2023, we operated as an internally managed non-diversified closed-end management investment company that elected to be regulated as a BDC under the 1940 Act. As a BDC, under the 1940 Act, we were not permitted to acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets, and we were not permitted to issue senior securities unless the ratio of its total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, was at least 150%. As of December 31 2022, our asset coverage was 169%. Although we are no longer regulated as a BDC, certain covenants in our outstanding 2024 and 2026 Notes require us to maintain an asset coverage of at least 150% as long as the 2024 and 2026 Notes are outstanding. See “Risk Factors – Risks Related to Our Common Stock – We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.”
Additionally, prior to January 6, 2023, due to our status as a BDC under the 1940 Act, we elected to be treated as a RIC for U.S. federal income tax purposes, beginning with our 2015 tax year. As a RIC, we generally did not have to pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distributed to our shareholders as dividends. To maintain our qualification as a RIC, we were required to, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax benefits, we were required to distribute to our shareholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses.
For 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects.
From 2012 through December 31, 2022, NSBF, our wholly-owned subsidiary, was consistently the largest non-bank SBA 7(a) lender in the U.S. based on dollar volume of loan approvals, and, as of December 31, 2022, was the third largest SBA 7(a) lender in the United States. Historically, NSBF structured its loans so that it could both sell the government guaranteed portions of SBA 7(a) loans and securitize the unguaranteed portions. This structure generally allowed NSBF to recover its capital and earn excess capital on each loan, typically within a year. Following the Acquisition, NSBF will begin to wind down its operations, transition SBA 7(a) loan originations to Newtek Bank, and will continue to own the 7(a) Loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off or (subject to SBA’s prior written approval) sale or transfer. There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license, nor that Newtek Bank will obtain PLP status under the SBA 7(a) program following the Acquisition. See “Item 1A. Risk Factors – Risks Related to SBA lending – There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.”
Additionally, we and our subsidiaries have historically provided a wide range of business and financial solutions to SMB relationships, including Business Lending, which includes SBA 7(a) loans, SBA 504 loans and conventional loans, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and commercial lines Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll and Benefits Solutions to SMB relationships nationwide across all industries. We supported the operations of our subsidiaries by providing access to our proprietary and patented technology platform, including NewTracker®, our patented prospect management software. We have historically defined SMBs as companies having revenues of $1.00 million to $100.00 million, and we have generally estimated the SMB market to be over 30 million businesses in the United States. While our historical investments primarily included making loans and providing business solutions to the SMB market through NSBF and our controlled portfolio companies, we also made opportunistic investments in larger or smaller companies. Following the Acquisition, there can be no assurance regarding our continued lending prospects or operations as a financial holding company. See “Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance – We have a limited operating history as a financial holding company.”
On August 2, 2021, we entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC. The Acquisition was part of a plan to reposition us as a bank holding company and our intent to elect financial holding company status. Prior to January 6, 2023, we received the approval of our shareholders to withdraw our election as a BDC under the 1940 Act, received the approval of the OCC to acquire all of the outstanding stock of NBNYC, and received approval from the Federal Reserve to become a financial holding company. On January 6, 2023, we closed on the acquisition of all of the issued and outstanding stock of NBNYC, changed NBNYC’s name to Newtek Bank, N.A. and, contemporaneously therewith, withdrew our election to be regulated as a BDC under the 1940 Act. As a result of withdrawing our election to be regulated as a BDC under the 1940 Act, we will no longer qualify for tax treatment as a RIC under the Code beginning in our 2023 taxable year.
Following the closing of the Acquisition on January 6, 2023, we intend to operate as a financial holding company. Specifically, we have contributed $31 million cash and NBL and SBL to Newtek Bank, and intend to provide a centralized lending operations through Newtek Bank, N.A. In addition, all of our portfolio companies are now consolidated subsidiaries of the Company. We intend to further develop our current patented technology, which we intend to complement its proposed banking offerings, subject to Regulatory Approvals. We also intend to retain our current board of directors and management, as supplemental by additional personnel with banking experience. However, there can be no assurance that we will be able to successfully operate a bank and as a financial holding company. See “Item 1A. Risk Factors – Risk Related to Regulation, Supervision and Compliance.”
As a financial holding company, we will subject to regulation and supervision that will be different from our prior regulation and supervision as a BDC under the 1940 Act, and will be required to comply with accounting and financial reporting requirements that will be different from our reporting requirements as a BDC under the 1940 Act. Moreover, our conversion to a financial holding company may make it more difficult for us to be acquired in the future. For information on the risks of operating as a financial holding company, see “Item 1A. Risk Factors – Risk Related to Regulation, Supervision and Compliance.”
Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.
NSBF and Newtek Bank are nationally licensed SBA lenders under the federal Section 7(a) loan program and originate, sell and service SBA 7(a) loans. NSBF has been granted PLP status and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender with PLP status allows NSBF to expedite the origination of loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status would adversely impact our marketing efforts and ultimately our loan origination volume, which would negatively impact our results of operations. We anticipate Newtek Bank, N.A. obtaining PLP status during the first quarter of 2023, however, there is no guarantee that Newtek Bank will receive PLP status. See "Item 1A. Risk Factors - Risks Related to SBA Lending - There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license."
Economic Developments
We have observed and continue to observe supply chain interruptions, significant labor and resource shortages, commodity inflation, rising interest rates, economic sanctions as a result of the ongoing war between Russia and Ukraine and elements of economic and financial market instability in the United States, the United Kingdom, the European Union and China. One or more of these factors may contribute to increased market volatility, may have long term effects in the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. Additionally, in the event that the U.S. economy enters into a protracted recession, it is possible that the results of some of the companies similar to those in which we invest could experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. While we are not seeing signs of an overall, broad deterioration in our operating results at this time, there can be no assurance that the performance of certain of our clients will not be negatively impacted by economic conditions, which could have a negative impact on our future results.
Over two years after COVID-19 was recognized as a pandemic by the World Health Organization, its continued persistence in the United States and worldwide and the magnitude of the economic impact of the outbreak continue to create an uncertain environment in which we, our subsidiaries and our clients operate. The preventative measures taken to contain or mitigate the spread of COVID-19 have caused, and may in the future cause, business shutdowns, cancellations of events and other travel disruptions. We continue to closely monitor our clients; however, we are unable to predict the duration of any business and supply-chain disruptions and resource shortages, the extent to which COVID-19 or economic conditions may negatively affect our clients’ operating results or the impact that such disruptions may have on our results of operations and financial condition.
Revenues
For the year ended December 31, 2022, we generated revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. We entered into debt investments that typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we received payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we received repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuated significantly from period to period. Our portfolio activity for the year ended December 31, 2022 also reflects the proceeds of sales of securities. We received servicing income related to the guaranteed portions of SBA investments which we originated and sold into the secondary market. These recurring fees were earned daily and recorded when earned. In addition, we generated revenue in the form of packaging, prepayment, legal and late fees. We recorded such fees related to loans as other income. Dividends were recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and were expected to be collected. Dividend income was recorded at the time dividends were declared. Distributions of earnings from portfolio companies were evaluated to determine if the distribution was income, return of capital or realized gain. In addition, under the PPP that began in the second quarter of 2020 and concluded during the third quarter of 2021, the SBA reimbursed the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans.
We recognized realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We recorded current period changes in fair value of investments and assets that were measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments or servicing assets, as appropriate, in the consolidated statements of operations.
Following our conversion to a financial holding company, we intend to generate revenues in the form of interest, servicing and other fee income on the loans we and Newtek Bank originate. In addition, our portfolio companies have become consolidating subsidiaries of NewtekOne in 2023 and therefore, under the new organizational structure, their revenues will be consolidated within the statement of operations going forward along with our joint ventures. With the inclusion of NMS, NIA, PMT, and NTS, we anticipate reporting Web Hosting and IT Support Revenue, Electronic Payment Processing Revenue, Insurance Commissions Revenue, and Payroll Processing Revenue going forward.
Expenses
For the years ended December 31, 2022 and 2021, our primary operating expenses were salaries and benefits, interest expense, origination and servicing and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent.
Following our conversion to a financial holding company, we expect to incur expenses in the form of interest on borrowings at Newtek Bank. In addition, our portfolio companies have become consolidating subsidiaries of NewtekOne, Inc. in 2023 and therefore, under the new organizational structure, their expenses will be consolidated within the statement of operations going forward along with our joint ventures. With the inclusion of NMS, NIA, PMT, and NTS, we anticipate reporting COGS on Technology, Electronic Payment Processing Costs, and Payroll Processing Costs going forward.
Guarantees
The Company is a guarantor on the Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $12.0 million and will be reduced until the facility matures in May 2023. At December 31, 2022, total principal owed by NBC was $10.2 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL Capital One Facility, NBL Deutsche Bank Facility and NBL One Florida Bank Facility. Maximum borrowings under the NBL Capital One Facility are $60.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lenders’ commitments terminate in November 2022, with all amounts due under the NBL Capital One Facility maturing in November 2025. Maximum borrowings under the NBL Deutsche Bank facility $50.0 million with a maturity date in November 2024. Maximum borrowings under the NBL One Florida Bank facility are $20.0 million with a maturity date in September 2024. At December 31, 2022, total principal owed by NBL under these facilities was $42.5 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under these guarantees.
The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $54.9 million. The Webster Facility matures in November 2023. At December 31, 2022, total principal outstanding was $39.9 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company’s Non-Conforming Conventional Commercial Loan Program
NCL: We established a 50/50 joint venture, NCL, between Newtek Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL provided non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL ceased funding new loans during 2020. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of NCL’s portfolio of conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the NCL partners. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of December 31, 2022.
Newtek-TSO JV: On August 5, 2022, Newtek Commercial Lending, Inc. and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, Newtek-TSO JV, governed by the Amended and Restated Limited Partnership Agreement for the Newtek-TSO JV. Newtek Commercial Lending, Inc. and TSO II each committed to contribute an equal share of equity funding to the Newtek-TSO JV and each will have equal voting rights on all material matters. The Newtek-TSO JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The purpose of the Newtek-TSO JV is to invest in non-conforming conventional commercial and industrial term loans made to middle-market companies as well as small businesses. Newtek-TSO JV began making investments during the fourth quarter of 2022 and intends to continue this activity in 2023.
Unfunded Commitments
At December 31, 2022, the Company had $10.4 million of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. For the year ended December 31, 2022, the Company funded these commitments from the same sources it used to fund its other investment commitments.
Loan Portfolio Asset Quality and Composition
The following tables set forth distributions of the cost basis of the Company’s SBA 7(a) loan portfolio at December 31, 2022 and December 31, 2021, respectively, in thousands. The tables include loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2022 and December 31, 2021 is $11.4 million and $18.5 million, respectively.
Distribution by Business Type
| As of December 31, 2022 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Business Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||
| Existing Business | 2,820 | $ | 430,021 | $ | 152 | 80.7 | % | |||||||||
| Business Acquisition | 397 | 72,821 | 207 | 13.7 | % | |||||||||||
| Start-Up Business | 321 | 29,952 | 96 | 5.6 | % | |||||||||||
| Total | 3,538 | $ | 532,793 | $ | 151 | 100.0 | % | As of December 31, 2021 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Business Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||
| Existing Business | 2,162 | $ | 349,999 | $ | 162 | 81.1 | % | |||||||||
| Business Acquisition | 333 | 59,794 | 207 | 13.8 | % | |||||||||||
| Start-Up Business | 266 | 22,176 | 96 | 5.1 | % | |||||||||||
| Total | 2,761 | $ | 431,970 | $ | 156 | 100.0 | % |
Distribution by Borrower Credit Score
| December 31, 2022 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit Score | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||
| 500 to 550 | 11 | $ | 3,057 | $ | 278 | 0.6 | % | |||||||||
| 551 to 600 | 54 | 12,917 | 239 | 2.4 | % | |||||||||||
| 601 to 650 | 287 | 57,010 | 199 | 10.7 | % | |||||||||||
| 651 to 700 | 902 | 142,546 | 158 | 26.8 | % | |||||||||||
| 701 to 750 | 1,282 | 184,252 | 144 | 34.6 | % | |||||||||||
| 751 to 800 | 879 | 120,560 | 137 | 22.6 | % | |||||||||||
| 801 to 850 | 121 | 12,409 | 103 | 2.3 | % | |||||||||||
| Not available | 2 | 43 | 21 | 0.0 | % | |||||||||||
| Total | 3,538 | $ | 532,793 | $ | 151 | 100.0 | % | December 31, 2021 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Credit Score | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||
| 500 to 550 | 15 | $ | 3,562 | $ | 237 | 0.8 | % | |||||||||
| 551 to 600 | 59 | 15,322 | 260 | 3.6 | % | |||||||||||
| 601 to 650 | 299 | 59,139 | 198 | 13.7 | % | |||||||||||
| 651 to 700 | 754 | 118,150 | 157 | 27.4 | % | |||||||||||
| 701 to 750 | 914 | 140,720 | 154 | 32.6 | % | |||||||||||
| 751 to 800 | 632 | 85,479 | 135 | 19.8 | % | |||||||||||
| 801 to 850 | 86 | 9,548 | 111 | 2.2 | % | |||||||||||
| Not available | 2 | 49 | 25 | 0.0 | % | |||||||||||
| Total | 2,761 | $ | 431,970 | $ | 179 | 100.0 | % |
Distribution by Primary Collateral Type
| December 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|
| Collateral Type | # of Loans | Balance | Average Balance | % of Balance | |||
| Commercial Real Estate | 1,079 | $ | 231,568 | $ | 215 | 43.5 | % |
| Residential Real Estate | 1,036 | 96,922 | 94 | 18.2 | % | ||
| Machinery and Equipment | 494 | 85,434 | 173 | 16.0 | % | ||
| Accts Receivable and Inventory | 452 | 81,665 | 181 | 15.3 | % | ||
| Other | 102 | 27,647 | 271 | 5.2 | % | ||
| Unsecured | 326 | 6,772 | 21 | 1.3 | % | ||
| Furniture and Fixtures | 37 | 2,178 | 59 | 0.4 | % | ||
| Liquid Assets | 12 | 606 | 50 | 0.1 | % | ||
| Total | 3,538 | $ | 532,793 | $ | 151 | 100.0 | % |
| December 31, 2021 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Collateral Type | # of Loans | Balance | Average Balance | % of Balance | |||
| Commercial Real Estate | 1,016 | $ | 228,381 | $ | 225 | 53.0 | % |
| Machinery and Equipment | 430 | 73,433 | 171 | 17.0 | % | ||
| Accounts Receivable and Inventory | 312 | 50,692 | 162 | 11.7 | % | ||
| Residential Real Estate | 707 | 47,240 | 67 | 10.9 | % | ||
| Other | 93 | 26,509 | 285 | 6.1 | % | ||
| Unsecured | 161 | 2,984 | 19 | 0.7 | % | ||
| Furniture and Fixtures | 28 | 1,797 | 64 | 0.4 | % | ||
| Liquid Assets | 14 | 936 | 67 | 0.2 | % | ||
| Total | 2,761 | $ | 431,970 | $ | 156 | 100.0 | % |
Distribution by Days Delinquent
| December 31, 2022 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Delinquency Status | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||
| Accrual | ||||||||||||||||
| Current | 3,257 | $ | 450,549 | $ | 138 | 84.5 | % | |||||||||
| 31 to 60 days | 44 | 12,578 | — | 2.4 | % | |||||||||||
| 61 to 90 days | — | — | — | — | % | |||||||||||
| 91 days or greater | — | — | — | — | % | |||||||||||
| Non-accrual | 237 | 69,666 | 294 | 13.1 | % | |||||||||||
| Total | 3,538 | $ | 532,793 | $ | 151 | 100.0 | % | December 31, 2021 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Delinquency Status | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||
| Accrual | ||||||||||||||||
| Current | 2,512 | $ | 365,198 | $ | 145 | 84.6 | % | |||||||||
| 31 to 60 days | 59 | 12,646 | 214 | 2.9 | % | |||||||||||
| 61 to 90 days | — | — | — | — | % | |||||||||||
| 91 days or greater | — | — | — | — | % | |||||||||||
| Non-accrual | 190 | 54,126 | 285 | 12.5 | % | |||||||||||
| Total | 2,761 | $ | 431,970 | $ | 156 | 100.0 | % |
During this wind-down of NSBF’s operations, NSBF will be required to continue to own its SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. In addition, NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. The Company will continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. The Company will report both realized and unrealized gains and losses relating to the fair value adjustments on the legacy NSBF SBA 7(a) portfolio.
Results of Operations for the year ended December 31, 2022 and 2021
Set forth below is a comparison of the results of operations for the years ended December 31, 2022 and 2021, during which years the Company operated as both a BDC and a RIC. For a comparison of the results of operations for the years ended December 31, 2021 and 2020, see the Company's Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022.
Comparison of the year ended December 31, 2022 and 2021
Investment Income
| (in thousands) | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Investment income: | ||||||
| Interest income - PPP loans | $ | — | $ | 49,989 | $ | (49,989) |
| Interest income - SBA 7(a) loans | 38,617 | 28,549 | 10,068 | |||
| Interest income - non-control investments | — | 428 | (428) | |||
| Dividend income | 24,657 | 9,896 | 14,761 | |||
| Servicing income | 13,698 | 11,307 | 2,391 | |||
| Other income | 9,272 | 8,325 | 947 | |||
| Total investment income | $ | 86,244 | $ | 108,494 | $ | (22,250) |
Interest Income
The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act. By July 2021, NSBF funded the balance of its PPP loans and therefore the Company did not earn any PPP interest income during 2022. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
The increase in interest income from SBA 7(a) loans was attributable to the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $482.6 million from $406.2 million for the year ended December 31, 2022 and 2021, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.
In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began earning interest income from non-control investments. In November 2021, the Company sold the loan to NCL and therefore the Company did not earn any interest income from non-control investments during 2022.
Dividend Income
Dividend income was earned from the following investments, which were held as portfolio companies, for the year ended December 31, 2022 and 2021:
| (in thousands) | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Newtek Merchant Solutions, LLC (NMS) | $ | 14,550 | $ | 6,000 | $ | 8,550 |
| Newtek Technology Solutions, Inc. | 1,500 | 250 | 1,250 | |||
| Mobil Money, LLC | 400 | — | 400 | |||
| Newtek Conventional Lending, LLC | 2,379 | 51 | 2,328 | |||
| Newtek Business Lending, LLC | 5,025 | 3,500 | 1,525 | |||
| Automated Merchant Services, LLC | 720 | — | 720 | |||
| EMCAP Loan Holdings, LLC | 83 | 95 | (12) | |||
| Total dividend income | $ | 24,657 | $ | 9,896 | $ | 14,761 |
For the years ended December 31, 2022 and 2021, dividend income was dependent on portfolio company earnings and portfolio company capital investment objectives and opportunities. On January 6, 2023, we completed the previously announced Acquisition of NBNYC and converted to a financial holding company. See “Item 1. Business – Our Business.” With the exception of EMCAP, the above portfolio companies have become consolidating subsidiaries of NewtekOne, Inc. in 2023 and therefore, under the new organizational structure, their profits and losses will be consolidated within the statement of operations instead of in the form of dividend income going forward.
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the year ended December 31, 2022 and 2021:
| (in thousands): | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Total NSBF originated servicing portfolio | $ | 2,217,497 | $ | 1,839,239 | $ | 378,258 |
| Total average NSBF originated portfolio earning servicing income | $ | 1,392,650 | $ | 1,151,891 | $ | 240,759 |
| Total servicing income earned | $ | 13,698 | $ | 11,307 | $ | 2,391 |
The increase in servicing income related to an increase in the total portfolio investments for which we earn servicing income period over period, due to an increase in SBA 7(a) loan originations period over period.
Other Income
For the year ended December 31, 2022, other income related primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was related to an increase in legal, prepayment and packaging fees earned as a result of the higher volume of SBA 7(a) loans originated of $775.6 million compared to $560.6 million for the year ended December 31, 2022 and 2021, respectively. As a result of the uncertain economic impact to U.S. small businesses at the onset of the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020. NSBF funded the balance of its PPP loans by July 2021 and redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
Expenses:
| (in thousands) | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Salaries and benefits | $ | 20,186 | $ | 17,866 | $ | 2,320 |
| Interest | 26,325 | 20,515 | 5,810 | |||
| Depreciation and amortization | 239 | 304 | (65) | |||
| Professional fees | 7,134 | 5,610 | 1,524 | |||
| Origination and loan processing | 11,606 | 10,234 | 1,372 | |||
| Origination and loan processing - related party | 19,140 | 19,272 | (132) | |||
| Loss on extinguishment of debt | 417 | 1,552 | (1,135) | |||
| Other general and administrative costs | 7,673 | 7,454 | 219 | |||
| Total expenses | $ | 92,720 | $ | 82,807 | $ | 9,913 |
Salaries and Benefits
The increase in salaries and benefits was attributable to an increase in salaries and bonuses and related accruals period over period due to increased performance pay as well as a higher headcount period over period.
Interest Expense
The following is a summary of interest expense by facility for the year ended December 31, 2022 and 2021:
| (in thousands) | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Notes payable - Securitization Trusts | $ | 10,641 | $ | 5,520 | $ | 5,121 |
| Bank notes payable | 3,998 | 1,536 | 2,462 | |||
| 2023 Notes1 | — | 549 | (549) | |||
| 2024 Notes2 | 2,424 | 4,714 | (2,290) | |||
| 2025 6.85% Notes3 | 379 | 1,134 | (755) | |||
| 2025 5.00% Notes | 1,294 | — | 1,294 | |||
| 2026 Notes | 7,042 | 6,675 | 367 | |||
| Notes payable - related parties | 547 | 387 | 160 | |||
| Total interest expense | $ | 26,325 | $ | 20,515 | $ | 5,810 |
(1) On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2020 through, but excluding, the redemption date.
(2) On December 29, 2021, the Company partially redeemed $40.0 million in aggregate principal amount of the $78.25 million principal amount of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date.
(3) On May 2, 2022, the Company redeemed all $15.0 million in aggregate principal amount of the 2025 6.85% Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, the redemption date.
The increase in interest expense period over period is primarily from additional interest expense on the 2026 Notes of $0.4 million, 2025 5.00% Notes of $1.3 million, Notes payable - Securitization Trusts of $5.1 million, and Bank notes payable of $2.5 million related to an increase in the average outstanding balance and interest rates period over period. The increase was partially offset by the redemption of the 2023 Notes, 2025 6.85% Notes, and partial redemption of the 2024 Notes, which resulted in a reduction of $0.5 million, $0.8 million and $2.3 million of interest expense, respectively.
Professional Fees
The increase in professional fees period over period is attributable to fees related to the implementation of a new general ledger system as well as fees related to the Company's repositioning of itself as a financial holding company in January 2023.
Origination and Loan Processing
The change in origination and loan processing expenses was due to an increase in SBA 7(a) loan fundings period over period.
Loss on extinguishment of debt
On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes. As a result of the redemption of the 2023 Notes, the Company recorded a $1.0 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the balance of unamortized deferred financing costs as of the redemption date.
On May 2022, the Company redeemed the remaining $15.0 million in aggregate principal amount of the 2025 6.85% Notes and as a result, the Company recorded a $0.4 million loss on extinguishment of debt during the year ended December 31, 2022, equivalent to the balance of unamortized deferred financing costs as of the redemption date.
Net Realized Gains and Net Unrealized Appreciation (Depreciation)
Net realized gains from SBA non-affiliate investments for the year ended December 31, 2022 and 2021 were $56.9 million and $53.1 million, respectively, which included realized losses of $16.6 million and $10.4 million, respectively.
Net Realized Gains on SBA Non-Affiliate Investments
| Year Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | |||||
| # of Debt Investments | Amount (in thousands) | # of Debt Investments | Amount(in thousands) | |||
| SBA non-affiliate investments originated | 931 | 781 | ||||
| SBA guaranteed non-affiliate investments sold | 880 | 678 | ||||
| Realized gains recognized on sale of SBA guaranteed non-affiliate investments | — | — | ||||
| Average sale price as a percent of principal balance1 | — | 110.02 | % | — | 113.05 | % |
All values are in US Dollars.
(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.
As a result of the uncertain economic impact to U.S. small businesses at the onset of the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020 through July 2021, resulting in a higher volume of SBA 7(a) loans for the year ended December 31, 2022 compared to 2021. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans in 2021.
For the year ended December 31, 2022, the average sale price as a percent of principal balance was 110.02% compared to 113.05% for the prior period. The decrease reflects the lagging prime rate adjustments and the quarterly reset of interest rates on our loan portfolio.
During this wind-down of NSBF’s operations, NSBF will be required to continue to own its SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. In addition, NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. The Company will continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. The Company will report both realized and unrealized gains and losses relating to the fair value adjustments on the legacy NSBF SBA 7(a) portfolio.
Net Unrealized Appreciation (Depreciation)
| (in thousands) | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments | $ | (6,532) | $ | 6,380 | $ | (12,912) |
| Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments | (19,972) | 5,097 | (25,069) | |||
| Net unrealized appreciation on controlled investments | 24,321 | 2,829 | 21,492 | |||
| Change in deferred taxes | (6,464) | (1,327) | (5,137) | |||
| Net unrealized depreciation on servicing assets | (10,095) | (6,778) | (3,317) | |||
| Net unrealized appreciation (depreciation) on derivative transactions | 183 | (183) | 366 | |||
| Total net unrealized (depreciation) appreciation | $ | (18,559) | $ | 6,018 | $ | (24,577) |
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the guaranteed portions of the SBA 7(a) loans are sold. The amount of the unrealized appreciation (depreciation) is determined by the quantity of guaranteed loans held for sale at quarter end as well as the change in secondary market pricing conditions. During the year ended December 31, 2022, there was a reduction in the gain-on-sale pricing as compared to the prior period.
Unrealized depreciation on servicing assets relates to the amortization of the Company’s servicing assets in proportion to, and over the period of, estimated net servicing income. The increase in unrealized depreciation period over period is primarily due to the increase in the discount rate used to fair value the servicing asset.
In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began recording unrealized results on non-control/non-affiliate investments. In November 2021, the Company sold the loan to NCL
and therefore the Company does not have any unrealized results from non-control/non-affiliate investments during 2022.
The net unrealized appreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts.
Net Unrealized Appreciation (Depreciation) on Controlled Investments
Unrealized appreciation (depreciation) was derived from the following portfolio companies for the year ended December 31, 2022 and 2021:
| (in thousands) | Year Ended December 31, 2022 | Year Ended December 31, 2021 | Change | |||
|---|---|---|---|---|---|---|
| Newtek Merchant Solutions, LLC (NMS) | $ | (5,600) | $ | 3,000 | $ | (8,600) |
| Newtek Technology Solutions, Inc. (NTS) | (8,900) | 6,000 | (14,900) | |||
| CDS Business Services, Inc. | (1,496) | (9,040) | 7,544 | |||
| PMTWorks Payroll, LLC | 1,010 | (1,250) | 2,260 | |||
| banc-serv Partners, LLC (BSP) | — | 885 | (885) | |||
| Small Business Lending, LLC | 2,535 | (5,650) | 8,185 | |||
| Newtek Insurance Agency, LLC | 3,200 | (1,750) | 4,950 | |||
| Newtek Business Lending, LLC | 32,422 | 7,370 | 25,052 | |||
| Newtek Conventional Lending, LLC | (3,526) | 1,535 | (5,061) | |||
| Newtek TSO II Conventional Credit Partners, LP | 673 | — | 673 | |||
| Titanium Asset Management LLC | (329) | (52) | (277) | |||
| Advanced Cyber Security Systems, LLC | — | 381 | (381) | |||
| Mobil Money, LLC | 4,350 | 1,400 | 2,950 | |||
| Automated Merchant Services, Inc. | 53 | — | 53 | |||
| Excel WebSolutions, LLC | (71) | — | (71) | |||
| Total net unrealized appreciation on controlled investments | $ | 24,321 | $ | 2,829 | $ | 21,492 |
For the years ended December 31, 2022 and 2021, net unrealized appreciation (depreciation) on controlled investments was driven by the valuation of the above portfolio companies. On January 6, 2023, we completed the previously announced Acquisition of NBNYC and converted to a financial holding company. See “Item 1. Business - Our Business.” The above portfolio companies have become consolidating subsidiaries of NewtekOne, Inc. in 2023 and therefore, under the new organizational structure, their profits and losses will be consolidated within the statement of operations and there will no longer be unrealized appreciation (depreciation) on these investments going forward.
Provision for Deferred Taxes on Unrealized Appreciation of Investments
Certain consolidated subsidiaries of ours were subject to U.S. federal and state income taxes during the taxable year ended December 31, 2022. These taxable subsidiaries were not consolidated with the Company for income tax purposes, but were consolidated for GAAP purposes, and may have generated income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the year ended December 31, 2022 and 2021, we recognized a provision for deferred taxes of $6.5 million and $1.3 million related to the net unrealized (depreciation) appreciation of controlled portfolio company investments, respectively.
Liquidity and Capital Resources
Overview
Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2024 Notes, 2025 5.00% Notes, 2025 8.125% Notes, 2026 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. In the year ended December 31, 2022, our primary use of funds from operations included investments in portfolio companies and payments of fees and other operating expenses we incurred. In the year ended December 31, 2022, we used our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. As of December 31, 2022, our asset coverage was 169% based on $546.5 million of aggregate principal amount of senior securities outstanding. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. Although we are no longer subject to regulation as a BDC under the 1940 Act, the 2024 Notes and 2026 Notes require us to maintain a minimum of 150% asset coverage during the time that the 2024 and 2206 Notes are outstanding. See “Risk Factors – Risks Related to Our Common Stock – We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.”
Public Offerings
ATM Program
On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement, as amended on February 28, 2020. The Amended 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 24, 2020, we sold 1,716,517 shares of our common stock at a weighted average price of $21.88 per share. Proceeds, net of offering costs and expenses were $37.6 million. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. The Company paid the ATM placement agents $0.8 million in compensation.
We used the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies and for general corporate purposes including funding investments, repaying outstanding indebtedness and other general corporate purposes.
On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provides that the Company may offer and sell up to 6,400,000 shares of common stock from time to time through the placement agents. From inception through December 31, 2022, we sold 3,069,754 shares of our common stock at a weighted average price of $23.02 per share. Proceeds, net of offering costs and expenses were $70.6 million. The Company paid the placement agents $1.4 million in compensation. As of December 31, 2022, there were 3,330,246 shares of common stock that remained unsold under the 2020 ATM Equity Distribution Agreement. The Company does not currently have an effective shelf registration statement in place and therefore, the ATM program has been suspended as of January 6, 2023 however on January 27, 2023 the Company submitted a Form S-3 with the SEC in order to commence the process of re-establishing an effective shelf registration statement and intends to seek effectiveness of such registration statement upon completion of the SEC review process.
2026 Notes
In January 2021, the Company and the Trustee entered into the Seventh Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $115.0 million aggregate principal amount of 5.50% 2026 Notes, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2026 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.
The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at
the Company’s option on or after February 1, 2022, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to the following amounts, plus accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed plus (2) the sum of the present value of the scheduled payments of interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed from the redemption date until February 1, 2023, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after February 1, 2023 (the date falling three years prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2021, and trade on the Nasdaq Global Market under the trading symbol “NEWTZ.” At December 31, 2022, the Company was in compliance with all covenants related to the 2026 Notes.
2024 Notes
In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55.0 million aggregate principal amount of 5.75% 2024 Notes. The Company granted an overallotment option of up to $8.25 million in aggregate principal amount of the 2024 Notes. The sale of the 2024 Notes generated proceeds of approximately $53.2 million, net of underwriter's fees and expenses. In July 2019 the underwriters exercised their option to purchase $8.25 million in aggregate principal amount of 2024 Notes for an additional $8.0 million in net proceeds. The 2024 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2024 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.
The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after August 1, 2021, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, commencing on November 1, 2019, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.” At December 31, 2022, the Company was in compliance with all covenants related to the 2024 Notes.
On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes.
On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million of principal amount of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. As of December 31, 2022, the outstanding principal balance of the 2024 Notes was $38.25 million.
2023 Notes
In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50.0 million aggregate principal amount of 6.25% 2023 Notes. The Company granted an overallotment option of up to $7.5 million in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47.9 million, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7.5 million in aggregate principal amount of notes for an additional $7.3 million in net proceeds. The 2023 Notes were the Company’s direct unsecured obligations and ranked: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2023 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.
The 2023 Notes were scheduled to mature on March 1, 2023 and could be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 1, 2020, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2018, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.” On February 22, 2021, the Company used the proceeds from the issuance of the 2026 Notes to redeem all $57.5 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date.
The Base Indenture, and each supplemental indenture thereto, contains certain covenants. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding Notes may declare such Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. Each supplemental indenture (except for the Tenth Supplemental Indenture) includes covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by each supplemental indenture thereto. These covenants currently apply to the 2024 and 2026 Notes. At December 31, 2022, the Company was in compliance with all covenants related to the Notes.
2025 Notes (Private Placement)
On November 27, 2020, the Company and Trustee entered into the Fifth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the issuance, offer and sale of $5.0 million aggregate principal amount of its 2025 6.85% Notes. The offering was consummated pursuant to the terms of a purchase agreement among the Company and an accredited investor, which provided for the 2025 6.85% Notes to be issued to the purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act. The net proceeds from the sale of the notes were approximately $4.8 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The Company exercised its option to issue up to $10.0 million of additional 2025 6.85% Notes to the purchaser, and issued $10.0 million in additional 2025 6.85% Notes to the purchaser in an exempt offering in January 2021.
On March 31, 2022, the Company caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the Notes on May 2, 2022. The Notes were redeemed on May 2, 2022 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, May 2, 2022.
On March 31, 2022, the Company completed a private placement of $15.0 million aggregate principal amount of its 5.00% notes due 2025 (2025 5.00% Notes). The offering was consummated pursuant to the terms of a purchase agreement dated March 31, 2022 among the Company and an accredited investor, which provided for the 2025 5.00% Notes to be issued to the purchaser in a transaction that relied on Section 4(a)(2) of the Securities Act to be exempt from registration under the Securities Act. The net proceeds from the sale of the notes were approximately $14.5 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The 2025 5.00% Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2025 5.00% Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. Under the purchase agreement, the Company also issued an additional $15.0 million in aggregate principal amount of the 2025 5.0% Notes to the purchaser on May 2, 2022. The 2025 5.00% Notes were issued under the Base Indenture and the Tenth Supplemental Indenture, dated as of March 31, 2022. The 2025 5.00% Notes will mature on March 31, 2025, and under the terms of the Indenture, the Notes are redeemable at any time, at the option of the Company, at a redemption price of 100% of the outstanding principal amount thereof. The Tenth Supplemental Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act as long as the Company remains subject to the provisions.
Capital One Facilities
In May 2017, NSBF amended its Capital One facility to increase the facility from $50.0 million to $100.0 million and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100.0 million to $150.0 million. On May 7, 2020, NSBF amended its existing line of credit with Capital One to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025. On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022. See “Recent Developments – Capital One Facility Waiver.”
At December 31, 2022, there was $10.5 million and $45.4 million outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2022, we were in full compliance with all applicable loan covenants.
Notes Payable - Related Parties
In June 2015 the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC are $50.0 million at an interest rate equal to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2022, the Related Party RLOC interest rate was 6.72%. The Related Party RLOC has a maturity date of November 8, 2023. At December 31, 2022, there was $24.3 million of outstanding borrowings due to NMS under the Related Party RLOC.
Securitization Transactions
Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities.
In September 2022, NSBF completed its twelfth securitization which resulted in the transfer of $116.2 million of unguaranteed portions of SBA loans to the 2022-1 Trust. The 2022-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $95.4 million of Class A notes and $20.8 million Class B notes, against the 2022-1 Trust assets in a private placement. The Class A and Class B notes received an “A-” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is October 2049. The Class A and Class B notes bear interest at an average rate of 30-day average compounded SOFR plus 2.97% across both classes.
In December 2021, NSBF completed its eleventh securitization which resulted in the transfer of $103.4 million of unguaranteed portions of SBA loans to the 2021-1 Trust. The 2021-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $79.7 million of Class A notes and $23.8 million Class B notes, against the 2021-1 Trust assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2048. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.92% across both classes. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative in accordance with the terms of the 2021-1 securitization transaction documents.
In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118.9 million of unguaranteed portions of SBA loans to the 2019-1 Trust. The 2019-1 Trust in turn issued securitization notes for the par amount of $118.9 million, consisting of $93.5 million of Class A notes and $25.4 million Class B notes, against the 2019-1 Trust assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.83% across both classes. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative in accordance with the terms of the 2019-1 securitization transaction documents.
In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108.6 million of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108.6 million, consisting of $82.9 million Class A notes and $25.7 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2018-1 securitization transaction documents.
In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76.2 million of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75.4 million, consisting of $58.1 million Class A notes and $17.3 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2017-1 securitization transaction documents. On February 27, 2023, the 2017-1 Trust was terminated as a result of NSBF purchasing the 2017-1 Trust assets, with the 2017-1 Trust’s noteholders receiving the redemption price.
In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56.1 million of unguaranteed portions of SBA loans to the 2016-1 Trust. The 2016-1 Trust in turn issued securitization notes for the par amount of $53.4 million, consisting of $43.6 million Class A notes and $9.8 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at an average rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. In December 2021, the 2016-1 Trust was terminated as a result of NSBF purchasing the 2016-1 Trust assets, with the 2016-1 Trust’s noteholders receiving the redemption price.
PPP Loan Participations
To facilitate NSBF’s involvement as a lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold participating interests to several participants. The participations were sold at par due to the short term maturity of the loans. One participant continues to hold a 90% participation interest in 1 of the 2 PPP loans that remain as of December 31, 2022. NSBF and the participant share proportionally in all interest and principal payments made on the loan. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans and facilitate the PPP loan forgiveness process. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.
A transfer of financial assets must meet the sale criteria under the accounting rules in ASC Topic 860, Transfers and Servicing, in order to be considered a sale instead of a secured borrowing. The Company determined that the sale criteria are met and the Participants’ interests in the PPP loans are not held on the Company’s consolidated balance sheets.
Cash Flows and Liquidity
As of December 31, 2022, the Company’s unused sources of liquidity consisted of $0.9 million available through the Capital One facility; $8.5 million available through notes payable with related parties; and $53.7 million in unrestricted cash.
Restricted cash of $71.9 million as of December 31, 2022 is primarily held by NSBF. The majority, or $71.2 million of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants.
The Company generated and used cash as follows:
| (in thousands) | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||
|---|---|---|---|---|
| Net cash provided by (used in) operating activities | $ | (62,418) | $ | 140,923 |
| Net cash used in investing activities | (11) | — | ||
| Net cash provided by (used in) financing activities | 1,175 | (5,488) | ||
| Net (decrease) increase in cash and restricted cash | (61,254) | 135,435 | ||
| Cash and restricted cash, beginning of period | 186,860 | 51,425 | ||
| Cash and restricted cash, end of period | $ | 125,606 | $ | 186,860 |
During the year ended December 31, 2022, operating activities used cash of $62.4 million, consisting primarily of (i) $775.6 million of SBA 7(a) loan investments funded; (ii) $53.2 million of investments in controlled portfolio companies; (iii) a $110.6 million decrease in due to participants which arises when loan payments are received in the current period but not processed in time to have funds remitted to the participant during the current period; the amount varies depending on payment volume and timing at quarter end; and (iv) a $44.5 million increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded in the period but did not settle during the current period end and the cash was not received from the purchasing broker during the current period; the amount varies depending on loan origination volume and timing of sales at quarter end. These uses of cash were offset by (i) $691.2 million of proceeds from the sale of SBA 7(a) guaranteed loan investments and (ii) $74.3 million of principal payments received from SBA non-affiliate investments.
Net cash provided by financing activities was $1.2 million consisting primarily of a (i) $116.2 million issuance of notes payable from the 2022-1 securitization, (ii) $5.9 million of net borrowings under our bank notes payable and (iii) $30.0 million of issuances of the 2025 5.0% Notes. These sources of cash were offset by (i) $82.8 million of principal payments related to securitization notes payable, (ii) a redemption of $15.0 million of the 2025 6.85% Notes, (iii) net repayments under the Related Party RLOC of $12.8 million and (iv) $64.5 million of dividend payments.
Contractual Obligations
The following table represents the Company’s obligations and commitments as of December 31, 2022:
| (in thousands) | Payments due by period | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Contractual Obligations | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||
| Bank notes payable | $ | 55,885 | $ | 55,885 | $ | — | $ | — | $ | — | $ | — | $ | — |
| Securitization notes payable1 | 283,143 | — | — | — | — | — | 283,143 | |||||||
| 2024 Notes1 | 38,250 | — | 38,250 | — | — | — | — | |||||||
| 2025 Notes1 | 30,000 | — | — | 30,000 | — | — | — | |||||||
| 2026 Notes1 | 115,000 | — | — | — | 115,000 | — | — | |||||||
| Stock Purchase Agreement | 20,000 | 20,000 | — | — | — | — | — | |||||||
| Employment agreements | 417 | 417 | — | — | — | — | — | |||||||
| Operating leases | 8,813 | 2,045 | 2,099 | 2,155 | 2,035 | 479 | — | |||||||
| Totals | $ | 575,758 | $ | 102,597 | $ | 40,349 | $ | 32,155 | $ | 117,035 | $ | 479 | $ | 283,143 |
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See NOTE 8—BORROWINGS.
Critical Accounting Policies and Estimates
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies for the year ended December 31, 2022.
Fair Value Measurements
For the years ended December 31, 2022 and 2021, we valued investments for which market quotations are readily available at their market quotations. However, a readily available market value did not exist for many of the investments in our portfolio, and we valued these portfolio investments at fair value as determined in good faith by our Board under our valuation policy and process. We may have sought pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employed independent third party valuation firms for certain of our investments for which there is not a readily available market value.
For the years ended December 31, 2022 and 2021, the application of our valuation methods may have included comparisons of the portfolio companies to peer companies that are public, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, discounted cash flow, the markets in which the portfolio company does business and other relevant factors. In the case of the occurrence of an external event such as a purchase transaction, public offering or subsequent equity sale, we considered the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.
Our Board was ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. For the year ended December 31, 2022, the Company carried all investments at fair value. Additionally, the Company carried its servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:
| Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets. |
|---|---|
| Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale. |
| Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts. |
In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company complied with all applicable components of Rule 2a-5 by the compliance date in September 2022 for the year ended December 31, 2022.
Valuation of Investments
Level 1 investments were valued using quoted market prices. Level 2 investments were valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments were valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that were engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
When determining fair value of Level 3 debt and equity investments, the Company may have taken into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA or revenue. The enterprise value analysis was performed to determine the value of equity investments and to determine if debt investments were credit impaired. If debt investments were credit impaired, the Company used the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that were not determined to be credit impaired, the Company used a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may have based its valuation on quotes provided by an independent third party broker.
For certain investments, the Company generally calculated the fair value of the investment primarily based on the NAV of the entity and adjusted the fair value for other factors that would affect the fair value of the investment. The Company used this valuation approach for its investment in NCL.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
Changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. For the year ended December 31, 2022, we determined the fair value of each individual investment and recorded changes in fair value as unrealized appreciation or depreciation.For the year ended December 31, 2022, our investment portfolio is carried on the consolidated statements of assets and liabilities at fair value with any adjustments to fair value recognized as "Net unrealized appreciation (depreciation)" on the consolidated statements of operations until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a "Net realized gains (losses)."
We believe our investment portfolio as of December 31, 2022 and December 31, 2021 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.
As of January 6, 2023, the Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company and therefore, will no longer fair value the investments in its portfolio companies. During this wind-down of NSBF’s operations, NSBF will be required to continue to own its SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. In addition, NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. The Company will continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. The Company will report both realized and unrealized gains and losses relating to the fair value adjustments on the legacy NSBF SBA 7(a) portfolio.
Valuation of Servicing Assets
The Company accounted for servicing assets in accordance with ASC 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets were measured at fair value at each reporting date and the Company reported changes in the fair value of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.
Income Recognition
Management reviewed all loans that became 90 days or more past due on principal or interest or when there was reasonable doubt that principal or interest would be collected for possible placement on management’s designation of non-accrual status. Interest receivable was analyzed regularly and reserved against when deemed uncollectible. Interest payments received on non-accrual loans were recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans were restored to accrual status when past due principal and interest was paid and, in management’s judgment, were likely to remain current, although there may have been exceptions to this general rule if the loan had sufficient collateral value and was in the process of collection.
In addition, under the PPP that began in the second quarter of 2020, the SBA reimbursed the Company for originating loans. Such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan was sold to one of our Participants. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
For the years ended December 31, 2022, 2021, and 2020, we received servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees were earned and recorded daily. Servicing income was earned for the full term of the loan or until the loan is repaid.
For the year ended December 31, 2022, 2021, and 2020, we received a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, legal fees, late fees and prepayment fees. All other income was recorded when earned.
For the year ended December 31, 2022, 2021, and 2020, dividends were recorded as dividend income on an accrual basis to the extent that such amounts were payable by the portfolio company and expected to be collected. Dividend income was recorded at the time dividends were declared. Distributions of earnings from a portfolio companies were evaluated to determine if the distribution is income, return of capital or realized gain.
Following our conversion to a financial holding company, we intend to generate income in the form of interest, servicing and other fee income on the loans we and Newtek Bank originate. In addition, our portfolio companies have become consolidating subsidiaries of NewtekOne in 2023 and therefore, under the new organizational structure, their income will be consolidated within the statement of operations going forward along with our joint ventures. With the inclusion of NMS, NIA, PMT, and NTS, we anticipate reporting Web Hosting and IT Support Revenue, Electronic Payment Processing Revenue, Insurance Commissions Revenue, and Payroll Processing Revenue going forward.
Income Taxes
Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.
The Company’s U.S. federal and state income tax returns prior to fiscal year 2019 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.
The Company elected to be treated as a RIC under the Code beginning with the 2015 tax year and, through the year ended December 31, 2022, operated in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes NewtekOne, Inc. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries were included in the RIC tax return for the taxable year ended December 31, 2022. The Company evaluated and recorded any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return.
As a RIC, the Company was required to pay a 4% excise tax if it did not distribute in each calendar year an amount at least equal to the sum of:
•98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year;
•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of such calendar year; and
•100% of any income or gains recognized, but not distributed, in preceding years.
For the years ended December 31, 2022 and 2021, no U.S. federal excise taxes were due.
The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $19.2 million and $12.7 million at December 31, 2022 and December 31, 2021, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Following our conversion to a financial holding company, for 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects.
Recently Adopted Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates, however, the impact of the adoption is not expected to be material. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.
In November 2020, the SEC published Release No. IC-34084, Use of Derivatives by Registered Investment Companies and Business Development Companies, and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and certain testing and board reporting requirements. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules, provided that the BDC adopts written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. The Company currently qualifies as a "limited derivatives user" and expects to continue to do so, therefore, the adoption of the rules did not have a material impact on the Company’s consolidated
financial statements. Effective January 6, 2023, the Company is no longer regulated as a BDC. As a result, and as of that date, Rule 18f-4 is no longer applicable to the Company.
In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The adoption of Rule 2a-5 did not have a material impact on the consolidated financial statements. Effective January 6, 2023, the Company is no longer regulated as a BDC. As a result and as of that date, Rule 2a-5 is no longer applicable to the Company.
New Accounting Standards
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit
the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.
In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments” (Topic 326) and in April 2019, the FASB issued ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (collectively, “CECL”). CECL changed how entities measure potential credit losses for most financial assets and certain other instruments that are not measured at fair value. CECL replaced the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost. While ASU 2016-13 does not require any particular method for determining the CECL allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. CECL is effective for the Company beginning January 1, 2023; however, the Company intends to continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. After the Acquisition on January 6, 2023, the Company owns and will consolidate Newtek Bank, which will apply CECL. The Company is currently re-evaluating the impact of adopting CECL accounting including for Newtek Bank. The Company will have the CECL analysis completed to report in our upcoming 10-Q filing for the quarter ended March 31, 2023.
Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of December 31, 2022.
Recent Developments
Acquisition of NBNYC
On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC.
Conversion to a Financial Holding Company
The Company has also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for
accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money, LLC; NBC; PMT; NIA TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period.
Employment Agreements with our Named Executive Officers
On January 13, 2023, Newtek Bank, our consolidated subsidiary, entered into an employment agreement, effective as of January 6, 2023, with Mr. Nicolas Young. Generally, under the employment agreement, Mr. Young will serve as the President and Chief Operating Officer of Newtek Bank and is entitled to a set annual base compensation in the amount of $500,000, which amount will increase to $650,000 on March 1, 2023, and cash bonuses pursuant to an annual cash bonus plan. In addition, Mr. Young is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off and sick leave. The employment agreement also provides for a severance payment in the case of Mr. Young being terminated without just cause, as defined therein, Mr. Young resigning with good reason, as defined therein, a change of control, as defined therein, or a non-renewal of Mr. Young’s employment agreement. Under the employment agreement, during the term of his employment, Mr. Young agrees to devote substantially all of his business time to Newtek Bank and to not engage in any business or activity contrary to the business or affairs of Newtek Bank. Newtek Bank agrees to indemnify Mr. Young for any and loss, expenses, or liability that he may incur as a result of his services for Newtek Bank. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time.
Effective as of March 1, 2023, the Company entered into one year employment agreements with Barry Sloane, Chief Executive Officer and President, Michael A. Schwartz, Chief Legal Officer and Chief Compliance Officer, and Nicolas Leger, Chief Accounting Officer (the “Employment Agreements”). Generally, under the Employment Agreements, Mr. Sloane, is entitled to a set annual base compensation of $700,000, Mr. Schwartz is entitled to a set annual base compensation of $450,000 and Mr. Leger is entitled to a set annual base compensation of $400,000. Each of Messrs, Sloane, Schwartz and Leger are entitled to a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Messrs. Sloane, Schwartz and Leger are entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off. The Employment Agreements also provide for severance payments if Messrs. Sloane, Schwartz or Leger were to be terminated without just cause, as defined therein, or were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of their respective Employment Agreements. Under the Employment Agreements, during the terms of their employment, Messrs. Sloane, Schwartz and Leger agree to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Messrs. Sloane, Schwartz and Leger for any and all loss, expenses, or liability that they may incur as a result of their services for the Company. Cash bonuses will be based on performance and will be determined during the term of the Employment Agreements and therefore cannot be disclosed as this time.
Effective as of March 1, 2023, NSBF, the Company’s consolidated subsidiary, has entered into a one year employment agreement with Peter Downs, President of NSBF (the “Employment Agreement”). In addition, Mr. Downs serves as the Chief Lending Officer of the Company. Generally, under the Employment Agreement, Mr. Downs is entitled to a set annual base compensation of $625,000, and a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Mr. Downs is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave. The Employment Agreement also provides for a severance payment in the case where Mr. Downs were to be terminated without just cause, as defined therein, Mr. Downs were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of Mr. Down’s Employment Agreement. Under the Employment Agreement, during the term of his employment, Mr. Downs agrees to devote substantially all of his business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Mr. Downs for any and all loss, expenses, or liability that he may incur as a result of his services for the Company. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time.
Amendments to Articles of Incorporation
Effective January 13, 2023, we filed Articles of Amendment amending our Charter to change the name of the Company to “NewtekOne, Inc.”
2025 8.125% Notes
On January 23, 2023 we completed an exempt offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, including payment of expenses incurred in connection with the issuance of the notes and other working capital purposes. The Notes will mature on February 1, 2025. The Notes bear interest at a rate of 8.125% per year payable semiannually on February 1 and August 1 each year, commencing on August 1, 2023.
Securities Purchase Agreement
On February 3, 2023, we entered into a Securities Purchase Agreement with Patriot Financial Partners IV, L.P., and Patriot Financial Partners Parallel IV, L.P. in respect of 20,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.02 per share, in a private placement transaction. The aggregate purchase price was $20.0 million.
Capital One Facility Waiver
On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022.
Dividends
On February 27, 2023, the Company declared a quarterly cash dividend of $0.18 per share, which is payable on April 14, 2023 to shareholders of record as of April 4, 2023.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Uncertainty with respect to the economic effects of the ongoing COVID-19 pandemic, the ongoing war between Russia and Ukraine, rising inflation, increasing interest rates and the risk of recession has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends, and Newtek Bank will primarily originate SBA 7(a) loans, at an interest rate of prime, which resets on a calendar quarterly basis, plus a fixed margin. The Capital One revolver lines are on a prime plus or minus a fixed factor basis and the securitization notes are at prime or 1 month LIBOR, plus a fixed margin, whichever is less. As a result, the Company believes it has historically matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have originated; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company experiencing a reduction in investment income; that is, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income. On June 30, 2022, SBA published final rules, effective August 1, 2022, revising various regulations governing the SBA’s business loan programs. As part of these rule changes, the SBA amended 13 CFR 1201.214(d), to require the use of loan amounts as the basis upon which the variable interest rate is set on SBA 7(a) loans, instead of loan maturities. To implement this change, SBA revised 13 CFR 1201.214(d) to reflect the maximum variable interest rates for all SBA 7(a) loans, as follows: (1) For all 7(a) loans of $50,000 and less, the interest rate shall not exceed six and a half (6.5) percentage points over the base rate; (2) For all 7(a) loans of more than $50,000 and up to and including $250,000, the maximum interest rate shall not exceed six (6.0) percentage points over the base rate; (3) For all 7(a) loans of more than $250,000 and up to and including $350,000, the maximum interest rate shall not exceed four and a half (4.5) percentage points over the base rate; and (4) For all 7(a) loans of more than $350,000, the maximum interest rate shall not exceed three (3.0) percentage points over the base rate. The Company is evaluating these rule changes and the potential impacts.
NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. Sale prices for guaranteed portions of SBA 7(a) loans could be negatively impacted by market conditions, in particular a higher interest rate environment, which typically lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A reduction in the price of guaranteed portions of SBA 7(a) loans could negatively impact our business. During the second quarter of 2022, the weighted average net gain-on-sale price for the guaranteed portions of SBA 7(a) loans sold decreased over the first quarter of 2022, which we believe reflects the rising interest rate environment, other capital market pressures and the fact that increases in prime rate, which is base rate for our SBA 7(a) loans, have lagged other base rate interest rate increases and further, that the interest rates on our SBA 7(a) loans reset on a calendar quarterly basis.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents and restricted cash) which was approximately $125.6 million at December 31, 2022. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.
We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. As of December 31, 2022, cash deposits in excess of insured amounts totaled approximately $90.6 million.
ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Our consolidated financial statements and related notes begin on Page F-1, which are included in this Annual Report on Form 10-K.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
ITEM 9A. CONTROLS AND PROCEDURES. .
(a) Evaluation of Disclosure Controls and Procedures:
As of December 31, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Accounting Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
(b) Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2022. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Management performed an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022 based upon criteria in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment, management determined that the Company’s internal control over financial reporting was effective as of December 31, 2022 based on the criteria in Internal Control — Integrated Framework (2013) issued by COSO.
(c) Attestation Report of the Registered Public Accounting Firm.
RSM US LLP, our independent registered public accounting firm, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022, as stated in its report, which is included under “Item 8. Consolidated Financial Statements and Supplementary Data” of this annual report on Form 10-K.
(d) Changes in Internal Control over Financial Reporting.
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during our most recently completed fiscal quarter, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION.
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not Applicable.
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PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
Information about the Directors and Executive Officers
Set forth below is information, as of March 14, 2023, regarding the Company’s directors. Included below is specific information about each director’s experience, qualifications, attributes or skills that led the Board of Directors to the conclusion that the individual is qualified to serve on our Board, in light of our business and structure.
(1) The business addresses of the director nominees and the other directors are c/o NewtekOne, Inc., 4800 T-Rex Avenue, Suite 120, Boca Raton, FL 33431.
Class II Directors — Terms Expiring 2025
| Name, Address, and Age(1) | Position(s) <br>Held with the <br>Company | Term of Office <br>and Length of <br>Time Served | Principal <br>Occupation(s) During <br>Past 5 Years | Other <br>Directorships <br>Held by Director or Nominee for <br>Director During <br>Past 5 Years |
|---|---|---|---|---|
| Messrs. Zink and Perez-Hickman are indepdendent Directors as defined by Nasdaq listing rules. | ||||
| Gregory Zink, 66 | Director | Class II Director since 2017; term expires in 2025 | Partner at Newport LLC 2021-current; Managing partner of the Lowell Group, LLC; 1988-2021; Managing Director ExigoAsiaPacific, LLC 2018-2022; | |
| Fernando Perez-Hickman, 55 | Director | Class II Director since 2021; term expires in 2025 | Managing Partner, Azora Exan; Vice Chairman, Director of Corporate Strategy and member of IBERIABANK’s<br><br>Planning Group Committee from 2017-2020; Executive Chairman of the Board of<br><br>Directors of Sabadell United Bank, 2007-2017 | Executive Chairman of the Board of<br>Directors of Sabadell United Bank, June 2007 to August 2017 |
| Mrs. Razon-Feingold is not an independent Director as defined by Nasdaq listing rules. | ||||
| Halli Razon-Feingold, 34 | Director; Chief Administrative Officer and Senior Vice President, Human Resources | Class II Director since 2021; term expires in 2025 | Chief Administrative Officer of the Company since July 2016, and Senior Vice President, Human Resources of the Company since July 2019 |
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Mr. Zink has served as an independent director of the Company since 2017. Mr. Zink is a Partner at Newport LLC, a national strategic advisory firm that specializes in helping owners and CEOs of privately held, growth stage companies accelerate growth and significantly improve the value of their businesses. From 1998 to 2021, Mr. Zink was the principal of the Lowell Group, LLC, a management consulting firm which provided strategic, operational, marketing and financial consulting assistance to start-up, small and medium size businesses. From 2018 to 2022, Mr. Zink was a managing director of ExigoAsia Pacific, LLC. a manufacturer of commercial fitness equipment. From 1988 through 2019, Mr. Zink served as the Chief Executive Officer, Chief Financial Officer and Director of NGJ Brand Solutions, a distributor of commercial fitness equipment and health and wellness solutions provider in Japan. Mr. Zink was also previously employed by Newtek as an Executive Vice President from 2000-2005, Touche Ross/Deloitte Consulting, AT&T, and is a graduate of the General Electric Financial Management Program. Mr. Zink has an MBA from the Wharton School of the University of Pennsylvania. Mr. Zink’s professional experience provides a significant addition to the Board of Directors. Mr. Zink’s many years of experience providing consulting and financial advice to small and medium sized businesses, provides a significant addition to the Board of Directors.
Mr. Perez-Hickman is a Managing Partner at Azora Capital, a Madrid-based European based private equity firm, and its U.S. affiliate Azora Exan, based in Miami, Florida. Mr. Perez-Hickman served as Vice Chairman, Director of Corporate Strategy and member of IBERIABANK’s Planning Group Committee from 2007 until its merger with First Horizon Bank in July 2020. At IBERIABANK, he was responsible for corporate strategy and mergers and acquisitions, supervising the Consumer and Retail Banking Division, reporting to the CEO. From 2007 to 2017, Mr. Perez-Hickman served as Executive Chairman of the Board of Sabadell United Bank and Managing Director of Santander Private Banking International. Mr. Perez-Hickman’s broad experience as a highly successful and experienced executive with a proven track record in management, mergers and acquisitions and value creation at financial services businesses in the United States, Spain and international markets, provides a significant addition to the Board of Directors.
Mrs. Razon-Feingold has served as the Company’s Chief Administrative Officer since July 2016 and as Senior Vice President of Human Resources for the Company since July 2019. Mrs. Razon-Feingold’s tenure at Newtek spans over ten years, with her current principal responsibilities centered on managing the executive department and all areas of human resources for the Company and all of its subsidiaries. Mrs. Razon-Feingold holds a master’s degree in Industrial/Organizational Psychology from CUNY Baruch College and a bachelor’s degree in Psychology from Hofstra University. Mrs. Razon-Feingold’s long experience with the Company provides a significant addition to the Board of Directors.
Class III Directors — Terms Expiring 2023
| Name, Address, and Age(1) | Position(s) <br>Held with the <br>Company | Term of Office <br>and Length of <br>Time Served | Principal <br>Occupation(s) During <br>Past 5 Years | Other <br>Directorships <br>Held by Director or Nominee for <br>Director During <br>Past 5 Years |
|---|---|---|---|---|
| Messrs. Salute and Mulia are independent Directors as defined by Nasdaq listing rules. | ||||
| Richard Salute, 77 | Director | Class III Director since 2015; Term expires 2023 | Capital Markets and SEC Practice Director at J.H. Cohn and CohnReznick LLP; Partner at Arthur Andersen; Chief Financial Officer, PAVmed Inc., June 2014 through September 2015 | Director, Walker Innovation Inc., 2015-2018 |
| Salvatore Mulia, 75 | Director | Director since 2004 and Class III <br>Director since 2014; <br>Term expires 2023 | Financial advisor at<br><br>RTM Financial<br><br>Services |
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Mr. Salute served as Capital Markets and SEC Practice Director at J.H. Cohn and CohnReznick LLP from 2004 to 2014. Prior to that, he spent 29 years, from 1972 to 2001, at Arthur Andersen managing complex audits for public and private companies. During his tenure, he was responsible for providing clients with strategic planning services as well as consulting on corporate finance, mergers and acquisitions, and process evaluation. His clients included large multinational companies and entrepreneurial start-ups. In addition to his client responsibilities, he started three business lines for Arthur Anderson: the Enterprise Group (New York Metropolitan area), the Technology Practice (New York office) and the Bankruptcy and Corporate Recovery Practice (nationwide). More recently, Mr. Salute served as Chief Financial Officer of PAVmed Inc. from June 2014 to September 2015. Mr. Salute also served as a director of Walker Innovation Inc. from 2015 through 2018. Mr. Salute is a graduate of Adelphi University and a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Mr. Salute has more than 39 years of audit, accounting, and tax experience. His extensive audit, accounting, and tax experience and relationships with industry players are an asset to our Board of Directors. Mr. Salute’s expertise and experience also qualify him to serve as chairman of the Audit Committee and as the Audit Committee Financial Expert. Mr. Salute’s experience with SEC matters includes numerous initial public offerings and his experience representing publicly traded, as well as over-the-counter market traded, clients provides a significant addition to the Board of Directors.
Mr. Mulia, prior to his retirement in 2017, was a financial advisor and principal at RTM Financial Services, Westport, CT, a firm he founded with his wife. RTM was involved in advising small business with an emphasis on leasing and lending advisory services since February 2003. From February 2001 to February 2003, Mr. Mulia was Executive Vice President of Pitney Bowes Capital Corp, Shelton, CT which was engaged in providing financial services to business customers. From 1980 to 1993, Mr. Mulia held senior management positions within General Electric’s Financial Services Division, GE Capital Corporation (“GECC”), and was responsible for developing new products and business initiatives in financial services. In addition, during his tenure at GECC, Mr. Mulia was a principal in GEVEST, GECC’s investment banking unit, where he headed syndication and led acquisition teams which acquired leasing companies including TransAmerica Leasing, Chase Manhattan’s leasing subsidiary and LeaseAmerica. Mr. Mulia’s experience in the financial services industry, as well as his experience with smaller to mid-sized companies needing capital and debt and his understanding of these businesses provides a significant addition to our Board of Directors. His understanding of the dynamics of these businesses has been particularly helpful in addressing similar issues of the Company and this experience provides a significant addition to the Board of Directors.
Class I Directors — Terms Expiring 2024
| Name, Address, and Age(1) | Position(s) <br>Held with the <br>Company | Term of Office <br>and Length of <br>Time Served | Principal <br>Occupation(s) During <br>Past 5 Years | Other <br>Directorships <br>Held by Director or Nominee for <br>Director During <br>Past 5 Years |
|---|---|---|---|---|
| Messrs. Sloane and Downs are not independent Directors as defined by Nasdaq listing rules. | ||||
| Barry Sloane, 63 | Director; Chief Executive Officer and President | Director since 1999 and Class I Director since 2014; Term expires 2024 | Chairman of the Board of Directors, Chief Executive Officer and President of the Company | |
| Peter Downs, 58 | Director; Chief Lending Officer of the Company and Newtek Bank; President, Newtek Small Business Finance, LLC | Class I Director since 2014; Term expires 2024 | Chief Lending Officer of the Company and Newtek Bank; President of Newtek Small Business Finance, LLC |
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Mr. Sloane has served as our Chairman and Chief Executive Officer since 1999 and as our President since 2008. Mr. Sloane founded Newtek in 1998 and is an executive officer of each of the Company’s subsidiaries. From September 1993 through July 1995, Mr. Sloane was a Managing Director of Smith Barney, Inc. While there, he directed the Commercial and Residential Real Estate Securitization Unit, and he was national sales manager for institutional mortgage and asset backed securities sales. From April 1991 through September 1993, Mr. Sloane was founder and President of Aegis Capital Markets, a consumer loan origination and securitization business which was eventually taken public with the name of “Aegis Consumer Funding.” From October 1988 through March 1991, Mr. Sloane was Senior Vice President of Donaldson, Lufkin and Jenrette, where he was responsible for directing sales of mortgage-backed securities. From August 1982 to September 1988, Mr. Sloane was a senior mortgage security salesman and trader for Bear Stearns, L.F. Rothschild, E.F. Hutton and Paine Webber. Mr. Sloane’s broad business and financial experience and his knowledge of the Company’s businesses have been of great value to the other members of the Board and qualify him to serve on our Board of Directors and as the Chairman of our Board of Directors.
Mr. Downs is the Company’s and Newtek Bank’s Chief Lending Officer and was appointed as director in 2014. Mr. Downs joined the Company in 2003 and has been the President of Newtek Small Business Finance, LLC (“NSBF”), the Company’s wholly owned subsidiary, and a member of the NSBF board of directors. He has had primary responsibility for the development of the Company’s lending policies and procedures, portfolio and marketing, from its inception. Prior to joining Newtek in 2003, Mr. Downs spent sixteen years in various small business lending roles within the banking industry. From 1990 to 2001, he was employed with European American Bank (“EAB”), where he held various positions including New Business Development Officer for Small Business Lending and Group Manager of Retail Small Business Lending which encompassed the underwriting and servicing of the bank’s small business loan portfolio. Subsequent to EAB’s acquisition by Citibank, Mr. Downs ran the bank’s U.S. Small Business Administration (“SBA”) lending portfolio in New York, and eventually was named the National Director of SBA lending, after which he was responsible for coordinating the bank’s SBA underwriting and sales efforts in all Citibank markets across the country. In addition to his banking experience, he has been involved in several non-profit small business advisory boards, and has been a member of the National Association of Government Guaranteed Lenders (NAGGL) Regional Technical Issues Committee. Mr. Down’s history with the Company and extensive experience in the small business lending space, including SBA 7(a) lending, provides our Board of Directors with the valuable insight of an experienced lender.
The Board of Directors and Board of Directors Meetings
The Company’s Board of Directors and management are committed to responsible corporate governance to ensure that the Company is managed for the long-term benefit of the Company and its shareholders. To that end, the Board of Directors and executive committee, comprised of the Company’s Named Executive Officers (referenced below) (the “Executive Committee”), periodically review and update, as appropriate, the Company’s corporate governance policies and practices. In doing so, the Board of Directors and Executive Committee review published guidelines and recommendations of institutional shareholder organizations and current best practices of similarly situated public companies. The Board of Directors and Executive Committee also regularly evaluate and, when appropriate, revise the Company’s corporate governance policies and practices in accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and listing standards issued by the SEC and The Nasdaq® Stock Market, Inc. (“Nasdaq”) where the Company’s Common Shares are listed and traded.
During the fiscal year ended December 31, 2022, the Board of Directors held a total of 19 meetings, the Audit Committee held 4 meetings and the Compensation, Corporate Governance and Nominating Committee (the “Nominating Committee”) held 4 meetings. Each of the directors attended at least 75% of the aggregate of the Board of Directors meetings and meetings of the committee(s) on which he or she served held during the last fiscal year and while he or she served as a director. All members of the Board of Directors make a diligent effort to attend all board and committee meetings, as well as the Annual Meeting of Shareholders. In 2022, all members of the Board of Directors then serving in such roles attended the Annual Meeting of Shareholders.
Corporate Governance Policies
The Company has adopted corporate governance policies which are available at the Investor Relations page of www.newtekone.com (http://investor.newtekbusinessservices.com/corporate-governance.cfm). The corporate governance policies are also available in print to any shareholder who requests them. These policies were adopted by the Board of Directors, among other things, to best ensure that the Board of Directors is independent from management, that the Board of Directors adequately performs its function as the overseer of management and to help ensure that the interests of the Board of Directors and management align with the interests of the shareholders.
On an annual basis, each director and executive officer is obligated to complete a Directors’ and Officers’ Questionnaire which requires disclosure of any transactions with the Company in which the director or executive officer, or any member of his or her immediate family, have a direct or indirect material interest.
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Committees of the Board of Directors
The Board of Directors currently has two standing committees: the Audit Committee and the Nominating Committee. Each member of these committees is independent as defined by applicable Nasdaq and SEC rules. A brief description of each committee is below, and each of the committees has a written charter approved by the Board of Directors, which is available the Investor Relations page of our website at www.newtekone.com (http://investor.newtekbusinessservices.com/corporate-governance.cfm).
Audit Committee. The Board of Directors has established an Audit Committee in accordance with the Exchange Act. The Audit Committee consists of Messrs. Salute, Mulia and Zink, each of who are independent, and operates pursuant to its written Charter. Mr. Salute serves as Chair of the Audit Committee and currently serves as the “audit committee financial expert,” as defined under applicable SEC rules. Mr. Salute is independent in accordance with the applicable Nasdaq listing rules. The Audit Committee is authorized to examine and approve the audit report prepared by the independent auditors of the Company, to review and select the independent auditors to be engaged by the Company, to review the internal accounting controls and audit policies. In addition, the Board of Directors has determined that all members of the Audit Committee are “financially literate” as that term is defined by applicable Nasdaq and SEC rules.
Compensation, Corporate Governance and Nominating Committee. The Board of Directors has established a Nominating Committee. The Company’s Nominating Committee consists of Messrs. Mulia, Salute and Zink, each of whom are independent, and operates pursuant to its written Charter. Mr. Mulia currently serves as Chair of the Nominating Committee. The Nominating Committee evaluates the compensation and benefits of the directors, officers and employees, recommends changes, and monitors and evaluates employee performance. The Nominating Committee is generally responsible for identifying corporate governance issues, creating corporate governance policies, identifying and recommending potential candidates for election to the Board of Directors, reviewing and approving conflicts of interest or related party transactions and reviewing executive and director compensation and performance.
The Nominating Committee seeks candidates who possess the background, skills, and expertise to make a significant contribution to the Board of Directors, the Company, and its shareholders. In considering possible candidates for election as a director, the Nominating Committee will take into account, in addition to such other factors as it deems relevant, the desirability of selecting candidates who:
• Are of the highest character and integrity;
• Are free of any conflict of interest;
• Are willing and able to devote sufficient time to the affairs of the Company; and
• Have the capacity and desire to represent the best interests of the shareholders.
The Nominating Committee has not adopted a formal policy with regard to the consideration of diversity in identifying director nominees. However, in determining whether to recommend a director nominee, the Nominating Committee considers and discusses diversity, among other factors, with a view toward the needs of the Board of Directors as a whole. The Nominating Committee generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the Board of Directors, when identifying and recommending director nominees. The Nominating Committee believes that the inclusion of diversity as one of many factors considered in selecting director nominees is consistent with the Nominating Committee’s goal of creating a Board of Directors that best serves the needs of the Company and the interest of its shareholders.
Code of Ethics
We have adopted, and will maintain, a Code of Ethics that establishes procedures for personal investments and
restricts certain personal securities transactions. Personnel subject to the Code of Ethics may invest in securities for
their personal investment accounts, including securities that may be purchased or held by us, so long as such
investments are made in accordance with the Code of Ethics’ requirements. Our Code of Ethics generally will not
permit investments by our employees in securities that may be purchased or held by us. Our current Code of Ethics is posted on
the Investor Relations section of our website at http://investor.newtekbusinessservices.com.
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Section 16(a) Beneficial Ownership Reporting Compliance
Pursuant to Section 16(a) of the Exchange Act, the Company’s directors and executive officers, and any persons holding more than 10% of its shares, are required to report their beneficial ownership and any changes therein to the SEC and the Company. Specific due dates for those reports have been established, and the Company is required to report herein any failure to file such reports by those due dates. Based on the Company’s review of Forms 3, 4, and 5 filed by such persons and information provided by the Company’s directors and officers, the Company believes that during the fiscal year ended December 31, 2022, all Section 16(a) filing requirements applicable to such persons were timely filed.
ITEM 11. EXECUTIVE COMPENSATION
Introduction
The following Compensation Discussion & Analysis (CD&A) includes our compensation philosophy, a description of our compensation program and the program’s objectives, the elements of compensation used to pay our executives and the compensation-related decisions made with respect to our named executive officer (NEOs) as set forth below.
2022 Named Executive Officers
This compensation discussion and analysis (“CD&A”) provides 2022 compensation information for the following Named Executive Officers (“NEOs”). References to “2022 NEOs” in this CD&A are references to Messrs. Sloane, Downs, Schwartz, Leger and Young.
| Name | Age | Position |
|---|---|---|
| Barry Sloane | 63 | Chairman, Chief Executive Officer and President |
| Peter Downs | 58 | Chief Lending Officer; President Newtek Small Business Finance, LLC |
| Michael A. Schwartz | 62 | Chief Legal Officer, Chief Compliance Officer and Corporate Secretary |
| Nicholas Leger | 42 | Chief Accounting Officer and Executive Vice President |
| Nicolas Young | 46 | Chief Risk Officer |
Information about 2022 NEOs Who Are Not Directors
Michael A. Schwartz, age 62, has served as Chief Legal Officer and Corporate Secretary since January 2015. In October 2015, Mr. Schwartz was appointed the Company’s Chief Compliance Officer. Beginning in November 2013, Mr. Schwartz was Senior Counsel to the Company. Prior to joining the Company, Mr. Schwartz spent twenty-two years in private practice specializing in complex litigation in the fields of securities, mergers and acquisitions, corporate governance, commercial law, unfair employment practices, consumer protection and antitrust. Mr. Schwartz served on the Company’s Board of Directors from 2005 through 2009.
Nicholas J. Leger, age 42, was appointed the Company’s Chief Accounting Officer effective as of February 5, 2021. Mr. Leger, has, since November 2015, served as Vice President of Finance and Controller of Newtek Small Business Finance, LLC (“NSBF”), the Company’s consolidated subsidiary that operates as a nationally licensed SBA lender under the federal Section 7(a) loan program, with principal responsibility for financial reporting and the development and implementation of NSBF’s accounting policies and practices. Mr. Leger previously worked at First Data Corp. as a Manager and Senior Accountant, in the Financial Planning and Reporting department, from 2005 to 2015, and previously worked in public accounting as a Senior Associate for PricewaterhouseCoopers (PWC) from 2004 to 2005 and with RSM from 2001 to 2004, primarily in the audit of public and private entities. Mr. Leger graduated from Bentley University in 2002 with a bachelor’s degree in Accounting.
Nicolas Young, age 46, was appointed President and Chief Operating Officer of the Company’s subsidiary Newtek Bank on January 6, 2023. From August 2, 2021 until January 2023, Mr. Young was the Company’s Chief Risk Officer. Mr. Young previously served as Executive Vice President & Chief Credit Officer for IBERIABANK, and was EVP & Chief Risk Officer of Sabadell in Miami, Florida. Mr. Young has over 20 years’ experience in credit and risk management. Mr. Young is a native of Montevideo, Uruguay and holds a Bachelor of Economics from Universidad ORT Uruguay.
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Compensation Philosophy and Objectives
Our compensation programs are designed to attract and retain key employees and to motivate them to achieve, and reward them for achieving, superior performance. Different programs are geared to shorter- and longer-term performance, with the goal of increasing shareholder value over the long-term. Because we believe the performance of every employee is important to our success, we are mindful of the effect of executive compensation and incentive programs on all of our employees.
We believe that the compensation of our executives should reflect their success as a management team, rather than just as individuals, in attaining key operating objectives, such as growth of earnings per share and the growth and success of our subsidiaries, and long-term competitive advantage, and ultimately, in attaining an increased market price for our Common Shares. We believe that the performance of our executives in managing our Company, considered in light of general economic and specific company, industry and competitive conditions, should be the basis for determining their overall compensation. We also believe that their compensation should not be based on the short-term performance of our Common Shares, whether favorable or unfavorable, but rather that the price of our Common Shares, in the long-term, reflect our operating performance and, ultimately, the management of the Company by our executives. We seek to have the long-term performance of our Common Shares reflected in executive compensation through our equity incentive programs, including restricted stock awards.
Role of Executive Officers in Compensation Decisions
The Nominating Committee supervises the design and implementation of compensation policies for all executive officers (which include the NEOs) and overall incentive equity awards to all employees of the Company. Decisions regarding the non-equity compensation of executive officers, other than NEOs, are made by the Chief Executive Officer within the compensation philosophy set by the Nominating Committee. Decisions regarding the non-equity compensation of NEOs are made by the Chief Executive Officer and the Nominating Committee for consistency with the Company’s compensation policies.
The Chief Executive Officer semi-annually reviews the performance of each member of the senior executive team, including NEOs (other than himself whose performance is reviewed by the Nominating Committee). The conclusions reached and recommendations based on these reviews, including with respect to salary adjustments and annual award amounts, are then presented to the Nominating Committee by the Chief Executive Officer. The Nominating Committee will review and approve the recommendations for consistency with the Company’s compensation policies.
Setting Executive Compensation
During the course of each fiscal year, it has been the practice of the Chief Executive Officer to review the history of all the elements of each executive officer’s total compensation and the Chief Executive Officer may also compare the compensation of the executive officers with that of the executive officers in an appropriate market comparison group of companies with a capitalization similar to that of the Company. We seek to set compensation levels that are perceived as fair, internally and externally, and competitive with overall compensation levels at other companies in our industry, including larger companies from which we may want to recruit employees. However, the Company does not establish individual objectives in the range of comparative data for each individual or for each element of compensation. Typically, the Chief Executive Officer sets compensation with respect to the executive officers who report to him and presents it to the Nominating Committee for conformity with the Company’s overall compensation policies. The NEOs are not present at the time of these deliberations. The Nominating Committee then performs a similar review of the Chief Executive Officer’s total compensation and makes compensation decisions with respect to such officer, who does not participate in that determination.
We choose to pay each element of compensation in order to attract and retain the necessary executive talent, reward annual performance and provide incentive for balanced focus. The amount of each element of compensation is determined by or under the direction of our Committee, which has historically used the following factors to determine the amount of salary and other benefits to pay each NEO:
• achievement of income to sustain and grow the Company’s dividend payments;
• attainment of risk-adjusted returns on the Company’s investment portfolio;
• performance against competitors for the year;
• difficulty in achieving desired results in the coming year;
• value of their unique skills and capabilities to support long-term performance;
• contribution and growth as a member of the executive management team;
• professional development and growth of individual executives, the management team and other employees; and
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• managerial assistance provided to our controlled portfolio companies, including contributions to growth of sales, growth of operating earnings and dividends paid to the Company.
We do not establish individual goals but focus on the overall profitable growth of our business.
Based on the foregoing objectives, we have historically structured the Company’s annual and long-term incentive-based non-cash executive compensation to motivate executives to achieve the business goals set by the Company.
There is no pre-established policy or target for the allocation between either cash or non-cash compensation. Historically we have granted a majority of total compensation to executive officers in the form of cash compensation.
For the year ended December 31, 2022, the principal components of compensation for NEOs were:
• base salary;
• incentive compensation based on the Company’s and the executive’s performance; and
• retirement and other benefits made available to all employees.
Base Salary
The Company provides NEOs and other employees with base salary to compensate them for services rendered during the fiscal year. Executive base salaries continue to reflect our operating philosophy, our performance driven corporate culture and business direction, with each salary determined by the skills, experience and performance level of the individual executive, and the needs and resources of the Company. Base salaries are generally targeted to market levels and base salary ranges for NEOs are determined for each executive based on his or her position and responsibility by using market data from peer companies and published salary surveys, and the Company generally attempts to fix each NEO’s salary within the range. We believe that the Company’s most direct competitors for executive talent are not necessarily restricted to those companies that are included in the peer company index used to compare shareholder returns, but encompass a broader group of companies engaged in the recruitment and retention of executive talent in competition with the Company.
During the review of base salaries for senior level executives for 2022, including the NEOs, we primarily considered:
• an internal review of each executive’s compensation both individually and relative to other executive officers;
• individual performance of the executive; and
• a review of the Company’s dividend growth and adjusted net investment income relative to the Company’s annual plan.
Salary levels typically are considered annually as part of the Company’s performance review process as well as upon a promotion or other change in job responsibility. Merit based increases to salaries are based on the Chief Executive Officer’s assessment of the individual’s performance. Merit based increases to the salaries of NEOs other than the Chief Executive Officer are recommended by the Chief Executive Officer and confirmed by the Nominating Committee and those for the Chief Executive Officer are determined by the Committee.
Annual Bonus
Annual bonuses may be awarded to executive officers along with the Company’s non-executive employees under the Company’s cash bonus plan. The Company creates a bonus pool based on an annually determined percentage of the salaries of all employees, which it accrues as an expense. Payments under the plan are based on the Company’s overall performance as determined by the Chief Executive Officer and the Nominating Committee. The Nominating Committee determines any bonus for the Chief Executive Officer based on, among other things, a review of the Company’s investment income, net asset value and dividend payments relative to the Company’s annual plans as established by the Board of Directors. The Chief Executive Officer in consultation with the Nominating Committee with respect to the NEOs, or in consultation with the NEOs and other senior level officers with respect to lower level employees, determines annual bonuses for other employees based on such employee’s performance. Factors considered include the achievement of business plans, defined goals and performance relative to other companies of a similar size and business strategy. The mix and weighting of the factors vary, depending on the business segment and the executive’s responsibilities. The level of achievement and overall contribution by the executive determines the level of bonus.
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Equity-Based Compensation
The Company must compete for leadership with commercial banks, investment banks, and other publicly traded companies not regulated as investment companies, which are generally able to award many different types of stock-based compensation to their directors, (including their non-employee directors,) officers, and employees. Moreover, the Company has had to compete for leadership with private equity funds, which generally have the discretion to offer a portion of their various carried interests to induce professional talent to associate with their funds without being required to obtain SEC approval each time. On September 12, 2014, the Board of Directors voted to establish the Newtek Business Services Corp. 2014 Stock Incentive Plan (the “2014 Plan”). The 2014 Plan was approved by shareholders of the Company on October 22, 2014. The 2014 Plan provided for the grant of options to purchase Common Shares, the terms of which will be determined by the Nominating Committee and set forth in an award agreement between the Company and the executive or employee. The Company has not issued options under the 2014 Plan.
On April 27, 2015, the Nominating Committee and the Board of Directors approved the Amended and Restated 2014 Stock Incentive Plan (the “2015 Stock Plan”), subject to exemptive relief from the SEC and shareholder approval, in order to have increased flexibility to use restricted Common Shares, in addition to stock options, to assist the Company in achieving its objectives with respect to long-term equity incentive compensation. On May 10, 2016, we received an exemptive order from the SEC permitting us to award restricted Common Shares to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan.
Prior to our conversion to a financial holding company, the 2015 Stock Plan permited us to issue awards of stock options and restricted Common Shares in an aggregate amount of up to 20% of our issued and outstanding Common Shares (the “Plan Maximum Shares”) as of the effective date of the plan. Under the 2015 Stock Plan, all of the Plan Maximum Shares are available for grants of stock options, and half of the Plan Maximum Shares (up to 10% of our issued and outstanding Common Shares as of the effective date of the 2015 Stock Plan) is available for grants of restricted Common Shares. The Nominating Committee believes that restricted Common Shares is the best method of encouraging stock ownership in the Company by eligible participants by giving them a proprietary interest in the Company’s performance, which more closely aligns compensation with the Company’s performance and provides a means to attract and retain persons of outstanding ability in key positions with the Company. If in the future we successfully grow our assets under management and our net asset value, we may choose to increase the number of employees of the Company. The Nominating Committee may or may not choose to consider the use of stock options for incentive compensation of these employees.
The Company’s Board of Directors and its Nominating Committee, which consists entirely of directors who are not employees of the Company, believe that in light of the Company’s plan for growth, stock-based incentive compensation, particularly the award of restricted Common Shares, advances the interests of the Company by providing substantial motivation for superior performance and more fully aligning the interests of officers and directors with the interests of our shareholders. The Company does not intend on issuing any additional awards under the 2015 Stock Plan and intends on submitting an amended Stock Plan for shareholder approval at our 2023 Annual Meeting of Shareholders.
Benefits and Perquisites
Our NEOs are generally not entitled to benefits that are not available to all of our employees. In this regard, it should be noted that we do not provide pension arrangements, post-retirement health coverage or similar benefits for our executives or employees. The Nominating Committee periodically reviews the levels of benefits provided to executive officers. The NEOs participate in the Company’s 401(k) savings plan and other benefit plans on the same basis as other similarly situated employees. The Company has adopted a match for the Company’s 401(k) savings plan for 2022, which consists of a discretionary match of 50% of the first 2% of employee contributions up to a maximum of 1% of the employee’s compensation (subject to the Internal Revenue Code annual limitation). It is anticipated that the Board will approved a match for 2023.
Compensation of the Chief Executive Officer
The Nominating Committee’s decisions regarding compensation of Mr. Sloane are guided by the same policies and considerations that govern compensation of the Company’s other NEOs. While recognizing the Chief Executive Officer’s leadership in building a highly talented management team and in driving the Company forward, Mr. Sloane’s base salary was $700,000 for 2022 and 2021. Mr. Sloane received a $1,000,000 cash bonus for 2021 that was paid in 2022 and did not receive a cash bonus for 2022.
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Mr. Sloane received an award of 61,652 restricted Common Shares in December 2022, which award vests on December 28, 2025; an award of 47,081 restricted Common Shares in August 2022, which vests on August 15, 2025; and 83,217 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and February 15, 2023, and one-third vesting on February 15, 2024. The Nominating Committee has determined that this salary package is competitive with the labor market median for someone with Mr. Sloane’s skills and talents and is reflective of the Company’s current cash and financial position and the status of the Company’s Common Shares.
Compensation of the Other NEOs
The Nominating Committee approved the 2022 compensation for Peter Downs, Michael Schwartz, Nicolas Young and Nicholas Leger, as recommended to it by the Chief Executive Officer.
Mr. Downs’s base salary was $550,000 in 2022 and 2021. Mr. Downs received a $250,000 cash bonus for 2022 (paid in 2023) and a $250,000 cash bonus for 2021 (paid in 2022). Mr. Downs received an award of 17,655 restricted Common Shares in August 2022, which award vests on August 15, 2025; and 11,557 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024.
Mr. Schwartz’s base salary was $400,000 in 2022 and $360,000 in 2021. Mr. Schwartz received a $250,000 cash bonus for 2022 (paid in 2023) and a $200,000 cash bonus for 2021 (paid in 2022). Mr. Schwartz received an award of 14,124 restricted Common Shares in August 2022, which award vests on August 15, 2025; 3,083 restricted Common Shares in March 2021, with one-third vested on March 15, 2022 and one-third vesting on each of March 15, 2023 and March 15, 2024; 2,312 restricted Common Shares awarded in February 2021, which vested on April 30, 2021; and 6,934 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024.
Mr. Leger’s base salary was $325,000 in 2022 and $270,000 in 2021. Mr. Leger received a $200,000 cash bonus for 2022 (paid in 2023) and a $150,000 cash bonus for 2021 (paid in 2022). Mr. Leger received an award of 10,593 restricted Common Shares awarded in August 2022, which award vests on August 15, 2025; and 4,623 restricted Common Shares awarded in February 2021, with one-third vested on April 30, 2021 and one-third vesting on each of February 15, 2023 and February 15, 2024.
Mr. Young’s base salary was $500,000 in 2022 and 2021. Mr. Young received a $100,000 cash bonus for 2022 (paid in 2023) and a $25,000 cash bonus for 2021 (paid in 2022). Mr. Young received an award of 9,416 restricted Common Shares in August 2022, which award vests on August 15, 2025; and 17,197 restricted Common Shares in August 2021, with one-third vested on August 2, 2022, and one-third vesting on each of August 2, 2023 and August 2, 2024.
Elements of Executive Compensation and 2022 Compensation Determinations
Base Salary. We believe that base salaries are a fundamental element of our compensation program. The Nominating Committee establishes base salaries for each NEO to reflect (i) the scope of the NEO’s industry experience, knowledge and qualifications, (ii) the NEO’s position and responsibilities and contributions to our business growth and (iii) salary levels and pay practices of those companies with whom we compete for executive talent.
The Nominating Committee considers base salary levels at least annually as part of its review of the performance of NEOs and from time to time upon a promotion or other change in job responsibilities. During its review of base salaries for our executives, the Nominating Committee primarily considers: individual performance of the executive, including leadership and execution of strategic initiatives and the accomplishment of business results for the company; market data; the NEO’s total compensation, both individually and relative to our other NEOs; and for NEOs other than the CEO, the base salary recommendations of our Chief Executive Officer.
The following table sets forth the 2022 and 2021 base salaries for our current NEOs.
| 2022 Base Salary | 2021 Base Salary | |||
|---|---|---|---|---|
| Barry Sloane | $ | 700,000 | $ | 700,000 |
| Peter Downs | $ | 550,000 | $ | 550,000 |
| Michael Schwartz | $ | 400,000 | $ | 360,000 |
| Nicholas Leger | $ | 325,000 | $ | 270,000 |
| Nicolas Young | $ | 500,000 | $ | 500,000 |
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Annual Bonus Awards. The Nominating Committee designs our annual cash bonuses to motivate our NEOs to achieve financial and non-financial objectives consistent with our operating plan. The Nominating Committee retains discretion in the sizing and awarding of cash bonuses for each NEO to ensure that individual bonus determinations appropriately balance the interests of the Company’s shareholders, while rewarding an NEO’s contributions to performance. In evaluating the performance of our NEOs to arrive at their 2022 cash bonus awards, the Nominating Committee considered the factors to determine the amount of salary and other benefits, as set forth above. The Nominating Committee also considered the following factors and aspects of the Company’s 2022 operating performance in the determination of specific NEO bonus awards:
• Declaration of $2.75 per share in cash dividends;
• Obtaining regulatory approvals for, and the closing of, the Acquisition of NBNYC;•
• Ability to maintain employee and staff productivity in a remote work environment;
• The management of the Company’s assets and capital;
• Managerial assistance provided to our controlled portfolio companies, including contributions to growth of sales, growth of operating earnings and earnings per share, as well as navigating the pandemic; and
• Each NEO’s specific performance achievements and contributions to the Company’s 2022 financial performance.
When allocating bonus awards, the Nominating Committee also evaluated the total compensation paid to the NEOs and other employees. Based on the foregoing considerations and analysis, and after due deliberation, the Committee awarded the 2022 NEOs the following annual cash bonuses and awards of restricted Common Shares pursuant to the 2015 Stock Plan with respect to 2022.
| 2022 Cash <br>Bonus Award | As Percentage of <br>2022 Base Salary | |||
|---|---|---|---|---|
| Barry Sloane | n/a | n/a | ||
| Peter Downs | $ | 250,000 | 45 | % |
| Michael Schwartz | $ | 250,000 | 63 | % |
| Nicholas Leger | $ | 200,000 | 62 | % |
| Nicolas Young | $ | 100,000 | 20 | % |
| Name | Number of <br>Shares or Units <br>that have not <br>Vested <br>(#) | Market Value of Shares or Units of Stock that have not Vested ()(1) | Equity Incentive<br><br>Plan Awards:<br><br>Number of<br><br>Unearned Shares, Units or Other Rights that have not Vested<br><br>(#) | Equity IncentivePlan Awards: Market or Payout Value of Number of Unearned Shares, Units or Other Rights that have not Vested () |
| --- | --- | --- | --- | --- |
| Barry Sloane(2) | 184,103 | 184,103 | ||
| Peter Downs(3) | 29,063 | 29,063 | ||
| Michael A Schwartz(4) | 23,912 | 23,912 | ||
| Nicholas Leger(5) | 15,454 | 15,454 | ||
| Nicolas Young(6) | 24,409 | 24,409 | ||
| All Others | 120,477 | 120,477 |
All values are in US Dollars.
____________
(1) Based on the closing price for our Common Shares of $16.25 on December 31, 2022.
(2) Received an award of 61,652 restricted Common Shares in December 2022, vesting on December 28, 2025; 47,081 restricted Common Shares in August 2022, vesting on August 15, 2025; and 83,217 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024.
(3) Received an award of 17,655 restricted Common Shares in August 2022, vesting on August 15, 2025; and 11,557 restricted Common in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024.
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(4) Received an award of 14,124 restricted Common Shares in August 2022, vesting on August 15, 2025; 3,083 restricted Common Shares in March 2021, with one third vested on March 15, 2022 and one-third vesting on each of the following dates: March 15, 2023 and March 15, 2024; and 6,935 restricted Common Shares awarded in February 2021, with one-third vested February 15, 2022 and one-third vesting on each of the following dates: February 15, 2023 and February 15, 2024.
(5) Received an award of 10,593 restricted Common Shares in August 2022, vesting on August 15, 2025; and 4,623 restricted Common Shares in February 2021 with one-third of the award vested in 2021 and one-third vesting in each of 2023 and 2024.
(6) Received an award of 9,416 restricted Common Shares in August 2022, vesting on August 15, 2025; and 17,197 restricted Common Shares in August 2021 with one-third vested in 2022 and one-third of the award vesting in each of 2023 and 2024.
Conclusion
The Nominating Committee believes that attracting and retaining talented and motivated management and employees is essential to creating long-term shareholder value. The Nominating Committee seeks to attract and retain management and employees by offering a competitive, performance-based compensation program which the Nominating Committee believes aligns the interests of the executive officers and other key employees with those of our Shareholders. We believe that the Company’s 2022 compensation program met those objectives.
Compensation Risk Assessment
Our Nominating Committee aims to establish Company-wide compensation policies and practices that reward contributions to long-term shareholder value and do not promote unnecessary or excessive risk-taking. In furtherance of this objective, the Nominating Committee conducted an assessment of our compensation arrangements, including those for our named executive officers. The assessment process included, among other things, a review of our (1) compensation philosophy, (2) compensation mix and (3) cash and equity-based incentive plans.
In its review, among other factors, the Nominating Committee considered the following:
• Our investment model and our cash incentive plan encourage our employees to focus on creating a stable, predictable stream of investment income over multiple years, rather than focusing on current year revenue at the expense of succeeding years.
• The distribution of compensation among our core compensation elements has effectively balanced short-term performance and long-term performance.
• Our cash and equity-based incentive awards in conjunction with management efforts focus on both near-term and long-term goals.
• Our cash and equity-based incentive awards contain a range of performance levels and payouts, to discourage executives from taking risky actions to meet a single target with an all or nothing result of compensation or no compensation.
Our executives are encouraged to hold a meaningful number of Common Shares pursuant to our stock ownership policy. Based upon this assessment, our Nominating Committee believes that our Company-wide compensation policies and practices do not create risks that are reasonably likely to have a material adverse effect on us.
2022 Advisory Vote on Executive Compensation; Continuing Shareholder Engagement
At our 2022 annual meeting of shareholders, our advisory vote on say-on-pay received strong support from our shareholders (approximately 94% of votes cast).
The Nominating Committee views as important the continuing dialogue with our shareholders on compensation and other governance matters. The results of the Company’s 2022 advisory vote on say-on-pay represent positive support for the named executive officers’ compensation, but we continue to review our compensation program such that it recognizes the business environment in which the Company operates, control costs, is transparent, and enables employees to make informed decisions. We anticipate continuing our shareholder engagement efforts in advance of our future annual meetings.
Compensation, Corporate Governance and Nominating Committee Interlocks and Insider Participation
All members of the Nominating Committee are independent directors, and none of them are paid officers of ours or any of our subsidiaries. No member of the Nominating Committee: (i) has had any relationship with us requiring disclosure under Item 404 of Regulation S-K under the Exchange Act; or (ii) is an executive officer of another entity, at which one of our executive officers serves on our Board of Directors.
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2022 Compensation, Corporation Governance and Nominating Committee Report
The Compensation, Corporate Governance and Nominating Committee of the Company has reviewed and discussed the foregoing Compensation Discussion and Analysis for fiscal 2022 required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Compensation, Corporate Governance and Nominating Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Annual Report.
THE COMPENSATION, CORPORATE GOVERNANCE AND NOMINATING COMMITTEE
Salvatore Mulia, Chairman
Richard Salute
Gregory Zink
Summary Compensation Table
The following tables set forth the aggregate compensation earned by the Company’s Chief Executive Officer, Chief Accounting Officer, and next most highly compensated executive officers (which we refer to as NEOs) during 2022 and the two previous years.
| Name and <br>Principal <br>Position | Year | Salary() | Bonus() | Stock Awards(4)() | Option <br>Awards | Non-Equity Incentive Plan Compensation() | Change in Pension Value and Nonqualified Deferred Compensation Earnings () | All Other Compensation() | Totals<br>($) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Barry Sloane, | 2022 | 700,000 | — | 1,000,000 | (13) | — | — | — | — | 1,700,000 | ||||||
| Chief Executive Officer | 2021 | 700,000 | 1,000,000 | (2) | 1,800,000 | (5) | — | — | — | — | 3,500,000 | |||||
| 2020 | 700,000 | — | — | — | ||||||||||||
| Peter Downs, | 2022 | 550,000 | 250,000 | (1) | 375,000 | (14) | — | — | — | — | 1,175,000 | |||||
| Chief Lending Officer | 2021 | 550,000 | 250,000 | (2) | 250,000 | (6) | — | — | — | — | 1,050,000 | |||||
| 2020 | 550,000 | — | — | — | ||||||||||||
| Michael Schwartz, | 2022 | 400,000 | 250,000 | (1) | 300,000 | (15) | — | — | — | — | 950,000 | |||||
| Chief Legal Officer | 2021 | 360,000 | 200,000 | (2) | 325,000 | (8) | — | — | — | — | 885,000 | |||||
| 2020 | 360,000 | 50,000 | — | — | ||||||||||||
| Nicholas Leger | 2022 | 325,000 | 200,000 | (1) | 225,000 | (16) | — | — | — | — | 750,000 | |||||
| Chief Accounting Officer | 2021 | 270,000 | 150,000 | (2) | 100,000 | (10) | — | — | — | — | 520,000 | |||||
| 2020 | n/a | n/a | — | — | ||||||||||||
| Nicolas Young | 2022 | 500,000 | 100,000 | (1) | 200,000 | (12) | — | — | — | — | 800,000 | |||||
| Chief Risk <br>Officer | 2021 | 500,000 | 25,000 | (2) | 600,000 | (11) | — | — | — | — | 1,125,000 | |||||
| 2020 | n/a | n/a | — | — | ||||||||||||
| Former NEO | ||||||||||||||||
| Chris Towers,(7) | 2022 | n/a | n/a | n/a | — | — | — | — | n/a | |||||||
| Chief <br>Accounting Officer | 2021 | n/a | n/a | n/a | — | — | — | — | n/a | |||||||
| 2020 | 250,000 | — | — | — |
All values are in US Dollars.
____________
(1) Cash bonus awarded for 2022 performance and paid in 2023.
(2) Cash bonus awarded for 2021 performance and paid in 2022.
(3) Cash bonus awarded for 2020 performance and paid in 2021.
(4) The value reported for Stock Awards is the aggregate grant date fair value of stock awards granted to the NEOs, determined in accordance with FASB ASC Topic 718, disregarding adjustments for forfeiture assumptions. The assumptions for making the valuation determinations are set forth in Note 12—Stock Based Compensation within this Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
(5) Received an award of 83,217 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024.
(6) Received an award of 11,557 restricted Common in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024.
(7) Mr. Towers resigned from the Company effective February 5, 2021.
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(8) Received an award of 3,083 restricted Common Shares in March 2021, vesting one-third on each of March 15, 2022, March 15, 2023 and March 15, 2024; and 6,935 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024.
(9) Stock bonus for 2020 performance (awarded restricted Common Shares in February 2021 with a three (3) month vesting period).
(10) Received an award of 4,623 restricted Common Shares in February 2021, vested one-third in 2021 and vesting one-third in each of 2023 and 2024.
(11) Received an award of $17,196 restricted Common Shares in August 2021, vested one-third on August 2, 2022 and vesting one-third on each of August 2, 2023 and August 2, 2024.
(12) Received an award of 9,416 restricted Common Shares in August 2022, vesting on August 15, 2025.
(13) Received an award of 61,652 restricted Common Shares in December 2022, vesting on January 15, 2026.
(14) Received an award of 17,655 restricted Common Shares in August 2022, vesting on August 15, 2025.
(15) Received an award of 14,124 restricted Common Shares in August 2022, vesting on August 15, 2025.
(16) Received an award of 10,593 restricted Common Shares in August 2022, vesting on August 15, 2025.
Equity Compensation Plans & Grants of Plan-Based Awards
On April 27, 2015, the Nominating Committee and the Board of Directors approved the 2015 Stock Plan, subject to exemptive relief from the SEC and shareholder approval, in order to have increased flexibility to use restricted Common Shares, in addition to stock options, to assist the Company in achieving its objectives with respect to long-term equity incentive compensation. On May 10, 2016, we received an exemptive order from the SEC permitting us to award restricted Common Shares to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan.
Under the 2015 Stock Plan, a maximum of 20% of our total Common Shares issued and outstanding, calculated on a fully diluted basis, were available for awards under the 2015 Stock Plan as December 31, 2022. Up to 10% of our total issued and outstanding Common Shares were available for grants of restricted Common Shares. As of December 31, 2022, we had approximately 24,608,631 Common Shares outstanding. Therefore, there were 3.0 million Common Shares available for grant pursuant to the 2015 Stock Plan as of December 31, 2022. None of those shares are currently subject to stock options. Under the 2015 Stock Plan, no more than 50% of the Common Shares reserved for the grant of the awards under the 2015 Stock Plan (up to an aggregate of 3,000,000 shares) could be restricted Common Share awards at any time during the term of the 2015 Stock Plan. To date, the Nominating Committee has awarded 688,430 restricted Common Shares (net of forfeitures) to 112 employees. Therefore, after including accrued stock dividends and adding back the Common Shares withheld from awards upon vesting to satisfy recipient’s tax withholding obligations, approximately 0.8 million Common Shares would be available for additional grants of restricted Common Shares as of December 31, 2022.
The Company has no outstanding options under the 2015 Stock Plan.
The Nominating Committee does not intend to authorize additional grants under the 2015 Stock Plan and intends to seek stockholder approved of an amended stock plan at the next annual meeting of stockholders.
Outstanding Equity Awards at 2022 Year End
There were 397,418 outstanding equity awards as of December 31, 2022, including dividends paid on the outstanding equity awards in the form of additional restricted Common Shares, of which 276,941 were held by our NEOs.
There were no outstanding option awards as of December 31, 2022.
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The following table sets forth information regarding outstanding awards of restricted Common Shares held by our Named Executive Officers as of December 31, 2022:
| Name | Number of <br>Shares or Units that have not Vested <br>(#) | Market Value of Shares or Units of Stock that have not Vested ()(6) | Equity Incentive<br><br>Plan Awards:<br><br>Number of<br><br>Unearned Shares, Units or Other Rights that have not Vested<br><br>(#) | Equity Incentive Plan Awards: Market or Payout Value of Number of Unearned Shares, Units or Other Rights that have not Vested ()(6) |
|---|---|---|---|---|
| Barry Sloane(1) | 184,103 | 184,103 | ||
| Peter Downs(2) | 29,063 | 29,063 | ||
| Michael A Schwartz(3) | 23,912 | 23,912 | ||
| Nicholas Leger(4) | 15,454 | 15,454 | ||
| Nicolas Young(5) | 24,409 | 24,409 |
All values are in US Dollars.
____________
(1) Mr. Sloane received an award of 47,081 restricted Common Shares in August 2022, vesting on August 15, 2025; and 83,217 restricted Common Shares in February 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024.
(2) Mr. Downs received an award of 17,655 restricted Common Shares in August 2022, vesting on August 15, 2025; and 11,558 restricted Common Shares in February 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024.
(3) Mr. Schwartz received an award of 14,124 restricted Common Shares in August 2022, vesting on August 15, 2025; 6,935 restricted Common Shares in February 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024 and an award of 3,083 restricted Common Shares in March 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024.
(4) Mr. Leger received an award of 10,593 restricted Common Shares in August 2022, vesting on August 15, 2025; and 4,623 restricted Common Shares in February 2021 with one-third of the award vested in 2021 and one-third vesting in each of 2023 and 2024.
(5) Mr. Young received an award of 9,416 restricted Common Shares in August 2022, vesting on August 15, 2025; and 17,197 restricted Common Shares in August 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024.
(6) Based on the closing price of our Common Shares of $16.25 on December 31, 2022.
Options Exercised and Stock Vested
No options were exercised in 2022. The number of restricted Common Shares held by the NEOs that vested in the fiscal year ended December 31, 2022 are set forth in the table below.
| Option Awards | Stock Awards | |||
|---|---|---|---|---|
| Name | Number of shares acquired on exercise <br>(#) | Value realized <br>on exercise <br>($) | Number of shares acquired on vesting <br>(#) | Value realized on vesting ()(5) |
| Barry Sloane(1) | — | — | 30,901 | |
| Peter Downs(2) | — | — | 4,292 | |
| Michael Schwartz(3) | — | — | 3,748 | |
| Nicholas Leger | — | — | — | |
| Nicolas Young(4) | — | — | 6,544 |
All values are in US Dollars.
____________
(1) Mr. Sloane received an award of 83,218 restricted Common Shares in February 2021, with one-third of the award vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024.
(2) Mr. Downs received an award of 11,558 restricted Common Shares in February 2021, with one-third of the award vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024.
(3) Mr. Schwartz received an award of 6,935 restricted Common Shares in February 2021, with one-third of the award vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024, and 3,083 restricted Common Shares in March 2021, with one-third of the award vested on March 15, 2022 and one-third vesting on each of March 15, 2023 and March 15, 2024.
(4) Mr. Young received an award of 17,197 restricted Common Shares in August 2021, with one-third of the award vested on August 2, 2022 and one-third vesting on each of August 2, 2023 and August 2, 2024.
(5) Based on the closing price of our Common Shares of $26.69, $27.32 and $20.90 on February 15, 2022, March 15, 2022 and August 2, 2022, respectively.
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Employment Agreements
The Company entered into separate employment agreements with the following NEOs during 2022 (each, an “2022 Employment Agreement” and collectively, the “2022 Employment Agreements”):
• Barry Sloane, as Chairman, Chief Executive Officer and President;
• Peter Downs, as Chief Lending Officer and President of Newtek Small Business Finance, LLC;
• Michael Schwartz, as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary;
.• Nicholas Leger, as Chief Accounting Officer and Executive Vice President; and
• Nicolas Young, as Chief Risk Officer.
Mr. Sloane’s, Mr. Down’s, Mr. Schwartz’s and Mr. Leger’s employment agreements were renewed as of March 1, 2023 for terms through March 1, 2024, at annual base salaries of $700,000, $650,000, $450,000 and $400,000, respectively. Nicolas Young, who was the Company’s Chief Risk Officer from August 2, 2021 through January 6, 2023, entered into an one-year employment agreement with the Company on August 2, 2021, which employment agreement was amended during 2022 to extend through January 6, 2023, on the same terms. Mr. Young was appointed President and Chief Operating Officer of the Company’s subsidiary Newtek Bank on January 6, 2023, and entered into an employment agreement with Newtek Bank effective as of January 6, 2023 for a term through December 31, 2023 at an annual salary of $650,000 effective March 1, 2023. Aside from base salaries, the other terms and provisions of Mr. Sloane’s, Mr. Down’s, Mr. Leger’s, Mr. Schwartz’s and Mr. Young’s employment agreements remained substantially the same.
Generally, under the 2022 Employment Agreements, Messrs. Sloane, Schwartz, Leger, Young and Downs were entitled to a set base compensation, cash bonuses pursuant to the Company’s Annual Cash Bonus Plan or by the action of the Board of Directors, and incentive compensation at the discretion of the Nominating Committee. In addition, Messrs. Sloane, Schwartz, Leger, Young and Downs are entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave available to all employees of the Company. The 2022 Employment Agreements also provided for severance payments in the case of termination without just cause, as defined therein, or of resignation with good reason, as defined therein, and payment if their 2022 Employment Agreements were not renewed for other than just cause. Under the 2022 Employment Agreements, during the term of their employment, Messrs. Schwartz, Downs, Leger, Young and Sloane agreed to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agreed to indemnify Messrs. Downs, Schwartz, Leger, Young and Sloane for any and all loss, expenses, or liability that he may incur as a result of their services for the Company to the extent permitted by the Company’s Bylaws.
Mr. Sloane’s 2022 Employment Agreement provided for:
• a twelve-month term through March 1, 2023 at an annual base salary of $700,000;
• at least one annual salary review by the Board of Directors;
• participation in any discretionary bonus plan established for senior executives; and
• retirement and medical plans, customary fringe benefits, vacation and sick leave.
Mr. Downs’ 2022 Employment Agreement provided for:
• a twelve-month term through March 1, 2023 at an annual base salary of $550,000;
• at least one annual salary review by the Board of Directors;
• participation in any discretionary bonus plan established for senior executives; and
• retirement and medical plans, customary fringe benefits, vacation and sick leave.
Mr. Schwartz’s 2022 Employment Agreement provided for:
• a twelve-month term through March 1, 2023 at an annual base salary of $400,000;
• at least one annual salary review by the Board of Directors;
• participation in any discretionary bonus plan established for senior executives; and
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• retirement and medical plans, customary fringe benefits, vacation and sick leave.
Mr. Leger’s 2022 Employment Agreement provided for:
• a twelve-month term through March 1, 2023 at an annual base salary of $325,000;
• at least one annual salary review by the Board of Directors;
• participation in any discretionary bonus plan established for senior executives; and
• retirement and medical plans, customary fringe benefits, vacation and sick leave.
Mr. Young’s 2022 Employment Agreement provided for:
• a term through January 6, 2023 at an annual base salary of $500,000;
• at least one annual salary review by the Board of Directors;
• participation in any discretionary bonus plan established for senior executives;
• an award of $600,000 of restricted Common Shares in August 2021 with three year vesting; and
• retirement and medical plans, customary fringe benefits, vacation and sick leave.
Payments upon Change of Control, Non-renewal or Termination
Mr. Sloane’s Employment Agreement provided for a payment in the event of non-renewal of his employment in an amount equal to one (1.0) times the sum of his annual base compensation plus any cash bonus or other incentive compensation paid in the immediately preceding fiscal year, or in the case of a change of control or termination other than for just cause, an amount equal to two (2) times the sum of the his annual base salary in effect at the time of termination, plus the amount of any incentive compensation paid with respect to the immediately preceding fiscal year. The Company’s proposal to convert to a financial holding company would not qualify as a change of control under the terms of Mr. Sloane’s Employment Agreement. In addition, in the case of termination other than for just cause, all outstanding and unvested equity awards are to be accelerated in full.
Messrs. Downs’, Schwartz’ and Leger’s Employment Agreements provided for a payment in the case of termination other than for just cause or a change in control, equal to one (1.0) times the sum of their current annual base compensation plus any cash bonuses or other incentive compensation paid in the prior year. In addition, in the case of termination other than for cause, all outstanding and unvested equity awards are to be accelerated in full. In addition, in the event of non-renewal of their employment agreements, Messrs. Downs, Leger and Schwartz would be entitled to amounts equal to 50% of the sum of their respective current annual base compensation plus any cash bonus or other incentive compensation paid in the immediately preceding fiscal year.
Mr. Young’s Employment Agreement provides for a payment in the case of termination other than for just cause or a change in control, equal to one (1.0) times his annual base compensation. In addition, in the case of termination other than for cause, 50% of all outstanding and unvested equity awards are to be accelerated. In addition, in the event of non-renewal of his Employment Agreement, Mr. Young would be entitled to an amount equal to 100% of his annual base compensation.
Each Employment Agreement contained a non-competition provision that requires Messrs. Sloane, Schwartz, Leger, Young and Downs to devote substantially their full business time and efforts to the performance of their duties under the Employment Agreements.
Messrs. Sloane, Schwartz, Leger, Young and Downs are not prohibited, however, from serving on the boards of directors of, and holding offices or positions in, companies or organizations which, in the opinion of the Board of Directors, will not present conflicts of interest with the Company, or investing in any business dissimilar from the Company’s or, solely as a passive or minority investor, in any business.
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Under each of the Employment Agreements, the Company may terminate Messrs. Sloane, Schwartz, Leger, Young or Downs employment for “just cause” as defined in the respective Employment Agreement, and upon the termination, no severance benefits are available. If Messrs. Sloane, Schwartz, Leger, Young or Downs voluntarily terminates his employment for “good reason” as defined in the Employment Agreement, the executive is entitled to the same payment as in the case of termination other than for cause. If the executive’s employment terminates during the term of the agreement due to death, disability, or retirement after age 62, the executive shall receive only his compensation, vested rights, and executive benefits up to the date of executive’s last day of employment. The executive is able to terminate voluntarily his agreement by providing prior written notice to the Board of Directors, in which case the executive is entitled to receive only his compensation, vested rights and benefits up to the date of termination.
Post Termination Payments
The table below reflects the amount of compensation that would have been payable to the executive officers under these arrangements if the hypothetical termination of employment events described above had occurred on December 31, 2022, given their compensation and service levels as of such date. All payments are payable by the Company in a lump sum unless otherwise noted.
These benefits are in addition to benefits available regardless of the occurrence of such an event, such as currently exercisable stock options, and benefits generally available to salaried employees, such as distributions under the Company’s 401(k) plan, disability benefits, and accrued vacation pay. In addition, in connection with any termination of Mr. Sloane’s employment, the Company may determine to enter into an agreement or to establish an arrangement providing additional benefits or amounts, or altering the terms of benefits described below, as the Nominating Committee deems appropriate.
The actual amounts that would be paid upon Mr. Sloane’s termination of employment can be determined only at the time of his separation from the Company.
| Post Termination Payments | ||||||
|---|---|---|---|---|---|---|
| Name | Change in Control | Non-Renewal | Termination without cause | |||
| Barry Sloane | $ | 2,800,000 | $ | 1,400,000 | $ | 2,800,000 |
| Peter Downs | $ | 800,000 | $ | 400,000 | $ | 800,000 |
| Michael Schwartz | $ | 600,000 | $ | 300,000 | $ | 600,000 |
| Nicholas Leger | $ | 475,000 | $ | 237,500 | $ | 475,000 |
| Nicolas Young | $ | 500,000 | $ | 500,000 | $ | 500,000 |
Nonqualified Deferred Compensation
The Company did not have any nonqualified deferred compensation in the year ended December 31, 2022.
Pension Benefits
The Company had no obligation under pension benefit plans to the Named Executive Officers as of December 31, 2022.
Tax and Accounting Implications
Deductibility of Executive Compensation
As part of its role, the Committee reviews and considers the deductibility of executive compensation under Section 162(m) of the Internal Revenue Code, which provides that the Company may not deduct compensation of more than $1,000,000 that is paid to certain individuals. The Company believes that, with the exception of Mr. Sloane, compensation paid by the Company is generally fully deductible for federal income tax purposes. However, in certain situations, the Committee may, in the future, approve compensation that will not meet these requirements in order to ensure competitive levels of total compensation for its executive officers.
Accounting for Stock-Based Compensation
Beginning on January 1, 2006, the Company began accounting for stock-based payments under its three incentive stock plans in accordance with the requirements of ASC Topic — 718.
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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth, as of December 31, 2022, the beneficial ownership of each current director, the nominee for director, the Company’s executive officers, each person known to us to beneficially own 5% or more of the outstanding Common Shares, and the executive officers and directors as a group. Percentage of beneficial ownership is based on 24,608,631 Common Shares outstanding as of the Record Date. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. If applicable and available, ownership information for those persons who beneficially own 5% or more of our Common Shares is based upon filings by such persons with the SEC and other information obtained from such persons.
Unless otherwise indicated, the Company believes that each beneficial owner set forth in the table has sole voting and investment power. The Company’s directors are divided into two groups — interested directors and independent directors. Independent directors are “independent directors” of the Company as defined in applicable Nasdaq listing rules. Unless otherwise indicated, the addresses of all executive officers and directors are c/o Newtek Business Services Corp.,4800 T-Rex Avenue, Suite 120, Boca Raton, FL 33431.
| Name of Beneficial Owner | Number of <br>Shares Beneficially <br>Owned | Percent of <br>Class | |
|---|---|---|---|
| Interested Directors: | |||
| Barry Sloane(1) | 1,274,269 | 5.2 | % |
| Peter Downs(2) | 67,437 | * | |
| Halli Razon-Feingold(3) | 18,645 | * | |
| Independent Directors: | |||
| Gregory Zink(7,8) | 23,973 | * | |
| Salvatore Mulia(7,8) | 59,142 | * | |
| Richard Salute(7,8) | 25,475 | * | |
| Fernando Perez-Hickman(8) | 2,170 | * | |
| Executive Officers: | |||
| Nicholas Leger(4) | 17,493 | * | |
| Michael Schwartz(5) | 40,336 | * | |
| Nicolas Young(6) | 28,539 | * | |
| All current directors and executive officers as a group | 1,557,479 | 6.3 | % |
____________
* Less than 1% of total Common Shares outstanding as of the Record Date.
(1) Includes 176,221 Shares owned by The B Sloane Family Foundation, a 501(c)(3) private foundation, of which Mr. Sloane shares voting and dispositive power, 61,652 restricted Common Shares awarded to Mr. Sloane in December 2022, vesting on December 28, 2025, 47,081 restricted Common Shares awarded in August 2022, vesting on August 15, 2025, and 83,217 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on February 15, 2023 and February 15 2024.
(2) Includes 17,655 restricted Common Shares awarded in August 2022, vesting on August 15, 2025 and 11,557 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on February 15, 2023 and February 15, 2024.
(3) Includes 3,467 restricted Common Shares awarded in February 2021, with one-third vested on each of February 15, 2022 and February 15, 2023 and one-third vesting on February 15, 2024, plus accrued dividends through December 31, 2022. Includes 7,062 restricted Common Shares awarded in August 2022, vesting on August 15, 2025.
(4) Includes 10,593 restricted Common Shares awarded in August 2022, vesting on August 15, 2025 and 4,623 restricted Common Shares awarded in February 2021, with one-third vested in 2021 and one-third vesting on each of February 15, 2023 and February 15, 2024.
(5) Includes 14,124 restricted Common Shares awarded in August 2022, vesting on August 15, 2025, 3,082 restricted Common Shares awarded in March 2021, with one-third vested on March 15, 2022 and one-third vesting on each of March 15, 2023 and March 15, 2024, and 6,934 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on February 15, 2023 and February 15, 2024.
(6) Includes 9,416 restricted Common Shares awarded in August 2022, vesting on August 15, 2025 and 17,197 restricted Common Shares awarded in August 2021, with one-third vested on August 2, 2022 and one-third vesting on each of August 2, 2023 and August 2, 2024.
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(7) Includes 1,332 restricted Company Shares awarded in June 2019 as equity-based compensation to non-employee directors Mulia, Salute and Zink, at the beginning of their 2019 terms of service, which forfeiture restrictions will lapse as to one-third of such Company Shares each year for three years, plus accrued dividends through December 31, 2022.
(8) Includes 2,000 restricted Company Shares awarded in June 2022 as equity-based compensation to non-employee directors Mulia, Salute, Fernando and Zink, at the beginning of their 2022 terms of service, which forfeiture restrictions will lapse as to one-third of such Company Shares each year for three years, plus accrued dividends through July 15, 2025.
| Dollar Range of Equity Securities in the Company Beneficially Owned by Each Director: | |
|---|---|
| Name of Director | Dollar Range of Equity Securities in<br><br>Newtek Business Services Corp.(1)(2) |
| Interested Directors: | |
| Barry Sloane | Over $100,000 |
| Peter Downs | Over $100,000 |
| Halli Razon-Feingold | Over $100,000 |
| Independent Directors: | |
| Richard Salute | Over $100,000 |
| Salvatore Mulia | Over $100,000 |
| Gregory Zink | Over $100,000 |
| Fernando Perez-Hickman | $10,001 - $50,000 |
____________
(1) Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or Over $100,000.
(2) The dollar range of equity securities beneficially owned is based on the closing price for our Common Shares of $16.25 on December 31, 2022 on the Nasdaq Global Market. Beneficial ownership has been determined in accordance with Rule 13d-3 of the Exchange Act.
The information required by this item regarding shareholder approval of our equity compensation plans is incorporated by reference from Item 5 of this Annual Report on Form 10-K.
ITEM 13. CERTAIN RELATIONSHIPS, RELATED PARTY TRANSACTIONS AND DIRECTOR INDEPENDENCE
Certain Relationships and Related Party Transactions
We have written procedures in place for the review, approval and monitoring of transactions involving the Company and certain persons related to the Company. When the company operated as a BDC for the year ended December 31, 2022, the Company was prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without meeting certain requirements, such as the prior approval of the independent directors and, in some cases, the SEC. The affiliates with which the Company was prohibited from transacting include its officers, directors and employees and any person who owns 5% or more of our outstanding voting securities or controlling or under common control with the Company.
The Board of Directors reviews all potential related party transactions on an ongoing basis, and all such transactions must be approved by the Board of Directors. The Board of Directors reviews such transactions on a case-by-case basis. In addition, the Nominating Committee or the Board of Directors reviews and approves all compensation-related policies involving our directors and executive officers. The Board of Directors may approve or ratify a related party transaction only if it determines that, under all of the circumstances, the transaction is in, or is not inconsistent with, our best interests. The Board of Directors may impose any conditions on the related person transaction that it deems appropriate.
Mr. Sloane’s nephew, Kyle Sloane, is employed by one of the Company’s subsidiaries. Kyle Sloane earned in excess of $125,000 for the year ended December 31, 2022.
Director Independence and Executive Sessions
Nasdaq listing standards requires that a majority of the Board of Directors and every member of our Audit Committee and Nominating Committee are “independent.” Our Board of Directors reviews the independence of its members annually.
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The Board of Directors has determined that Messrs. Mulia, Zink, Salute and Perez-Hickman qualify as “independent” as defined by applicable Nasdaq and SEC rules. In making this determination, the Board of Directors has concluded that none of these members has a relationship which, in the opinion of the Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
It is the policy of the Board of Directors to hold executive sessions of the independent directors meeting without management at the conclusion of regularly scheduled meetings and as requested by a director. Mr. Salute presides over these meetings of the independent directors.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Audit Fees and Services
Fees for professional services rendered to the Company by RSM during the fiscal year ended December 31, 2022 were as follows (in thousands):
| Audit fees | $ | 599 |
|---|---|---|
| Audit related fees | 158 | |
| Tax fees | 292 | |
| All other fees | 53 | |
| Total fees | $ | 1,049 |
Fees for professional services rendered to the Company by RSM during the fiscal year ended December 31, 2021 were as follows (in thousands):
| Audit fees | $ | 478 |
|---|---|---|
| Audit related fees | 173 | |
| Tax fees | 269 | |
| All other fees | 290 | |
| Total fees | $ | 1,210 |
Audit Fees: The audit fees for the fiscal years ended December 31, 2022 and 2021 were for professional services rendered in connection with the audits of the Company’s annual financial statements, assistance with review of documents filed with the SEC, consents and other services required to be performed by our independent registered public accounting firm.
Audit-Related Fees: All other fees billed to the Company by RSM during the fiscal years ended December 31, 2022 and 2021 for non-audit services and assurance and related services for attestations not required by law.
Tax Fees: Tax fees were for professional services rendered in connection with tax compliance, tax advice, and tax planning.
All Other Fees: Non-audit related services billed by RSM were primarily related to the Company’s Form N-2 and other SEC filings.
In accordance with the Audit Committee Charter, all of the foregoing audit and non-audit fees paid to, and the related services provided by, RSM were pre-approved by the Audit Committee after consulting with the Company’s Chief Accounting Officer.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
(a)(1) Financial Statements.
(a)(2) The following financial statement schedule is filed herewith:
| Schedule of Investments In and Advances to Affiliates as of December 31, 2022 | 384 |
|---|
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No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.
(a)(3) Exhibits.
The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Commission.
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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.
| NEWTEKONE, INC. | ||
|---|---|---|
| Date: March 15, 2023 | By: | /S/ BARRY SLOANE |
| Barry Sloane | ||
| Chief Executive Officer, President and Chairman of the Board<br>(Principal Executive Officer) | ||
| Date: March 15, 2023 | By: | /S/ NICHOLAS LEGER |
| Nicholas Leger | ||
| Chief Accounting Officer<br>(Principal Financial Officer and Principal Accounting Officer) |
In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Signature | Title | Date |
|---|---|---|
| /S/ BARRY SLOANE | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | March 15, 2023 |
| Barry Sloane | ||
| /S/ NICHOLAS LEGER | Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer) | March 15, 2023 |
| Nicholas Leger | ||
| /S/ RICHARD SALUTE | Director | March 15, 2023 |
| Richard Salute | ||
| /S/ SALVATORE MULIA | Director | March 15, 2023 |
| Salvatore Mulia | ||
| /S/ GREGORY ZINK | Director | March 15, 2023 |
| Gregory Zink | ||
| /S/ PETER DOWNS | Director | March 15, 2023 |
| Peter Downs | ||
| /S/ FERNANDO PEREZ-HICKMAN | Director | March 15, 2023 |
| Fernando Perez-Hickman | ||
| /S/ HALLI RAZON-FEINGOLD | Director | March 15, 2023 |
| Halli Razon-Feingold |
NEWTEKONE, INC. AND SUBSIDIARIES
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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| PAGE NO. | |
|---|---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 49) | F-2 |
| Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting | F-5 |
| Consolidated Statements of Assets and Liabilities as of December 31, 2022 and 2021 | F-6 |
| Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 | F-8 |
| Consolidated Statements of Changes in Net Assets for the years ended December 31, 2022, 2021 and 2020 | F-10 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 | F-11 |
| Consolidated Schedules of Investments as of December 31, 2022 and 2021 | F-12 |
| Notes to Consolidated Financial Statements | F-348 |
F-1
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of NewtekOne, Inc. (formerly known as Newtek Business Services Corp.)
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of assets and liabilities of NewtekOne, Inc and its subsidiaries, formerly known as Newtek Business Services Corp. (the Company), including the consolidated schedules of investments, as of December 31, 2022 and 2021, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes to the consolidated financial statements (collectively, the financial statements), and the financial statement schedules of the Company listed in Item 15(a)(2). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America, and in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated March 15, 2023, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of SBA unguaranteed and guaranteed non-affiliate investments as of December 31, 2022 and 2021, by correspondence with the borrowers and by other appropriate auditing procedures where replies from the borrowers were not received, and with respect to existence procedures related to controlled and non-controlled investments, by tracing to purchase agreements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
F-2
Valuation of investments
As described in Notes 2, 3, 4 and 6 to the consolidated financial statements, the Company’s investments consist of privately held debt and equity instruments that lack observable market prices. All of the Company’s investments (except SBA guaranteed non-affiliate investments) are measured at fair value using unobservable inputs and assumptions, and as such the Company’s investments (except SBA guaranteed non-affiliate investments) as of December 31, 2022 and 2021 are classified as level 3 within the fair value hierarchy as described in Note 6. Determining the fair value of the Level 3 investments requires management to make significant judgments about the valuation methodologies (e.g. market approach vs. income approach) and inputs and assumptions used in the fair value calculation, including, but not limited to, revenue and EBITDA multiples, market yields, discounts for lack of marketability, underlying cash flows, and the impact of economic conditions. As of December 31, 2022 and 2021, total Level 3 investments had a fair value of $769.3 million and $658.7 million, respectively.
We identified the valuation of level 3 investments as a critical audit matter because of the judgments necessary for management to select and apply valuation techniques and assumptions, the high degree of auditor judgment involved, and the extensive audit effort involved in testing the valuations. Our audit procedures related to the valuation of the Company’s level 3 investments included the following, among others:
Controlled investments
•We obtained an understanding of and evaluated the methods and assumptions management used to value the Company’s investment portfolio.
•We performed an evaluation of certain valuation inputs (e.g. portfolio company revenue and EBITDA) used in the Company’s December 31, 2022 and 2021 valuations by comparing those key inputs used in the prior year valuation to portfolio companies’ prior year audited financial statements and/or schedules prepared by the portfolio companies for a sample of investments.
•We tested the completeness and accuracy of information used in the valuations through inspection of portfolio company financial statements and/or schedules prepared by the portfolio company.
•We obtained management’s valuation analyses and considered the qualitative considerations made in determining each valuation, including, but not limited to, understanding portfolio company outlook, underlying cash flows, macroeconomic factors, liquidity and leverage characteristics, and other factors. We then compared this information to the valuation calculation in assessing the reasonableness of the fair value calculations.
•With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management, including the validity of observable market data used in the valuation (e.g. comparable guideline public company multiples) as well as market yields (including discounts for lack of marketability). Additionally, we considered the external specialist report engaged by management in valuing certain of the Company’s privately held investments.
SBA unguaranteed non-affiliate investments – Accrual and Non-accrual loans
•We obtained an understanding of and evaluated the methods and assumptions management uses to value the SBA unguaranteed non-affiliate investments accrual and non-accrual loans.
•We tested the completeness and accuracy of information used in the valuations by agreeing the total amount of schedules to the trial balance.
•With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management in the valuation of accrual loans (discount rate, default rate, prepayment rate, cost of servicing, etc.) and performed a recalculation for a sample of loans to ensure validity of the valuation model.
•With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management in the valuation of non-accrual loans (prepayment rate, probability of default, time to liquidate and discount rate).
•With the assistance of our valuation specialists, we developed independent estimates to evaluate the reasonableness of the fair market value of collateral used by management in the valuation of non-accrual loans for a sample of loans. Additionally, we recalculated the present value of expected cashflows and compared it with the value of loans determined by management.
F-3
Valuation of Servicing assets
As described in Notes 2, 5 and 6 to the consolidated financial statements, servicing assets are measured at fair value. The Company’s servicing assets are measured at fair value using unobservable inputs and assumptions, and as such the Company’s servicing assets as of December 31, 2022 and 2021 are classified as Level 3 within the fair value hierarchy as described in Note 6. Determining the fair value of the Level 3 servicing assets requires management to make significant judgments about the valuation methodologies and inputs and assumptions used in the fair value calculation, including, but not limited to, discount rate, servicing costs, default rate, prepayment rate, and the impact of economic conditions. As of December 31, 2022 and 2021, total Level 3 servicing assets had a fair value of $30.27 million and $28.01 million respectively.
We identified the valuation of servicing assets as a critical audit matter because of the judgments necessary for management to select and apply valuation techniques and assumptions, the high degree of auditor judgment involved, and the extensive audit effort involved in testing the valuations. Our audit procedures related to the valuation of the servicing assets included the following, among others:
•We obtained an understanding of and evaluated the methods and assumptions management uses to value the servicing assets.
•We tested the completeness and accuracy of information used in the valuations by agreeing the total principal balance of the loans sold in the schedules to the loan subledger.
•With the assistance of externally engaged valuation specialist, developed an independent estimate of fair value for servicing assets as of December 31, 2022 and 2021.
•We reviewed the significant assumptions (e.g. discount rate, prepayment rate, default rate and servicing cost) used by externally engaged valuation specialist for reasonableness.
/s/ RSM US LLP
We have served as the Company's auditor since 2013.
Hartford, Connecticut
March 15, 2023
F-4
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of NewtekOne, Inc., formerly known as Newtek Business Services Corp.
Opinion on the Internal Control Over Financial Reporting
We have audited NewtekOne, Inc., formerly known as Newtek Business Services Corp.'s (the Company) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the Company, including the consolidated schedules of investments, as of December 31, 2022 and 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, and our report dated March 15, 2023 expressed an unqualified opinion.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ RSM US LLP
Hartford, Connecticut
March 15, 2023
F-5
| NEWTEKONE, INC. AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES<br>(In Thousands, except for Per Share Data) | ||||
|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | |||
| ASSETS | ||||
| Investments, at fair value | ||||
| SBA unguaranteed non-affiliate investments (cost of $532,793 and $431,970, respectively; includes $423,686 and $344,266, respectively, related to securitization trusts) | $ | 505,268 | $ | 424,417 |
| SBA guaranteed non-affiliate investments (cost of $18,460 and $65,728, respectively) | 19,171 | 72,970 | ||
| Controlled investments (cost of $154,809 and $157,289, respectively) | 282,239 | 260,398 | ||
| Non-control investments (cost of $1,360 and $1,000, respectively) | 1,360 | 1,000 | ||
| Total investments, at fair value | 808,038 | 758,785 | ||
| Cash | 53,692 | 2,397 | ||
| Restricted cash | 71,914 | 184,463 | ||
| Broker receivable | — | 44,537 | ||
| Due from related parties | 1,338 | 4,395 | ||
| Servicing assets, at fair value | 30,268 | 28,008 | ||
| Right of use assets | 6,484 | 7,310 | ||
| Other assets | 27,168 | 26,666 | ||
| Total assets | $ | 998,902 | $ | 1,056,561 |
| LIABILITIES AND NET ASSETS | ||||
| Liabilities: | ||||
| Bank notes payable | $ | 55,885 | $ | 50,000 |
| 2024 Notes, net (par: $38,250 and $38,250 as of December 31, 2022 and December 31, 2021, Note 8) | 37,903 | 37,679 | ||
| 2025 6.85% Notes, net (par: $0 and $15,000 as of December 31, 2022 and December 31, 2021, Note 8) | — | 14,545 | ||
| 2025 5.00% Notes, net (par:$30,000 and $0 as of December 31, 2022 and December 31, 2021, Note 8) | 29,306 | — | ||
| 2026 Notes, net (par: $115,000 and $115,000 as of December 31, 2022 and December 31, 2021, Note 8) | 112,846 | 112,128 | ||
| Notes payable - Securitization trusts, net (par: $283,143 and $249,750 as of December 31, 2022 and December 31, 2021, Note 8) | 279,136 | 246,250 | ||
| Notes payable - related parties | 24,250 | 11,450 | ||
| Due to related parties | 1,211 | 1,490 | ||
| Lease liabilities | 7,973 | 9,056 | ||
| Deferred tax liabilities | 19,194 | 12,733 | ||
| Due to participants | 35,627 | 146,225 | ||
| Derivative instruments | — | 183 | ||
| Accounts payable, accrued expenses and other liabilities | 20,213 | 10,935 | ||
| Total liabilities | 623,544 | 652,674 | ||
| Commitments and contingencies (Note 10) | ||||
| Net assets: | ||||
| Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding) | — | — | ||
| Common stock (par value $0.02 per share; authorized 200,000 shares, 24,609 and 24,159 issued and outstanding, respectively) | 492 | 483 | ||
| Additional paid-in capital | 354,243 | 367,663 | ||
| Accumulated undistributed earnings | 20,623 | 35,741 | ||
| Total net assets | 375,358 | 403,887 |
F-6
| Total liabilities and net assets | $ | 998,902 | $ | 1,056,561 |
|---|---|---|---|---|
| Net asset value per common share | $ | 15.25 | $ | 16.72 |
F-7
See accompanying notes to consolidated financial statements.
| NEWTEKONE, INC. AND SUBSIDIARIES | |||||||
|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (In Thousands, except for Per Share Data) | |||||||
| Year ended December 31, | |||||||
| 2022 | 2021 | 2020 | |||||
| Investment income | |||||||
| From non-affiliate investments: | |||||||
| Interest income - PPP loans | $ | — | $ | 49,989 | $ | 37,743 | |
| Interest income - SBA 7(a) loans | 35,696 | 25,951 | 24,719 | ||||
| Servicing income | 13,698 | 11,307 | 11,154 | ||||
| Other income | 8,600 | 5,696 | 2,693 | ||||
| Total investment income from non-affiliate investments | 57,994 | 92,943 | 76,309 | ||||
| From non-control investments: | |||||||
| Interest income | — | 428 | 403 | ||||
| Dividend income | 83 | 95 | 104 | ||||
| Total investment income from non-control investments | 83 | 523 | 507 | ||||
| From controlled investments: | |||||||
| Interest income | 2,921 | 2,598 | 1,933 | ||||
| Dividend income | 24,574 | 9,801 | 13,452 | ||||
| Other income | 672 | 2,629 | — | ||||
| Total investment income from controlled investments | 28,167 | 15,028 | 15,385 | ||||
| Total investment income | 86,244 | 108,494 | 92,201 | ||||
| Expenses: | |||||||
| Salaries and benefits | 20,186 | 17,866 | 14,211 | ||||
| Interest | 26,325 | 20,515 | 17,877 | ||||
| Depreciation and amortization | 239 | 304 | 402 | ||||
| Professional fees | 7,134 | 5,610 | 3,718 | ||||
| Origination and loan processing | 11,606 | 10,234 | 8,431 | ||||
| Origination and loan processing - related party | 19,140 | 19,272 | 9,855 | ||||
| Change in fair value of contingent consideration liabilities | — | — | 54 | ||||
| Loss on extinguishment of debt | 417 | 1,552 | — | ||||
| Other general and administrative costs | 7,673 | 7,454 | 5,668 | ||||
| Total expenses | 92,720 | 82,807 | 60,216 | ||||
| Net investment (loss) income | (6,476) | 25,687 | 31,985 | ||||
| Net realized and unrealized gains (losses): | |||||||
| Net realized gain on non-affiliate investments - SBA 7(a) loans | 56,901 | 53,113 | 11,368 | ||||
| Net realized loss on controlled investments | — | (1,266) | — | ||||
| Net realized gain on derivative transactions | 445 | 590 | — | ||||
| Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments | (6,532) | 6,380 | (795) | ||||
| Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments | (19,972) | 5,097 | (176) | ||||
| Net unrealized appreciation (depreciation) on controlled investments | 24,321 | 2,829 | (8,237) | ||||
| Change in deferred taxes | (6,464) | (1,327) | 999 | ||||
| Net unrealized depreciation on servicing assets | (10,095) | (6,778) | (1,525) | ||||
| Net unrealized appreciation (depreciation) on derivative transactions | 183 | (183) | — | ||||
| Net realized and unrealized gains | $ | 38,787 | $ | 58,455 | $ | 1,634 | |
| Net increase in net assets resulting from operations | $ | 32,311 | $ | 84,142 | $ | 33,619 | |
| Net increase in net assets resulting from operations per share | $ | 1.34 | $ | 3.69 | $ | 1.59 | |
| Net investment (loss) income per share | $ | (0.27) | $ | 1.13 | $ | 1.51 |
F-8
See accompanying notes to consolidated financial statements.
| NEWTEKONE, INC. AND SUBSIDIARIES | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
| Dividends and distributions declared per common share | $ | 2.75 | $ | 3.15 | $ | 2.05 |
| Weighted average number of shares outstanding | 24,198 | 22,795 | 21,146 |
F-9
See accompanying notes to consolidated financial statements.
| NEWTEKONE, INC. AND SUBSIDIARIES | |||||||
|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS | |||||||
| (In Thousands) | |||||||
| Year Ended December 31, | |||||||
| 2022 | 2021 | 2020 | |||||
| Increase in net assets: | |||||||
| Net investment gain (loss) | $ | (6,476) | $ | 25,687 | $ | 31,985 | |
| Net realized gain on investments | 57,346 | 52,437 | 11,368 | ||||
| Net unrealized (depreciation) appreciation on investments | (18,559) | 6,018 | (9,734) | ||||
| Net increase in net assets resulting from operations | 32,311 | 84,142 | 33,619 | ||||
| Dividends to common stockholders | (66,158) | (72,067) | (43,393) | ||||
| Capital share transactions: | |||||||
| Issuance of common stock under dividend reinvestment plan | 1,614 | 1,923 | 810 | ||||
| Stock-based compensation expense | 2,511 | 2,103 | 567 | ||||
| Purchase of vested stock for employee payroll tax withholding | (826) | (1,575) | (48) | ||||
| Issuance of common stock, net of offering costs | 2,019 | 50,008 | 25,572 | ||||
| Net increase in net assets from capital share transactions | 5,318 | 52,459 | 26,901 | ||||
| Total (decrease) increase in net assets | (28,529) | 64,534 | 17,127 | ||||
| Net assets at beginning of year | 403,887 | 339,353 | 322,226 | ||||
| Net assets at end of year | $ | 375,358 | $ | 403,887 | $ | 339,353 | |
| Common shares outstanding at end of year | 24,609 | 24,159 | 21,970 | ||||
| Capital share activity: | |||||||
| Shares issued under dividend reinvestment plan | 95 | 72 | 51 | ||||
| Shares issued in connection with sales of common stock | 107 | 1,940 | 1,382 | ||||
| Purchase of vested stock for employee payroll tax withholding | (30) | (57) | (3) | ||||
| Restricted shares issued under Equity Incentive Plan, net of forfeitures | 286 | 234 | 10 | ||||
| Net increase in capital share activity | 458 | 2,189 | 1,440 |
F-10
See accompanying notes to consolidated financial statements.
| NEWTEKONE, INC. AND SUBSIDIARIES | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (In Thousands) | ||||||
| Year Ended December 31, | ||||||
| 2022 | 2021 | 2020 | ||||
| Cash flows from operating activities: | ||||||
| Net increase in net assets resulting from operations | $ | 32,311 | $ | 84,142 | $ | 33,619 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||||
| Net unrealized (appreciation) depreciation on controlled investments | (24,321) | (2,829) | 8,237 | |||
| Net unrealized depreciation (appreciation) on non-affiliate investments | 26,504 | (11,477) | 971 | |||
| Net unrealized depreciation on servicing assets | 10,095 | 6,778 | 1,525 | |||
| Net unrealized (appreciation) depreciation on derivative transactions | (183) | 183 | — | |||
| Net realized (gains) losses on controlled investments | — | 1,266 | — | |||
| Net realized gains on non-affiliate investments - SBA 7(a) loans | (44,547) | (44,389) | (8,193) | |||
| Allowance for doubtful accounts | — | 397 | — | |||
| Change in fair value of contingent consideration liabilities | — | — | 54 | |||
| Loss on extinguishment of debt | 417 | 1,552 | — | |||
| Amortization of deferred financing costs | 2,494 | 2,654 | 1,893 | |||
| Change in deferred income taxes | 6,464 | 1,327 | (999) | |||
| Depreciation and amortization | 239 | 304 | 402 | |||
| Purchase of guaranteed SBA loans | (2,404) | (9,096) | (6,804) | |||
| Purchase of loans from affiliate | — | — | (15,296) | |||
| Sale of loans to affiliate | — | 5,394 | — | |||
| Funding of guaranteed non-affiliate SBA loans | (583,267) | (1,196,425) | (1,340,939) | |||
| Funding of unguaranteed non-affiliate SBA loans | (192,310) | (93,147) | (48,824) | |||
| Funding of controlled investments | (53,198) | (55,270) | (51,437) | |||
| Funding of non-control/affiliate investment | (360) | — | — | |||
| Proceeds from sale of non-affiliate SBA loans | 691,219 | 1,203,475 | 1,356,710 | |||
| Principal received on SBA non-affiliate investments | 74,287 | 77,070 | 61,976 | |||
| Principal received from controlled investments | 6,970 | 750 | 625 | |||
| Principal received from non-control investments | — | 54 | 9,849 | |||
| Return of investment from controlled investments | 48,709 | 34,856 | 19,221 | |||
| Other, net | 3,258 | 2,851 | 1,342 | |||
| Changes in operating assets and liabilities: | ||||||
| Broker receivable | 44,537 | 8,193 | (1,557) | |||
| Due to/from related parties | 2,778 | 677 | (1,138) | |||
| Other assets | 1,816 | 800 | (6,884) | |||
| Due to participants | (110,598) | 128,340 | ||||
| Accounts payable, accrued expenses and other liabilities | 9,021 | 1,194 | 6,587 | |||
| Capitalized servicing asset | (12,355) | (8,725) | (3,175) | |||
| Other, net | 6 | 24 | (2) | |||
| Net cash (used in) provided by operating activities | (62,418) | 140,923 | 17,763 | |||
| Cash flows from investing activities: | ||||||
| Purchase of fixed assets | (11) | — | (10) | |||
| Cash flows from financing activities: | ||||||
| Net borrowings (repayments) on bank notes payable | 5,885 | (36,339) | 56,339 | |||
| Proceeds from common shares sold, net of offering costs | 2,019 | 50,007 | 25,571 | |||
| Net proceeds (repayments) under related party line of credit | 12,800 | (12,640) | 11,927 |
F-11
See accompanying notes to consolidated financial statements.
| NEWTEKONE, INC. AND SUBSIDIARIES | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| (In Thousands) | ||||||
| Year Ended December 31, | ||||||
| 2022 | 2021 | 2020 | ||||
| Proceeds from 2024 Notes | — | 15,000 | — | |||
| Proceeds from 2025 6.85% Notes | — | 10,000 | 5,000 | |||
| Proceeds from 2025 5.00% Notes | 30,000 | — | — | |||
| Proceeds from 2026 Notes | — | 115,000 | — | |||
| Redemption of 2023 Notes | — | (57,500) | — | |||
| Redemption of 2025 6.85% Notes | (15,000) | — | — | |||
| Payments on Notes Payable - Securitization Trusts | (82,817) | (75,432) | (54,885) | |||
| Issuance of Notes Payable - Securitization Trusts | 116,210 | 103,430 | — | |||
| Dividends paid, net of dividend reinvestment plan | (64,544) | (70,144) | (42,583) | |||
| Additions to deferred financing costs | (2,552) | (5,295) | (856) | |||
| Purchase of vested stock for employee payroll tax withholding | (826) | (1,575) | (48) | |||
| Net cash provided by (used in) financing activities | 1,175 | (5,488) | 465 | |||
| Net (decrease) increase in cash and restricted cash | (61,254) | 135,435 | 18,218 | |||
| Cash and restricted cash—beginning of year (Note 2) | 186,860 | 51,425 | 33,207 | |||
| Cash and restricted cash—end of year (Note 2) | $ | 125,606 | $ | 186,860 | $ | 51,425 |
| Non-cash operating, investing and financing activities: | ||||||
| Foreclosed real estate acquired | $ | 3,466 | $ | 2,171 | $ | 1,588 |
| Issuance of common shares under dividend reinvestment plan | $ | 1,614 | $ | 1,923 | $ | 810 |
F-12
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | |||||||||||||||
| Chad Dorsey Design | (#) | 1316 Slocum St, Dallas, TX 75207 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/16/2047 | $ | 892.5 | $ | 892.5 | $ | 964.2 | 0.26 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| David Wayne Inc and EZ Holding Co | (#) | 2441 S 25 W, Franklin, IN 46131 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 12/16/2047 | 975.0 | 975.0 | 1,047.1 | 0.28 | % | |||
| Hazleton Oil & Environmental, Inc. | (#) | 300 Tamaqua St., Hazleton, PA 18201 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 12/16/2032 | 60.0 | 60.0 | 63.7 | 0.02 | % | |||
| F & B Rubberized, Inc. | (#) | 37 Washburn St., New Bedford, MA 02740 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 12/16/2047 | 87.5 | 87.5 | 98.8 | 0.03 | % | |||
| The Aerial Loft LLC | (#) | 267 Horton Hwy., Mineola, NY 11501 | Educational Services | Term Loan | Prime plus | 6.5% | 12/15/2032 | 12.5 | 12.5 | 12.7 | — | % | |||
| JBM Hospitality Group LLC dba Rise N Roll Bakery and DeliRise N Roll | (#) | 9263 E US Hwy. 36, Avon, IN 46123 | Food Manufacturing | Term Loan | Prime plus | 3% | 12/15/2032 | 70.9 | 70.9 | 74.3 | 0.02 | % | |||
| Stainless Depot & Associates | (#) | 214 NW 9th Ter., Homestead, FL 33030 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 3% | 12/15/2047 | 207.5 | 207.5 | 224.8 | 0.06 | % | |||
| Burchardt Enterprises of Texas, LLC dba True Value Hardware | (#) | 5900-12 Bosque Blvd., Waco, TX 76710 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 3% | 12/15/2032 | 112.5 | 112.5 | 100.6 | 0.03 | % | |||
| Sunshine Bright Academy, LLC | (#) | 740 Greenville Blvd SE, Greenville, NC 27858 | Social Assistance | Term Loan | Prime plus | 3% | 12/14/2047 | 279.8 | 279.8 | 315.0 | 0.08 | % | |||
| Comungas Creation LLC | (#) | 1628 Vermont Rte 125, Hancock, VT 05748 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 12/14/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % | |||
| E5 Pharma, LLC | (#) | 225 NE Mizner Blvd, Boca Raton, FL 33432 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 12/14/2032 | 1,250.0 | 1,250.0 | 1,327.5 | 0.35 | % | |||
| Sho-Air International, Inc. | (#) | 4325 Etiwanda Ave, Jurupa Valley, CA 91752 | Support Activities for Transportation | Term Loan | Prime plus | 3% | 12/14/2032 | 1,000.0 | 1,000.0 | 894.5 | 0.24 | % | |||
| One Shield Security Services LLC | (#) | 3145 Tiger Run Ct, Carlsbad, CA 92010 | Administrative and Support Services | Term Loan | Prime plus | 3% | 12/14/2032 | 200.0 | 200.0 | 178.9 | 0.05 | % | |||
| Helix Biotech, Inc. | (#) | 1460 Breda Dr, Knoxville, TN 37918 | Chemical Manufacturing | Term Loan | Prime plus | 3% | 12/14/2047 | 300.0 | 300.0 | 319.2 | 0.09 | % | |||
| AARR Corp dba WOLFE INDIA BAZAR | (#) | 854 Old San Francisco Rd., Sunnyvale, CA 94086 | Food and Beverage Stores | Term Loan | Prime plus | 3% | 12/14/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % | |||
| Vibey.com LLC, Trinity Print & Media Inc and Turtle Media Group LLC | (#) | 1001 W Cleveland St, Tampa, FL 33606 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 12/14/2032 | 750.0 | 750.0 | 688.7 | 0.18 | % | |||
| MLM Worldwide LTD | (#) | 15067 Encanto Dr., Sherman Oaks, CA 91403 | Real Estate | Term Loan | Prime plus | 6.5% | 12/14/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % | |||
| Traiden, Inc. dba Ace Handy Services East | (#) | 755 Longleaf Blvd., Lawrenceville, GA 30046 | Repair and Maintenance | Term Loan | Prime plus | 3% | 12/13/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % | |||
| Anthony S, Costanzo dba Dent Co | (#) | 753 County Rd. 565, Augusta, NJ 07822 | Repair and Maintenance | Term Loan | Prime plus | 3% | 12/13/2032 | 15.0 | 15.0 | 13.5 | — | % | |||
| Longhorn Solar Corporation | (#) | 1421 West Wells Branch Pkwy., Ste. 110, Pflugerville, TX 78660 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 12/13/2032 | 66.3 | 66.3 | 62.1 | 0.02 | % | |||
| US Dedicated LLC | (#) | 13410 SE 26th Cir., Vancouver, WA 98683 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 3% | 12/13/2032 | 17.3 | 17.3 | 16.5 | — | % |
F-13
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sherwood Works LLC dba Puroclean of Romeoville | (#) | 1280 Meyer Ct., Naperville, IL 60564 | Construction of Buildings | Term Loan | Prime plus | 3% | 12/13/2032 | 59.3 | 59.3 | 54.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Clore Equipment, LLC | (#) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 3% | 12/13/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| JC's Tall Glass Inc dba The Hive Bar & Grill | (#) | 2412 Floral Rd, Lake Worth, FL 33426 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 12/13/2047 | 275.0 | 275.0 | 289.6 | 0.08 | % |
| Informa Solutions, Inc dba Analytics Intell | (#) | 20 Timber Ridge Dr., Huntington, NY 11743 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/13/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| Straight Up Nuts Inc. | (#) | 1518 Nature Ct., Winter Springs, FL 32708 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 12/13/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| Copple Show Horses Inc | (#) | 9141 178th Ave SW, Rochester, WA 98579 | Animal Production and Aquaculture | Term Loan | Prime plus | 3% | 12/13/2032 | 22.5 | 22.5 | 20.2 | 0.01 | % |
| Phil-Am Trading, Inc | (#) | 324 Hoboken Ave., Jersey City, NJ 07306 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 12/12/2032 | 62.5 | 62.5 | 57.0 | 0.02 | % |
| Fredrick Lee Press Plumbing, LLC dba Fred’s Plumbing | (#) | 9056 FM1641, Terrell, TX 75160 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 12/12/2032 | 500.0 | 500.0 | 467.6 | 0.12 | % |
| RSD Construction, LLC | (#) | 8695 Sand Pebble Ct., Hebron, MD 21830 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 12/12/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| The Fifty Fifty Group, Inc. dba Lola Products | (#) | 241 Main St 5th Floor, Hackensack, NJ 07601 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/12/2032 | 375.0 | 375.0 | 332.2 | 0.09 | % |
| Stillwater Grill, LLC | (#) | 328 East St, Stafford Springs, CT 06076 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 12/12/2047 | 87.5 | 87.5 | 96.2 | 0.03 | % |
| ICON Technical Inc dba CON Technical Solutions | (#) | 24274 North 170th Ln., Surprise, AZ 85387 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/12/2032 | 15.0 | 15.0 | 13.4 | — | % |
| RG and E Foods LLC dba Food Trip | (#) | 230 E. Betteravia Rd., Unit F, Santa Maria, CA 93454 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 12/12/2032 | 13.5 | 13.5 | 12.1 | — | % |
| Anopitse Ventures, LLC dba Kukuruku Crispy Chicken | (#) | 8950 US-64, Lakeland, TN 38002 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 5/12/2033 | 3.7 | 3.7 | 3.3 | — | % |
| Adil Ghumman dba Cold Stone Creamery | (#) | 4700 Freeport Blvd, Sacramento, CA 95822 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 5/12/2033 | 48.5 | 48.5 | 46.1 | 0.01 | % |
| Zen Japanese Bistro LLC | (#) | 1703 N Causeway Blvd, Mandeville, LA 70471 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 12/9/2032 | 170.0 | 170.0 | 153.5 | 0.04 | % |
| CALORIQUE, LLC and Augusta Glen Partners LLC | (#) | 2380 Cranberry Hwy., West Wareham, MA 02576 | Machinery Manufacturing | Term Loan | Prime plus | 3% | 12/9/2032 | 202.9 | 202.9 | 183.3 | 0.05 | % |
| Electric bricks Inc dba Bricks and Minifigs Avondale | (#) | 1721 North Dysart Rd., Avondale, AZ 85392 | Miscellaneous Store Retailers | Term Loan | Prime plus | 3% | 12/9/2032 | 59.0 | 59.0 | 52.7 | 0.01 | % |
| It Takes a Village Child Care LLC | (#) | 617A Buck St,, Pembroke, NH 03275 | Social Assistance | Term Loan | Prime plus | 3% | 12/9/2032 | 59.6 | 59.6 | 53.3 | 0.01 | % |
| The Abacus Oasis, LLC dba Abacus Oasis TAO Bookkeeping | (#) | 4510 South East Howe St., Milwaukie, OR 97222 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/9/2032 | 18.0 | 18.0 | 16.1 | — | % |
| Max Rosin & Associates, Inc. | (#) | 39 West 14th St., Ste. 304, New York, NY 10011 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/9/2032 | 62.5 | 62.5 | 55.9 | 0.01 | % |
| Energy Shield USA, LLC | (#) | 4209 Clay Ave, Haltom City, TX 76117 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 12/9/2032 | 72.8 | 72.8 | 65.1 | 0.02 | % |
F-14
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| WBG Engineering, Inc. dba Genxc Engineering | (#) | 12855 SW 132nd St., Miami, FL 33186 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/9/2032 | 425.0 | 425.0 | 388.8 | 0.10 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cortez Landscaping and General Contractor LLC | (#) | 215 Ct.land Ave., Stamford, CT 06906 | Administrative and Support Services | Term Loan | Prime plus | 3% | 12/9/2032 | 12.0 | 12.0 | 10.8 | — | % |
| iConique Visualz Limited Company dba Kioko | (#) | 1872-A Canon Blvd, Newport News, VA 23606 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 3% | 12/9/2032 | 11.3 | 11.3 | 10.5 | — | % |
| Florida PPE Services, LLC | (#) | 970 Sunshine :Ln., Units J/K, Altamonte Springs, FL 32714 | Administrative and Support Services | Term Loan | Prime plus | 3% | 12/9/2032 | 19.2 | 19.2 | 18.6 | — | % |
| Palazzo Iron Doors Inc. | (#) | 1551 S. Greenwood Ave., Montebello, CA 90640 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 12/9/2032 | 56.9 | 56.9 | 51.3 | 0.01 | % |
| Asago, LLC | (#) | 2113 Pecos St, Mission, TX 78572 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 3% | 12/9/2032 | 350.0 | 350.0 | 342.4 | 0.09 | % |
| JLS Electric Company LLC | (#) | 956 English Hollow Dr, Bandera, TX 78003 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 12/8/2032 | 15.0 | 15.0 | 15.3 | — | % |
| Valley Brook Equestrian Center, LLC | (#) | 1132 El Centro Ave, Napa, CA 94558 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 3% | 12/8/2032 | 22.5 | 22.5 | 23.9 | 0.01 | % |
| Hospitality Heating & Air Conditioning, Inc. | (#) | 956 E Black St, Rock Hill, SC 29730 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/8/2032 | 537.5 | 537.5 | 498.1 | 0.13 | % |
| SweatWorks LLC | (#) | 901 N Glebe Rd 5th Floor, Arlington, VA 22203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/8/2032 | 425.0 | 425.0 | 392.0 | 0.10 | % |
| Escape Brewing Company, LLC | (#) | 9945 Trinity Blvd, Trinity, FL 34655 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/8/2032 | 125.0 | 125.0 | 123.0 | 0.03 | % |
| Littlefield's Paint & Body Inc. and Delmont R. Littlefield | (#) | 1630 Parade Cir, Deland, FL 32724 | Repair and Maintenance | Term Loan | Prime plus | 3% | 12/8/2032 | 143.8 | 143.8 | 151.6 | 0.04 | % |
| Kreative Kutz LLC dba KREATIVE KUTZ BARBER SHOP | (#) | 865 Cassat Ave., Jacksonville, FL 32205 | Personal and Laundry Services | Term Loan | Prime plus | 3% | 12/8/2032 | 16.5 | 16.5 | 15.9 | — | % |
| HRI AC and Gas Services, LLC | (#) | 1891 Elsa St., Naples, FL 34109 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/8/2032 | 213.8 | 213.8 | 192.4 | 0.05 | % |
| Avery11 Construction LLC dba Amos Construction | (#) | 106006 Wiser Pkwy., Kennewick, WA 99338 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 12/7/2032 | 750.0 | 750.0 | 677.2 | 0.18 | % |
| C.S. Legacy Construction | (#) | 675 S Brea Canyon Rd, Walnut, CA 91789 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 12/7/2032 | 250.0 | 250.0 | 223.6 | 0.06 | % |
| Peppermint Plantation, Inc. | (#) | 1300 North Big Spring St., Midland, TX 79701 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/7/2032 | 192.5 | 192.5 | 202.8 | 0.05 | % |
| Alpha Global Partners LLC | (#) | 4999 Kahala Ave., Unit #472, Honolulu, HI 96816 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/6/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| Valley Veterinary Service, Inc. and Kayla McCrone | (#) | 7374 20 1-2 Ave, Lemoore, CA 93245 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/6/2047 | 287.5 | 287.5 | 315.8 | 0.08 | % |
| Total Cyber Solutions, LLC dba Total Cyber Academy | (#) | 4021 University Dr, Fairfax, VA 22030 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/5/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| LHC, LLC dba Tendril Herbal Apothecary and Healing Center, LLC | (#) | 530 Main St., Sandpoint, ID 83864 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/5/2032 | 87.5 | 87.5 | 92.2 | 0.02 | % |
F-15
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Grand Blanc Lanes, Inc | (#) | 5301 S. Saginaw Rd., Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 3% | 12/5/2032 | 150.0 | 150.0 | 159.3 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JHB ENGINEERING PLLC | (#) | 400 Rella Blvd., Ste. 165, Montebello, NY 10901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/5/2032 | 87.5 | 87.5 | 81.7 | 0.02 | % |
| Diamond Cut Auto & Detail, LLC | (#) | 3405-3421 Fowler St, Fort Myers, FL 33901 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 3% | 12/2/2047 | 503.1 | 503.1 | 542.9 | 0.14 | % |
| JRG SERVICES IL LLC | (#) | 4325 Schofield Dr., Oswego, IL 60543 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/2/2032 | 168.5 | 168.5 | 149.3 | 0.04 | % |
| Pacific Force Consulting Group LLC | (#) | 6142 Rising Cir., North Las Vegas, NV 89031 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 12/2/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| RP DEFENSE LAW, APC | (#) | 16861 Ventura Blvd., Ste. 305, Encino, CA 91436 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/1/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Looma Space Inc. | (#) | 2065 Palos Verdes Dr. North, Lomita, CA 90717 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 3% | 12/1/2032 | 112.5 | 112.5 | 104.2 | 0.03 | % |
| Integris Roofing, Inc. | (#) | 1174 Yellowstone Dr., Lake Arrowhead, CA 92352 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 12/1/2032 | 87.5 | 87.5 | 85.3 | 0.02 | % |
| Kaitlyn J Gasiamis dba Kaitlyn Jeanne Salon | (#) | 439 N West Rd., Lombard, IL 60148 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 12/1/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Tema Homecare Services, LLC | (#) | 1404 Beatties Ford Rd., Charlotte, NC 28216 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/30/2032 | 502.5 | 502.5 | 468.1 | 0.12 | % |
| Mile High Sprinkler and Landscaping, Ltd | (#) | 2555 South Sante F Dr., Denver, CO 80222 | Administrative and Support Services | Term Loan | Prime plus | 3% | 11/30/2032 | 187.5 | 187.5 | 171.0 | 0.05 | % |
| Volant Custom Builders LLC | (#) | 450 Gerber Rd, Volant, PA 16156 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/30/2032 | 137.5 | 137.5 | 123.3 | 0.03 | % |
| Alkemy Ice Cream, LLC | (#) | 260 Main St., Huntington, NY 11743 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 3/30/2033 | 52.4 | 52.4 | 48.6 | 0.01 | % |
| Aqui Bar and Backyard, LLC | (#) | 511 NE 3rd Ave, Fort Lauderdale, FL 33301 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 11/30/2032 | 150.0 | 150.0 | 159.3 | 0.04 | % |
| Jeff's Roofing Inc. dba Allphase Storage | (#) | 1868 NE 39th Ct, Pompano Beach, FL 33064 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/30/2032 | 22.5 | 22.5 | 23.9 | 0.01 | % |
| Mike Judy Presents LLC | (#) | 84 S Ridgewynd Ct, Lake Saint Louis, MO 63367 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 11/30/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| THOMPSON FAMILY FIRM, P.A. | (#) | 1217 E Robinson St, Orlando, FL 32801 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 11/30/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Front Office Solutions LLC,1209 Adams LLC and Jeremy Kilpatrick | (#) | 1209 Adams Ave, La Grande, OR 97850 | Administrative and Support Services | Term Loan | Prime plus | 3% | 11/30/2032 | 87.5 | 87.5 | 92.7 | 0.02 | % |
| American Access Industries & Services Inc | (#) | 4120 Dr. Greaves Rd, Grandview, MO 64030 | Machinery Manufacturing | Term Loan | Prime plus | 3% | 11/30/2032 | 167.0 | 167.0 | 149.4 | 0.04 | % |
| SPIG INDUSTRY, LLC | (#) | 14675 Industrial Park Rd., Bristol, VA 24202 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 11/30/2047 | 625.0 | 625.0 | 690.0 | 0.18 | % |
| Whole Sol Group Holdings LLC dba Whole Sol Blend Bar | (#) | 1420 Pearl St., Boulder, CO 80302 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 11/30/2032 | 137.5 | 137.5 | 129.3 | 0.03 | % |
| OFR, Inc | (#) | 1607 Simpson St., Kingsburg, CA 93631 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 11/30/2032 | 425.0 | 425.0 | 393.7 | 0.10 | % |
F-16
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| JOH, Inc dba Morris Wholesale Nursery | (#) | 1909 Patterson Rd., Riverbank, CA 95367 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 11/30/2032 | 121.3 | 121.3 | 109.7 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Stroud's Building Supply, LLC | (#) | 403 E Fleming Dr, Morganton, NC 28655 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 3% | 11/30/2047 | 109.0 | 109.0 | 117.6 | 0.03 | % |
| JJ&B INVESTMENTS LLC and HAPPY LAKE LIFE LLC | (#) | 5028 Lake Rd East, Geneva on the Lake, OH 44041 | Accommodation | Term Loan | Prime plus | 2.75% | 11/30/2047 | 482.5 | 482.5 | 512.6 | 0.14 | % |
| Bassett's Cricket Ranch, Inc and Bassett Ranches | (#) | 365 S Mariposa Ave, Visalia, CA 93292 | Food Manufacturing | Term Loan | Prime plus | 3% | 11/29/2047 | 356.3 | 356.3 | 394.2 | 0.11 | % |
| Veear Projects Inc and Predictive Business Intelligence Inc | (#) | 4695 Chabot Dr., Pleasanton, CA 94588 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/29/2032 | 525.0 | 525.0 | 469.6 | 0.13 | % |
| Dr. Ginger's Health Care Products LLC | (#) | 1815 W Crest Ln, Phoenix, AZ 85027 | Chemical Manufacturing | Term Loan | Prime plus | 3% | 11/29/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| PA Epoxy Inc;Epoxy Depot Everglades Inc;Epoxy Depot Ohio, Inc. | (#) | 654 W Main St., Palmyra, PA 17078 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/29/2032 | 450.0 | 450.0 | 425.1 | 0.11 | % |
| AERGO APPRAISAL, INC | (#) | 29718 226th Ave SE, Black Diamond, WA 98010 | Real Estate | Term Loan | Prime plus | 3% | 11/29/2032 | 53.0 | 53.0 | 47.4 | 0.01 | % |
| Real House Inc and BFM Main St LLC | (#) | 95 Grove St, Montclair, NJ 07042 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/29/2047 | 176.3 | 176.3 | 197.8 | 0.05 | % |
| A-1 HEART MONITORING, LLC | (#) | 361 Atlantic Ave, East Rockaway, NY 11518 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/29/2047 | 204.0 | 204.0 | 227.3 | 0.06 | % |
| Arshad Limo LLC | (#) | 1870 aka 26 Charles St., Merrick, NY 11566 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 3% | 11/29/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| Above Construction Group | (#) | 2801 Coliseum St, Los Angeles, CA 90018 | Construction of Buildings | Term Loan | Prime plus | 3% | 11/29/2032 | 15.0 | 15.0 | 13.4 | — | % |
| Prodigy Scientific | (#) | 7098 Miratech D, San Diego, CA 92121 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/28/2032 | 225.0 | 225.0 | 199.3 | 0.05 | % |
| C&A Empire LLC | (#) | 13825 W Alderny Ct, Wichita, KS 67235 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/28/2047 | 119.6 | 119.6 | 128.0 | 0.03 | % |
| Twim Corp dba I Fix Detroit | (#) | 16401 E Warren Ave, Detroit, MI 48224 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 3% | 11/28/2032 | 75.0 | 75.0 | 67.1 | 0.02 | % |
| Fact Finder Forensics Inc. | (#) | 1299 N 7th St, Philadelphia, PA 19122 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/28/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| Duo Studios, Inc dba The Credit People | (#) | 1 E Erie St ste 525 303, Chicago, IL 60611 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/25/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| NGAA, inc dba Royal Pizza | (#) | 1001 Boston Providence Hwy, Norwood, MA 02062 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 11/23/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| VITA10 IV THERAPY, LIMITED LIABILITY COMPANY | (#) | 3321 Colorado Blvd, Denton, TX 76210 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/23/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| CASWELL BAY,INC and Jesse Walters dba Hillendale Home Care | (#) | 2950 Buskirk Ave, Walnut Creek, CA 94597 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/23/2032 | 482.5 | 482.5 | 431.6 | 0.11 | % |
| SLATE- A RUSTIC TAVERN LLC | (#) | 2401 NY-10, Caroga Lake, NY 12032 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/23/2047 | 50.0 | 50.0 | 53.9 | 0.01 | % |
F-17
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| ONE FAT FROG, INCORPORATED | (#) | 2416 Sand Lake Rd, Orlando, FL 32809 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 3% | 11/23/2032 | 502.5 | 502.5 | 449.5 | 0.12 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rojas Tree Service LLC | (#) | 5180 Oaktree Trail, Stonecrest, GA 30038 | Administrative and Support Services | Term Loan | Prime plus | 3% | 11/23/2032 | 151.3 | 151.3 | 137.3 | 0.04 | % |
| Grisly Manor LLC dba Dynamic Augmented Solutions | (#) | 11107 Trenton Ct, Rancho Cucamonga, CA 91701 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/23/2032 | 52.5 | 52.5 | 47.5 | 0.01 | % |
| Marschand Motor Cars, Limited Co | (#) | 300 Jonesboro Rd., McDonough, GA 30253 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 3% | 11/23/2032 | 49.8 | 49.8 | 45.3 | 0.01 | % |
| BROWN AUTOMOTIVE LLC dba Saville's Service Center | (#) | 37251 E Richards Ln., Purcellville, VA 20132 | Repair and Maintenance | Term Loan | Prime plus | 3% | 11/22/2032 | 119.9 | 119.9 | 108.2 | 0.03 | % |
| American Off-Road Customs LLC | (#) | 5115 Dean Martin Dr, Las Vegas, NV 89118 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/22/2032 | 22.5 | 22.5 | 20.0 | 0.01 | % |
| MHETRA LLC | (#) | 848 Brickell Ave., Penthouse 5, Miami, FL 33131 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/22/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| TDI Partners LLC | (#) | 401 E Las Olas Blvd, Fort Lauderdale, FL 33301 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/22/2032 | 550.0 | 550.0 | 493.5 | 0.13 | % |
| Valenzuela Service Group LLC dba The Cutting Edge Waco | (#) | 2301 Washington Ave, Waco, TX 76701 | Personal and Laundry Services | Term Loan | Prime plus | 3% | 11/22/2032 | 22.3 | 22.3 | 19.9 | 0.01 | % |
| CAPISTRANO GEAR COMPANY, INC dba Aamco Total Care Care | (#) | 33990 Doheny Park Rd, Dana Point, CA 92624 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/22/2032 | 123.8 | 123.8 | 109.6 | 0.03 | % |
| John S James | (#) | 299 Broadway,Floor 17, New York, NY 10007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/21/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| Performance Consulting LLC and Daryl Pater | (#) | 1539a Ashland City Rd, Clarksville, TN 37040 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/21/2047 | 300.0 | 300.0 | 320.2 | 0.09 | % |
| Performance Consulting LLC dba MAINSTREAM HEATING AND COOLING | (#) | 1539 Ashland City Rd Ste. A, Clarksville, TN 37040 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/21/2032 | 325.0 | 325.0 | 290.7 | 0.08 | % |
| NRJ Holdings LLC | (#) | 525 Memory Ln., Antigo, WI 54409 | Accommodation | Term Loan | Prime plus | 2.75% | 11/21/2047 | 325.0 | 325.0 | 364.7 | 0.10 | % |
| Mi Cocina Inc and Saul Sierra dba Mi Cocina Inc | (#) | 1600 West Belleville Ave, Littleton, CO 80120 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2047 | 106.3 | 106.3 | 119.2 | 0.03 | % |
| 4 Your Peace of Mind, LLC | (#) | 435 Buckland Rd, South Windsor, CT 06074 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/21/2032 | 87.5 | 87.5 | 92.9 | 0.02 | % |
| Crystalizations Systems Inc. | (#) | Crystalizations Systems Inc., Holbrook, NY 11741 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 3% | 11/18/2032 | 62.5 | 62.5 | 66.4 | 0.02 | % |
| East Coast Food Services LLC | (#) | 2951 Bayshore Dr., Miami, FL 33133 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/18/2032 | 212.5 | 212.5 | 195.5 | 0.05 | % |
| Bakersfield Glass and Window Incorporated | (#) | 1030 Alta Vista Dr., Bakersfield, CA 93305 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/18/2047 | 61.3 | 61.3 | 68.7 | 0.02 | % |
| Grudziena, Inc. dba Hotworx Surf City | (#) | 112 Charlie Medlin Dr, Surf City, NC 28445 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 3% | 4/18/2033 | 41.8 | 41.8 | 44.5 | 0.01 | % |
| Teamania LLC, dba Teamania | (#) | 20280 N 59th Ave, Glendale, AZ 85308 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 11/18/2032 | 15.0 | 15.0 | 15.1 | — | % |
F-18
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Gold Lion Music Inc. | (#) | 928 S. BROADWAY, Ste. 1002, Los Angeles, CA 90015 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 11/18/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Matthew Paul DBA Cabinets Plus Refacing | (#) | 16651 Shadyridge Dr, Tyler, TX 75703 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 11/18/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Legend Cookware LLC and Willo Island NY LLC | (#) | 46 Main St. #126, Monsey, NY 10952 | Nonstore Retailers | Term Loan | Prime plus | 3% | 11/17/2032 | 264.3 | 264.3 | 236.4 | 0.06 | % |
| Stevens Aviation and Parts LLC dba AERIAL SE | (#) | 1617 Freeman Mill Rd, Suffolk, VA 23438 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 5/17/2048 | 60.0 | 60.0 | 67.8 | 0.02 | % |
| Porto Pavino LLC | (#) | 1300 Wheaton Ave, Millville, NJ 08332 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 11/17/2032 | 250.0 | 250.0 | 232.0 | 0.06 | % |
| PlumbWise, Inc. | (#) | 895 Branch Dr., Alpharetta, GA 30040 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/17/2032 | 374.9 | 374.9 | 332.1 | 0.09 | % |
| RDS Investments, Inc. | (#) | 19677 Grover St., Omaha, NE 68130 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 11/17/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Schwartz's Pallet LLC | (#) | 52240 County Rd. 35, Bristol, IN 46507 | Wood Product Manufacturing | Term Loan | Prime plus | 3% | 11/17/2032 | 143.8 | 143.8 | 131.0 | 0.03 | % |
| BAKER INC dba Baker's Paint and Body Shop | (#) | 903 3rd Ave. W, Palmetto, FL 34221 | Repair and Maintenance | Term Loan | Prime plus | 3% | 11/17/2032 | 87.5 | 87.5 | 92.9 | 0.02 | % |
| Kelly N. Eberle, dba Kelly Nicole Salon | (#) | 931 W Liberty Dr., Wheaton, IL 60187 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 11/17/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Blue Strategies Group LLC | (#) | 4465 E Paradise Village Pkwy. S, Unit #1131, Phoenix, AZ 85032 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 11/17/2032 | 15.5 | 15.5 | 15.8 | — | % |
| Brea Construction LLC | (#) | 1420 N Cumberland St., Metairie, LA 70003 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 11/17/2032 | 12.5 | 12.5 | 12.7 | — | % |
| Red Thread Brands, LLC | (#) | 3922 South East 28th Pl., Portland, OR 97202 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/17/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| Rabits & Romano Architecture, Inc. dba Rabits & Romano Architecture | (#) | 5205 S Orange Ave, Edgewood, FL 32809 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/17/2032 | 81.3 | 81.3 | 86.3 | 0.02 | % |
| Pricetone Entertainment LLC | (#) | 3200 N San Fernando Blvd, Burbank, CA 91504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 11/16/2032 | 15.0 | 15.0 | 15.3 | — | % |
| MAJIC TOUCH WINDOW TINTING INC. | (#) | 6623 West 111th Strret, Worth, IL 60482 | Repair and Maintenance | Term Loan | Prime plus | 3% | 11/16/2032 | 22.5 | 22.5 | 21.5 | 0.01 | % |
| Shea Grace Wellness LLC | (#) | 18 Blyman Ct, Trenton, NJ 08690 | Personal and Laundry Services | Term Loan | Prime plus | 3% | 5/16/2033 | 135.7 | 135.7 | 122.2 | 0.03 | % |
| Smash Ink Design, Inc. | (#) | 445B S Blackstock Rd, Spartanburg, SC 29301 | Printing and Related Support Activities | Term Loan | Prime plus | 3% | 11/16/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| West 7th Corp dba Piscataway Auto & Truck Repair and Charles Lehmann | (#) | 1801 West 7th St, Piscataway, NJ 08854 | Repair and Maintenance | Term Loan | Prime plus | 3% | 11/15/2047 | 60.0 | 60.0 | 67.7 | 0.02 | % |
| Irydescents Inc. | (#) | 12953 Carriage Rd, Poway, CA 92064 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/15/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| E&A CORBETT ENTERPRISES LLC dba Your Pie - Lee Vista | (#) | 4425 Carolwood St., Orlando, FL 32812 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 11/15/2032 | 87.5 | 87.5 | 78.9 | 0.02 | % |
F-19
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Post American Fine Art LP | (#) | 1810 E Sahara Ave, Ste. 455, Las Vegas, NV 89104 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 11/14/2032 | 21.5 | 21.5 | 21.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Elle Medical Aesthetics and Welness, LLC | (#) | 500 Commonwealth Ave, Boston, MA 02215 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/14/2047 | 1,225.0 | 1,225.0 | 1,290.8 | 0.34 | % |
| Auburn Downtown Limo L.L.C. | (#) | 430 W Glenn Ave, Auburn, AL 36832 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 3% | 11/11/2032 | 21.0 | 21.0 | 22.3 | 0.01 | % |
| Vosges Holdings, LLC | (#) | 2950 N Oakley, Chicago, IL 60618 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/10/2032 | 600.0 | 600.0 | 531.6 | 0.14 | % |
| Armstrong Law, PLLC | (#) | 624 Elk St, Gassaway, WV 26624 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/10/2047 | 22.5 | 22.5 | 24.1 | 0.01 | % |
| Mosley and Associates Consulting, LLC | (#) | 491 Glendalough Pl SW, Atlanta, GA 30310 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 11/10/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| K Broussard Industries LLC | (#) | 3188 Carbide Dr, Sulphur, LA 70665 | Repair and Maintenance | Term Loan | Prime plus | 3% | 11/9/2032 | 20.3 | 20.3 | 19.1 | 0.01 | % |
| Evolve Foot and Woundcare P.L.L.C | (#) | 27 Hospital Ave., Danbury, CT 06810 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/9/2047 | 48.2 | 48.2 | 51.0 | 0.01 | % |
| Integrity Home Care Corporation | (#) | 8954 Reseda Blvd, Ste. 201, Northridge, CA 91324 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/8/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| Harness Power, Inc. | (#) | 439 E Harrison St, Corona, CA 92879 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/8/2032 | 1,000.0 | 1,000.0 | 896.5 | 0.24 | % |
| A. Diamond Production, Inc. dba The Fulton Shop | (#) | 2150 Cesar Chavez St, San Francisco, CA 94124 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 3% | 11/8/2032 | 87.5 | 87.5 | 78.3 | 0.02 | % |
| GJS APPRAISAL SERVICES LLC | (#) | 200 Hoover Ave, Las Vegas, NV 89101 | Real Estate | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Educational Equity Services, LLC | (#) | 9382 Pep Rally Ln, Waldorf, MD 20603 | Educational Services | Term Loan | Prime plus | 3% | 11/4/2032 | 50.0 | 50.0 | 44.7 | 0.01 | % |
| GARRELTS GLASS LLC | (#) | 18018 SW Hopkins Switch Rd., Douglass, KS 67039 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| CAN'T RANCH, LLC | (#) | 2302 Henderson Way, Plant City, FL 33563 | Animal Production and Aquaculture | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| Ray’s Big Top Tents, Inc | (#) | 1320 Belmar Dr, Louisville, KY 40213 | Rental and Leasing Services | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| L & L Operations; Jennifer E. Symons and John M. Symons | (#) | 656 Lakeside Dr, Rock Hill, SC 29730 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/4/2032 | 16.2 | 16.2 | 14.5 | — | % |
| East Rock Construction, LLC | (#) | 4333 Still Ct, Slatington, PA 18080 | Construction of Buildings | Term Loan | Prime plus | 3% | 11/4/2032 | 50.0 | 50.0 | 45.7 | 0.01 | % |
| Peggs Designs LLC | (#) | 812 NE 16th St, Fort Lauderdale, FL 33304 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 11/3/2032 | 25.0 | 25.0 | 25.5 | 0.01 | % |
| N & A Express Inc | (#) | 13209 Sharondale Ct., Riverview, FL 33579 | Truck Transportation | Term Loan | Prime plus | 3% | 11/3/2032 | 20.4 | 20.4 | 18.2 | — | % |
| Loving Life LLC | (#) | 2 Mechanic St, Pawcatuck, CT 06379 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 3% | 11/3/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| International Business Deals, Inc. dba Glass Doctor | (#) | 80 Wyche Rd, Stafford, VA 22554 | Repair and Maintenance | Term Loan | Prime plus | 3% | 11/3/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
F-20
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| DE Luxury Event Planning & Rentals LLC,De Lux Enterprises Inc | (#) | 985 Arnet Ave, Union, NJ 07083 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/3/2047 | 253.8 | 253.8 | 263.2 | 0.07 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nautigirl Beachwear Inc and Anthony Rate | (#) | 216 2nd St N, St. Petersburg, FL 33701 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 3% | 11/3/2032 | 78.8 | 78.8 | 70.4 | 0.02 | % |
| A & L Associates LLC dba Floor coverings international of Sugarland | (#) | 4240 Bluebonnet Dr., Stafford, TX 77477 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/2/2032 | 22.5 | 22.5 | 20.1 | 0.01 | % |
| US Trusted Towing, Inc | (#) | 1000 W. Horsetooth Rd., Fort Collins, CO 80526 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 11/2/2032 | 12.5 | 12.5 | 12.7 | — | % |
| Prevail Practices, PLLC dba Prevail Physical Therapy | (#) | 17012 Aurora Ave North, Shoreline, WA 98133 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 11/2/2032 | 87.5 | 87.5 | 79.3 | 0.02 | % |
| Hexaider Technologies LLC | (#) | 555 Winderley Pl. Ste. 300, Maitland, FL 32751 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 11/1/2032 | 125.0 | 125.0 | 111.8 | 0.03 | % |
| Solcium Solar LLC | (#) | 302 S Oak Ave, Sanford, FL 32771 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 11/1/2032 | 212.5 | 212.5 | 190.4 | 0.05 | % |
| Eyecare on the Square, LLC and Clear Eyes Aesthetics, LLC | (#) | 6833 Wooster Pike, Cincinnati, OH 45227 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/31/2032 | 243.7 | 243.7 | 220.3 | 0.06 | % |
| ROOF IT RIGHT, LLC and THE RIGHT INVESTMENT GROUP, LLC | (#) | 1452 Hugh Ave Ste. 1, Louisville, KY 40213 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/31/2047 | 238.5 | 238.5 | 250.8 | 0.07 | % |
| B&B Cars, LLC and Bret Parkinson | (#) | 4144 S State St, Millcreek, UT 84107 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/31/2032 | 154.9 | 154.9 | 137.4 | 0.04 | % |
| Billion Tower Int'l, LLC | (#) | 240 W40th St., 5th Floor, New York, NY 10018 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 3% | 10/31/2032 | 87.0 | 87.0 | 77.9 | 0.02 | % |
| Goff Heat and Air LLC | (#) | 927 W Veterans Memorial Hwy, Blanchard, OK 73010 | Specialty Trade Contractors | Term Loan | Prime plus | 3% | 10/31/2032 | 147.0 | 147.0 | 132.3 | 0.04 | % |
| Global Fashion Works, LLC dba Flying Colors Apparel | (#) | 7513 Connelley Dr. Ste. A, Hanover, MD 21076 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/31/2032 | 397.8 | 397.8 | 352.7 | 0.09 | % |
| ES&A, INC., A LAW CORPORATION | (#) | 1003 Bishop St, Ste. 2750, Honolulu, HI 96813 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 10/31/2032 | 37.3 | 37.3 | 33.4 | 0.01 | % |
| Goshen House & Trading LLC and ATSU AGBETSI | (#) | 4310 Pennwood Rd, Brentwood, MD 20722 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/31/2048 | 19.2 | 19.2 | 21.6 | 0.01 | % |
| Sitas Sweets LLC | (#) | 2600 W 9 Mile Rd., Pensacola, FL 32534 | Food Manufacturing | Term Loan | Prime plus | 3% | 10/31/2032 | 22.4 | 22.4 | 20.0 | 0.01 | % |
| Mankind, L.L.C. | (#) | 2741 Patterson rd sw,, Pataskala, OH 43062 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 10/28/2032 | 22.4 | 22.4 | 19.8 | 0.01 | % |
| McQueen Companies LLC dba McQueen Building Company | (#) | 1105 Boyce Rd., Pittsburgh, PA 15241 | Construction of Buildings | Term Loan | Prime plus | 3% | 10/28/2047 | 147.4 | 147.4 | 163.3 | 0.04 | % |
| Global One Media, Inc | (#) | 6605 Grand Montecito Pkwy, Las Vegas, NV 89149 | Broadcasting (except Internet) | Term Loan | Prime plus | 2.75% | 10/28/2032 | 200.2 | 200.2 | 178.2 | 0.05 | % |
| Global One Media, Inc | (#) | 6605 Grand Montecito Pkwy, Las Vegas, NV 89149 | Broadcasting (except Internet) | Term Loan | Prime plus | 2.75% | 10/28/2047 | 121.4 | 121.4 | 129.7 | 0.03 | % |
| Parkway-Kew Corporation | (#) | 2095 Execelsior Ave, North Brunswick, NJ 08902 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/28/2032 | 380.4 | 380.4 | 400.8 | 0.11 | % |
F-21
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Learn2speak.net LLC | (#) | 12768 Wood Trail Blvd., TAMPA, FL 33625 | Ambulatory Health Care Services | Term Loan | Prime plus | 3% | 10/28/2032 | 22.4 | 22.4 | 20.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nevada Winshield Repair, LLC dba Superglass Windshield Repair Nevada | (#) | 2300 W Sahara Ave Ste. 800, Las Vegas, NV 89102 | Repair and Maintenance | Term Loan | Prime plus | 3% | 10/28/2032 | 14.2 | 14.2 | 12.7 | — | % |
| Kevin Concannon LLC dba E.M. Diagnostics | (#) | 4840 E Salida Del Sol Pl, Tucson, AZ 85718 | Health and Personal Care Stores | Term Loan | Prime plus | 3% | 10/28/2032 | 1,156.5 | 1,156.5 | 1,052.5 | 0.28 | % |
| Global One Media, Inc | (#) | 6605 Grand Montecito Pkwy, Las Vegas, NV 89149 | Broadcasting (except Internet) | Term Loan | Prime plus | 2.75% | 10/28/2047 | 57.9 | 57.9 | 63.4 | 0.02 | % |
| RightTalents LLC | (#) | 639 Passaic Ave, Nutley, NJ 07110 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 10/28/2032 | 62.2 | 62.2 | 55.6 | 0.01 | % |
| Prometheus Retail Solutions | (#) | 1211 San Simeon Dr., Roseville, CA 95661 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/28/2032 | 87.0 | 87.0 | 77.2 | 0.02 | % |
| Eleven11, LLC dba Eleven11 Event Studio | (#) | 27690 Middlebelt Rd, Farmington Hills, MI 48334 | Real Estate | Term Loan | Prime plus | 3% | 10/28/2032 | 22.4 | 22.4 | 20.0 | 0.01 | % |
| Sanderson & Associates LLC | (#) | 198 Cemetery St., Winder, GA 30680 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 10/28/2032 | 62.2 | 62.2 | 66.0 | 0.02 | % |
| Common Interest Investment Group LLC dba Sky Zone of Columbus GA | (#) | 3716 Gentian Blvd., Columbus, GA 31907 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 3% | 10/28/2032 | 87.0 | 87.0 | 80.0 | 0.02 | % |
| Daze Salon Suites LLC | (#) | 1310 E Broadway Rd Ste. 102, Tempe, AZ 85282 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/28/2033 | 10.3 | 10.3 | 9.2 | — | % |
| Five Churches By The Bay, LLC;Five Churches Brewing LLC | (#,^) | 215 Main St., Niantic, CT 06357 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/28/2032 | 119.6 | 119.6 | 126.0 | 0.03 | % |
| Parkway-Kew Corporation and Extreme Performance Technology, LLC | (#) | 2095 Execelsior Ave, North Brunswick Township, NJ 08902 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/28/2047 | 507.0 | 507.0 | 569.0 | 0.15 | % |
| California Recovery Center LLC | (#) | 423 Oak St, Roseville, CA 95678 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 3% | 10/27/2032 | 170.3 | 170.3 | 163.5 | 0.04 | % |
| Brooklyn Magazine, LLC | (#) | 226 Prospect Park West # 175, Brooklyn, NY 11215 | Other Information Services | Term Loan | Prime plus | 2.75% | 10/27/2032 | 149.2 | 149.2 | 132.2 | 0.04 | % |
| Inpowered, Inc | (#) | 584 Castro St, San Francisco, CA 94114 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 10/27/2032 | 919.8 | 919.8 | 822.8 | 0.22 | % |
| J&A Fitness LLC dba ANYTIME FITNESS | (#) | 914- 948 Lee St, Jefferson, GA 30549 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/27/2033 | 114.5 | 114.5 | 106.0 | 0.03 | % |
| Mariposa Group LLC dba YogaSix Bellevue | (#) | 8131 Sawyer Brown Rd, Nashville, TN 37221 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/27/2033 | 27.1 | 27.1 | 26.2 | 0.01 | % |
| The DRT Agency Inc | (#) | 6026 Castlebrook Dr., Castro Valley, CA 94552 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 10/27/2032 | 161.6 | 161.6 | 144.6 | 0.04 | % |
| SLCP Transport, LLC dba AAMCO Transmission | (#) | 111 Brentwood Dr. E, College Station, TX 77840 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/27/2047 | 146.1 | 146.1 | 161.6 | 0.04 | % |
| Sharleen D. Spohn dba BS Wholesales | (#) | 330 N. Reading Rd., Ephrata, PA 17522 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 10/27/2032 | 14.9 | 14.9 | 13.4 | — | % |
| Mixed Up Cakes LLC | (#) | 42978 Lost Farm Ter., Leesburg, VA 20175 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 3% | 10/27/2032 | 49.7 | 49.7 | 44.5 | 0.01 | % |
F-22
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sierra Care LLC | (#) | 101 Smith Dr., Ste. 2, Cranberry Township, PA 16066 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/26/2047 | 117.8 | 117.8 | 124.0 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GETTYSBURG CLEANER, LLC | (#) | 12 Springs Ave, Gettysburg, PA 17325 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 10/26/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Wine 702 LLC dba The Wine Emporium | (#) | 702 Bridgeport Ave, Shelton, CT 06484 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 10/26/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| ORMENO ENTERPRISES, LLC dba A and B Muffler Plus | (#) | 1924 N Galloway Ave, Mesquite, TX 75149 | Repair and Maintenance | Term Loan | Prime plus | 3% | 10/26/2032 | 74.6 | 74.6 | 79.2 | 0.02 | % |
| The studio pilates Az LLC DBA Sultivate | (#) | 468 S Main St, Cottonwood, AZ 86326 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 10/26/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Beard Health Inc dba Prime IV Hydration and Wellness | (#) | 9747 E 21st St N, Ste. 139, Wichita, KS 67206 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/26/2033 | 66.3 | 66.3 | 58.8 | 0.02 | % |
| The SPA Sante and Salon, Inc | (#) | 153 E Holly St, Pasadena, CA 91101 | Personal and Laundry Services | Term Loan | Prime plus | 3% | 10/26/2032 | 87.0 | 87.0 | 82.2 | 0.02 | % |
| McQueen Companies LLC, F.K.A. Farmhouse Luxe and Co. Limited Liability | (#) | 1105 Boyce Rd., Pittsburgh, PA 15241 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 10/25/2032 | 348.1 | 348.1 | 308.4 | 0.08 | % |
| In the Round LLC | (#) | 1305 Stratton Ave., Nashville, TN 37206 | Rental and Leasing Services | Term Loan | Prime plus | 3% | 10/25/2032 | 79.1 | 79.1 | 76.5 | 0.02 | % |
| IDOCKET.COM, LLC | (#) | 447 Hickory St, Hereford, TX 79045 | Publishing Industries (except Internet) | Term Loan | Prime plus | 3% | 10/25/2032 | 621.8 | 621.8 | 556.2 | 0.15 | % |
| Building Shooters Technology LLC | (#) | 700 Church St. Apt 604, Nashville, TN 37203 | Educational Services | Term Loan | Prime plus | 2.75% | 10/25/2032 | 22.4 | 22.4 | 20.3 | 0.01 | % |
| ANDREA R. SLOSS dba Images By Andrea Rae | (#) | 3140 Black Oak Dr, Rocklin, CA 95765 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/25/2032 | 14.9 | 14.9 | 15.2 | — | % |
| The Better Pool Guy & Home Solutions Inc | (#) | 4420 South Hwy. 27 Unit 8, Clermont, FL 34711 | Administrative and Support Services | Term Loan | Prime plus | 3% | 10/25/2032 | 124.4 | 124.4 | 132.1 | 0.04 | % |
| New London Ink, LLC | (#) | 90 Bank St., New London, CT 06320 | Personal and Laundry Services | Term Loan | Prime plus | 3% | 10/24/2032 | 22.0 | 22.0 | 20.6 | 0.01 | % |
| Elexa Consumer Products, Inc | (#) | 126 E Wing St Ste. 379, Arlington Heights, IL 60004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/24/2032 | 87.4 | 87.4 | 92.1 | 0.02 | % |
| Net Retailers, Inc dba PatioContract | (#) | 980 N Michigan Ave, Chicago, IL 60611 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 3% | 10/24/2032 | 1,243.3 | 1,243.3 | 1,112.3 | 0.30 | % |
| Mambos CCP LLC and Mambos Holdings, LLC | (#) | 13770 Beach Blvd, Jacksonville, FL 32224 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/21/2047 | 499.6 | 499.6 | 544.5 | 0.15 | % |
| Mulder's Landscape Supplies, Inc. | (#) | 3333 Ravine Rd, Kalamazoo, MI 49006 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 10/21/2032 | 14.9 | 14.9 | 15.2 | — | % |
| Elite Lifting Service, LLC | (#) | 3 Garden Cove Dr., Key Largo, FL 33037 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/21/2032 | 47.7 | 47.7 | 45.2 | 0.01 | % |
| Muller Miles Trucking LLC | (#) | 14107 Newberry Grove Ln, Rosharon, TX 77583 | Truck Transportation | Term Loan | Prime plus | 6.5% | 10/21/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Prime Time Coatings, Inc. | (#) | 202 E. 26th St., National City, CA 91950 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/21/2032 | 149.2 | 149.2 | 132.2 | 0.04 | % |
F-23
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| KATEMOVES INC dba The Dance Academy at Costa Mesa | (#) | 4667 MacArthur Blvd Ste. 150, Newport Beach,, CA 92660 | Educational Services | Term Loan | Prime plus | 3% | 10/21/2032 | 16.4 | 16.4 | 14.7 | — | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| MYE Technologies, Inc A California Corp; MYE Technologies Inc | (#) | 25060 Ave. Stanford,Ste. #145, Valencia, CA 91355 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/21/2032 | 385.5 | 385.5 | 383.2 | 0.10 | % | ||||||||||||||
| Penny P Cook dba Cook Home | (#) | 1862 Florence Ave, Sanger, CA 93657 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 10/20/2047 | 174.8 | 174.8 | 183.2 | 0.05 | % | ||||||||||||||
| Frederick Mayfield and Michael Pechar dba Vitraform, Inc | (#) | 4201 E 48th Ave, Denver, CO 80216 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/20/2032 | 87.0 | 87.0 | 78.4 | 0.02 | % | ||||||||||||||
| Goodwood Brewing Company LLC dba Goodwood Brewing Co | (#) | 636 E Main St, Louisville, KY 40202 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/20/2032 | 925.0 | 925.0 | 835.7 | 0.22 | % | ||||||||||||||
| Cedar Point Hardscapes Supply, LLC | (#) | 229 Pete Rd., Newport, NC 28570 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/20/2047 | 45.0 | 45.0 | 42.9 | 0.01 | % | ||||||||||||||
| SAFER SCHOOL SOLUTIONS, LLC | (#) | 333 Las Olas Way, Fort Lauderdale, FL 33301 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/19/2032 | 87.0 | 87.0 | 77.1 | 0.02 | % | ||||||||||||||
| Zenoff Products. Inc. | (#) | 1585 Creek St, San Marcos, CA 92078 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/19/2032 | 130.6 | 130.6 | 115.7 | 0.03 | % | ||||||||||||||
| NELTA EQUIPMENT SALES AND GENERAL COMMERCE LLC | (#) | 14015 Foyt Dr, Mont Belvieu, TX 77523 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/19/2032 | 87.0 | 87.0 | 78.4 | 0.02 | % | ||||||||||||||
| WRIGHT-DUNNIGAN, INC dba KCI SITE SERVICES | (#) | 671 Hedburg Way, Oakdale, CA 95361 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/18/2032 | 14.9 | 14.9 | 13.2 | — | % | ||||||||||||||
| Bhavi Corp dba The Penn Stroud and DK Stroudsburg LLC | (#) | 700 Main St, Stroudsburg, PA 18360 | Accommodation | Term Loan | Prime plus | 2.75% | 10/18/2032 | 87.0 | 87.0 | 77.1 | 0.02 | % | ||||||||||||||
| ORTIZ ORCHARD BRUSH SHREDDING AND ORTIZ SHREDDING & HARVESTING | (#) | 1934 Johnson Ave, Dos Palos, CA 93620 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 10/17/2032 | 547.0 | 547.0 | 517.1 | 0.14 | % | ||||||||||||||
| Anna Marie's Fajita Shack LLC | (#) | 411 Marywood Dr, Henderson, KY 42420 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 10/17/2032 | 10.2 | 10.2 | 10.4 | — | % | ||||||||||||||
| A Younger You, PLLC | (#) | 1431 Orange Camp Rd., Ste. 115, DeLand, FL 32724 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/14/2032 | 22.4 | 22.4 | 20.9 | 0.01 | % | ||||||||||||||
| Psychonautic Entertainment dba : Hottest Hell Tours | (#) | 2520 Deers St, New Orleans, LA 70117 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/14/2032 | 99.5 | 99.5 | 94.5 | 0.03 | % | At Peace Logistics Inc dba The Exercise Coach | (#) | 10740 Green Harvest Dr., Riverview, FL 33578 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/14/2032 | 56.7 | 56.7 | 51.9 | 0.01 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| MandM Lopez Corporation | (#) | 54 Kestrel, Irvine, CA 92618 | Miscellaneous Store Retailers | Term Loan | Prime plus | 3% | 10/14/2032 | 22.4 | 22.4 | 20.1 | 0.01 | % | ||||||||||||||
| Accent Tag & Label, Inc | (#) | 2201 Rittenhouse St., Des Moines, IA 50321 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 10/14/2032 | 182.8 | 182.8 | 171.8 | 0.05 | % | ||||||||||||||
| Bay Environmental, Inc.and Mark Anthony Wev | (#) | 11261 Richmond Ave, Houston, TX 77082 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/14/2032 | 22.4 | 22.4 | 19.8 | 0.01 | % |
F-24
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| David Brian McNamara dba Sidestreets Delicatessen | (#) | 2152 South Cochran Rd., Charlotte, MI 48813 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/14/2032 | 78.3 | 78.3 | 69.4 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GATORTURTLE, INC dba Window Genie of Destin, Ft Walton and Navarre | (#) | 7274 Mossy Oaks Dr, Navarre, FL 32566 | Administrative and Support Services | Term Loan | Prime plus | 3% | 10/14/2032 | 22.4 | 22.4 | 20.3 | 0.01 | % |
| Afrodisiac Enterprises LLC dba AFRODISIAC NOLA | (#) | 5363 Franklin ave, New Orleans, LA 70122 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/13/2032 | 14.9 | 14.9 | 13.3 | — | % |
| A&R Marine, LLC and A&R Marine Proprety Holdings, LLC | (#) | 10129 US-17, McClellanville, SC 29458 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/13/2047 | 182.3 | 182.3 | 196.0 | 0.05 | % |
| A & R Marine, LLC dba Cape Romain Marine | (#) | 10129 Hwy 17, McClellanville, SC 29458 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/13/2032 | 290.9 | 290.9 | 257.7 | 0.07 | % |
| BARUCH AND PAGAN ASSOCIATES INC dba ROCKVILLE WINDOW & DOOR | (#) | 8505 Muscatello Ct,, Gaithersburg, MD 20877 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/12/2032 | 15.5 | 15.5 | 13.9 | — | % |
| Urban Farm Mart Inc | (#) | 13863 S Military Trail, Delray Beach, FL 33484 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 10/12/2032 | 37.3 | 37.3 | 33.1 | 0.01 | % |
| Yeren LLC | (#) | 347 5th Ave, New York, NY 10016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/12/2032 | 25.0 | 25.0 | 25.4 | 0.01 | % |
| Long Island Pool Care Corp | (#) | 50000 Main Rd., Southold, NY 11971 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/12/2032 | 373.0 | 373.0 | 354.2 | 0.09 | % |
| Debra J Reid dba Golden State Specialties | (#) | 400 Park Center Dr #7, Hollister, CA 95023 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/12/2032 | 22.4 | 22.4 | 19.8 | 0.01 | % |
| Five Star Aviation Enterprises Inc. | (#) | 2091 Dobbs Rd,, St. Augustine, FL 32086 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 10/12/2032 | 87.0 | 87.0 | 77.1 | 0.02 | % |
| Valentine Productions LLC | (#) | 4-4382 Kuhio Hwy, Anahola, HI 96703 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 10/11/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Trinity SB Ventures LLC, dba Trinity Property Management | (#) | 606 E Chippewa St., Paola, KS 66071 | Real Estate | Term Loan | Prime plus | 6.5% | 10/11/2032 | 14.9 | 14.9 | 15.2 | — | % |
| Francisco Jose Cordovez | (#) | 11113 Biscayne Blvd., Miami, FL 33181 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/10/2032 | 10.2 | 10.2 | 10.4 | — | % |
| R Babu Enterprise Inc | (#) | 316 E 3rd St., Ste. B, Los Angeles, CA 90013 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/10/2032 | 77.1 | 77.1 | 68.3 | 0.02 | % |
| Fritz Irrigation, Inc. | (#) | 4535 S.E. Basswood Ter., Stuart, FL 34997 | Utilities | Term Loan | Prime plus | 2.75% | 10/7/2032 | 20.1 | 20.1 | 17.9 | — | % |
| Finn MacCool's Irish Bar, LLC | (#) | 1127 Eldridge Pkwy Ste 600, Houston, TX 77077 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/7/2032 | 70.6 | 70.6 | 62.8 | 0.02 | % |
| Poteat's Transmission Parts Inc | (#) | 1906 N Main St., Kannapolis, NC 28081 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 10/7/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Call's Community Pharmacy, LLC | (#) | 985 S Main St., Snowflake, AZ 85937 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 10/7/2032 | 149.2 | 149.2 | 132.3 | 0.04 | % |
| Pickett Excavating, LLC | (#) | 3958 Ky Hwy 1032 E, Berry, KY 41003 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/7/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| T&D ELECTRIC INC | (#) | 4211 Smithsonia Ct,, Tucker, GA 30084 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/7/2032 | 12.3 | 12.3 | 12.6 | — | % |
F-25
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| 123 GO DAYCARE INC. | (#) | 2558 Creston Ave., Apt GRI, Bronx, NY 10468 | Social Assistance | Term Loan | Prime plus | 6.5% | 10/7/2032 | 14.9 | 14.9 | 15.2 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lily Beans Microroasted Coffee, LLC dba LilyBean Coffee & Creamery | (#) | 108 E Warren St, Shelby, NC 28150 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 10/7/2032 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Frozen Flavors, LLC dba Let it Be Ice Cream | (#) | 3127 Beach Blvd S, Gulfport, FL 33707 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/6/2032 | 87.0 | 87.0 | 77.2 | 0.02 | % |
| MK&C, LLC and KMCptic L.L.C. | (#) | 96 South Main St., New Hope, PA 18938 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/6/2047 | 121.3 | 121.3 | 133.8 | 0.04 | % |
| Paradise Pools, Spas & More, Inc. | (#) | 350 W Plz. Dr., Unit 3, Mooresville, NC 28117 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/6/2032 | 62.2 | 62.2 | 55.9 | 0.01 | % |
| Kooi Law Firm, LLC | (#) | 17665 Pebble Center Dr., Noblesville, IN 46062 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/6/2032 | 229.7 | 229.7 | 217.2 | 0.06 | % |
| One Love Jiu Jitsu LLC | (#) | 5255 S Decatur Blvd, Las Vegas, NV 89118 | Educational Services | Term Loan | Prime plus | 6.5% | 10/5/2032 | 19.9 | 19.9 | 20.3 | 0.01 | % |
| F5 Athletics LLC | (#) | 1078 W 350 S, Syracuse, UT 84075 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 10/5/2032 | 22.4 | 22.4 | 22.8 | 0.01 | % |
| Master Auto Repair LLC | (#) | 4410 Lawrenceville Hwy. NW, Lilburn, GA 30047 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/4/2047 | 222.8 | 222.8 | 239.3 | 0.06 | % |
| Sapphire Software Services, Inc | (#) | 1470 Englert Rd., Eagan, MN 55122 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/3/2032 | 22.4 | 22.4 | 19.8 | 0.01 | % |
| Faxon Enterprises Inc dba Henderson Fabrication | (#,^) | 3107 Nichols Ave, Bay City, TX 77414 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2032 | 222.6 | 222.6 | 204.0 | 0.05 | % |
| Studio 27 Inc | (#) | 2-6 Central Ave., Massapequa, NY 11758 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/30/2047 | 324.4 | 324.4 | 364.0 | 0.10 | % |
| Big Happy, Inc. | (#) | 17 E 48th St, New York, NY 10017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/30/2032 | 207.8 | 207.8 | 186.0 | 0.05 | % |
| Kompleye Attestation LLC | (#) | 10507 Patrician Woods Ct,, Great Falls, VA 22066 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/30/2032 | 86.6 | 86.6 | 76.7 | 0.02 | % |
| MB Construction & Real Estate LLC | (#) | 5375 Katelyn Ave., Van Meter, IA 50261 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/30/2032 | 86.6 | 86.6 | 76.7 | 0.02 | % |
| Dough Tally LLC dba DoubleDave's Pizzaworks - Sugar Land | (#) | 4875 Hwy. 6, Missouri City, TX 77459 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2032 | 101.7 | 101.7 | 92.3 | 0.02 | % |
| Dennis Mosley Equipment Services | (#) | 5386 Seth Cobb Rd., Lauderdale, MS 39335 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2032 | 324.1 | 324.1 | 287.1 | 0.08 | % |
| FCA Construction LLC and Albert W. Courcelle, III | (#) | 5609 Crawford St, Elmwood, LA 70123 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2032 | 865.8 | 865.8 | 767.1 | 0.20 | % |
| National Senior Benefit Advisors Inc | (#) | 4241 Jutland Dr., Ste. 101, San Diego, CA 92117 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 9/30/2032 | 160.8 | 160.8 | 142.5 | 0.04 | % |
| A.C. Development, LLC | (#) | 9804 Plowline Rd, Randallstown, MD 21133 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/30/2032 | 44.5 | 44.5 | 39.5 | 0.01 | % |
| La Michoacana El Rodeo Ice Cream Parlors, LLC | (#) | 770 E 6th St., Beaumont, CA 92223 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2032 | 22.3 | 22.3 | 20.3 | 0.01 | % |
| G3 Florida Enterprises LLC dba Grumpy's Restaurant Company | (#) | 200 3rd St., Neptune Beach, FL 32266 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/30/2033 | 313.8 | 313.8 | 302.3 | 0.08 | % |
F-26
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Cabridor LLC, Brian Dorick and Caroline Ziegler Dorick | (#) | 44 Manchester Ave, Forked River, NJ 08731 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/30/2047 | 110.8 | 110.8 | 123.1 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SE Iowa metals Recycling Inc dba Complete Recycling | (#) | 2140 Vetch Blvd, Lockridge, IA 52635 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/30/2032 | 247.1 | 247.1 | 223.0 | 0.06 | % |
| Greene Legal Group LLC | (#) | 600 W Peachtree St. NW, Ste. 605, Atlanta, GA 30308 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/30/2032 | 432.9 | 432.9 | 383.5 | 0.10 | % |
| LDD Construction Inc | (#) | 3900 Allen Rd., Bakersfield, CA 93314 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2032 | 84.1 | 84.1 | 88.6 | 0.02 | % |
| Frosina, LLC | (#) | 1724 E 7th Ave, Tampa, FL 33605 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2032 | 259.7 | 259.7 | 230.1 | 0.06 | % |
| Intelligent Security Systems Corporation | (#) | 1480 US-9, Woodbridge Township, NJ 07095 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/29/2032 | 494.7 | 494.7 | 439.3 | 0.12 | % |
| NC DRIVE THRU INC dba EZ Pass Drive Thru | (#) | 2200 South Evans St., Greenville, NC 27834 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/29/2047 | 112.3 | 112.3 | 118.3 | 0.03 | % |
| Air Bud Entertainment, Inc | (#) | 23410 Civic Center Way, Malibu, CA 90265 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/29/2032 | 371.1 | 371.1 | 328.8 | 0.09 | % |
| Food Sales Midwest, LLC | (#) | 908 Wolfrum Glen Ct., St Peters, MO 63304 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 6.5% | 9/29/2032 | 15.9 | 15.9 | 16.2 | — | % |
| AMF Industrial LLC | (#) | 4612 nw 74th ave, Miami, FL 33166 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/29/2032 | 248.5 | 248.5 | 240.7 | 0.06 | % |
| Blueprint Consulting Services, LLC dba Excelicon | (#) | 1444 I St NW, Washington, DC 20005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/29/2032 | 321.6 | 321.6 | 284.9 | 0.08 | % |
| A2Z Automation Group LLC, | (#) | 13007 SW 68th Ter., Miami, FL 33183 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/29/2032 | 24.8 | 24.8 | 25.3 | 0.01 | % |
| Using Design To Multiply Outcomes, LLC | (#) | 8211 E Cypress St, Scottsdale, AZ 85257 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/29/2032 | 49.5 | 49.5 | 43.9 | 0.01 | % |
| WALKING URGENT CARE, INC | (#) | 10308 W Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/29/2032 | 148.4 | 148.4 | 131.5 | 0.04 | % |
| Water Damage Rescue Inc | (#) | 7232 Owensmouth Ave, Canoga Oark, CA 91303 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/29/2047 | 201.4 | 201.4 | 205.1 | 0.05 | % |
| Pitman Pharmacy Inc | (#) | 39 South Broadway, Pitman, NJ 08071 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/29/2032 | 408.2 | 408.2 | 373.6 | 0.10 | % |
| Franklin Fitness, LLC dba Hotworx Studio | (#) | 2860 Chapel Hill Rd, Douglasville, GA 30135 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 3% | 2/28/2033 | 87.5 | 87.5 | 81.2 | 0.02 | % |
| Vision Construction & Developers LLC | (#) | 805 Barkwood Ct Ste. G, Linthicum Heights, MD 21090 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/29/2032 | 742.1 | 742.1 | 657.5 | 0.18 | % |
| Revolution Energy Services, Inc | (#) | 1217 Laurel Hill Rd, McDonald, PA 15057 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/28/2032 | 1,236.9 | 1,236.9 | 1,175.6 | 0.31 | % |
| Recovering Life Services, LLC | (#) | 155 Main Dunstable Rd. Ste. 130, Nashua, NH 03060 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/28/2032 | 1,236.9 | 1,236.9 | 1,101.9 | 0.29 | % |
| Marketplace Inc dba Wilbur Wholesale Foods | (#) | 818 Market St unit 102, Woodstock, GA 30188 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/28/2032 | 1,088.4 | 1,088.4 | 1,022.6 | 0.27 | % |
| Faith Memorial Chapel L.L.C. | (#) | 600 9th Ave. North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/28/2047 | 235.5 | 235.5 | 264.3 | 0.07 | % |
F-27
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Elite Kidz LLC | (#) | 30 E Crossville Rd., Roswell, GA 30075 | Educational Services | Term Loan | Prime plus | 2.75% | 9/28/2032 | 11.9 | 11.9 | 10.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bishopville Manor Management Group LLC and Bishopville 2779 LLC | (#) | 2779 US-15, Bishopville, SC 29010 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 9/28/2047 | 168.5 | 168.5 | 181.3 | 0.05 | % |
| Strumba Media LLC dba Miracle Noodle | (#) | 10275 Collins Ave. Apt 1034, Bal Harbour, FL 33154 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/28/2032 | 791.6 | 791.6 | 701.3 | 0.19 | % |
| Prosperity Flowers LLC dba Miracle Flowers | (#) | 610 E Bidwell St Ste. B, Folsom, CA 95630 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/28/2032 | 86.6 | 86.6 | 76.7 | 0.02 | % |
| Safety Restore Inc | (#) | 66 S Broad St, Westfield, MA 01085 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2032 | 321.6 | 321.6 | 284.8 | 0.08 | % |
| Battery Ninjas Inc.dba Interstate Batteries of Greater Georgia | (#) | 4563 Knight Rd., Macon, GA 31220 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus | 2.75% | 9/27/2032 | 19.8 | 19.8 | 17.6 | — | % |
| Atizado Enterprises Incorporated dba Brian Atizado Homes | (#,^) | 361 Merchant St., Vacaville, CA 95688 | Real Estate | Term Loan | Prime plus | 2.75% | 9/27/2032 | 49.5 | 49.5 | 43.8 | 0.01 | % |
| Teigen LLC | (#) | 90 Madison St., Denver, CO 80206 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/27/2032 | 13.4 | 13.4 | 12.1 | — | % |
| Lex- Mar Service Inc | (#) | 12268 NW 106 Ct. Unit 12268, Medley, FL 33178 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2047 | 64.4 | 64.4 | 72.2 | 0.02 | % |
| Rev It Up Pro Shop LLC and Jayson Paul Robarge | (#) | 3717 Minnesota Dr, Anchorage, AK 99503 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/27/2032 | 10.7 | 10.7 | 9.7 | — | % |
| 25 Dials LLC | (#) | 4455 Earman Dr., Hilliard, OH 43026 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 6.5% | 9/27/2032 | 24.8 | 24.8 | 25.2 | 0.01 | % |
| ENERCON MANAGEMENT SERVICES LLC | (#) | 1142 Minnesota Ave, Kansas City, KS 66102 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 9/26/2032 | 86.6 | 86.6 | 76.6 | 0.02 | % |
| Hoot County Inc dba Hoot County Saloon | (#) | 15655 John F Kennedy Blvd, Houston, TX 77032 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/26/2032 | 58.6 | 58.6 | 51.8 | 0.01 | % |
| Center for Autism & Behavior Analysis, LLC | (#) | 6363 S Pecos Rd, Las Vegas, NV 89120 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/26/2032 | 123.7 | 123.7 | 109.4 | 0.03 | % |
| Sky Aviation, Inc | (#) | 1444 Airport Rd, Worland, WY 82401 | Air Transportation | Term Loan | Prime plus | 2.75% | 9/26/2032 | 896.7 | 896.7 | 943.4 | 0.25 | % |
| GD Kitchen & Bath LLC | (#) | 22047 Sherman Way, Canoga Park, CA 91303 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/23/2032 | 86.6 | 86.6 | 77.6 | 0.02 | % |
| SUNNY ROSE CORPORATION Inc | (#) | 2660 Pacific Park Dr, Whittier, CA 90601 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 9/23/2032 | 86.6 | 86.6 | 76.6 | 0.02 | % |
| Revolution Brands International LLC | (#) | 10801 NW 97th St, Medley, FL 33178 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 9/23/2032 | 1,236.9 | 1,236.9 | 1,100.4 | 0.29 | % |
| Central Ohio Hospitality LLC dba Bucks Bar and Grill | (#) | 192 E Main St., Lexington, OH 44904 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/23/2047 | 306.1 | 306.1 | 335.6 | 0.09 | % |
| InFoPak International, Inc | (#) | 60936 Grand Targhee Dr., Bend, OR 97702 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 9/23/2032 | 22.3 | 22.3 | 19.7 | 0.01 | % |
F-28
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| STRUMBA MEDIA LLC , dba Miracle Noodle, | (#) | 10275 Collins Ave.,Ste. 1034,, Bal Harbour, FL 33154 | Health and Personal Care Stores | Term Loan | Prime plus | 6.5% | 9/23/2032 | 24.8 | 24.8 | 25.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Moonshine Catering LLC and Bravo Catering LLC | (#) | 956 2nd St., Manchester, NH 03102 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/23/2032 | 395.8 | 395.8 | 350.1 | 0.09 | % |
| GSGI LLC | (#) | 3949 Evans Ave, Fort Myers, FL 33901 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/23/2032 | 395.8 | 395.8 | 352.3 | 0.09 | % |
| Ponce & Ponce Inc. dba Dream Farms | (#) | 3015 NW 74th Ave, Miami, FL 33122 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/23/2032 | 61.8 | 61.8 | 54.7 | 0.01 | % |
| VSPOT, LLC | (#) | 741 Madison Ave, New York, NY 10065 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/23/2033 | 87.5 | 87.5 | 78.4 | 0.02 | % |
| The Crane Guys, LLC | (#) | 10850 Portal Dr, Los Alamitos, CA 90720 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/22/2032 | 132.3 | 132.3 | 139.2 | 0.04 | % |
| Tom Fox Enterprise Inc | (#) | 3808 Oak Orchard Rd, Albion, NY 14411 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 9/22/2032 | 15.6 | 15.6 | 13.8 | — | % |
| MCN CONSULTING LLC | (#) | 111 N Orange Ave,Ste. 800, Orlando, FL 32801 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/22/2032 | 14.8 | 14.8 | 13.3 | — | % |
| Liquor Cabinet SI, LLC | (#) | 2435 Hylan Blvd, Staten Island, NY 10306 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/21/2032 | 151.4 | 151.4 | 134.0 | 0.04 | % |
| Skunk Bait Wildlife Control LLC | (#) | 3274 Ranchview Ln, Guthrie, OK 73044 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/21/2032 | 22.3 | 22.3 | 20.7 | 0.01 | % |
| Mr.Wholesale Inc dba House of Cigars | (#) | 2990 Jamacha Rd. Ste. 104, El Cajon, CA 90219 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/21/2032 | 123.7 | 123.7 | 109.4 | 0.03 | % |
| Brisas Del Mar Sea Food Market Corp | (#) | 1785-1787 Lexington Ave., NEW YORK, NY 10029 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/21/2032 | 74.7 | 74.7 | 66.1 | 0.02 | % |
| DiVRgence Entertainment, LLC dba DiVRgence | (#) | 3015 Governors Dr SW, Huntsville, AL 35805 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/20/2032 | 124.6 | 124.6 | 116.9 | 0.03 | % |
| Autumn Springs RAL LLC | (#) | 2121 Brittmoore Rd, Houston, TX 77043 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 9/20/2047 | 374.3 | 374.3 | 413.6 | 0.11 | % |
| Nishaz inc dba Perfume Paradise | (#) | 8811 Winding Hollow Way, West Springfield, VA 22152 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/20/2032 | 15.1 | 15.1 | 13.4 | — | % |
| Nunez Flooring LLC | (#) | 1915 Peters Rd Ste. 302, Irving, TX 75061 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/20/2032 | 247.4 | 247.4 | 219.5 | 0.06 | % |
| Moore Integrity Engineering LLC dba MIE Systems | (#) | 13300 Old Blanco Rd., Ste. 260, San Antonio, TX 78216 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/19/2032 | 77.9 | 77.9 | 69.2 | 0.02 | % |
| Argenta Health LLC dba Blue Q Health and Wellness | (#) | 2480 E Bay Dr., Ste. 13, Largo, FL 33771 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/19/2032 | 44.5 | 44.5 | 40.0 | 0.01 | % |
| Derheim, Inc dba My Aquatic Services | (#) | 331 George Ln., Harwood, ND 58042 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/16/2047 | 87.3 | 87.3 | 97.9 | 0.03 | % |
| J. Anukem & Associates LLC | (#) | 7209 Hanover Pkwy. Ste. A, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/16/2032 | 22.1 | 22.1 | 22.7 | 0.01 | % |
| Klarity Optical 2020 Inc | (#) | 1083 Flatbush Ave, Brooklyn, NY 11226 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/16/2032 | 22.3 | 22.3 | 19.7 | 0.01 | % |
| Dave's Fence Inc | (#) | 220 Benson Junction Rd, Debary, FL 32713 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/16/2032 | 247.4 | 247.4 | 218.8 | 0.06 | % |
F-29
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| ELIJAH ZACHARIAH LLC dba EZ Kids | (#) | 3939 Glade Valley Dr., Kingwood, TX 77339 | Educational Services | Term Loan | Prime plus | 2.75% | 9/16/2047 | 729.8 | 729.8 | 794.2 | 0.21 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Franchise Investment Properties Inc. and Square Media Inc. | (#) | 685 Stone Rd., #5, Benicia, CA 94510 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/15/2032 | 692.6 | 692.6 | 728.7 | 0.19 | % |
| CJY Enterprise LLC and Scotch Culinary LLC dba Brave Korean BBQ | (#) | 4920 W Thunderbird Rd #117, Glendale, AZ 85306 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2032 | 111.1 | 111.1 | 98.2 | 0.03 | % |
| All the Kings Horses Cafe LLC | (#) | 521 E 12th St, New York, NY 10009 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2032 | 8.2 | 8.2 | 7.3 | — | % |
| Connene Enterprises LLC | (#) | 1741 E Warrenton Ave, Anaheim, CA 92805 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/15/2032 | 14.8 | 14.8 | 13.3 | — | % |
| Property Development Company, Inc. dba Elevation 3330 Public House | (#) | 410 Central Ave Ste. 201, Great Falls, MT 59401 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2032 | 19.4 | 19.4 | 17.2 | — | % |
| Neat Repeats Cleaning Services LLC | (#) | 4142 Fenton Rd., Flint, MI 48507 | Administrative and Support Services | Term Loan | Prime plus | 3% | 9/15/2032 | 22.3 | 22.3 | 23.6 | 0.01 | % |
| Joe's Auto Repair | (#) | 4603 S New Hope Rd, Belmont, NC 28012 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/15/2032 | 14.8 | 14.8 | 14.5 | — | % |
| Bernard Wojtas dba Mine Street 21 Consulting | (#) | 173 Mission Rd, Hackettstown, NJ 07840 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/14/2032 | 22.3 | 22.3 | 19.7 | 0.01 | % |
| Toliao Ioroi Holding LLC dba Cassava | (#) | 3519 Balboa St., San Francisco, CA 94121 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/14/2033 | 87.5 | 87.5 | 77.7 | 0.02 | % |
| EAS LOGISTICS LLC | (#) | 141 Hillwood Cir, Newnan, GA 30263 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 9/14/2032 | 14.8 | 14.8 | 15.2 | — | % |
| USATEQ, LLC | (#) | 1242 Heavens Peak, San Antonio, TX 78258 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/14/2032 | 14.8 | 14.8 | 13.1 | — | % |
| Baham Steel, LLC | (#) | 6124 Kuebel Dr., New Orleans, LA 70126 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/14/2032 | 22.3 | 22.3 | 19.7 | 0.01 | % |
| Stone & Sprig, LLC | (#) | 525 Lincoln Hwy., Rochelle, IL 61008 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/14/2047 | 52.9 | 52.9 | 59.3 | 0.02 | % |
| Andersen Nursery Farm Inc | (#) | 18455 South West 272 ST, Homestead, FL 33031 | Crop Production | Term Loan | Prime plus | 2.75% | 9/13/2047 | 130.5 | 130.5 | 146.3 | 0.04 | % |
| Andersen Nursery Farm Inc | (#) | 18455 South West 272 ST, Homestead, FL 33031 | Crop Production | Term Loan | Prime plus | 2.75% | 9/13/2032 | 618.4 | 618.4 | 580.9 | 0.15 | % |
| 207 Vending LLC | (#) | 40 Park Ave. East, Brewer, ME 04412 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/12/2032 | 21.4 | 21.4 | 20.3 | 0.01 | % |
| Anna Aesthetics Inc | (#) | 2400 Mid Ln., Houston, TX 77027 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/12/2032 | 50.7 | 50.7 | 45.1 | 0.01 | % |
| Faith Memorial Chapel L.L.C. | (#) | 600 9th Ave. North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/9/2047 | 145.7 | 145.7 | 163.4 | 0.04 | % |
| Urban Farm Mart Inc and 13863 S Military LLC | (#) | 13863 S Military Trail, Delray Beach, FL 33484 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/9/2047 | 215.3 | 215.3 | 221.7 | 0.06 | % |
| Orthopaedic Acquire, LLC | (#) | 949 National Ave., Ste. 133, Lexington, KY 40502 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 9/9/2032 | 22.3 | 22.3 | 19.7 | 0.01 | % |
F-30
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Brooker Construction LLC dba Sampson Tree Service | (#) | 2170 SW Conant Ave., Port St. Lucie, FL 34953 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/9/2032 | 136.1 | 136.1 | 123.0 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wagner LLC | (#) | 141 S Barfield Dr., Marco Island, FL 34145 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/8/2032 | 41.0 | 41.0 | 36.2 | 0.01 | % |
| AMS LUMBER SUPPLY LLC | (#) | 507 North Main St., Atmore, AL 36502 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/7/2032 | 14.8 | 14.8 | 15.6 | — | % |
| Across the Bar Bartending Services and Rentals LLC | (#) | 342 McGrady Rd. NE, Rome, GA 30165 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 9/7/2032 | 19.8 | 19.8 | 20.1 | 0.01 | % |
| Badu Tax Services LLC | (#) | 4258 N Greenview Ave, Apt 1E, Chicago, IL 60613 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/7/2032 | 128.6 | 128.6 | 135.3 | 0.04 | % |
| Daley Technology Systems, LLC | (#) | 190 E Hoffman Ave, Lindenhurst, NY 11757 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/7/2032 | 79.2 | 79.2 | 70.0 | 0.02 | % |
| Stonepark Logistics, LLC and Stone Park Productions Inc | (#) | 13427 Haddonfield Ln., Gaithersburg, MD 20878 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/2/2032 | 153.4 | 153.4 | 161.4 | 0.04 | % |
| VNB Business Brokers, LLC | (#) | 845 Third Ave., 6th Floor, New York, NY 10022 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/2/2032 | 24.8 | 24.8 | 25.2 | 0.01 | % |
| Love for Mankind LLC | (#) | 2741 Patterson Rd. Southwest, Pataskala, OH 43062 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/2/2032 | 86.6 | 86.6 | 76.6 | 0.02 | % |
| Balanced Health & Fitness LLC | (#) | 5110 Mae Anne Ave,Ste. 702, Reno, NV 89523 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/2/2032 | 14.8 | 14.8 | 13.1 | — | % |
| Tomastools LLC | (#) | 12 Southern Blvd, Danbury, CT 06810 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/2/2032 | 14.8 | 14.8 | 13.1 | — | % |
| Bryer-Mullins LP dba Clovis RV Ranch | (#) | 200 Humphrey Rd, Clovis, NM 88101 | Accommodation | Term Loan | Prime plus | 2.75% | 9/2/2047 | 161.4 | 161.4 | 176.0 | 0.05 | % |
| PIANCA Packaging LLC | (#) | 1139 Lehigh Ave, Whitehall, PA 18052 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/2/2032 | 78.4 | 78.4 | 77.6 | 0.02 | % |
| Fish IP Law, LLP | (#) | 2603 Main St, Irvine, CA 92614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/2/2032 | 494.7 | 494.7 | 437.6 | 0.12 | % |
| SherpTek, LLC | (#) | 1948 N Main St, Building 9, Prineville, OR 97754 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 9/2/2032 | 128.4 | 128.4 | 117.3 | 0.03 | % |
| Beato Auto Sales Inc. | (#) | 9 Nashua Rd, Londonderry, NH 03053 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/1/2032 | 22.2 | 22.2 | 19.7 | 0.01 | % |
| Christina Buckner dba Anonei Park Academy | (#,^) | 2273 Taney Pl, Gary, IN 46404 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/31/2047 | 242.2 | 242.2 | 268.2 | 0.07 | % |
| Agustina Vega Individually dba Eastside Vintage Co and Vega's Pottery | (#) | 5005 Lyndon B. Johnson Fwy, Ste. 200, Dallas, TX 75244 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 8/31/2047 | 49.8 | 49.8 | 55.9 | 0.01 | % |
| Elite Cleaning Solution dba MaidPro North of Boston | (#) | 27 Water St,, Wakefield, MA 01880 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/31/2032 | 12.5 | 12.5 | 11.1 | — | % |
| Payco Enterprises, Inc and Parabellum Technology, Inc | (#,^) | 520 E Wilson Ave, Ste. 210, Glendale, CA 91206 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 8/31/2032 | 295.2 | 295.2 | 261.3 | 0.07 | % |
| M&L Real Estate LLC | (#,^) | 9958 Acklin Dr, Dallas, TX 75243 | Real Estate | Term Loan | Prime plus | 2.75% | 8/31/2032 | 64.2 | 64.2 | 56.7 | 0.02 | % |
F-31
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Gideon Toal Management Services LLC | (#,^) | 2401 Scott Ave Ste. #110, Fort Worth, TX 76103 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 8/31/2032 | 331.9 | 331.9 | 301.3 | 0.08 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Porto Pavino LLC | (#,^) | 235 North 3rd St., Vineland, NJ 08360 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/31/2032 | 318.4 | 318.4 | 283.0 | 0.08 | % |
| Indoor Soccer World LLC and Indoor Soccer World Mesquite LLC | (#,^) | 3265 Broadway Blvd, Garland, TX 75043 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 8/31/2032 | 127.9 | 127.9 | 113.1 | 0.03 | % |
| YOURS Beverage LLC dba YOURS NON-ALCOHOLIC WINE | (#) | 929 N Harvard Ave, Arlington Heights, IL 60004 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/31/2032 | 14.8 | 14.8 | 13.1 | — | % |
| User Creative dba Eleven11 Group | (#,^) | 760 Buttermilk Rd, Hellertown, PA 18055 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/31/2032 | 190.6 | 190.6 | 168.6 | 0.04 | % |
| Copper Roofing LLC | (#,^) | 201 Saint Charles Ave., New Orleans, LA 70170 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/31/2032 | 184.4 | 184.4 | 167.5 | 0.04 | % |
| Evans West, Inc. | (#) | 4038 Dover Rd., Colorado City, CO 81019 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/31/2032 | 22.1 | 22.1 | 20.2 | 0.01 | % |
| Universal Innovations Consulting and Contracting, LLC dba UICC, LLC | (#) | 419 Ragland Rd, Beckley, WV 25801 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 8/31/2047 | 49.8 | 49.8 | 53.2 | 0.01 | % |
| Gideon Toal Management Services LLC | (#,^) | 2401 Scott Ave Ste. 110, Fort Worth, TX 76103 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 8/31/2047 | 317.8 | 317.8 | 351.0 | 0.09 | % |
| CHASE LAW AND ASSOCIATES, P.A. | (#,^) | 1141 71st St, Miami Beach, FL 33141 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/30/2032 | 230.0 | 230.0 | 214.5 | 0.06 | % |
| VHM Enterprises Inc and Ali Ajami | (#,^) | 24151 Telegraph Rd, Southfield, MI 48033 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/30/2032 | 504.3 | 504.3 | 446.1 | 0.12 | % |
| The Radiology Group LLC | (#) | 3475 Piedmont Rd. Ste. 1150, Atlanta, GA 30305 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/30/2032 | 1,229.9 | 1,229.9 | 1,088.0 | 0.29 | % |
| RCG Valuation & Monetization, Inc | (#,^) | 8058 E Aster Dr., Scottsdale, AZ 85260 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/30/2032 | 246.0 | 246.0 | 218.8 | 0.06 | % |
| Mashore Trucking LLC | (#) | 414 Parkertown Rd, Troutman, NC 28166 | Truck Transportation | Term Loan | Prime plus | 6.5% | 8/30/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| The Silver Dolphin County Store and Restaurant, Inc | (#,^) | 4036 Shoal Line Blvd, Hernando Beach, FL 34607 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/30/2047 | 176.9 | 176.9 | 198.4 | 0.05 | % |
| Labriola Cafe - Michigan Ave., LLC and Labriola Café, LLC | (#,^) | 535 N Michigan Ave, Chicago, IL 60611 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/30/2032 | 541.0 | 541.0 | 479.8 | 0.13 | % |
| Richardson Services LLC | (#) | 312159 Padgett Switch Rd, Irvington, AL 36544 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/29/2032 | 61.5 | 61.5 | 55.4 | 0.01 | % |
| Jennifer L Kos dba Tristar Counseling | (#,^) | 341 & 349 Beaver St.,, Beaver, PA 15009 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/29/2047 | 52.3 | 52.3 | 55.2 | 0.01 | % |
| FS International, Inc | (#,^) | 2821 W White Star Ave, Anaheim, CA 92806 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/29/2047 | 355.1 | 355.1 | 384.1 | 0.10 | % |
| Gonzales South Texas Electric Corporation; GCE Services, LLC | (#,^) | 2520 Farrell Rd, Houston, TX 77073 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/29/2032 | 1,243.2 | 1,243.2 | 1,107.5 | 0.30 | % |
| Top Fuel Transport LLC | (#,^) | 741 Aspen Cir., Oxnard, CA 93030 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/26/2032 | 86.1 | 86.1 | 78.7 | 0.02 | % |
F-32
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Angel's Heating & Cooling, LLC | (#) | 4505 W Thurman Dr., Laveen Village, AZ 85339 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/26/2032 | 77.5 | 77.5 | 68.5 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Barakel Corporation | (#) | 1205 Pine Valley Ln, Titusville, FL 32780 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 8/26/2032 | 9.1 | 9.1 | 9.3 | — | % |
| Sherman Business Services, LLC dba Global Business Centers | (#,^) | 468 N Camden Dr, Beverly Hills, CA 90210 | Real Estate | Term Loan | Prime plus | 2.75% | 8/26/2032 | 83.1 | 83.1 | 73.5 | 0.02 | % |
| Creamalicious Inc and The Anytime Chef LLC | (#,^) | 6953 Tarragon Ct, Liberty Township, OH 45011 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 8/26/2047 | 199.4 | 199.4 | 210.9 | 0.06 | % |
| Auto Access LLC | (#) | 451 Church Rd, Sicklerville, NJ 08081 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/26/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| RAINFOREST REAL ESTATE, PROFESSIONAL LLC | (#) | 640 S Forks Ave #1021, Forks, WA 98331 | Real Estate | Term Loan | Prime plus | 6.5% | 8/26/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Abdo Kabab House LLC | (#) | 12376 FL-535, Orlando, FL 32836 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/26/2032 | 61.5 | 61.5 | 62.7 | 0.02 | % |
| Spoon Boyz Automotive, LLC | (#) | 6500 1st Ave. S,, Birmingham, AL 35212 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 8/25/2032 | 19.5 | 19.5 | 19.8 | 0.01 | % |
| 3ERA LLC, dba Betsy's II Residential Care Facility for the Elderly | (#,^) | 3101 Brush Creek Rd, Santa Rosa, CA 95404 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 8/25/2047 | 498.3 | 498.3 | 533.7 | 0.14 | % |
| Jam Service Inc | (#) | 53624 Bootjack Rd., Lake Linden, MI 49945 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/25/2032 | 74.1 | 74.1 | 67.9 | 0.02 | % |
| Ironman Delivery, Inc. | (#,^) | 516 N Wolfenberger St., Sullivan, IN 47882 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 8/25/2047 | 361.4 | 361.4 | 368.9 | 0.10 | % |
| JMI Investments, LLC dba Chick'nCone | (#) | 860 Forsyth St,Ste. 102, Macon, GA 31201 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/24/2032 | 47.3 | 47.3 | 42.3 | 0.01 | % |
| Goshen House & Trading LLC | (#) | 4310 Pennwood Rd., Brentwood, MD 20722 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/24/2032 | 196.8 | 196.8 | 189.5 | 0.05 | % |
| ZenDog, LLC | (#) | 1002 Albertson Pkwy., Broussard, LA 70518 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/24/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| Kaufman Accounting PC | (#) | 7918 Jones Branch Dr., Ste. 400, McLean, VA 22102 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/24/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| Artisan Stucco, Inc | (#,^) | 7012 2nd St NW, Albuquerque, NM 87107 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/24/2032 | 147.6 | 147.6 | 132.5 | 0.04 | % |
| Professional Image, LLC | (#,^) | 203 Sisson Ave, Hartford, CT 06105 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/24/2047 | 76.9 | 76.9 | 83.4 | 0.02 | % |
| T&K Bailey Enterprise LLC | (#) | 14685 North County Rd. 175 E, Eaton, IN 47338 | Truck Transportation | Term Loan | Prime plus | 6.5% | 8/24/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Higgins Plumbing, LLC | (#) | 4585 SE Manatee Ter., Stuart, FL 34997 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/24/2032 | 21.4 | 21.4 | 19.1 | 0.01 | % |
| Hurst Pools and Day Spas Ltd | (#) | 317 Oakland Ave, Miller Place, NY 11764 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/23/2032 | 22.8 | 22.8 | 20.2 | 0.01 | % |
| Vitality Family Chiropractic LLC | (#) | 1255 Johnson Ferry Rd,Ste. 26, Marietta, GA 30068 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/23/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Sherae A Thompson dba Island Eye | (#) | 915 Bowden Ave,, Chesapeake, VA 23323 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 8/23/2032 | 2.5 | 2.5 | 2.5 | — | % |
F-33
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| All Transportation & Etc., LLC | (#) | 9900 W Sample Rd., Ste. 407, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/23/2032 | 86.1 | 86.1 | 76.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Eminat, LLC dba Eminat Research Group | (#) | 16503 Diamond Pl., Weston, FL 33331 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/23/2032 | 22.2 | 22.2 | 19.6 | 0.01 | % |
| A & B Mechanical Diagnostics Sales and Service LLC | (#) | 1804 Shades Cliff Rd., Jasper, AL 35504 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/23/2032 | 14.8 | 14.8 | 13.1 | — | % |
| O'briencatalfamo LLC | (#,^) | 4321 Tambre Bend, Austin, TX 78738 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 8/23/2032 | 255.6 | 255.6 | 226.1 | 0.06 | % |
| Future Faces Child Care- Learning Center Inc | (#,^) | 389 Harry L Dr., Johnson City, NY 13790 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/23/2032 | 78.7 | 78.7 | 74.3 | 0.02 | % |
| Aero Medical Supply, Inc | (#) | 415 Argyle Rd., 3M, Brooklyn, NY 11218 | Health and Personal Care Stores | Term Loan | Prime plus | 6.5% | 8/22/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Imaginasium LLC | (#) | 1357 S Normandy, Republic, MO 65738 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 8/22/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| 4 Point Towing & Roadside Service LLC | (#,^) | 5425 Willow Grove Rd., Camden Wyoming, DE 19934 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 8/19/2032 | 140.2 | 140.2 | 133.1 | 0.04 | % |
| RHCII, Inc dba Renewal Healing Chiropractic | (#) | 2451 E Baseline Rd Ste. 100, Gilbert, AZ 85234 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/19/2032 | 19.7 | 19.7 | 20.0 | 0.01 | % |
| A + Warren and Dubarry Services, Inc. | (#,^) | 350 E Crown Point Rd #1110, Winter Garden, FL 34787 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 8/19/2032 | 86.1 | 86.1 | 80.5 | 0.02 | % |
| Thermal Applied Tech LLC | (#) | 3625 Kelcie Marie Ave, North Las Vegas, NV 89031 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/19/2032 | 49.2 | 49.2 | 44.6 | 0.01 | % |
| Colorado Springs Psychological Services, P.C | (#,^) | 1115 Elkton Dr., Ste. 102, Colorado Springs, CO 80907 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/19/2032 | 284.1 | 284.1 | 251.4 | 0.07 | % |
| Enterprise Exchange LLC | (#) | 12222 US-301, Dale City, FL 33525 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/19/2032 | 14.8 | 14.8 | 15.5 | — | % |
| Level Best Roofing, LLC | (#) | 819 SW Federal Hwy Ste. 201, Stuart, FL 34994 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/18/2032 | 63.2 | 63.2 | 55.9 | 0.01 | % |
| MountChor Technologies, Inc. | (#,^) | 11010 Poplar Ford Trail, Manassas, VA 20109 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/18/2032 | 741.5 | 741.5 | 655.9 | 0.17 | % |
| The Health & Wellness Centerr, LLC | (#) | 9717 Landmark Pkwy. Dr., Ste. 115, St. Louis, MO 63127 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/18/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| Erta Ale LLC dba Nurishable | (#) | 8205 Fort Foote Rd., Fort Washington, MD 20744 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/18/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| Nava Awehs Holdings, Inc. dba MAKKAN DESIGN | (#) | 19841 Villager Cir., Yorba Linda, CA 92886 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/18/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Savior Marketing, LLC and Hyperlinks Media, LLC | (#,^) | 70 Bottling Works Rd, Pine Bush, NY 12566 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/17/2032 | 130.4 | 130.4 | 115.3 | 0.03 | % |
| Diamond Estates, LLC | (#,^) | 110 Ct. St. Ste. 1, Cromwell, CT 06416 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 8/17/2032 | 46.1 | 46.1 | 42.0 | 0.01 | % |
| C & H Jewelry and Pawn Shop LLC | (#) | 11849 Hesperia Rd, Hesperia, CA 92345 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 6.5% | 8/17/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
F-34
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Emerald Oglesby | (#) | 2357 Warm Springs Rd., Columbus, GA 31904 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 8/17/2032 | 3.0 | 3.0 | 3.0 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Child's World Drop-In Care, LLC | (#,^) | 4011 Village Park Dr., Knightdale, NC 27545 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/17/2032 | 11.1 | 11.1 | 9.8 | — | % |
| Danz Distributors LLC dba Stay Golden Cosmetics | (#) | 582 Schenck Ave., Brooklyn, NY 11207 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 8/17/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| RonC dba Subway #24926 | (#,^) | 3903 W Rosecrans Ave., Hawthorne, CA 90250 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/17/2032 | 56.6 | 56.6 | 50.9 | 0.01 | % |
| Tarek Waly | (#) | 2556 Snowtip LN, Grove City, OH 43123 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Glow Tea Inc. | (#) | 1101 Outlet Collection Way, Unit K5, Auburn, WA 98001 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/16/2032 | 17.7 | 17.7 | 16.3 | — | % |
| Iron Throne Investments LLC | (#) | 3 Beckley Pl, Boynton Beach, FL 33426 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/16/2032 | 67.2 | 67.2 | 59.4 | 0.02 | % |
| WNN LLC dba Elite Line Trucking | (#,^) | 10614 Medicine Bow St., Las Vegas, NV 89183 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/16/2032 | 86.3 | 86.3 | 76.3 | 0.02 | % |
| MCM GLOBAL ECOM LLC | (#) | 13007 SW 68th Ter., Miami, FL 33183 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.7 | 24.7 | 25.0 | 0.01 | % |
| Millennium Contracting Services, Inc | (#,^) | 3669 Mark Jason Dr., El Paso, TX 79938 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/16/2032 | 123.0 | 123.0 | 111.7 | 0.03 | % |
| EJS Enterprises LLC | (#) | 101 State Pl, Escondido, CA 92029 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.8 | 24.8 | 25.2 | 0.01 | % |
| Seeds of Hope Counseling, LLC | (#) | 168 Jail house Rd, Ackerman, MS 39735 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.2 | 24.2 | 24.5 | 0.01 | % |
| Christian Diaz PA dba Diaz and Associates | (#,^) | 9370 SW 72nd St., Miami, FL 33173 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/15/2032 | 86.1 | 86.1 | 76.2 | 0.02 | % |
| CALIFORNIA SPINE CENTER, A Professional Medical Corporation | (#,^) | 2123 Ygnacio Valley Rd., Walnut Creek, CA 94598 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/15/2032 | 86.1 | 86.1 | 76.1 | 0.02 | % |
| Belinda's Southern Cuisine Inc | (#,^) | 7322 Stonecrest Concourse, Stonecrest, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/15/2047 | 396.3 | 396.3 | 437.7 | 0.12 | % |
| Amigo Transit LLC | (#,^) | 608 Tonnelle Ave, Jersey City, NJ 07307 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 8/12/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
| SGS Fit CL LLC dba Sweat440 | (#) | 777 Biscayne Blvd, Miami, FL 33132 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/12/2033 | 129.0 | 129.0 | 118.0 | 0.03 | % |
| SGS Fit Bis LLC dba Sweat440 | (#) | 777 BBrickell Ave., Miami, FL 33131 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/12/2033 | 66.1 | 66.1 | 62.2 | 0.02 | % |
| Arva Method LLC dba Destination Spa | (#) | 516 N Ogden Ave,, Ste. 150, Chicago, IL 60642 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/12/2032 | 9.9 | 9.9 | 10.0 | — | % |
| FRYE INSURANCE AGENCY, INC. and Charles Nuzum | (#) | 1851 University Blvd S, Jacksonville, FL 32216 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/12/2032 | 81.4 | 81.4 | 72.0 | 0.02 | % |
| Home Care Wellness LLC | (#) | 25050 W. Outer Dr #204, Lincoln Park, MI 48146 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/12/2032 | 49.2 | 49.2 | 43.5 | 0.01 | % |
| Door Supply of Florida, Inc | (#) | 815 NW 57th Ct., Fort Lauderdale, FL 33309 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 8/11/2032 | 52.9 | 52.9 | 46.8 | 0.01 | % |
F-35
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Phillip Ramos Upholstery Inc. | (#,^) | 3835 Elm St, Denver, CO 80207 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/11/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Alicia L Wallace Agency Inc. | (#,^) | 1549 Clairmont Rd., Ste. 205, Decatur, GA 30033 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/11/2032 | 15.5 | 15.5 | 13.7 | — | % | ||||||||||||||
| Unihog Inc. | (#,^) | 2 Center St., Hoosick Falls, NY 12090 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/11/2047 | 69.8 | 69.8 | 77.6 | 0.02 | % | ||||||||||||||
| Layfar Technologies | (#,^) | 192 Mayhew Way, Walnut Creek, CA 94597 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/11/2032 | 11.8 | 11.8 | 10.4 | — | % | ||||||||||||||
| Exploration Vans LLC | (#,^) | 1412 New Hampshire Rte 175, Holderness, NH 03245 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 8/11/2032 | 7.6 | 7.6 | 7.4 | — | % | ||||||||||||||
| K&K Brannon Enterprises, LLC | (#) | 209 Cindy Dr., Canyon Lake, TX 78133 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/10/2032 | 66.3 | 66.3 | 58.7 | 0.02 | % | ||||||||||||||
| MBM Enterprises Inc dba HOMESMILES UTAH | (#,^) | 1087 W Webb Ln., Kaysville, UT 84037 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/9/2032 | 86.1 | 86.1 | 77.5 | 0.02 | % | ||||||||||||||
| GAINES PEST CONTROL | (#) | 1627 Doncarol Ave, El Cajon, CA 92019 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/9/2032 | 10.8 | 10.8 | 9.6 | — | % | ||||||||||||||
| VKDN LLC dba Regen Med of Sherman | (#) | 300 N Highland Ave, Sherman, TX 75092 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/9/2032 | 80.4 | 80.4 | 71.1 | 0.02 | % | ||||||||||||||
| Freemont Holdings, LLC DBA Esty Street Restaurant | (#,^) | 86 Spring Valley Rd., Park Ridge, NJ 07656 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/9/2032 | 77.3 | 77.3 | 81.3 | 0.02 | % | ||||||||||||||
| 360 BC Group, Incdba360 Business Consulting;Douglass Markham Dixon | (#,^) | 1835 W Orangewood Ave., Orange, CA 92868 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/8/2032 | 75.0 | 75.0 | 66.3 | 0.02 | % | Hometown Suburban Vending, Inc. | (#) | 12358 S Latrobe Ave, Alsip, IL 60803 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/8/2032 | 61.5 | 61.5 | 56.8 | 0.02 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| J & R Property Management Services, Inc. | (#) | 2626 Tampa Rd, Palm Harbor, FL 34684 | Real Estate | Term Loan | Prime plus | 2.75% | 8/8/2032 | 10.9 | 10.9 | 9.6 | — | % | ||||||||||||||
| Von Hegner Inc. dba The Bee Guy Rescue | (#) | 10277 Burton St, New Port Richey, FL 34654 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/5/2032 | 19.9 | 19.9 | 19.0 | 0.01 | % | ||||||||||||||
| Renaissance Restoration, Ltd. | (#) | 2310 Superior Ave., Ste. 300, Cleveland, OH 44114 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/5/2032 | 84.1 | 84.1 | 74.9 | 0.02 | % | ||||||||||||||
| Edward Mims dba Blazzin Burgers Fries & Shakes | (#) | 2502 Palmyra Rd., Albany, GA 31707 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/5/2032 | 14.8 | 14.8 | 13.2 | — | % | ||||||||||||||
| Strategic Public Relations | (#) | 1880 Century Park E, Ste. 711, Los Angeles, CA 90067 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/5/2032 | 128.7 | 128.7 | 114.3 | 0.03 | % | ||||||||||||||
| Freshco KB, LLC dba D’Lite Bistro & Bakery | (#) | 180 Crandon Blvd., Key Biscayne, FL 33149 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/5/2032 | 22.2 | 22.2 | 19.7 | 0.01 | % | ||||||||||||||
| Hamida Meziane, dba Addiction | (#) | 1272 78th St., Brooklyn, NY 11228 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/4/2032 | 10.9 | 10.9 | 11.0 | — | % | ||||||||||||||
| Sunlit Best Green Organics LLC | (#,^) | 554 Deer Ridge Ln S, Maplewood, MN 55119 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 8/4/2032 | 86.1 | 86.1 | 76.1 | 0.02 | % | ||||||||||||||
| James Hartsell dba Hartsell Electric | (#) | 133 Punohu Ln Unit 6, Lahaina, HI 96761 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/4/2032 | 22.1 | 22.1 | 20.0 | 0.01 | % | ||||||||||||||
| Thornton Rave Construction, LLC | (#) | 1208 Philo Rd., Urbana, IL 61801 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/4/2032 | 22.1 | 22.1 | 19.6 | 0.01 | % |
F-36
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| EBG Re-Sell LLC | (#) | 26943 Ruether Ave., Santa Clarita, CA 91351 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 8/3/2032 | 14.8 | 14.8 | 13.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AMP Auto Collection LLC & TOO Holdings LLC | (#,^) | 1730 W. Sunrise Blvd, Ft. Lauderdale, FL 33311 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/3/2047 | 442.3 | 442.3 | 475.3 | 0.13 | % |
| 1 Auto Liquidators | (#,^) | 463493 State Rd 200, Yulee, FL 32097 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/2/2032 | 106.7 | 106.7 | 109.3 | 0.03 | % |
| California Coast Truck Repair, Inc. | (#) | 11366 Woodside Ave., Santee, CA 92071 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/2/2032 | 14.7 | 14.7 | 13.0 | — | % |
| Kmorel Inc dba Morel Contracting | (#,^) | 9250 Stoney Ridge Ln., Alpharetta, GA 30022 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 8/2/2032 | 73.8 | 73.8 | 65.6 | 0.02 | % |
| The T.L. Brown Law Firm, P.C | (#) | 3160 Camino Del Rio S, Ste. 101, San Diego, CA 92108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/2/2032 | 15.5 | 15.5 | 13.7 | — | % |
| Rogers Aviation, Inc | (#) | 2210 Somerset Ln., Mundelein, IL 60060 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/1/2032 | 11.7 | 11.7 | 12.3 | — | % |
| Walker Trolleys LLC | (#) | 6408 Llano Stage Trl, Austin, TX 78738 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 7/29/2032 | 22.0 | 22.0 | 19.6 | 0.01 | % |
| Weatherlight Media LLC | (#,^) | 3024 Beacon Blvd,, West Sacramento, CA 95691 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 7/29/2032 | 11.7 | 11.7 | 10.4 | — | % |
| LC 1164 Broadway INC and LC 715 Broadway Inc. | (#,^) | 1164 Broadway, Brooklyn, NY 11221 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/29/2032 | 122.7 | 122.7 | 108.5 | 0.03 | % |
| Global Healthcare Agency LLC | (#) | 556 Garrisonville Rd, Stafford, VA 22554 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/29/2047 | 58.9 | 58.9 | 65.0 | 0.02 | % |
| Educational Equity Services, LLC | (#,^) | 3809 Elkhorn Cir, Bowie, MD 20716 | Educational Services | Term Loan | Prime plus | 2.75% | 7/29/2032 | 85.6 | 85.6 | 75.7 | 0.02 | % |
| Goldwright Investments LLC and Cedar Cryo Transport Inc | (#,^) | 11500 Northwest Freeway Ste. 459, Houston, TX 77092 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/29/2032 | 290.5 | 290.5 | 288.5 | 0.08 | % |
| FactualVR, Inc | (#,^) | 350 Warren St., Ste. #4, Jersey City, NJ 07302 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 7/29/2032 | 85.6 | 85.6 | 75.7 | 0.02 | % |
| Mangia Clam Bar Inc and JC DT Holdings LLC | (#,^) | 4817 SE Dixie Hwy, Stuart, FL 34997 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/29/2047 | 908.6 | 908.6 | 973.0 | 0.26 | % |
| Aerosphere Power Inc;Cartridge Actuated Devices, Inc | (#,^) | 11 High Ridge Ln., Augusta, NJ 07822 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 7/29/2047 | 1,187.0 | 1,187.0 | 1,252.2 | 0.33 | % |
| Rigging & Welding Specialists, Inc. dba RWS Crane & Rigging | (#,^) | 5800 Wade Rd.,, Baytown, TX 77521 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/29/2032 | 1,222.4 | 1,222.4 | 1,218.9 | 0.32 | % |
| Saul Escala DDS, P.C dba Escala Family Dentistry | (#,^) | 590 South Federal Blvd, Denver, CO 80219 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/29/2032 | 150.3 | 150.3 | 139.1 | 0.04 | % |
| Amado Trader LLC dba Amado Games | (#,^) | 5545 Bulls Bay Dr, Virginia Beach, VA 23462 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/29/2032 | 85.6 | 85.6 | 75.7 | 0.02 | % |
| MCZ Enterprises, Inc. dba Assisted Living Locators | (#) | 29 Magnolia Way, Bridgewater, MA 02324 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 7/29/2032 | 12.4 | 12.4 | 11.0 | — | % |
| Overby Trucking Company LLC | (#) | 11801 Northbrook Cir, Chesterfield, VA 23838 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/29/2032 | 12.3 | 12.3 | 10.9 | — | % |
F-37
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Battery Ninjas Inc dba Interstate Batteries of Greater Georgia | (#,^) | 4563 Knight Rd., Macon, GA 31220 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus | 2.75% | 7/29/2032 | 215.1 | 215.1 | 190.7 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Heroes Tap House LLC | (#) | 4555 Liberty Rd. S, Salem, OR 97302 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/28/2032 | 78.4 | 78.4 | 70.2 | 0.02 | % |
| Pinnacle Coating & Converting, Inc | (#,^) | 212 National Ave., Spartanburg, SC 29303 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 7/28/2047 | 136.9 | 136.9 | 153.5 | 0.04 | % |
| Lonesome Rider Coffee LLC | (#,^) | 415 Fletcher Pkwy, El Cajon, CA 92020 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/28/2032 | 16.1 | 16.1 | 14.8 | — | % |
| Practicing Perfection Institute, Inc | (#) | 2780 South Jones Blvd. Ste. 3722, Las Vegas, NV 89146 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/28/2032 | 22.0 | 22.0 | 19.5 | 0.01 | % |
| Kingsbrook Healthcare Services PLLC dba Bloodworknow.com | (#) | 1230 River Bend Dr., Ste. 107, Dallas, TX 75247 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/28/2032 | 14.7 | 14.7 | 13.0 | — | % |
| Nonno's Ice Cream Shoppe, Inc. | (#) | 270 Seabury St,, Fall River, MA 02720 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/28/2032 | 19.4 | 19.4 | 18.4 | — | % |
| Eva Corp dba Premier Martial Arts | (#) | 200 S Quebec St., Denver, CO 50230 | Educational Services | Term Loan | Prime plus | 2.75% | 12/28/2032 | 47.7 | 47.7 | 43.1 | 0.01 | % |
| Tiarra Dunston Taylor, dba Cherish'D Crown | (#) | 164 Roundabout Ct, Rocky Mount, NC 27804 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/28/2032 | 10.8 | 10.8 | 11.0 | — | % |
| Pinnacle Coating & Converting, Inc | (#,^) | 212 National Ave., Spartanburg, SC 29303 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 7/28/2032 | 259.2 | 259.2 | 272.6 | 0.07 | % |
| Clava LLC | (#,^) | 23682 Birtcher Dr, Lake Forest, CA 92630 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/28/2032 | 128.4 | 128.4 | 116.0 | 0.03 | % |
| Vanguard Utility Service, Inc. | (#,^) | 1421 West 9th St., Owensboro, KY 42301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/27/2032 | 122.3 | 122.3 | 108.2 | 0.03 | % |
| BEACON SEARCH GROUP INC | (#) | 4201 W Sevilla St, Tampa, FL 33629 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/27/2032 | 22.0 | 22.0 | 19.5 | 0.01 | % |
| Rustic Red Door Company Inc | (#,^) | 2180 Colflesh Rd., Perkiomenville, PA 18074 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 7/27/2032 | 97.7 | 97.7 | 86.5 | 0.02 | % |
| Holliston Asphalt & Concrete Inc. | (#,^) | 157 - 165 Lowland St., Holliston, MA 01746 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 7/27/2032 | 391.0 | 391.0 | 351.4 | 0.09 | % |
| Via Pilates, LLC | (#) | 1410 E Lake Mead Pkwy. #130, Henderson, NV 89015 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/27/2032 | 62.1 | 62.1 | 56.0 | 0.01 | % |
| Anne Mccarthy Law PC | (#) | 11 Broadway, Ste. 615, New York, NY 10004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/27/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| Tetiana Maikovych | (#) | 1918 Bellmore Ave, Bellmore, NY 11710 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/27/2032 | 12.3 | 12.3 | 12.5 | — | % |
| KIJ Place LLC | (#,^) | 134 East Main St., Tipp City, OH 45371 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/27/2047 | 146.8 | 146.8 | 155.8 | 0.04 | % |
| OC Enterprise Development Inc dba Luxury Flooring & Remodeling | (#,^) | 1701 E Edinger Ave #C13, Santa Ana, CA 92705 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 7/27/2032 | 22.0 | 22.0 | 19.5 | 0.01 | % |
| Mendrop Engineering Resources LLC | (#,^) | 854 Wilson Dr., Ridgleland, MS 39157 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/27/2032 | 305.7 | 305.7 | 277.9 | 0.07 | % |
| In the Round LLC dba Worley Sound | (#,^) | 702 Rundle Ave., Nashville, TN 37206 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 7/27/2032 | 164.9 | 164.9 | 161.1 | 0.04 | % |
F-38
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Shazad I Rasul dba Elite Construction | (#) | 64 Nassau St., Islip Terrace, NY 11752 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 7/27/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Galaxy Specialties LLC dba MAAR's Pizza & More | (#) | 14218 Nacogdoches Rd., San Antonio, TX 78247 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/26/2032 | 20.5 | 20.5 | 18.6 | — | % |
| Naughton Energy Corporation | (#,^) | 1898 Rte. 940, Pocono Pines, PA 18350 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 7/26/2032 | 606.9 | 606.9 | 600.3 | 0.16 | % |
| RCS Oakleaf, LLC dba ORANGETHEORY FITNESS OAKLEAF | (#) | 9610 Applecross Rd., Jacksonville, FL 32222 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/26/2032 | 44.7 | 44.7 | 39.5 | 0.01 | % |
| Surgical Republic LLC | (#,^) | 428 Main St., Huntington Beach, CA 92648 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/26/2032 | 129.6 | 129.6 | 115.1 | 0.03 | % |
| ASAP Tobacco INC.dba Smokerz Land | (#,^) | 19042 Brookhurst St., Huntington Beach, CA 92646 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 7/26/2032 | 64.1 | 64.1 | 56.7 | 0.02 | % |
| ASAP Tobacco 3 Inc dba Smokerz Land 2 Smoke Shop | (#,^) | 222 E 17th St, Costa Mesa, CA 92627 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 7/26/2032 | 64.1 | 64.1 | 56.7 | 0.02 | % |
| Friendly Fish, LLC dba Pokemoto | (#) | 1025 Nashville Pike, Ste. 130, Gallatin, TN 37066 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/26/2032 | 66.7 | 66.7 | 59.7 | 0.02 | % |
| Martin FITT Group LLC dba 30 Minute Hit Chandler | (#) | 250 South Arizona Ave., Chandler, AZ 85225 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/26/2032 | 40.3 | 40.3 | 36.0 | 0.01 | % |
| Accel Compression, Inc | (#,^) | 4500 S County Rd 1310, Odessa, TX 79765 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/26/2032 | 244.5 | 244.5 | 235.3 | 0.06 | % |
| Crescent Blue Insurance Agency, LLC | (#) | 5398 East Mountain St. #A, Stone Mountain, GA 30083 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/26/2032 | 14.5 | 14.5 | 12.8 | — | % |
| SwingShots LLC | (#,^) | 3644 Springwell Ct, Douglasville, GA 30135 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/25/2032 | 22.0 | 22.0 | 20.1 | 0.01 | % |
| The Dakota Hill Company &Big Sky Development Inc | (#) | 316 Lake Point Ln., Belews Creek, NC 27009 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/25/2032 | 93.9 | 93.9 | 83.1 | 0.02 | % |
| Mesh LLC dba Mesh Fabrication | (#,^) | 2900 44th Ave. N, Saint Petersburg, FL 33714 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 7/25/2032 | 493.4 | 493.4 | 437.9 | 0.12 | % |
| Dom N' Tom Inc | (#,^) | 11937 Shannon Ct., Orland Park, IL 60467 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/25/2032 | 293.4 | 293.4 | 259.5 | 0.07 | % |
| Bassett's Cricket Ranch, Inc | (#,^) | 365 S. Mariposa Ave, Visalia, CA 93292 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 7/22/2032 | 85.5 | 85.5 | 90.0 | 0.02 | % |
| Kestrel 360 Inc dba Kestrel Verifiers | (#,^) | 2700 Wells Dr., Hood River, OR 97031 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/22/2032 | 244.4 | 244.4 | 216.7 | 0.06 | % |
| Formation Holdings LLC and Echo Financial LLC | (#,^) | 316 County Rd. 904, Joshua, TX 76058 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 7/22/2032 | 391.3 | 391.3 | 363.8 | 0.10 | % |
| Royal Anvil LLC | (#) | 9918 Harwin Dr., Houston, TX 77036 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 7/22/2032 | 13.5 | 13.5 | 13.7 | — | % |
| Wesko Construction, LLC | (#) | 143 Chatham St., Sanford, NC 27330 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 7/22/2032 | 122.5 | 122.5 | 109.7 | 0.03 | % |
| Napoleon Tree Service, LLC | (#) | 1321 Miller Ave, Winter Park, FL 32789 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/22/2032 | 20.5 | 20.5 | 18.7 | — | % |
| Pioneer Welding and Fabrication, Inc | (#,^) | 1051 Ocoee Apopka Rd, Apopka, FL 32703 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 7/22/2032 | 864.8 | 864.8 | 770.4 | 0.21 | % |
F-39
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| BE THE LIGHT DECOR LLC | (#) | 389 Aspen Creek Ct., Covington, LA 70433 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 7/22/2032 | 22.0 | 22.0 | 20.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Swan Dancewear LLC | (#,^) | 234 Haverford Ave., Narberth, PA 19072 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 7/22/2032 | 53.2 | 53.2 | 47.1 | 0.01 | % |
| Samuel I. Mosco dba Flying Dutchman Cinema | (#) | 1606 W Victory Blvd., Burbank, CA 91506 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 7/22/2032 | 14.7 | 14.7 | 13.7 | — | % |
| SALU-SALO FILIPINO CUISINE LLC | (#) | 7401 Matlock Rd., Ste.113, Arlington, TX 76002 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/22/2032 | 13.3 | 13.3 | 11.8 | — | % |
| OC Construction Management dba OCGP LLC | (#,^) | 130 W 42nd St., New York, NY 10036 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 7/22/2032 | 733.1 | 733.1 | 648.5 | 0.17 | % |
| Traditions Company LLC;Traditions Photography Inc | (#,^) | 14284 Lewis Ln, Nampa, ID 83686 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 7/22/2032 | 207.9 | 207.9 | 183.9 | 0.05 | % |
| JAQUEZA ENTERPRISES LLC | (#) | 7901 4th St. North Ste. 300, ST. PETERSBURG, FL 33702 | Truck Transportation | Term Loan | Prime plus | 6.5% | 7/22/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| Western Motel, LLC | (#,^) | 180 west Main St., Lovell, WY 82431 | Accommodation | Term Loan | Prime plus | 2.75% | 7/21/2047 | 114.9 | 114.9 | 128.8 | 0.03 | % |
| Hometown Branding LLC | (#) | 248 Turner Oaks Dr., Cary, NC 27518 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/21/2032 | 14.7 | 14.7 | 13.0 | — | % |
| Anitas Home LLC | (#) | 3345 SW 67th Ave, Miami, FL 33155 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 6.5% | 7/21/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| Sesolinc Group Inc | (#,^) | 50 SE Ocean Blvd, Stuart, FL 34994 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 7/21/2047 | 152.8 | 152.8 | 170.0 | 0.05 | % |
| Hamilton & Associates Real Estate Firm | (#,^) | 11776 W Sample Rd, Coral Springs, FL 33065 | Real Estate | Term Loan | Prime plus | 2.75% | 7/21/2047 | 152.1 | 152.1 | 165.5 | 0.04 | % |
| Altick Incorporated | (#,^) | 506 Sequoia Ave, Redwood City, CA 94061 | Real Estate | Term Loan | Prime plus | 2.75% | 7/20/2032 | 61.1 | 61.1 | 54.1 | 0.01 | % |
| TNT Family Entertainment Inc | (#) | 7010 S state HWY 78,, Sachse, TX 75048 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/20/2048 | 781.5 | 781.5 | 822.8 | 0.22 | % |
| A-Squared Plus Investments and Properties dba Utopian Gaming | (#) | 605 Lapalco Blvd, Ste. J, Greta, LA 70056 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 7/20/2032 | 49.5 | 49.5 | 44.7 | 0.01 | % |
| M&L Appliance Services, Inc. | (#,^) | 11 Chrysanthemum Ct., Sewell, NJ 08080 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/20/2032 | 22.0 | 22.0 | 19.5 | 0.01 | % |
| Bread & Culture LLC | (#,^) | 1958 Washington Valley Rd, Martinsville, NJ 08836 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 7/20/2032 | 14.7 | 14.7 | 13.6 | — | % |
| Quickscript, Inc. | (#,^) | 18191 Von Karman Ave., Irvine, CA 92612 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/20/2032 | 85.6 | 85.6 | 75.7 | 0.02 | % |
| Lusby Law, PA | (#) | 2860 -A Ward Blvd,, Wilson, NC 27893 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| The Toota Group LLC dba Toota Auto Group, Toota Mobile Homes | (#) | 1367 Rt 88, Lakewood, NJ 08701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/19/2032 | 14.7 | 14.7 | 13.0 | — | % |
| White Caps Stewardship LLC dba Sylvan Learning | (#) | 26040 Detroit Rd,Ste. #5, Westlake, OH 44145 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2032 | 12.3 | 12.3 | 12.5 | — | % |
F-40
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| JJD Vending LLC | (#) | 10950 SW 40th Ter., Miami, FL 33165 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Settimio Consulting Services Inc | (#,^) | 2401 Executive Plz. Rd, Pensacola, FL 32504 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/19/2032 | 85.5 | 85.5 | 75.7 | 0.02 | % |
| Khaled Alammari | (#,^) | 1474 Broadway Ave, San Pablo, CA 94806 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 7/19/2032 | 73.3 | 73.3 | 65.0 | 0.02 | % |
| AG & B CONSTRUCTION, INC dba Bella Closets and Cabinets | (#,^) | 1819 Belcroft Ave, South El Monte, CA 91733 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 7/19/2032 | 122.2 | 122.2 | 108.6 | 0.03 | % |
| K 12 Culinary Connection LLC | (#) | 6025 Hardin Dr, Bryant, AR 72022 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/19/2032 | 47.7 | 47.7 | 42.2 | 0.01 | % |
| FOURTH GENERATION APPAREL INC | (#) | 12 Meridian Dr, Safety Harbor, FL 34695 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 7/18/2032 | 58.8 | 58.8 | 52.0 | 0.01 | % |
| Turo Fitness Holdings LLC dba Brutal Born Gym | (#) | 2054 Beacon Manor Dr, Fort Myers, FL 33907 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/18/2032 | 8.8 | 8.8 | 8.2 | — | % |
| Inklings Book Shoppe LLC | (#) | 2120 S Combee Rd, Lakeland, FL 33801 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 7/18/2032 | 8.5 | 8.5 | 7.5 | — | % |
| HCA84 LLC dba Lifestar Home Care | (#,^) | 312 Old Home Pl., Oklahoma City, OK 73099 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/15/2032 | 110.0 | 110.0 | 113.0 | 0.03 | % |
| Step by Step Speech Corporation | (#) | 1400 NW 107th Ave, Ste. 306, Miami, FL 33172 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 7/15/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| Get Your Beauty On LLC | (#) | 11150 Huron St, Northglenn, CO 80234 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/15/2032 | 10.3 | 10.3 | 9.2 | — | % |
| Yasmin E Sorte Consulting LLC dba Y.E.S. Consulting | (#,^) | 317 Hamlet Cir., Berwyn, PA 19312 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/15/2032 | 61.4 | 61.4 | 54.3 | 0.01 | % |
| Fresh-Start, LLC | (#,^) | 270 Purcell Blvd, Pueblo West, CO 81007 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/15/2047 | 121.5 | 121.5 | 133.9 | 0.04 | % |
| Smile Market Inc | (#,^) | 2335 NW 107th Ave., Apt # B57, Miami, FL 33172 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/14/2032 | 85.6 | 85.6 | 75.7 | 0.02 | % |
| Signature Automotive Accessories Inc | (#,^) | 330 Providence St, West Warwick, RI 02893 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/14/2047 | 131.1 | 131.1 | 139.7 | 0.04 | % |
| J J Theibault Jr Landscape Designer Inc | (#,^) | 1245 Ridge Ave, Lakewood, NJ 08701 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/14/2032 | 22.0 | 22.0 | 23.1 | 0.01 | % |
| SGS Fit Bis dba Sweat 440 | (#) | 777 Biscayne Blvd., Miami, FL 33132 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 1/14/2033 | 122.3 | 122.3 | 129.0 | 0.03 | % |
| Arcadia Family Fun Center LLC | (#,^) | 925 S Oakwood Ave, Geneseo, IL 61254 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/14/2047 | 87.1 | 87.1 | 97.7 | 0.03 | % |
| Law Office of Katia Teirstein PLLC dba TATTOO VISA | (#,^) | 40 Powder Horn Rd, Cortlandt Manor, NY 10567 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/14/2032 | 22.0 | 22.0 | 19.5 | 0.01 | % |
| CMK General Enterprises dba Aamco Transmissions and Total Car Care | (#) | 51 Goering Ave, Cheektowaga, NY 14225 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/13/2032 | 57.4 | 57.4 | 52.5 | 0.01 | % |
| Know Pressure Washing, LLC | (#,^) | 2645 Pebble Valley, San Antonio, TX 78232 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/13/2032 | 7.8 | 7.8 | 7.2 | — | % |
F-41
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| AD Creations, LLC dba Essence Day Spa | (#) | 505 18th Ave N Unit B Apt. G, Myrtle Beach, SC 29577 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/12/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Juan Gutierrez dba EL COTIXAN MEXICAN FOOD #1 and EL COTIXAN TAQUERIA | (#) | 538 N 2nd St, El Cajon, CA 92021 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/8/2032 | 15.4 | 15.4 | 13.6 | — | % |
| LED UNLIMITED LLC | (#) | 2604 San Eduardo, Mission, TX 78572 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 7/8/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| WHOLEVEL LLC | (#) | 13007 SW 68th Ter., Miami, FL 33183 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 7/8/2032 | 24.6 | 24.6 | 24.9 | 0.01 | % |
| MoreHair City Salon LLC | (#) | 412 Evans St., Ste. A, Morehead City, NC 28557 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/8/2032 | 24.5 | 24.5 | 24.9 | 0.01 | % |
| Gregory P. Jellenek, O.D. & Associates, P.C . Gregory P. Jellenek, O.D | (#) | 1490 Quarterpath Rd. 5A, Williamsburg, VA 23185 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/8/2032 | 42.8 | 42.8 | 38.3 | 0.01 | % |
| Inkk Culture Tattoo LLC and N.D.L. Properties, LLC | (#,^) | 840 E River Pl., Jackson, MS 39202 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/8/2047 | 117.6 | 117.6 | 128.9 | 0.03 | % |
| Dusty Rose Farm LLC | (#,^) | 11150 NE 36th Ave, Anthony, FL 32617 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 7/8/2032 | 17.6 | 17.6 | 18.2 | — | % |
| Monark Insurance Agency Inc | (#,^) | 100 S Public Rd., Unit A, Lafayette, CO 80026 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/7/2047 | 62.7 | 62.7 | 68.5 | 0.02 | % |
| MODERN AESTHETICS LLC | (#) | 1350 Market St, Tallahassee, FL 32312 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/7/2032 | 24.6 | 24.6 | 25.0 | 0.01 | % |
| Llamaste, Inc dba Llamaste Family Yoga Center | (#) | 369 Ct. St., Brooklyn, NY 11231 | Educational Services | Term Loan | Prime plus | 2.75% | 7/7/2032 | 83.1 | 83.1 | 74.3 | 0.02 | % |
| Seven Bicycles, Inc dba Supercuts | (#,^) | 1880 Sharon Way, Reno, NV 89509 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/7/2032 | 150.4 | 150.4 | 158.2 | 0.04 | % |
| Payton Violins LLC | (#,^) | 84 Scio St., Rochester, NY 14604 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 7/6/2032 | 186.9 | 186.9 | 166.1 | 0.04 | % |
| Artisan Inspired LLCdba BRUSH MASTERS PAINTING<br>CONTRACTORS OF VINELAN | (#) | 617 Fava Dr, Vineland, NJ 08360 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/5/2032 | 7.9 | 7.9 | 7.0 | — | % |
| Somerset Equestrian Trading LLC | (#,^) | 1651 SE 195th Ter., Morriston, FL 32668 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/5/2032 | 15.4 | 15.4 | 13.6 | — | % |
| IN THIS MOMENT TRUCKING LLC | (#) | 142 walnut St., Kunkletown, PA 18058 | Truck Transportation | Term Loan | Prime plus | 6.5% | 7/5/2032 | 24.5 | 24.5 | 24.9 | 0.01 | % |
| I/O Trak Inc dba E-Z Photo | (#,^) | 830 Sunshine Ln, Altamonte Springs, FL 32714 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 7/1/2032 | 67.2 | 67.2 | 70.1 | 0.02 | % |
| Omega Express Home Loans Corporation | (#,^) | 6016 Belfast Way, Roseville, CA 95747 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 6/30/2032 | 16.8 | 16.8 | 14.6 | — | % |
| Nerds Xpress, LLC and Barlow Executive Properties | (#,^) | 25240 Lasher Rd., Ste. 2, Southfield, MI 48033 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2032 | 161.5 | 161.5 | 139.9 | 0.04 | % |
| Industrial Control Concepts Inc;ICC Northwest Inc & 301 Memorial LLC | (#,^) | 301 Memorial Dr, St. Louis, MO 63102 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2047 | 1,244.2 | 1,244.2 | 1,252.6 | 0.33 | % |
F-42
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Westside Quick Services LIMITED LIABILITY COMPANY | (#) | 9018 Cambridge Ave N, Minneapolis, MN 55443 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 6/30/2032 | 24.4 | 24.4 | 24.1 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Paint INC and Snyder Holding LLC | (#,^) | 431 E Main St, Brownsburg, IN 46112 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/30/2047 | 100.4 | 100.4 | 111.7 | 0.03 | % |
| Priam Vineyards LLC; Winiarski Family Properties LLC; Winiarski Family | (#,^) | 11 Shailor Hill Rd., Colchester, CT 06415 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2047 | 738.3 | 738.3 | 754.7 | 0.20 | % |
| Paris Woodhull dba Paris Woodhull Illustrations | (#) | 112 S Gay St, Knoxville, TN 37902 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 6/30/2032 | 19.5 | 19.5 | 19.3 | 0.01 | % |
| Nerds Xpress, LLC and Barlow Executive Properties | (#,^) | 25240 Lasher Rd.,Ste. 2, Southfield, MI 48033 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2047 | 309.6 | 309.6 | 318.5 | 0.08 | % |
| Storm-Tek, INC | (#,^) | 100 Glenborough Dr., Houston, TX 77060 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/30/2032 | 121.5 | 121.5 | 111.5 | 0.03 | % |
| Zeigler Concrete Reinforcing, Inc | (#,^) | 2334 Babbitt Ave, Orlando, FL 32833 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/30/2032 | 103.3 | 103.3 | 90.1 | 0.02 | % |
| Art of Touch Therapeutic Massage and Healing Clinic Audra Erickson LLC | (#) | 4415 NE Sandy Blvd, Portland, OR 97213 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/30/2032 | 8.8 | 8.8 | 8.7 | — | % |
| J. F. Medeiros Construction Inc | (#,^) | 20471 3rd St., Hilmar, CA 95324 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/30/2032 | 61.0 | 61.0 | 52.8 | 0.01 | % |
| Orthologo Inc. | (#,^) | 911 N MacArthur Blvd, Irving, TX 75061 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2032 | 158.0 | 158.0 | 163.5 | 0.04 | % |
| Scenic Vans LLC dba Scenic Vanlife Rentals | (#,^) | 3250 Granite Creek Pl, Newcastle, CA 95658 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/30/2032 | 68.0 | 68.0 | 71.0 | 0.02 | % |
| Learn Smart Pre School Inc | (#,^) | 145 Mortimer Ave, Rutherford, NJ 07070 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/30/2047 | 223.7 | 223.7 | 242.4 | 0.06 | % |
| VELEZ ENTERPRISES, LLC | (#,^) | 5602 Heritage Oak Dr, Portola Hills, CA 92679 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2032 | 324.9 | 324.9 | 281.5 | 0.07 | % |
| Gyer Medical Billing LLC | (#) | 26210 Christen Canyon Ln, Richmond, TX 77406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/29/2032 | 19.5 | 19.5 | 19.3 | 0.01 | % |
| Nano Pharmaceutical Laboratories, LLC dba ZumXR | (#,^) | 700 W. Mississippi Ave, Denver, CO 80223 | Chemical Manufacturing | Term Loan | Prime plus | 2.75% | 6/29/2032 | 732.5 | 732.5 | 663.0 | 0.18 | % |
| SHY Beauty Inc | (#) | 5458 N Ashland Ave, Chicago, IL 60640 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/29/2032 | 22.0 | 22.0 | 21.7 | 0.01 | % |
| Car Venient Auto LLC | (#,^) | 2035 Ashby Rd, St. Louis, MO 63114 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/29/2047 | 55.3 | 55.3 | 61.0 | 0.02 | % |
| Viking Athletics LLC | (#) | 635 New Park Ave, West Hartford, CT 06110 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 6/29/2032 | 24.4 | 24.4 | 24.1 | 0.01 | % |
| JAG Medical Services | (#,^) | 105 S Cedar St. Ste. A, Summerville, SC 29483 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/29/2032 | 11.7 | 11.7 | 10.4 | — | % |
| The Blonde Bistro LLC and Ciara June Semack | (#,^) | 2042 Axemann Rd., Bellefonte, PA 16823 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/29/2047 | 140.5 | 140.5 | 153.8 | 0.04 | % |
| TRI-COUNTY SWEEPING SERVICES, INC | (#,^) | 4900 SW 51st St, Davie, FL 33314 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/28/2032 | 170.1 | 170.1 | 147.1 | 0.04 | % |
F-43
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| T Z Trading Inc | (#,^) | 25511 Budde Rd Ste. 1503, The Woodlands, TX 77380 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 6/28/2032 | 206.6 | 206.6 | 205.6 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Knowledge Analytics Inc | (#,^) | 11716 Woodthrush Ln, Potomac, MD 20854 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/28/2032 | 170.4 | 170.4 | 147.4 | 0.04 | % |
| Stephen Key | (#,^) | 9140 Stonegarden Dr., Lorton, VA 22079 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/28/2032 | 13.7 | 13.7 | 11.9 | — | % |
| Tres Marine Corp and Mark Compeaux | (#,^) | 142 Evangeline Dr, Houma, LA 70360 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 6/28/2032 | 874.9 | 874.9 | 804.6 | 0.21 | % |
| BOBWHITE COUNTER LLC | (#,^) | 150 Warren St, Jersey City, NJ 07302 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/28/2032 | 145.8 | 145.8 | 127.2 | 0.03 | % |
| Skladco LLC | (#,^) | 25 Wareham St., Building 2, Unit 1, Middleboro, MA 02346 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/28/2032 | 16.0 | 16.0 | 13.9 | — | % |
| Digimatics Inc | (#,^) | 4011 Vermaas Ave, Toledo, OH 43612 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2032 | 51.0 | 51.0 | 52.5 | 0.01 | % |
| T.S.W RESIDENTIAL & COMMERCIAL SERVICES, INC | (#,^) | 787 Commerce Dr., Venice, FL 34292 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/28/2032 | 170.1 | 170.1 | 147.2 | 0.04 | % |
| Fara Bender DMD PA | (#) | 6169 Jog Rd Unit B-5, Lake Worth, FL 33467 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/27/2032 | 137.1 | 137.1 | 122.6 | 0.03 | % |
| Golden Phoenix Construction Company, Inc | (#,^) | 37 N Altadenda Dr., Pasadena, CA 91107 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/27/2032 | 449.6 | 449.6 | 416.5 | 0.11 | % |
| Recovery Pathways LLC | (#,^) | 863 N Pine Rd. Ste. A, Essexville, MI 48732 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/27/2032 | 134.9 | 134.9 | 116.7 | 0.03 | % |
| ESD Homes LLC | (#,^) | 196 14th St NW, Atlanta, GA 30318 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/27/2032 | 72.9 | 72.9 | 63.1 | 0.02 | % |
| ACME Saw and Supply and Lodgepole, INC | (#,^) | 1204 E Main St., Stockton, CA 95205 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/27/2032 | 522.9 | 522.9 | 460.9 | 0.12 | % |
| Jump Jump LLC | (#,^) | 12600 Appaloosa Chase Dr, Austin, TX 78732 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/27/2047 | 193.4 | 193.4 | 207.4 | 0.06 | % |
| Solshine Yoga LLC | (#) | 96 College Heights Blvd, Clemson, SC 29631 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/27/2032 | 61.1 | 61.1 | 63.8 | 0.02 | % |
| Torchmark Enterprises Inc dba Mwah Flowers | (#,^) | 1086 Broadway, Brooklyn, NY 11221 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/27/2032 | 103.0 | 103.0 | 89.1 | 0.02 | % |
| SAM'S PLACE LOTTERY & TOBACCO, INC | (#,^) | 189 Manheim Rd, Schuylkill Haven, PA 17972 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/27/2032 | 243.0 | 243.0 | 210.2 | 0.06 | % |
| JT Way LLC;Genthree LLC;Case Restaurant Group & Sonshine Group | (#,^) | 330 Greater Butler Mart, Butler, PA 16001 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/27/2032 | 194.4 | 194.4 | 169.2 | 0.05 | % |
| Digital Dream Labs, Inc | (#,^) | 6022 Broad St., Pittsburgh, PA 15206 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2032 | 860.0 | 860.0 | 761.1 | 0.20 | % |
| AVVA MINA INC dba Doctor's Choice Pharmacy | (#,^) | 639 N 13th Ave, Upland, CA 91786 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 6/24/2032 | 121.5 | 121.5 | 105.1 | 0.03 | % |
| Suha Restaurants LLC dba The Great Greek Grill | (#,^) | 8211 Byron Center Ave SW, Ste. A, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/24/2032 | 18.2 | 18.2 | 19.0 | 0.01 | % |
F-44
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Don Green Electric LLC | (#,^) | 1209 SE Dixie Cut Off Rd., Stuart, FL 34994 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/24/2032 | 80.4 | 80.4 | 69.6 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JDT Pickup and Delivery Service LLC | (#) | 2870 Gonzaga Ave, Richmond, CA 94806 | Couriers and Messengers | Term Loan | Prime plus | 6.5% | 6/24/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Jadar Entertainment LLC | (#,^) | 468 N Camden Dr, Beverly Hills, CA 90210 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 6/24/2032 | 85.1 | 85.1 | 73.6 | 0.02 | % |
| Northern Builders LLC | (#,^) | 30 Porter St., Littleton, NH 03561 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/24/2032 | 437.5 | 437.5 | 398.5 | 0.11 | % |
| The Concrete Company, LLC and Cabriales Holding LLC | (#,^) | 10940 S Parker Rd., Parker, CO 80134 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2047 | 345.5 | 345.5 | 326.9 | 0.09 | % |
| TRUYOU RENEW LLC | (#,^) | 38221 Plymouth Rd, Ste. #6, Livonia, MI 48150 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/23/2032 | 43.7 | 43.7 | 40.7 | 0.01 | % |
| JNH Consulting Services, LLC and AllTax Associates, LLC | (#,^) | 2107 Sherry St., Arlington, TX 76010 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/23/2032 | 114.2 | 114.2 | 98.8 | 0.03 | % |
| ABC Intercargo LLC | (#,^) | 2700 Glades Cir, Weston, FL 33327 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/23/2032 | 100.9 | 100.9 | 87.7 | 0.02 | % |
| Penny Almond, LPC, LLC | (#) | 1401 Malvern Ave Ste 260, Hot Springs, AR 71901 | Social Assistance | Term Loan | Prime plus | 6.5% | 6/23/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| CT Mets Baseball Academy LLC | (#,^) | 216 Foxon Rd, North Branford, CT 06471 | Educational Services | Term Loan | Prime plus | 2.75% | 6/23/2032 | 56.9 | 56.9 | 49.4 | 0.01 | % |
| Ebony T Grimes dba Grimes Day Care | (#) | 5231 Oxford Ave, Philadelphia, PA 19124 | Social Assistance | Term Loan | Prime plus | 6.5% | 6/23/2032 | 12.3 | 12.3 | 12.1 | — | % |
| Adelko Inc dba dba GRAND WELCOME BEVERLY HILLS | (#,^) | 9937 Shirley Ave, Northridge, CA 91324 | Real Estate | Term Loan | Prime plus | 2.75% | 6/23/2032 | 51.0 | 51.0 | 44.1 | 0.01 | % |
| Tocino Strategies LLC | (#) | 7133 E Plata Ave, Mesa, AZ 85212 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/23/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Chicago Knife Works Inc | (#,^) | 6427 W Dempster St., Morton Grove, IL 60053 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/23/2032 | 72.9 | 72.9 | 63.1 | 0.02 | % |
| Creamalicious Inc | (#,^) | 6953 Tarragon Ct, Liberty Township, OH 45011 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/23/2032 | 86.3 | 86.3 | 74.6 | 0.02 | % |
| Perfect Day NY LLC | (#) | 384 Knickerbocker Ave, Brooklyn, NY 11237 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 6/23/2032 | 23.5 | 23.5 | 23.1 | 0.01 | % |
| Conliff Solutions LLC | (#,^) | 23664 Jayadev Ter, Brambleton, VA 20148 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/22/2032 | 14.6 | 14.6 | 12.6 | — | % |
| MJ Enterprise Holdings Inc | (#,^) | 2600 Cabover Dr, Hanover, MD 21076 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/22/2032 | 20.8 | 20.8 | 18.2 | — | % |
| Talley Brothers, Inc | (#,^) | 210 Executive Dr., Newark, DE 19702 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/22/2032 | 85.1 | 85.1 | 73.6 | 0.02 | % |
| Power Move Ventures LLC | (#,^) | 3700 S Conway Rd.,Ste. 101, Orlando, FL 32812 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/22/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| Nerac, Inc | (#,^) | 1 Technology Dr. aka 303 Merrow Rd., Tolland, CT 06084 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/22/2047 | 489.8 | 489.8 | 544.4 | 0.15 | % |
F-45
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| On Point Med Spa & Wellness Center LLC | (#,^) | 799 Christmas Ave, Bethlehem, GA 30620 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/22/2032 | 83.8 | 83.8 | 74.3 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diabs, LLC | (#,^) | 2395 San Siro St., Henderson, NV 89044 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 6/22/2032 | 8.9 | 8.9 | 7.7 | — | % |
| Orbilibrium Corporation and Mathew Wanyama | (#,^) | 102 Pawnee Dr., Montgomery, TX 77316 | Real Estate | Term Loan | Prime plus | 2.75% | 6/22/2047 | 22.4 | 22.4 | 24.9 | 0.01 | % |
| Ageless Simplicity LLC | (#,^) | 21800 Towncenter Plz 239, Sterling, VA 20164 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/22/2032 | 21.9 | 21.9 | 20.2 | 0.01 | % |
| Truth Excavation LLC | (#,^) | 164 Wahikuli Rd., Lahaina, HI 96761 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/22/2032 | 85.1 | 85.1 | 88.7 | 0.02 | % |
| MedAir Labs, LLC | (#,^) | 10500 Antenucci Blvd, Garfield Heights, OH 44125 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 6/22/2032 | 364.6 | 364.6 | 380.0 | 0.10 | % |
| The Hills Tandem LLC | (#,^) | 132 Palmer Pointe Way, Holly Springs, NC 27540 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/22/2032 | 58.3 | 58.3 | 50.7 | 0.01 | % |
| Empire Countertops LLC | (#,^) | 1137 Enterprise Dr., Pilot Point, TX 76258 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/21/2032 | 268.8 | 268.8 | 280.2 | 0.07 | % |
| Empire Countertops LLC | (#,^) | 1137 enterprise Dr., Pilot Point, TX 76258 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/21/2032 | 830.9 | 830.9 | 771.5 | 0.21 | % |
| Prancing Paws Grooming Salon LLC | (#,^) | 120 N Main St, Germantown, OH 45327 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/21/2047 | 17.5 | 17.5 | 18.6 | — | % |
| Maria Pena | (#,^) | 537 Swallow Ln, Lodi, CA 95240 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2032 | 16.8 | 16.8 | 17.1 | — | % |
| Jason Howard | (#,^) | 39425 234th St, Woonsocket, SD 57385 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/20/2032 | 18.4 | 18.4 | 15.9 | — | % |
| Shawn Soiland | (#,^) | 10 Ascot Dr, Santa Rosa, CA 95403 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/20/2032 | 85.1 | 85.1 | 78.0 | 0.02 | % |
| Teleflex Group Inc dba TL Cargo | (#,^) | 8520 nw 66 St., Miami, FL 33166 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 6/17/2032 | 41.3 | 41.3 | 36.7 | 0.01 | % |
| H & M Associates LLC | (#,^) | 108 Harlow St, Pittsburgh, PA 15218 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/17/2032 | 17.6 | 17.6 | 15.2 | — | % |
| HYGCO | (#,^) | 2000 Anchor Ct, Thousand Oaks, CA 91320 | Chemical Manufacturing | Term Loan | Prime plus | 2.75% | 6/17/2032 | 182.3 | 182.3 | 175.2 | 0.05 | % |
| Mistry's Custom Solutions LLC dba American Body Works | (#,^) | 420 S Mill St., Lewisville, TX 75057 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/17/2032 | 85.1 | 85.1 | 73.6 | 0.02 | % |
| Foundation Business Enterprises, LLC | (#,^) | 744 Noah Dr., Ste. 113, Jasper, GA 30143 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/17/2032 | 127.6 | 127.6 | 110.4 | 0.03 | % |
| CCuest LLC dba Synergy HomeCare of Palm Bay | (#,^) | 1501 Robert J. Conlan Rd., Palm Bay, FL 32905 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/17/2032 | 19.2 | 19.2 | 16.6 | — | % |
| YDK Enterprise LLC | (#) | 115 Mowbray Dr, Kew Gardens, NY 11415 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/17/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Mendoza Trucking and Logistics INC | (#,^) | 2320 Greenbriar Dr., Unit B, Chula Vista, CA 91915 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/17/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| Finch Clinic, P.L.L.C. dba Axcel Treatment and Recovery | (#,^) | 1105 Memorial Dr.,, Denison, TX 75020 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/17/2032 | 71.1 | 71.1 | 66.4 | 0.02 | % |
F-46
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Biocanic, Inc | (#,^) | 4976 Foothill Blvd, San Diego, CA 92109 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 6/17/2032 | 60.8 | 60.8 | 52.5 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Muse Enterprises Inc | (#,^) | 498 County Rd 4711, Kempner, TX 76539 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/17/2032 | 49.8 | 49.8 | 47.2 | 0.01 | % |
| STAFFINGPOINT LLC | (#,^) | 3371 Baywood Ter., Fremont, CA 94536 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/17/2032 | 14.6 | 14.6 | 12.6 | — | % |
| Premier Healthcare Service | (#) | 1015 Eden Way North, Chesapeake, VA 23320 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 11/16/2047 | 134.8 | 134.8 | 144.9 | 0.04 | % |
| KT Supply LLC | (#,^) | 39 Graphic Pl., Moonachie, NJ 07024 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/16/2032 | 85.1 | 85.1 | 73.6 | 0.02 | % |
| Gentle Partners in Hospice LLC | (#,^) | 1635 NE Interstate 410 Loop Ste 501, San Antonio, TX 78209 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/16/2032 | 66.8 | 66.8 | 57.8 | 0.02 | % |
| Soapbox Studio, LLC and The Vault Recording Lounge, LLC | (#) | 4031 Fambrough Dr, Powder Springs, GA 30127 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 6/16/2032 | 121.5 | 121.5 | 116.8 | 0.03 | % |
| Erin Cervantes dba Security Carpet Cleaners | (#,^) | 15260 Cheshire Way, San Antonio, TX 78254 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/16/2032 | 10.8 | 10.8 | 9.4 | — | % |
| Edgar Almanzar Insurance Agency Inc. | (#,^) | 477 central Ave, White Plains, NY 10606 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/16/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| Daedalus Works LLC | (#,^) | 17 RD 3500, Flora Vista, NM 87415 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 6/15/2032 | 46.2 | 46.2 | 44.6 | 0.01 | % |
| KLZS Electric LLC dba Mr Electric of Middleton | (#,^) | 285 E Deer Trail Rd, Clayton, DE 19938 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/15/2032 | 11.7 | 11.7 | 10.1 | — | % |
| Rupisan Companies, LLC | (#) | 5460 Jaguar Way, Littleton, CO 80130 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 6/14/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| Innovative Concepts Construction LLC | (#,^) | 2196 Fenton Pkwy,Apt 310, San Diego,, CA 92108 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/14/2032 | 10.9 | 10.9 | 9.5 | — | % |
| Spend Less Store LLC | (#) | 516 E Juanita Ave, Ste. 3, Mesa, AZ 85204 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 6/14/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Jand J Darling Ventures dba Clean Air Lawn Care Austin NW | (#) | 5404 Pendleton LN, Austin, TX 78723 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 6/14/2032 | 9.8 | 9.8 | 9.6 | — | % |
| Signature Nail Salon Inc. | (#) | 11505 NE Fourth Plain Blvd., Ste. F3, Vancouver, WA 98662 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/14/2032 | 14.7 | 14.7 | 14.4 | — | % |
| Coast 2 Coast Consulting, LLC | (#,^) | 5630 S Garth Ave, Los Angeles, CA 90056 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/13/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| Code 3 Security LLC | (#,^) | 6401 Eldorado Pkwy, Ste. 224, McKinney, TX 75070 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/10/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| American Plumbing Solutions Inc | (#,^) | 34 11th Ave., Farmingdale, NY 11735 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/10/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| J LaMendola Physical Therapy PC | (#) | 1100 Clove Rd. Ste. G-C, Staten Island, NY 10301 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/10/2048 | 151.0 | 151.0 | 163.2 | 0.04 | % |
| ALLIANCE DIGITAL PROPERTIES INC | (#,^) | 1407 Foothill Blvd 305, La Verne, CA 91750 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/10/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
F-47
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Sebastian Castelli, PA | (#,^) | 12187 Beach Blvd, Ste. 1, Jacksonville, FL 32246 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/10/2032 | 72.9 | 72.9 | 63.6 | 0.02 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Nepal Dog Treat LLC | (#,^) | 11775 Stratford House Pl #303,, Reston, VA 20190 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/10/2032 | 243.0 | 243.0 | 210.2 | 0.06 | % | ||||||||||||||
| Spartan Bikes, LLC | (#,^) | 2974 N Alma School Rd, Chandler, AZ 85224 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 6/10/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % | ||||||||||||||
| Ridge Renovation and Construction LLC | (#,^) | 1736 E Greenway St, Mesa, AZ 85203 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/10/2032 | 55.9 | 55.9 | 49.7 | 0.01 | % | ||||||||||||||
| Triple Bs Inc | (#,^) | 12189 Livingston Rd, Manassas, VA 20109 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/10/2032 | 85.1 | 85.1 | 74.1 | 0.02 | % | ||||||||||||||
| 3Dio, LLC | (#,^) | 5900 NE 152nd Ave, Vancouver, WA 98682 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/9/2032 | 97.2 | 97.2 | 84.1 | 0.02 | % | Machfu Inc | (#,^) | 9200 Corporate Blvd., Ste. 470, Rockville, MD 20850 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/9/2032 | 85.1 | 85.1 | 73.6 | 0.02 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| TKSPizza LLC | (#,^) | 505 Hansen Ave, Butler, PA 16001 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/9/2032 | 21.8 | 21.8 | 22.8 | 0.01 | % | ||||||||||||||
| Folcon LLC | (#,^) | 516 West Walnut St., Kalamazoo, MI 49007 | Real Estate | Term Loan | Prime plus | 2.75% | 6/9/2047 | 42.0 | 42.0 | 44.9 | 0.01 | % | ||||||||||||||
| GEMsmash LLC | (#,^) | 2025 Belford Dr, Walnut Creek, CA 94598 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 6/9/2032 | 85.1 | 85.1 | 78.3 | 0.02 | % | ||||||||||||||
| EDIA World LLC | (#) | 3345 SW 67th Ave, Miami, FL 33155 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 6/9/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % | ||||||||||||||
| Lighting Management Inc | (#,^) | 618 Corporate Way, Unit 1, Valley Cottage, NY 10989 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/9/2032 | 239.5 | 239.5 | 207.1 | 0.06 | % | ||||||||||||||
| Ballard Construction LLC | (#,^) | 440 Timothy St., Junction City, OR 97448 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/9/2032 | 85.1 | 85.1 | 88.7 | 0.02 | % | ||||||||||||||
| Iron Valley Insurance Services Inc | (#,^) | 2366 Navigation Cir., Placentia, CA 92870 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/8/2032 | 10.9 | 10.9 | 9.5 | — | % | ||||||||||||||
| Stella del Mare, LLC | (#,^) | 2804 NE 8th St., Ste. 103, Homestead, FL 33033 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/8/2032 | 12.4 | 12.4 | 10.7 | — | % | ||||||||||||||
| MFT Solutions LLC | (#) | 110 E 43rd St., Apt 115, Boise, ID 83714 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 6/8/2032 | 14.7 | 14.7 | 14.4 | — | % | ||||||||||||||
| Hurricane Beauty LLC | (#,^) | 1110 Vandon Loop, Berlin, NJ 08009 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/8/2032 | 14.6 | 14.6 | 12.6 | — | % | ||||||||||||||
| CarrThom Development, LLC | (#,^) | 52 T St. NW, Washington, DC 20001 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/8/2032 | 104.5 | 104.5 | 90.4 | 0.02 | % | ||||||||||||||
| ALL OFF GRID, LLC | (#,^) | 10927 Big Lake Rd., Ste.s M&N, Wasilla, AK 99694 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/8/2032 | 21.9 | 21.9 | 20.8 | 0.01 | % | ||||||||||||||
| Black Martin Brands LLC | (#,^) | 9N915 Heatherington Pl., Elgin, IL 60124 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/8/2032 | 17.5 | 17.5 | 15.1 | — | % | ||||||||||||||
| PERU Q PRODUCTS LLC | (#,^) | 21772 Ladyslipper Square, Ashburn, VA 20147 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 6/8/2032 | 18.2 | 18.2 | 15.8 | — | % | ||||||||||||||
| Reliant Medical Group LLC | (#,^) | 3935 W Reno Ave, Ste. H, Las Vegas, NV 89118 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/7/2032 | 85.1 | 85.1 | 80.7 | 0.02 | % |
F-48
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| AB Liquor LLC | (#,^) | 16900 Chenal Pkwy., Ste. 130, Little Rock, AR 72223 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/7/2032 | 85.1 | 85.1 | 88.7 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ANK Waterfront Inc | (#,^) | 3322 Sheridan Rd, Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/7/2047 | 486.6 | 486.6 | 494.8 | 0.13 | % |
| FOOTHILL FEED AND MERCANTILE LLC | (#) | 1330 GEIGER GRADE Rd., RENO, NV 89521 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 6/7/2032 | 19.1 | 19.1 | 18.7 | — | % |
| ANK Mexican Grill Inc | (#,^) | 3322 Sheridan Rd., Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/7/2032 | 333.6 | 333.6 | 288.5 | 0.08 | % |
| J Michelle's LLC | (#) | 620 Windham St, Petersburg, VA 23803 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 6/7/2032 | 5.8 | 5.8 | 5.7 | — | % |
| C.I.I. INC | (#,^) | 6001 S Decatur Blvd.,, Las Vegas, NV 89118 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 6/7/2032 | 362.9 | 362.9 | 314.0 | 0.08 | % |
| SMART LOGISTICS LLC | (#,^) | 600 Getty Ave, Clifton, NJ 07011 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/7/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| BARSE & CO INC | (#,^) | 8701 John W. Carpenter Fwy, Ste. 140, Dallas, TX 75247 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/7/2032 | 14.6 | 14.6 | 12.6 | — | % |
| Bellasky LLC DBA Happy Day | (#,^) | 26279 CO-74, Kittredge, CO 80457 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/6/2047 | 75.8 | 75.8 | 84.3 | 0.02 | % |
| T&F Express Services, LLC | (#,^) | 16420 SE McGillivary, Vancouver, WA 98663 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/6/2032 | 14.6 | 14.6 | 12.7 | — | % |
| 805 Transportation LLC | (#) | 132 Easy St, Buellton, CA 93427 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 6.5% | 6/3/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Spine and Orthopedic Center of New Mexico PC | (#,^) | 400 N Pennsylvania Ave., Ste. 101, Roswell, NM 88201 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/3/2032 | 72.8 | 72.8 | 63.0 | 0.02 | % |
| C.A.L.M. Home, LLC | (#,^) | 757 West Magma Rd., San Tan Valley, AZ 85143 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/3/2032 | 72.7 | 72.7 | 62.8 | 0.02 | % |
| Que Duong LLC | (#) | 6 W. 126th St., Apt. 5F, New York, NY 10027 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/3/2032 | 17.1 | 17.1 | 16.9 | — | % |
| CWM Professional Consulting Inc | (#,^) | 19490 SW 24th St, Miramar, FL 33029 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/3/2032 | 21.9 | 21.9 | 18.9 | 0.01 | % |
| Gun Guardian, LLC | (#) | 1136 Brick Rd., Winter Garden, FL 34787 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 11/3/2032 | 27.5 | 27.5 | 27.0 | 0.01 | % |
| KRAMER LLC dba Kramer Injury Law LLC | (#,^) | 161 N Clark St., Chicago, IL 60601 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/3/2032 | 15.3 | 15.3 | 13.2 | — | % |
| Longo Acquisitions LLC dba Hello Garage of Stony Brook | (#,^) | 176 10th Ave., Holtsville, NY 11743 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/2/2032 | 8.9 | 8.9 | 7.9 | — | % |
| Jules Enterprise Group, Inc dba Anuco Rx | (#) | 549 Sawgrass Corporate Pkwy, Sunrise, FL 33323 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/2/2032 | 85.1 | 85.1 | 73.6 | 0.02 | % |
| Farmer Investments LLC dba Fetch! Pet Care | (#,^) | 3840 Charbon Ln., Bartlett, TN 38133 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/1/2032 | 12.6 | 12.6 | 10.9 | — | % |
| ADW Communications Services, Inc. | (#,^) | 425 S McClintock Dr Ste. 1,, Tempe, AZ 85281 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/1/2032 | 184.2 | 184.2 | 159.4 | 0.04 | % |
| PoleSet Equipment, LLC | (#,^) | 5355 Prosperity Pike, Prosperity, PA 15329 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 5/31/2032 | 724.4 | 724.4 | 755.1 | 0.20 | % |
F-49
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| TMC General Construction Inc. | (#,^) | 3457 Fitzgerald Dr., Rancho Cordova, CA 95742 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/31/2032 | 1,207.4 | 1,207.4 | 1,045.8 | 0.28 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MS Garage Plano, LLC | (#,^) | 1504 SW 57th Ter., Cape Coral, FL 33914 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/31/2032 | 74.9 | 74.9 | 77.1 | 0.02 | % |
| Big Brand Management Inc. and Big Brand Management Ltd. Co. | (#,^) | 512 E 11th St, Houston, TX 77008 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 5/31/2032 | 322.4 | 322.4 | 300.1 | 0.08 | % |
| LUBECON USA, LLC | (#,^) | 201 N Webster St., White Cloud, MI 49349 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/31/2032 | 391.2 | 391.2 | 402.4 | 0.11 | % |
| Modir Transportation LLC | (#,^) | 3225 Church St., Scottdale, GA 30079 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/31/2032 | 1,004.5 | 1,004.5 | 974.7 | 0.26 | % |
| Skyship Services Inc. | (#,^) | 161 T Com Dr., Elizabeth City, NC 27909 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 5/31/2032 | 301.8 | 301.8 | 311.6 | 0.08 | % |
| Zhenya, Inc. dba Scale Your Genius | (#) | 90 Pearl St., Denver, CO 80203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/31/2032 | 20.1 | 20.1 | 19.8 | 0.01 | % |
| Global One Media, Inc | (#,^) | 1750 Manzanita Dr., Elko, NV 89801 | Broadcasting (except Internet) | Term Loan | Prime plus | 2.75% | 5/31/2032 | 295.6 | 295.6 | 260.8 | 0.07 | % |
| Water Damage Rescue Inc.;123 W Orange St LLC;Service Magic Restoration | (#,^) | 7232 Owensmouth Ave, Canoga Oark, CA 91303 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/31/2032 | 603.7 | 603.7 | 535.8 | 0.14 | % |
| Duncan Electrical LLC | (#,^) | 8445 S Van Ness Ave, Inglewood, CA 90305 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/31/2032 | 41.0 | 41.0 | 35.5 | 0.01 | % |
| Smashachusetts, LLC | (#,^) | 303 Third St., Apt 215, Cambridge, MA 02142 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 5/31/2032 | 84.5 | 84.5 | 77.9 | 0.02 | % |
| Domi Health, LLC and B's Homecare Inc. | (#,^) | 5500 Nicollet Ave, Minneapolis, MN 55419 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/31/2032 | 346.7 | 346.7 | 299.8 | 0.08 | % |
| FRAMEWORXFL, INC | (#,^) | 139 S Pebble Beach Blvd., Sun City Center, FL 33573 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/31/2032 | 60.4 | 60.4 | 52.2 | 0.01 | % |
| REAL HOUSE INC and BFM Holdings 176 Harding LLC | (#,^) | 95 Grove St., Montclair, NJ 07042 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 5/31/2047 | 1,070.6 | 1,070.6 | 1,189.9 | 0.32 | % |
| IDEAL FURNITURE RENTAL & SALES INC | (#,^) | 84 Madison Ave, Roslyn Heights, NY 11577 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 5/27/2032 | 84.5 | 84.5 | 73.1 | 0.02 | % |
| Ninefold Design LLC | (#,^) | 160 Saint Elmo Way, San Francisco, CA 94127 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/27/2032 | 10.9 | 10.9 | 9.4 | — | % |
| Billfold LLC and Billfold Solutions Inc | (#,^) | 240 Kent Ave, Brooklyn, NY 11249 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 5/27/2032 | 603.7 | 603.7 | 627.3 | 0.17 | % |
| Caromark Building Group LLC | (#,^) | 18137 Sunset Cove Ln, Cornelius, NC 28031 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/27/2032 | 174.1 | 174.1 | 150.6 | 0.04 | % |
| Moody's Hardware LLC and MSH Holdings LLC | (#) | 22754 W 220 St., Springhill, KS 66083 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/27/2048 | 65.4 | 65.4 | 72.7 | 0.02 | % |
| Beach Life Flooring LLC | (#,^) | 5802 Terncrest Dr, Lithia, FL 33547 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/27/2032 | 15.4 | 15.4 | 13.3 | — | % |
| Distinctive Corporation dbaBig Basin Burger Bar | (#) | 14754 Oak St., Saratoga, CA 95070 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/27/2032 | 203.7 | 203.7 | 179.0 | 0.05 | % |
F-50
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Insight Recovery Services, LLC | (#,^) | 2123 Hendersonville Rd., Arden, NC 28704 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/26/2032 | 76.1 | 76.1 | 65.9 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ACES of Brevard | (#) | 1430 Glendale Ave NW, Palm Bay, FL 32907 | Social Assistance | Term Loan | Prime plus | 6.5% | 5/26/2032 | 12.2 | 12.2 | 12.0 | — | % |
| MJZ, Inc. | (#,^) | 31917 Cypress Glen Ct, Lake Elsinore, CA 92532 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/26/2032 | 18.8 | 18.8 | 16.3 | — | % |
| Vanco LLC | (#,^) | 3919 and 3925 E Miami Ave, Phoenix, AZ 85040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/26/2032 | 84.3 | 84.3 | 87.8 | 0.02 | % |
| Superior Image Hair Studio LLC | (#,^) | 709 MacDade Blvd, Collingdale, PA 19023 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/26/2047 | 39.1 | 39.1 | 42.5 | 0.01 | % |
| Best Value Multi Services Inc | (#,^) | 452 S Cypress Rd, Pompano Beach, FL 33060 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/26/2032 | 10.9 | 10.9 | 9.4 | — | % |
| The BEDOS Group LLC | (#,^) | 8190 Barker Cypress Rd, Cypress, TX 77433 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/26/2032 | 39.8 | 39.8 | 35.5 | 0.01 | % |
| Grade A Computer Services LLC | (#) | 3347 Wickham Ave, Bronx, NY 10469 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/25/2032 | 12.1 | 12.1 | 12.0 | — | % |
| Patriot Motors of KC LLC | (#,^) | 4103 N Oak Trafficway, Kansas City, MO 64116 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 5/25/2032 | 52.3 | 52.3 | 45.2 | 0.01 | % |
| Copper Rose LLC | (#) | 550 Main St., Ste. 2, Edmonds, WA 98020 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 10/25/2032 | 18.1 | 18.1 | 17.0 | — | % |
| Beecher Development Services, Inc | (#,^) | 2329 W Main St., Littleton, CO 80120 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/25/2032 | 55.5 | 55.5 | 48.0 | 0.01 | % |
| Dream Builders Child Care, LLC and Dreams in Action LLC | (#,^) | 210 Snyder Rd., Hermitage, PA 16148 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/24/2047 | 114.9 | 114.9 | 122.6 | 0.03 | % |
| American Dream Restaurants LLC | (#,^) | 2761 Lake Shore Rd., Gilford, NH 03249 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/24/2032 | 1,207.3 | 1,207.3 | 1,044.1 | 0.28 | % |
| Tampa Bay Physical Therapy LLC | (#,^) | 13328 Telecom Dr., Temple Terrance, FL 33637 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/24/2032 | 48.3 | 48.3 | 41.9 | 0.01 | % |
| Serenity Keepers Home Care LLC | (#,^) | 312 Broad St., Sumter, SC 29150 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/24/2047 | 47.2 | 47.2 | 50.7 | 0.01 | % |
| DRKSL LLC, dba Andrew Levine Hai | (#) | 127 E 59th St., 2nd Floor , Ste. 6, New York, NY 10022 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 5/24/2032 | 24.3 | 24.3 | 23.9 | 0.01 | % |
| Roam Overland Vehicles LLC | (#) | 12308 NE 56th St., Ste. 1407, Vancouver, WA 98682 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 5/24/2032 | 19.4 | 19.4 | 19.1 | 0.01 | % |
| C2PM | (#,^) | 22601 Summerfield, Mission Viejo, CA 92692 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/24/2032 | 50.7 | 50.7 | 44.4 | 0.01 | % |
| Savage Sweets, Inc. dba Rita's of Doylestown | (#) | 132 Veterans Ln, Doylestown, PA 18901 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/23/2032 | 75.6 | 75.6 | 67.0 | 0.02 | % |
| Capital Trading LLC | (#,^) | 4911 Lyons Technology Pkwy, Coconut Creek, FL 33073 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/23/2032 | 589.2 | 589.2 | 509.6 | 0.14 | % |
| Harvinderpal S. Dhatt dba Cold Stone Creamery | (#) | 714 W Onstott Frontage Rd., Yuba City, CA 95991 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/23/2033 | 113.7 | 113.7 | 101.8 | 0.03 | % |
| Jay Jalaram Lodge LLC dba Quality Inn | (#,^) | 2055 E. Lincoln Hwy, Wooster, OH 44691 | Accommodation | Term Loan | Prime plus | 2.75% | 5/23/2032 | 62.8 | 62.8 | 65.4 | 0.02 | % |
F-51
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Melissa J. Kopple | (#) | 18840 SW Boones Ferry Rd, Tualatin, OR 97062 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 5/23/2032 | 24.3 | 24.3 | 23.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wrenching Whalls, LLC | (#,^) | 2428 Broad River Rd., Columbia, SC 29210 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/20/2032 | 21.5 | 21.5 | 19.2 | 0.01 | % |
| Brothers Trucking Company Inc | (#,^) | 202 Drakewood Pl, Cary, NC 27518 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/20/2032 | 48.3 | 48.3 | 50.3 | 0.01 | % |
| VULCAIN NINE INC dba Charley's Philly Steaks | (#,^) | 17650 NW 2nd Ave., Miami Gardens, FL 33169 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/20/2032 | 148.0 | 148.0 | 129.2 | 0.03 | % |
| H&W Creative Branch LLC | (#,^) | 7246 Wynnwood Ln., Houston, TX 77008 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 5/20/2032 | 103.1 | 103.1 | 89.9 | 0.02 | % |
| Amir Saya, Individually dba KNA Racing | (#,^) | 102 N 1st St, Williams, AZ 86046 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/20/2032 | 14.5 | 14.5 | 12.5 | — | % |
| ESG International, Inc | (#) | 8520 Allison Pointe Blvd, Indianapolis, IN 46250 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/20/2032 | 24.3 | 24.3 | 23.9 | 0.01 | % |
| Small Express LLC | (#,^) | 20 St Andrews Ct, Westampton, NJ 08060 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/20/2032 | 10.2 | 10.2 | 9.5 | — | % |
| EMC2 Mechanical Solutions LLC | (#) | 10375 Plum Tree Cir, Hales Corners, WI 53130 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 5/19/2032 | 12.1 | 12.1 | 12.0 | — | % |
| Stems, LLC and Meredith Hawksworth | (#,^) | 1702 Utica Square, Tulsa, OK 74114 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 5/19/2032 | 64.3 | 64.3 | 56.2 | 0.01 | % |
| Hope Restored Counseling Services, PLLC | (#) | 610 N Montana St, Dillon, MT 59725 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 5/19/2032 | 24.3 | 24.3 | 23.9 | 0.01 | % |
| Natur Zone of Arizona, LLC dba Naturzone Pest Control | (#,^) | 12633 N Cave Creek Rd., Ste. 101, Phoenix, AZ 85022 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/19/2032 | 48.3 | 48.3 | 41.8 | 0.01 | % |
| Blount Auto Market | (#) | 355 E Lanier Ave, Ste. N, Fayetteville, GA 30214 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 5/19/2032 | 24.3 | 24.3 | 23.9 | 0.01 | % |
| Arledge Enterprises, LLC and Arledge Holdings, LLC. | (#,^) | 7355 Tribble Gap Rd., Alto, GA 30510 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/19/2047 | 145.8 | 145.8 | 161.2 | 0.04 | % |
| Steckman Pilates and Wellness, LLC. | (#,^) | 920 Woodstock Rd., Roswell, GA 30075 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/18/2032 | 14.1 | 14.1 | 12.7 | — | % |
| Guilin Construction, LLC | (#,^) | 379 Grandview Ave., Waterbury, CT 06708 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/18/2032 | 226.8 | 226.8 | 206.8 | 0.06 | % |
| Cordurouy LLC | (#) | 665 Valley Dr., Hermosa Beach, CA 90254 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/18/2032 | 13.6 | 13.6 | 13.4 | — | % |
| Liberty Guns and Equipment LLC and Freedom Diner, LLC | (#,^) | 214 E. McIntyre St, Mullins, SC 29574 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/17/2032 | 55.0 | 55.0 | 53.7 | 0.01 | % |
| Solfire Contract Manufacturing Inc | (#,^) | 4939 Decatur Rd., Fort Wayne, IN 46806 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 5/17/2047 | 195.1 | 195.1 | 195.5 | 0.05 | % |
| Tesla Nail Salon LLC | (#,^) | 157 S Compass Wy, Dania Beach, FL 33004 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/17/2032 | 135.9 | 135.9 | 120.1 | 0.03 | % |
| GreenKoat Solutions LLC dba FlexRock Coatings | (#,^) | 824 S. Franklin St., Denver, CO 80209 | Chemical Manufacturing | Term Loan | Prime plus | 2.75% | 5/16/2032 | 21.7 | 21.7 | 18.8 | 0.01 | % |
| Safari Lux Lounge LLC | (#,^) | 5020 E Independence Blvd, Charlotte, NC 28212 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/16/2047 | 322.7 | 322.7 | 352.5 | 0.09 | % |
F-52
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| The Feder Construction Company LLC | (#) | 14 Manor Dr., Monsey, NY 10952 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 5/13/2032 | 24.3 | 24.3 | 24.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Samiah & Co. LLC | (#,^) | 15128 S Harlan Rd., Lathrop, CA 95330 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/13/2032 | 18.8 | 18.8 | 16.3 | — | % |
| A Pro Duction Painting Company LLC | (#,^) | 6810 Sagamore Ct., French Village, MO 63036 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/12/2032 | 21.7 | 21.7 | 18.8 | 0.01 | % |
| Abundant Life Surrogacy LLC | (#) | 2716 Rose Hill St., Boise, ID 83705 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 5/12/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Empower Marketing, Inc | (#,^) | 610 Jefferson Dr., Palmyra, VA 22963 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/12/2032 | 38.2 | 38.2 | 35.4 | 0.01 | % |
| Infrared Girl LLC | (#,^) | 42 Nashua Rd, Londonderry, NH 03053 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/11/2032 | 82.4 | 82.4 | 74.4 | 0.02 | % |
| Replays Games LLC | (#,^) | 1203 Woodward Ave, Muscle Shoals, AL 35661 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/11/2032 | 9.9 | 9.9 | 8.6 | — | % |
| Bronze Goddess Beauty LLC | (#,^) | 333 University Ave., Ste. 200, Sacramento, CA 95825 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/11/2032 | 45.9 | 45.9 | 42.0 | 0.01 | % |
| Semilla Baking Co LLC | (#) | 2310 McDuffie St., Apt 7, Houston, TX 77019 | Food Manufacturing | Term Loan | Prime plus | 6.5% | 5/10/2032 | 19.0 | 19.0 | 18.7 | — | % |
| Originals and Organics LLC | (#) | 1902 Sussex Ln., Colorado Springs, CO 80909 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 6.5% | 5/10/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| TPACUPS Inc. and GVCUPS, Inc | (#,^) | 3810 W Neptune St., Tampa, FL 33629 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/10/2032 | 76.2 | 76.2 | 66.1 | 0.02 | % |
| Inner Light Healing LLC | (#) | 1025 Reynolds Rd., Johnson City, NY 13790 | Educational Services | Term Loan | Prime plus | 6.5% | 5/10/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
| Wesley S. Brown dba Lynfield Hauling | (#,^) | 3607 Waitesfield Rd., Johns Island, SC 29455 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/10/2032 | 9.4 | 9.4 | 8.3 | — | % |
| Concrete Buildings Tech Inc | (#,^) | 6790 Williams Hwy., Grants Pass, OR 97527 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/10/2047 | 333.9 | 333.9 | 356.8 | 0.10 | % |
| AOG Investments LLC dba Fratello Cigars | (#,^) | 44621 Guilford Dr., Ashburn, VA 20147 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/6/2032 | 60.4 | 60.4 | 52.2 | 0.01 | % |
| MJD Truck Wash Inc | (#,^) | 609 Old Omega Rd.,, Tifton, GA 31793 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/6/2032 | 50.7 | 50.7 | 52.9 | 0.01 | % |
| T M Z Plants & Trees, Inc. | (#,^) | 13667 Okeechobee Blvd, Loxahatchee Groves, FL 33470 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/5/2032 | 64.7 | 64.7 | 56.9 | 0.02 | % |
| True Care Lawn Service of Lee County Inc | (#,^) | 1522 Senior Ct., Lehigh Acres, FL 33971 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/5/2032 | 15.5 | 15.5 | 13.5 | — | % |
| Comprehensive Health & Wellness Center LLC | (#,^) | 1785 Airport Rd. Ste B, Gallatin, TN 37066 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/4/2032 | 8.0 | 8.0 | 6.9 | — | % |
| Cartesios Precision Collison, LLC | (#,^) | 1702 PA-940, Pocono Pines, PA 18350 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/4/2047 | 218.6 | 218.6 | 231.4 | 0.06 | % |
| Ryno Resumes, LLC | (#) | 1015 Grupp Rd., Des Peres, MO 63131 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 5/3/2032 | 14.6 | 14.6 | 14.4 | — | % |
| Blue Oaks Financial LLC | (#) | 5716 Lonetree Blvd, Rocklin, CA 95765 | Educational Services | Term Loan | Prime plus | 6.5% | 5/3/2032 | 24.4 | 24.4 | 24.0 | 0.01 | % |
F-53
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Motion Physical Medicine & Wellness, PLLC | (#,^) | 8118 Fry Rd. #1102, Cypress, TX 77433 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/2/2047 | 73.7 | 73.7 | 78.8 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ghostcat Holdings, LLC and VJ Supply Inc | (#,^) | 392 N Lake Rd., Hoover, AL 35242 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/29/2032 | 143.9 | 143.9 | 124.5 | 0.03 | % |
| Silbertechit LLC | (#,^) | 23 Sussex Rd., Bergenfield, NJ 07621 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/29/2032 | 158.3 | 158.3 | 148.1 | 0.04 | % |
| Vanguard Utility Service, Inc. | (#,^) | 1421 West 9th St., Owensboro, KY 42301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2032 | 419.6 | 419.6 | 362.9 | 0.10 | % |
| The Elysian Fields Optimum Wellness & Mental HealthGroup, LLC | (#,^) | 2222 North Howard St., Baltimore, MD 21218 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 4/29/2032 | 102.7 | 102.7 | 88.8 | 0.02 | % |
| North America Lighting LLC | (#,^) | 8509 Phoenix Dr., Manassas, VA 20110 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/29/2032 | 191.7 | 191.7 | 166.4 | 0.04 | % |
| 1st Choice Property Services LLC | (#,^) | 554 Deer Ridge Ln S, Maplewood, MN 55119 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/29/2032 | 84.0 | 84.0 | 72.6 | 0.02 | % |
| World Fire Protection Inc | (#,^) | 41905 Boardwalk, Palm Desert, CA 92211 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2032 | 208.2 | 208.2 | 194.3 | 0.05 | % |
| Eagle Theater Corp,Beautiful City LLC,Eagle Theater Operating LLC | (#,^) | 1802 W. Main St.,, Robinson, IL 62454 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 4/29/2047 | 724.9 | 724.9 | 793.8 | 0.21 | % |
| Superior Equipment Repair Inc.and Timothy Ayles | (#,^) | 1905 Aviation Blvd., Lincoln, CA 95648 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/29/2047 | 1,225.9 | 1,225.9 | 1,252.5 | 0.33 | % |
| Bella Sloan Enterprises LLC | (#,^) | 6950 Castor Ave, Philadelphia, PA 19149 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/29/2032 | 404.2 | 404.2 | 373.3 | 0.10 | % |
| Tomorrows LLC | (#,^) | 713 S Washington St., Junction City, KS 66441 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/29/2047 | 55.8 | 55.8 | 59.4 | 0.02 | % |
| TJ Rising Group LLC dba Gastrome Market and J's Restaurant Group LLC | (#) | 1359 E Weldon Ave, Phoenix, AZ 85014 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/29/2032 | 224.9 | 224.9 | 199.8 | 0.05 | % |
| Goodtimez Campground LLC | (#,^) | 43779 Van Dyke Ave., Sterling Heights, MI 48314 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/29/2032 | 83.1 | 83.1 | 73.2 | 0.02 | % |
| CameoFX Inc | (#,^) | 1 Park Plz., Irvine, CA 92614 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 4/29/2032 | 155.9 | 155.9 | 140.3 | 0.04 | % |
| Vanguard Utility Service, Inc. | (#,^) | 1421 West 9th St., Owensboro, KY 42301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2047 | 681.6 | 681.6 | 686.8 | 0.18 | % |
| Get Your Beauty On LLC | (#,^) | 11150 Huron St, Northglenn, CO 80234 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/29/2032 | 8.9 | 8.9 | 7.8 | — | % |
| GARI'S TRUCK TIRES, LLC | (#,^) | 3006 Mountain Pass Blvd, Anthony, TX 79821 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/29/2032 | 85.6 | 85.6 | 89.3 | 0.02 | % |
| Central Florida Health and Rehab Clinic LLC | (#,^) | 3975 S Orange Blossom Trl, Orlando, FL 32839 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/28/2047 | 841.3 | 841.3 | 894.1 | 0.24 | % |
| Guy Driscoll dba Metal Parts Machine | (#,^) | 5551 Belle Ave, Cypress, CA 90630 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/28/2032 | 100.8 | 100.8 | 92.8 | 0.02 | % |
| Brianna Sawyer dbaPacific Mechanical Contractor | (#,^) | 1120 Sequoia St., Klamath Falls, OR 97601 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/28/2032 | 52.8 | 52.8 | 45.6 | 0.01 | % |
| Ambrosial Living LLC | (#,^) | 508 Olympia St., DeSoto, TX 75115 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 4/28/2047 | 173.5 | 173.5 | 180.3 | 0.05 | % |
F-54
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| 99 Sai Ram LLC dba South Main Wine & Spirits | (#,^) | 442 S Main St., West Hartford, CT 06110 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/28/2032 | 109.1 | 109.1 | 94.3 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DA BUSINESS MANAGEMENT INC | (#) | 6700 Tampa Ave, Reseda, CA 91335 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 4/27/2032 | 24.2 | 24.2 | 23.8 | 0.01 | % |
| Valley Remodel and repair LLC | (#) | 1103 W Sam St, Kent, WA 98032 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 4/27/2032 | 24.2 | 24.2 | 23.8 | 0.01 | % |
| Six Mile Station LLC | (#,^) | 350 W Whalen St., Guernsey, WY 82214 | Accommodation | Term Loan | Prime plus | 2.75% | 4/27/2047 | 131.4 | 131.4 | 144.0 | 0.04 | % |
| Sterling Light Productions Inc | (#,^) | 6250 White Mill Rd, Fairburn, GA 30213 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 4/27/2032 | 60.0 | 60.0 | 51.9 | 0.01 | % |
| Storm-Tek, Inc | (#,^) | 100 Glenborough Dr., Houston, TX 77060 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 4/27/2032 | 506.5 | 506.5 | 464.5 | 0.12 | % |
| Pure Recovery California, Inc ,ZK Sports, LLC & 239 Investments, LLC | (#,^) | 721 Mandalay Beach Rd., Oxnard, CA 93035 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 4/27/2032 | 600.8 | 600.8 | 520.0 | 0.14 | % |
| Shepherd Fitness, LLC dba Workout Anytime Ooltewah and Shepherd Fitness | (#) | 9408 Apison Pike, Ooltewah, TN 37363 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/27/2032 | 223.2 | 223.2 | 202.7 | 0.05 | % |
| Bullseye Products International, LLC | (#,^) | 3595 Polaris Ave, Las Vegas, NV 89103 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/27/2032 | 37.8 | 37.8 | 32.7 | 0.01 | % |
| Johnson Racing Suspension | (#) | 153 Northway Park Rd, Machesney Park, IL 61115 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 4/27/2032 | 9.3 | 9.3 | 9.1 | — | % |
| Phylicia Taniel Cook | (#,^) | 9A Rue Dubois, Lady’s Island, SC 29907 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/26/2032 | 7.4 | 7.4 | 6.7 | — | % |
| Royal Home Care and Staffing LLC | (#,^) | 2288 Blue Water Blvd, Odenton, MD 21113 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/26/2032 | 120.0 | 120.0 | 107.2 | 0.03 | % |
| NetDVS Limited Liability Company | (#,^) | 164 Brighton Rd, Clifton, NJ 07012 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 4/26/2032 | 48.0 | 48.0 | 41.5 | 0.01 | % |
| Lowery Pena Construction Company Inc | (#,^) | 249 Mylnar Ave., Manteca, CA 95336 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 4/26/2032 | 211.1 | 211.1 | 182.6 | 0.05 | % |
| Sherwood Sporthorses Inc | (#,^) | 20530 Forestview, Magnolia, TX 77355 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/25/2032 | 8.6 | 8.6 | 7.5 | — | % |
| Matai's Creamery Inc | (#,^) | 152 S Aiken Ln, Aiken, SC 29803 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/25/2032 | 18.7 | 18.7 | 16.5 | — | % |
| LegacyWorx LLC dba HOTWORX | (#,^) | 1753 South Burlington Blvd., Burlington, WA 98233 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/22/2032 | 122.6 | 122.6 | 108.7 | 0.03 | % |
| SilverLo Enterprises LLC | (#,^) | 2720 Old Rosebud Rd, Lexington, KY 40509 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/22/2032 | 48.0 | 48.0 | 50.0 | 0.01 | % |
| Social Link LLC dba Must See Nashville | (#,^) | 1200 Clinton St., Nashville, TN 37203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/22/2032 | 18.0 | 18.0 | 15.6 | — | % |
| HealThySelf HealThyWorld LLC | (#,^) | 3741 Parke Dr, Edgewater, MD 21037 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/22/2032 | 82.8 | 82.8 | 82.6 | 0.02 | % |
| Miksanek Enterprises Inc | (#,^) | 7633 East St Joe Hwy, Grande Ledge, MI 48837 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/22/2032 | 74.8 | 74.8 | 64.7 | 0.02 | % |
| Squarehaus LLC | (#,^) | 119 Regal Row, Ste. D, Dallas, TX 75247 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 4/22/2032 | 268.1 | 268.1 | 239.2 | 0.06 | % |
F-55
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Olde Colonial Realty, Inc dba Olde Colonial Restoration | (#,^) | 2033 Forest Dr, Fayetteville, GA 30214 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 4/22/2032 | 40.3 | 40.3 | 35.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pitmilly LLC | (#) | 28 Scarlet Oak Dr, Lafayette Hill, PA 19444 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/21/2032 | 66.5 | 66.5 | 58.3 | 0.02 | % |
| Hartman Family Wellness, PLLC. | (#,^) | 3951 Brown TRL, Colleyville, TX 76034 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/20/2032 | 44.1 | 44.1 | 41.4 | 0.01 | % |
| Alien Technologies Inc dba Apex Call Centers | (#,^) | 6640 Lusk Blvd., San Diego, CA 62121 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/20/2032 | 475.5 | 475.5 | 421.2 | 0.11 | % |
| Dahlberg Enterprises LLC dba Alpine Janitorial | (#,^) | 4070 Bluewing Ln., Washoe Valley, NV 89704 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/20/2032 | 68.5 | 68.5 | 59.6 | 0.02 | % |
| Melanj Hair LLC | (#,^) | 1668 Flagstone Ln., Conyers, GA 30012 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 4/20/2032 | 21.6 | 21.6 | 18.7 | — | % |
| CARMEN STOCKING LLC | (#) | 84122 Avendia Cedrus, Coachella, CA 92236 | Truck Transportation | Term Loan | Prime plus | 6.5% | 4/20/2032 | 24.2 | 24.2 | 23.8 | 0.01 | % |
| Relax Mind & Body Massage PLLC | (#,^) | 3710 168th St NE, Arlington, WA 98223 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/19/2032 | 49.0 | 49.0 | 42.4 | 0.01 | % |
| Redmond Investments LLC dba FiiZ Drinks | (#) | 2340 Texas Heritage Pkwy., Ste. 900, Brookshire, TX 77423 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/19/2032 | 69.4 | 69.4 | 61.3 | 0.02 | % |
| CBK Construction LLC | (#,^) | 315 E North St., Kalamazoo, MI 49007 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 4/18/2032 | 480.2 | 480.2 | 445.0 | 0.12 | % |
| Taylor Events Inc. | (#,^) | 2502 Chelsea St., Orlando, FL 32803 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/18/2032 | 50.4 | 50.4 | 44.6 | 0.01 | % |
| Ambient Bamboo Products, Inc dba Floors Inc | (#,^) | 8230 Preston Ct., Jessup, MD 20794 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 4/15/2032 | 164.3 | 164.3 | 142.2 | 0.04 | % |
| Ag to go, LLC | (#,^) | 395 Summit Point Dr., Henrietta, NY 14467 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 4/15/2032 | 119.9 | 119.9 | 106.8 | 0.03 | % |
| OP Electric LLC | (#,^) | 1201 Silva St., Snohomish, WA 98290 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/15/2032 | 18.0 | 18.0 | 15.6 | — | % |
| B.G. Technical, Inc. & Linal OG Services LLC | (#,^) | 12808 West Airport Blvd., Sugar Land, TX 77478 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 4/15/2032 | 1,199.3 | 1,199.3 | 1,209.0 | 0.32 | % |
| Salamanca Foods Inc. | (#,^) | 35 Church St., Salamanca, NY 14779 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/15/2032 | 299.8 | 299.8 | 280.6 | 0.07 | % |
| QVS Corporation dba Quilcene Village Store | (#,^) | 294235 US-101, Quilcene, WA 98376 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/15/2047 | 47.3 | 47.3 | 52.6 | 0.01 | % |
| Evolution Eats LLC | (#) | 843 Highland View Ln, Metamora, MI 48455 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/14/2032 | 84.2 | 84.2 | 73.3 | 0.02 | % |
| Terra Motor Sports LLC | (#,^) | 11935 124th Ave NE, Kirkland, WA 98034 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 4/14/2032 | 14.4 | 14.4 | 12.9 | — | % |
| Law Office Yesenia Collazo PA | (#,^) | 10200 NW 25th St., Doral, FL 33172 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/13/2047 | 64.7 | 64.7 | 71.9 | 0.02 | % |
| IMO GLOW LLC | (#,^) | 4251 Salzedo St., Coral Gables, FL 33146 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/13/2032 | 199.3 | 199.3 | 174.6 | 0.05 | % |
| Jeremy Handyman Service LLC | (#) | 319 Spring Ln, Destin, FL 32541 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 4/12/2032 | 14.5 | 14.5 | 14.3 | — | % |
F-56
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Royaltyzilla Associates LLC | (#) | 40315 Michigan Ave #99, Canton, MI 48188 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 4/12/2032 | 24.2 | 24.2 | 23.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lewes Bottom Line LLC | (#,^) | 32099 Conleys Chapel Rd, Lewes, DE 19958 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/12/2032 | 103.4 | 103.4 | 92.1 | 0.02 | % |
| Maureen E Sweeney PsyD | (#,^) | 4612 Overland Rd, Bensalem, PA 19020 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/12/2032 | 19.5 | 19.5 | 18.2 | — | % |
| Star Auto Body, LLC and Star Auto Fix | (#,^) | 1610 N Fairview St., Santa Ana, CA 92706 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/12/2047 | 275.4 | 275.4 | 290.2 | 0.08 | % |
| Russell Major | (#) | 5329 Main Rd, Sweet Valley, PA 18656 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 4/12/2032 | 12.1 | 12.1 | 11.9 | — | % |
| Neitz Electrical Contracting LLC | (#,^) | 547 Crown St., Morrisville, PA 19067 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/11/2032 | 14.4 | 14.4 | 12.9 | — | % |
| Active Learning Academy-Norton LLC | (#,^) | 2535 North Studio Rd., Bend, OR 97701 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/11/2047 | 162.1 | 162.1 | 177.0 | 0.05 | % |
| PER-Gus, LLC | (#,^) | 70 River Run Rd., Keystone, CO 80435 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 4/8/2047 | 644.6 | 644.6 | 716.5 | 0.19 | % |
| Royal Brand Resturants Inc dba Huckleberry’s | (#) | 4360 W. Shaw Ave., Fresno, CA 93722 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/8/2033 | 260.9 | 260.9 | 229.1 | 0.06 | % |
| TSMA of Short Hills Inc | (#,^) | 531 Millburn Ave., Short Hills, NJ 07078 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/8/2032 | 11.3 | 11.3 | 9.8 | — | % |
| Bakersfield Glass and Window Inc & M & M Rogers LLC | (#,^) | 1030 Alta Vista Dr., 954, Bakersfield, CA 93305 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/8/2032 | 76.8 | 76.8 | 80.0 | 0.02 | % |
| Eminat, LLC dba Eminat Research Group | (#,^) | 14601 SW 29th St., Miramar, FL 33027 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/8/2032 | 21.6 | 21.6 | 18.7 | — | % |
| Little Milestones For Small Discoveries LLC | (#,^) | 28 Suburbia Dr, Jersey City, NJ 07305 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/6/2032 | 37.6 | 37.6 | 33.2 | 0.01 | % |
| Designer Golf Scorecards LLC | (#) | 1014 US-19, Holiday, FL 34691 | Printing and Related Support Activities | Term Loan | Prime plus | 6.5% | 4/1/2032 | 24.2 | 24.2 | 23.9 | 0.01 | % |
| Jonathan D. Pratt dba Jon Pratt Carpentry | (#) | 1405 Canton Ave, Milton, MA 02186 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 4/1/2032 | 14.5 | 14.5 | 14.3 | — | % |
| ZenDog, LLC | (#) | 858 C Ridge Rd, Duson, LA 70529 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/31/2032 | 52.7 | 52.7 | 45.7 | 0.01 | % |
| JLK Construction, LLC | (#,^) | 1214 Frederick Ave., St Joseph, MO 64501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/31/2032 | 1,205.7 | 1,205.7 | 1,110.9 | 0.30 | % |
| Robert H Lund DDS Inc. | (#,^) | 3829 Hayvenhurst Dr., Encino, CA 91436 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2032 | 169.0 | 169.0 | 154.1 | 0.04 | % |
| Samson Cinema Holdings, Inc | (#) | 1400 Pile St., Clovis, NM 88101 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 1/31/2048 | 988.2 | 988.2 | 1,100.7 | 0.29 | % |
| New Life Center for Family Enrichment LLC | (#,^) | Plz. 38, 1509 Rte. 38, Units 1 & 2, Hainesport, NJ 08036 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/31/2032 | 45.1 | 45.1 | 39.0 | 0.01 | % |
| Appian Logic LLC | (#,^) | 911 Falls Manors Ct,, Great Falls, VA 22066 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/31/2032 | 476.8 | 476.8 | 413.6 | 0.11 | % |
| Remote Alaska Solutions Inc; Alaska Concrete Solutions Inc & RAS | (#,^) | 450 S Old Trunk Rd., Palmer, AK 99645 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/31/2032 | 609.1 | 609.1 | 566.3 | 0.15 | % |
F-57
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Brandon Liberty Enterprises LLC | (#,^) | 216 N Main St., Plattsburg, MO 64477 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/31/2032 | 15.0 | 15.0 | 13.0 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lounge Around, LLC;Enlight, LLC;Hour Entertainment LLC;Bobby Morganste | (#,^) | 77 Buck Rd., Huntingdon Valley, PA 19006 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/30/2047 | 276.8 | 276.8 | 307.7 | 0.08 | % |
| LINDBERG-TURNER MEDICAL EQUIPMENT LLC | (#,^) | 315 Mission St SE Ste. 100, Salem, OR 97302 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/30/2032 | 219.1 | 219.1 | 191.2 | 0.05 | % |
| Lounge Around, LLC;Enlight, LLC; Hour Entertainment LLC;Huntingdon | (#) | 77 Buck Rd., Huntingdon Valley, PA 19006 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 1/1/2048 | 233.1 | 233.1 | 259.6 | 0.07 | % |
| Jack's Legacy Services, LLC | (#,^) | 1901 Avacado Ave, Melbourne, FL 32935 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 3/29/2032 | 491.4 | 491.4 | 459.2 | 0.12 | % |
| All Green Turf Management LLC | (#,^) | 126 Emerald Ct, Liberty, SC 29657 | Crop Production | Term Loan | Prime plus | 2.75% | 3/29/2032 | 12.4 | 12.4 | 12.9 | — | % |
| Tiny's Gumbo Bar NYC LLC | (#,^) | 275 Church St., New York, NY 10013 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2032 | 21.7 | 21.7 | 19.4 | 0.01 | % |
| Compass Innovations LLC | (#,^) | 8950 Villa La Jolla Dr. C-114, San Diego, CA 92037 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/28/2032 | 476.8 | 476.8 | 417.3 | 0.11 | % |
| Chantay Richards LLC | (#) | 19800 Hawthorne Blvd, Torrance, CA 90503 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 3/28/2032 | 24.1 | 24.1 | 23.6 | 0.01 | % |
| Ignite Health Solutions LLC | (#,^) | 3251 Cedar St., Unit B, Philadelphia, PA 19134 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/28/2032 | 62.0 | 62.0 | 54.0 | 0.01 | % |
| SHIELD TRANSPORTATION INC | (#) | 9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 6.5% | 3/28/2032 | 24.1 | 24.1 | 23.6 | 0.01 | % |
| Rella Rells Solutions, LLC | (#) | 15401 Delahunty Ln., Pflugerville, TX 78660 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 6.5% | 3/28/2032 | 5.3 | 5.3 | 5.2 | — | % |
| Aspen Welding LLC | (#,^) | 28803 Hwy. 6, Rifle, CO 81650 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/25/2032 | 195.0 | 195.0 | 170.9 | 0.05 | % |
| RS Dean Enterprises and RCSC Properties | (#,^) | 3609 RICHLAND AVE W, Aiken, SC 29801 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 3/25/2047 | 394.2 | 394.2 | 400.0 | 0.11 | % |
| The Atticus Group, LLC | (#,^) | 2 W Market St., West Chester, PA 19382 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/25/2032 | 238.4 | 238.4 | 224.4 | 0.06 | % |
| 4 POINTS TOWING & ROADSIDE SERVICE LLC;4 Points Automotive LLC and PNJ | (#,^) | 5425 Willow Grove Rd., Camden Wyoming, DE 19934 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/25/2047 | 447.0 | 447.0 | 457.5 | 0.12 | % |
| I'm HO-B LLC | (#,^) | 3320 Silas Creek Pkwy, Winston-Salem, NC 27103 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 3/25/2032 | 119.2 | 119.2 | 102.9 | 0.03 | % |
| All American Spirit Moving Co. LLC | (#,^) | 14512 SE 262nd St, Kent, WA 98042 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/24/2032 | 40.6 | 40.6 | 35.1 | 0.01 | % |
| JC Wild Birds LLC | (#,^) | 5020 N Nevada Ave, Colorado Springs, CO 80918 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 3/24/2032 | 20.5 | 20.5 | 17.9 | — | % |
F-58
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Alert Traffic Control, Inc and Remsund Group Inc | (#,^) | 543 Sower Dr, Bayfield, CO 81122 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/24/2047 | 482.9 | 482.9 | 492.4 | 0.13 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Wonderly Trucking & Excavating, LLC and Wonderly Real Estate, LLC | (#,^) | 3939 Fremont Pike, Perrysburg, OH 43551 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/24/2032 | 472.1 | 472.1 | 439.0 | 0.12 | % | ||||||||||||||
| Little Angels Daycare and Learning Center LLC and Laboy & Diaz LLC | (#) | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/24/2048 | 15.9 | 15.9 | 17.7 | — | % | ||||||||||||||
| Leedann Properties LLC | (#) | 534 Mill St SE, Gainesville, GA 30501 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 11/24/2032 | 41.6 | 41.6 | 36.1 | 0.01 | % | ||||||||||||||
| Todd Eric Chumbley and Neptune Aquarium Design Inc | (#,^) | 11315 Sunrise Gold Cir., Rancho Cordova, CA 95742 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/24/2032 | 72.4 | 72.4 | 62.5 | 0.02 | % | ||||||||||||||
| Early Care Evolution LLC | (#) | 823 Roget Way, Lawrenceville, GA 30045 | Educational Services | Term Loan | Prime plus | 6.5% | 3/23/2032 | 17.9 | 17.9 | 17.5 | — | % | ||||||||||||||
| Happy Employment LLC | (#,^) | 268 Brookdale Dr, Little Elm, TX 75068 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/23/2047 | 66.9 | 66.9 | 74.3 | 0.02 | % | ||||||||||||||
| Impresa Building Systems of Greenwood, SC, LLC | (#) | 161 Rock Church Rd. SE, Greenwood, SC 29649 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 11/23/2032 | 1,070.1 | 1,070.1 | 971.2 | 0.26 | % | ||||||||||||||
| Lehigh Auto Sales and Service LLC | (#) | 826 Hanover Ave, Allentown, PA 18109 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 3/23/2032 | 24.1 | 24.1 | 23.6 | 0.01 | % | ||||||||||||||
| GAIA INC | (#) | 513 1st St, Cheney, WA 99004 | Real Estate | Term Loan | Prime plus | 6.5% | 3/23/2032 | 24.1 | 24.1 | 23.6 | 0.01 | % | ||||||||||||||
| Zenoff Products. Inc. | (#,^) | 25 Tamalpais Ave, San Anselmo, CA 94960 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/21/2032 | 476.8 | 476.8 | 411.7 | 0.11 | % | ||||||||||||||
| Firm Foundations, Inc. | (#,^) | 1455 S Richland Creek Rd, Sugar Hill, GA 30518 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/18/2032 | 1,049.0 | 1,049.0 | 965.7 | 0.26 | % | ||||||||||||||
| Evolving Nurse, LLC | (#) | 2940 Noble Rd., Cleveland Heights, OH 44121 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/18/2048 | 152.8 | 152.8 | 166.7 | 0.04 | % | ||||||||||||||
| GreenLite Holdings LLC | (#,^) | 2415 E Camelback Rd., Phoenix, AR 85016 | Real Estate | Term Loan | Prime plus | 2.75% | 3/17/2032 | 21.5 | 21.5 | 18.5 | — | % | ||||||||||||||
| Venture 35 LLC | (#,^) | 871 Buck Swamp Rd., Goldsboro, NC 27530 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/17/2032 | 221.9 | 221.9 | 230.9 | 0.06 | % | ||||||||||||||
| East Side Muay Thai LLC | (#) | 2135 General Booth Blvd, Virginia Beach, VA 23454 | Educational Services | Term Loan | Prime plus | 6.5% | 3/17/2032 | 12.0 | 12.0 | 11.8 | — | % | ||||||||||||||
| Digital 1 Enterprises, Inc | (#,^) | 5521 Fort Ave, Lynchburg, VA 24502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/17/2032 | 125.2 | 125.2 | 116.3 | 0.03 | % | ||||||||||||||
| Resurgence Medical Spa LLC | (#,^) | 3025 Matlock Rd., Arlington, TX 76015 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/17/2032 | 148.3 | 148.3 | 135.9 | 0.04 | % | Venture 35 LLC | (#,^) | 871 Buck Swamp Rd., Goldsboro, NC 27530 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/17/2047 | 371.8 | 371.8 | 413.0 | 0.11 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Sip E Cup 225 LLC | (#,^) | 1833 Beaumont Dr, Baton Rouge, LA 70806 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/16/2032 | 15.8 | 15.8 | 16.1 | — | % | ||||||||||||||
| Silbertechit LLC | (#,^) | 300 Tice Blvd., Woodcliff Lake, NJ 07677 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/15/2032 | 1,034.7 | 1,034.7 | 893.3 | 0.24 | % |
F-59
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Tess Care Living Home LLC | (#,^) | 19200 SW Kinnaman Rd, Beaverton, OR 97078 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/15/2032 | 14.3 | 14.3 | 12.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| North Atlanta Pediatrics and Family Care and Zuberi Medical Clinic, PC | (#,^) | 325 Lester Rd NW, Lawrenceville, GA 30044 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/15/2032 | 145.9 | 145.9 | 126.0 | 0.03 | % |
| HAVAM LLC & Anderson and Mason LLC dba Foxes Bar & Grill | (#,^) | 30 Welland Ave, Irvington, NJ 07111 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/15/2047 | 139.4 | 139.4 | 142.7 | 0.04 | % |
| Berens and Miller PA | (#,^) | 80 S 8th St., Ste. 3720, Minneapolis, MN 55402 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/15/2032 | 286.1 | 286.1 | 247.5 | 0.07 | % |
| Stuff by SJ LLC | (#,^) | 342 Bloomfield Ave., Montclaire, NJ 07042 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/15/2032 | 46.1 | 46.1 | 40.7 | 0.01 | % |
| AISJ1, Inc. dba America Italiana | (#,^) | 275 E Brokaw Rd., San Jose, CA 95112 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/14/2032 | 264.6 | 264.6 | 228.5 | 0.06 | % |
| Exclusive Automation, LLC dba Surety Automation | (#,^) | 488 Gilia Dr, Spring Creek, NV 89815 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/14/2032 | 19.3 | 19.3 | 16.7 | — | % |
| Charlotte County Painting and Resurfacing Inc. | (#,^) | 1439 Shields St., Port Charlotte, FL 33980 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/14/2047 | 125.5 | 125.5 | 136.8 | 0.04 | % |
| AMG Auto Inc | (#,^) | 1020 Rte. 22, Somerville, NJ 08876 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/11/2032 | 664.1 | 664.1 | 573.3 | 0.15 | % |
| Stones Flippin Pizza, Inc | (#,^) | 127614 Clinton Keith Rd., Ste. D-102, Murrieta, CA 92562 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/11/2032 | 36.0 | 36.0 | 31.0 | 0.01 | % |
| Ororeal LLC | (#,^) | 350 7th Ave., New York, NY 10001 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/11/2032 | 953.7 | 953.7 | 823.3 | 0.22 | % |
| Hawthorne Country Store Inc | (#,^) | 665-675 W Grand Ave, Escondido, CA 92025 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/11/2032 | 50.1 | 50.1 | 52.1 | 0.01 | % |
| Asad N. Chaudhry DDS PLLC;Asad N Chaudhry, LLC and MNC PROPERTIES | (#,^) | 2571 Baglyos Cir., Bethlehem, PA 18020 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/11/2032 | 148.5 | 148.5 | 144.4 | 0.04 | % |
| Magnum Paving, Inc. and Steven Haws Enterprises Inc | (#,^) | 2425 S 10th Ave., Tucson, AZ 85713 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/11/2032 | 830.3 | 830.3 | 753.3 | 0.20 | % |
| MVT Contractors LLC | (#,^) | 46 Bayard St., Ste. 418, New Brunswick, NJ 08901 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/11/2032 | 14.6 | 14.6 | 12.9 | — | % |
| Southdown Coffee, LLC;Southdown Coffee Port Jefferson, LLC & Southdown | (#) | 49 Maple Ave, Sea Cliff, NY 11579 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/11/2032 | 53.3 | 53.3 | 47.6 | 0.01 | % |
| Eminere Hair LLC | (#,^) | 303 W Division St, Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/11/2032 | 7.2 | 7.2 | 6.2 | — | % |
| Happier Now LLC | (#) | 724 Homestead Rd., La Grange Park, IL 60526 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/11/2033 | 40.5 | 40.5 | 35.2 | 0.01 | % |
| Two Chicks in the Mix LLC | (#,^) | 6018 Shenandoah Ave, Los Angeles, CA 90056 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/11/2032 | 11.3 | 11.3 | 10.3 | — | % |
F-60
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| DTT Enterprises, LLc dba Highstroke Media | (#,^) | 6565 Austin Hope Ave, Las Vegas, NV 89118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/10/2032 | 83.4 | 83.4 | 72.0 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CELEBRATIONS! LLC | (#,^) | 100 St. Marks St. Dr., South Pekin, IL 61564 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/10/2047 | 6.6 | 6.6 | 7.2 | — | % |
| Point Loma Tea, Inc.dba Sit & Sip Tea | (#,^) | 2770 Historic Decatur Rd, San Diego, CA 92106 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/10/2032 | 45.1 | 45.1 | 38.9 | 0.01 | % |
| SOGO TRADING, INC | (#,^) | 23497 Eichler St, Hayward, CA 94545 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/10/2032 | 206.0 | 206.0 | 178.9 | 0.05 | % |
| Inno Knits, LLC and Sports Brand Group, Inc. | (#,^) | 2 Clerico Ln, Building 2 Ste. 221, Hillsborough Township, NJ 08844 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/10/2032 | 357.6 | 357.6 | 308.7 | 0.08 | % |
| NTIT Solutions, LLC dba GoLocker | (#,^) | 141 Flushing Ave, Brooklyn, NY 11205 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/10/2032 | 20.8 | 20.8 | 18.0 | — | % |
| Willows Associates Psychological & Counselling Services Inc. and Bryan | (#,^) | 857 Turnpike St., North Andover., MA 01845 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/10/2032 | 1.1 | 1.1 | 1.0 | — | % |
| Far Out Tiny Homes, Inc. | (#,^) | 2870 E Serene Ave., Henderson, NV 89074 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/10/2032 | 14.3 | 14.3 | 12.3 | — | % |
| Szoj Jewelers Corp. | (#,^) | 6 Georgia St., Jackson Township, NJ 08527 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 3/9/2032 | 14.3 | 14.3 | 12.6 | — | % |
| LAST DROP FILMS, INC | (#,^) | 4536 Avocado St., Los Angeles, CA 90027 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/9/2032 | 83.4 | 83.4 | 79.3 | 0.02 | % |
| Edge Fitness Performance | (#,^) | 100 General Oakley Dr., Ashland City, TN 37015 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/9/2032 | 15.4 | 15.4 | 13.3 | — | % |
| Under the Rose Inc dba Avocado Cafe | (#,^) | 11 Primrose St, Palmer Lake, CO 80133 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/9/2047 | 297.2 | 297.2 | 314.6 | 0.08 | % |
| Heart to Heart Senior Care Center Inc | (#,^) | 125 Charlton Dr, Madison, MS 39110 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/8/2032 | 37.7 | 37.7 | 39.2 | 0.01 | % |
| Lion Inc. and Group1 Acquisitions LLC | (#,^) | 318 W Half Day Rd, Buffalo Grove, IL 60089 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/8/2047 | 150.0 | 150.0 | 166.6 | 0.04 | % |
| Wayne Rebarber D.C., P.C and Wayne C Rebarber | (#,^) | 307 Raritan Ave, Highland Park, NJ 08904 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/8/2047 | 157.2 | 157.2 | 166.2 | 0.04 | % |
| Malone Enterprises LLC dba Glass Doctor Auto of Midvale | (#) | 8395 700 W, Midvale, UT 84070 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/7/2032 | 8.4 | 8.4 | 7.3 | — | % |
| LoveBirds LLC dba Wine and Design Fayetteville | (#,^) | 113 Donaldson St., Fayetteville, NC 28301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/7/2032 | 42.7 | 42.7 | 36.8 | 0.01 | % |
| Rogers Remodeling LLC | (#) | 830 W 17th St., Bloomington, IN 47404 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/7/2032 | 14.3 | 14.3 | 12.3 | — | % |
| Pulaski Lumber Company Inc | (#,^) | 218 S 2ND ST Pulask,iIowa, Pulaski, IA 52584 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/7/2032 | 143.0 | 143.0 | 138.3 | 0.04 | % |
| Miramar MBA Financial Co | (#,^) | 8380 Miramar Mall, San Diego, CA 92121 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/7/2032 | 119.2 | 119.2 | 102.9 | 0.03 | % |
| Short Order LLC and Kimmy Sue, LLC | (#,^) | 2244 Wilmington Pike, Dayton, OH 45420 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/4/2047 | 83.8 | 83.8 | 87.0 | 0.02 | % |
F-61
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Overgaard's Artcraft Printers Inc | (#,^) | 2213 S Michigan St., South Bend, IN 46613 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/4/2032 | 66.8 | 66.8 | 63.2 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PBKW Ltd dba KIDZ WATCH | (#,^) | 580 Craig Dr Ste 8, Perrysburg, OH 43551 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/4/2032 | 34.1 | 34.1 | 29.5 | 0.01 | % |
| Breakthrough Clinical Services LLC | (#,^) | 378 Windsor Ave., Windsor, CT 06095 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/4/2047 | 57.9 | 57.9 | 62.4 | 0.02 | % |
| Lions of Fortitude LLC dba : Fortitude Coffee Company | (#,^) | 13086 Crestbrook Dr., Manassas, VA 20112 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/4/2032 | 14.3 | 14.3 | 13.1 | — | % |
| Hardscape Factory LLC | (#,^) | 3069 Lodgepole Dr., Whiteland, IN 46184 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/2/2032 | 7.2 | 7.2 | 6.2 | — | % |
| EAZZY AUTOMOTIVE INC. dba Eazzy Auto Brokers & Leasing | (#,^) | 17087 E 8 Mile Rd., Eastpointe, MI 48021 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/2/2047 | 22.1 | 22.1 | 23.2 | 0.01 | % |
| Aracena Agency Corp | (#,^) | 1767 NJ-10 Unit 4, Morris Plains, NJ 07950 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/2/2032 | 10.7 | 10.7 | 9.3 | — | % |
| SidEats Inc and Mad Twist, LLC | (#,^) | 3633 S Ridgewood Ave, Port Orange, FL 32129 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2032 | 192.4 | 192.4 | 167.4 | 0.04 | % |
| Gravy LLC dba Gravy and Salt & Schmaltz LLC | (#,^) | 17629 Vashon Hwy SW, Vashon, WA 98070 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2047 | 164.5 | 164.5 | 175.4 | 0.05 | % |
| Morris Law Firm P C | (#,^) | 375 Linwood Ave., Buffalo, NY 14209 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/28/2032 | 82.9 | 82.9 | 74.6 | 0.02 | % |
| S. Heaney Marine Construction Inc | (#,^) | 118 Washington Ave, Greenport, NY 11944 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 2/28/2032 | 44.8 | 44.8 | 42.9 | 0.01 | % |
| Braswell Services, LLC | (#,^) | 139 Miller Ave, New Boston, TX 75570 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/28/2032 | 402.7 | 402.7 | 347.7 | 0.09 | % |
| Benjamin J. Gush dba Professional Auto Wash | (#,^) | 1345 Athalia Ave, Monessen, PA 15062 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/28/2032 | 41.5 | 41.5 | 40.4 | 0.01 | % |
| Brittany L Smith dba Money Ball Enterprises | (#,^) | 17 Davis Ave, Salem, NJ 08079 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2047 | 22.0 | 22.0 | 23.4 | 0.01 | % |
| Erupted Vapor LTD | (#,^) | 6303 NE Hwy 99, Vancouver, WA 98665 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 2/28/2032 | 71.1 | 71.1 | 61.4 | 0.02 | % |
| Candor Homes, LLC | (#,^) | 217 NW Scott St, Ankeny, IA 50023 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 2/28/2032 | 14.9 | 14.9 | 14.6 | — | % |
| Praeder Ranch Resort L.L.C | (#,^) | 30400 S Sunray Trail, Worley, ID 83876 | Accommodation | Term Loan | Prime plus | 2.75% | 2/28/2047 | 531.8 | 531.8 | 581.0 | 0.15 | % |
| Finishing Touch Lawncare and Landscape LLC | (#,^) | 38575 Kost Trail, North Branch, MN 55056 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/28/2032 | 14.2 | 14.2 | 12.4 | — | % |
| Jason Watt Pictures, LLC. | (#,^) | 110 Broadway, Brooklyn, NY 11249 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 2/25/2032 | 10.7 | 10.7 | 9.2 | — | % |
| Grey Enterprises LLC | (#,^) | 1035 Pine Ave, Union, NJ 07083 | Educational Services | Term Loan | Prime plus | 2.75% | 2/25/2032 | 14.2 | 14.2 | 12.3 | — | % |
| Action Lock and Key LLC | (#,^) | 18428 N 32nd Dr., Phoenix, AZ 85053 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/25/2032 | 7.1 | 7.1 | 6.2 | — | % |
| Sunny Deals LLC | (#,^) | 757 E Lewis and Clark Pkwy, Clarksville, IN 47129 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/25/2032 | 71.0 | 71.0 | 64.8 | 0.02 | % |
F-62
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Fisher Custom Carpentry | (#,^) | 79 Longwood Dr., Portland, ME 04102 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/25/2032 | 13.9 | 13.9 | 12.0 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J.D Towing LLC | (#,^) | 1122 E Michigan Ave, Ypsilanti, MI 48198 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 6/24/2032 | 201.4 | 201.4 | 174.2 | 0.05 | % |
| CFB Labor Solutions LLC | (#,^) | 3330 Jack RD STE B, Clayton, NC 27520 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/24/2032 | 82.9 | 82.9 | 86.3 | 0.02 | % |
| Puget Sound Plastering LLC | (#,^) | 19104 Des Moines Memorial Dr, SeaTac, WA 98148 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/24/2032 | 15.6 | 15.6 | 13.5 | — | % |
| KAAST Machine Tools Inc | (#,^) | 3 Merion Ter., Aldan, PA 19018 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/24/2032 | 189.4 | 189.4 | 182.1 | 0.05 | % |
| Titheotokos, LLC | (#,^) | 1995 US-1, Vero Beach, FL 32960 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 8/24/2047 | 271.1 | 271.1 | 286.4 | 0.08 | % |
| Howell Chiropractic Center, PLLC | (#,^) | 975 Riverbend Rd., Frankfort, KY 40601 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/24/2032 | 21.3 | 21.3 | 19.0 | 0.01 | % |
| 21st Century Living LLC | (#,^) | 637 Violet Ave, Hyde Park, NY 12538 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/24/2047 | 107.6 | 107.6 | 108.7 | 0.03 | % |
| Northern Block Cortland LLC | (#,^) | 38 Scammell St, Cortland, NY 13045 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/24/2032 | 9.0 | 9.0 | 7.7 | — | % |
| Prepster Brands LLC | (#,^) | 401 McCalmont Rd, Renfrew, PA 16053 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 2/23/2032 | 9.0 | 9.0 | 7.7 | — | % |
| Destined BJJ LLC | (#,^) | 33390 Barmetta Ln, Temecula, CA 92592 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/23/2032 | 13.6 | 13.6 | 11.7 | — | % |
| Red-Cap Industrial LLC | (#,^) | 3314 GA-24, Waynesboro, GA 30830 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 2/23/2032 | 87.0 | 87.0 | 78.0 | 0.02 | % |
| PlantBased Innovations LLC | (#,^) | 320 Hamilton St, Leominster, MA 01453 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 2/23/2032 | 906.5 | 906.5 | 815.1 | 0.22 | % |
| IMO GLOW LLC dba IMO Cosmetic Dermatology | (#,^) | 55 SE 6 St., Miami, FL 33131 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/23/2032 | 47.4 | 47.4 | 41.1 | 0.01 | % |
| The Refined RN LLC | (#,^) | 7 Kimball Ln, Lynnfield, MA 01940 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/23/2032 | 7.1 | 7.1 | 6.2 | — | % |
| Blessing Hands Home Care LLC | (#,^) | 610 N Jackson St, Raymore, MO 64083 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/22/2032 | 14.2 | 14.2 | 12.4 | — | % |
| A&RS CPR LLC dba CPR Cell Phone Repair Beaverton | (#,^) | 3905 SW 117th Ave, Oregon City, OR 97045 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/22/2032 | 51.1 | 51.1 | 53.2 | 0.01 | % |
| Sherwood Hospitality Group LLC and Sherwood Walker Properties LLC | (#,^) | 5404 Hoover Blvd, Tampa, FL 33634 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/22/2047 | 1,236.2 | 1,236.2 | 1,373.0 | 0.37 | % |
| Kinly Signs, Inc | (#,^) | 2485 County Rd. 1, South Point, OH 45680 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 2/22/2032 | 65.2 | 65.2 | 56.3 | 0.02 | % |
| Icebox Café L.C | (#,^) | 219 NE 3rd St., Hallandale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/22/2032 | 41.5 | 41.5 | 35.8 | 0.01 | % |
| Sound Track USA LLC | (#,^) | 6309 NW 99th Ave, Doral, FL 33178 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/22/2032 | 49.7 | 49.7 | 43.9 | 0.01 | % |
| Mike N Jac Enterprises, Inc. dba Batteries Plus | (#,^) | 115 Fairview Rd, Unit 8, Ellenwood, GA 30294 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/22/2032 | 91.5 | 91.5 | 80.5 | 0.02 | % |
F-63
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Mack Thornton Logistics LLC dba The UPS Store | (#,^) | 300 A Ave. Building 1605, Fort Lee, VA 23801 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/22/2032 | 37.1 | 37.1 | 32.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Easy Touch Personal Home Care | (#,^) | 4284 Hwy 5, Douglasville, GA 30135 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/22/2047 | 86.5 | 86.5 | 92.4 | 0.02 | % |
| NBR Group LLC | (#,^) | 1068 Pontiac Rd, Drexel Hill, PA 19026 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/22/2032 | 21.3 | 21.3 | 19.0 | 0.01 | % |
| 530 Strength & Conditioning | (#,^) | 629 Entler Ave, Chico, CA 95928 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/22/2032 | 7.1 | 7.1 | 6.1 | — | % |
| Electronics Row LLC | (#,^) | 10601 W Interstate 70 Frontage Rd N, Wheat Ridge, CO 80033 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/22/2032 | 236.8 | 236.8 | 204.4 | 0.05 | % |
| Black Phoenix Enterprises LLC | (#,^) | 228 Park Ave S, New York, NY 10003 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 2/18/2032 | 14.2 | 14.2 | 14.5 | — | % |
| Wbe line services, LLC | (#,^) | 4 Terry Dr Ste. 11, Newtown, PA 18940 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/18/2032 | 231.2 | 231.2 | 199.6 | 0.05 | % |
| MAIC Operations Corp | (#) | 2145 Couty Rd. 39, Southampton, NY 11968 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 2/18/2032 | 201.3 | 201.3 | 209.5 | 0.06 | % |
| Unlimited Communication, Inc | (#,^) | 1238 E Beamer St., Ste. A, Woodland, CA 95776 | Telecommunications | Term Loan | Prime plus | 2.75% | 2/18/2032 | 1,184.0 | 1,184.0 | 1,065.3 | 0.28 | % |
| Donald Patton dba Splash N' Go | (#,^) | 3367 Hwy 48 N, Charlotte, TN 37036 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/18/2047 | 85.3 | 85.3 | 94.6 | 0.03 | % |
| Mr and B Snacks Inc | (#,^) | 1391 Clay St., Elmont, NY 11003 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 2/18/2032 | 142.1 | 142.1 | 122.7 | 0.03 | % |
| Temecula Electrical Supply Inc | (#,^) | 41992 Avenida Alvarado, Temecula, CA 92590 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/18/2032 | 118.4 | 118.4 | 116.3 | 0.03 | % |
| Flavor Junction LLC | (#,^) | 5 Karbe Pl, Dix Hills, NY 11746 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/18/2032 | 13.6 | 13.6 | 12.4 | — | % |
| Hillside Kitchens Inc. | (#,^) | 345 Hillside Ave. Ste C, Williston Park, NY 11596 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/18/2032 | 68.1 | 68.1 | 58.8 | 0.02 | % |
| Brooklyn Cannery LLC | (#,^) | 145 12th St, Brooklyn, NY 11215 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/17/2032 | 53.3 | 53.3 | 52.2 | 0.01 | % |
| J R Bolton Services, Inc and My Guy Heating & Air Conditioning Inc | (#,^) | 160 Peachtree Industrial Blvd, Sugar Hill, GA 30518 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/17/2032 | 142.1 | 142.1 | 123.2 | 0.03 | % |
| Liberty Lane Stables LLC | (#,^) | N5090 Bowers Rd, Elkhorn, WI 53121 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 2/17/2047 | 173.1 | 173.1 | 185.6 | 0.05 | % |
| Enchanted Jewelry CT LLC & Keith and St George Enterprises, LLC | (#,^) | 26 Tanglewood Dr, Preston, CT 06365 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 2/17/2047 | 81.8 | 81.8 | 84.5 | 0.02 | % |
| 4MAS Grooming Inc | (#,^) | 148 Burnetts Way, Suffolk, VA 23434 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/17/2032 | 82.9 | 82.9 | 71.6 | 0.02 | % |
| FAVIS USA INC | (#,^) | 5321 Perimeter Pkwy, Montgomery, AL 36116 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 2/16/2032 | 44.9 | 44.9 | 44.4 | 0.01 | % |
| Tidal commerce Inc | (#,^) | 2100 Clearwater Dr, Oak Brook, IL 60523 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 2/16/2032 | 275.9 | 275.9 | 238.2 | 0.06 | % |
F-64
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Phat Patrick Tran Winfield Kenny Auto Service | (#,^) | 3637 Snell Ave, San Jose, CA 95136 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/16/2032 | 18.5 | 18.5 | 16.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commercial Properties R US LLC | (#,^) | 3800 Inverrary Blvd, Lauderhill, FL 33319 | Real Estate | Term Loan | Prime plus | 2.75% | 2/16/2032 | 14.7 | 14.7 | 13.1 | — | % |
| Behr Enterprise Solutions LLC | (#,^) | 110 Garren Rd, Belton, SC 29627 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/15/2032 | 21.3 | 21.3 | 20.8 | 0.01 | % |
| GET CLEAN SERVICES LLC | (#,^) | 4100 W Eldorado Pkwy STE 100-64, McKinney, TX 75070 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/14/2032 | 1,187.3 | 1,187.3 | 1,031.0 | 0.27 | % |
| Faza Contractors Inc. | (#,^) | 798 Prairie Rd, West Palm Beach, FL 33406 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 2/14/2032 | 14.2 | 14.2 | 12.3 | — | % |
| Spickard Agency LLC | (#,^) | 6874 Reinhardt College Pkwy., Waleska, GA 30188 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 2/14/2032 | 21.3 | 21.3 | 18.4 | — | % |
| Apple Spider LLC dba The Huntsman & Renninger Properties LLC | (#,^) | 4923 Buck Lake Rd, Tallahassee, FL 32317 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/14/2047 | 224.9 | 224.9 | 245.9 | 0.07 | % |
| Initium Health | (#,^) | 1401 Wewatta St, Wheat Ridge, CO 80202 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/14/2032 | 315.0 | 315.0 | 271.9 | 0.07 | % |
| GREEN COPPERFIELD LLC | (#,^) | 7730 Pinemont Dr, Houston, TX 77040 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 2/11/2032 | 142.1 | 142.1 | 122.7 | 0.03 | % |
| JOSEPH COSTA dba COSTA AG COMPLIANCE | (#,^) | 27912 Cooperstown Rd., La Grange, CA 95329 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/11/2032 | 9.9 | 9.9 | 8.6 | — | % |
| William R Kretzer LLC | (#,^) | 10375 Park Meadows Dr, Lone Tree, CO 80124 | Real Estate | Term Loan | Prime plus | 2.75% | 2/11/2032 | 11.2 | 11.2 | 9.7 | — | % |
| Yachting Solutions LLC | (#,^) | 229 Commercial St., Rockport, ME 04856 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 2/11/2032 | 138.5 | 138.5 | 132.8 | 0.04 | % |
| AJ Benavidez Inc dba The Camp Transformation Center | (#,^) | 417 Unity Ct., Roseville, CA 95678 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/11/2032 | 56.8 | 56.8 | 50.1 | 0.01 | % |
| DA VINCI FILMS LLC dba MEATPACKING PRODUCTIONS | (#,^) | 2813 Palisade Ave, Union City, NY 07087 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 2/11/2032 | 82.9 | 82.9 | 71.6 | 0.02 | % |
| NaSH Lifestyle LLC | (#,^) | 123 Emery St., Hempstead, NY 11550 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/11/2047 | 86.5 | 86.5 | 96.1 | 0.03 | % |
| 589 11th Tavern Inc.dba MCQUAIDS PUBLIC HOUSE | (#) | 589 11th Ave., New York, NY 10036 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/10/2032 | 14.2 | 14.2 | 12.3 | — | % |
| Homescapes LLC | (#,^) | 170 Kehle Rd, Madison, MS 39110 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/10/2032 | 62.3 | 62.3 | 54.0 | 0.01 | % |
| Tatum Global Services LLC | (#) | 8097 Sudley Rd, Manassas, VA 20109 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/9/2032 | 215.2 | 215.2 | 189.6 | 0.05 | % |
| Safetypawz LLC | (#,^) | 11110 Sunset Hills Rd, Reston, VA 20195 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/9/2032 | 109.9 | 109.9 | 94.9 | 0.03 | % |
| Redwell Enterprises LLC | (#,^) | 417 Red Well Rd, New Holland, PA 17557 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/9/2032 | 77.8 | 77.8 | 67.9 | 0.02 | % |
| Sacred Space Midwifery, LLC | (#,^) | 16050 Wayne St., Union, MI 49130 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/7/2047 | 45.7 | 45.7 | 49.2 | 0.01 | % |
F-65
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Element RCM, LLC | (#,^) | 8354 Northfield Blvd., Ste. 300, Denver, CO 80238 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/7/2032 | 68.4 | 68.4 | 59.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lee Phamily Group, LLC dba Nothing Bundt Cakes | (#,^) | 701 N Milwaukee Ave, Vernon Hills, IL 60061 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/4/2032 | 181.2 | 181.2 | 158.7 | 0.04 | % |
| JayJs Zone LLC dba Wing Zone | (#,^) | 1860 Front St., East Meadow, NY 11554 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/4/2032 | 6.8 | 6.8 | 5.9 | — | % |
| Satsuma Resources LLC dba Triumph International | (#,^) | 22 N Bardsbrook Cir., Ste. 201, Spring, TX 77382 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/4/2032 | 74.6 | 74.6 | 64.6 | 0.02 | % |
| Neuline Health Management LLC | (#,^) | 1402 S Custer Rd, McKinney, TX 75072 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/4/2032 | 616.1 | 616.1 | 561.7 | 0.15 | % |
| Coffee Sales LLC | (#,^) | 85 N Gould St. Ste. 400, Sheridan, WY 82801 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/4/2032 | 11.1 | 11.1 | 9.6 | — | % |
| GUY HANCOCK INVESTMENTS, INC.dba GUY'S AIR CONDITIONING & HEATING | (#,^) | 19917 FM 1485 Rd., New Caney, TX 77357 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/3/2032 | 49.7 | 49.7 | 42.9 | 0.01 | % |
| Third Coast Parasail Company | (#,^) | 1237 N Stingaree Dr, Crystal Beach, TX 77650 | Educational Services | Term Loan | Prime plus | 2.75% | 2/2/2047 | 65.8 | 65.8 | 70.7 | 0.02 | % |
| James Hercey dba East River Armament | (#,^) | 274 Chapelview Rd., Bluefield, WV 24701 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/2/2032 | 15.3 | 15.3 | 13.2 | — | % |
| Tasker Healthcare Group P.C. | (#,^) | 910 E Willow Grove Ave., Wyndmoor, PA 19038 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/31/2032 | 85.8 | 85.8 | 84.1 | 0.02 | % |
| Arcas Machine Inc | (#,^) | 700 N Neely St, Gilbert, AZ 85233 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 1/31/2032 | 164.6 | 164.6 | 142.1 | 0.04 | % |
| Change Inc,Turning Leaf Agency Inc,Change Meadowbrook Manor Inc | (#,^) | 1251 South Main St., Middletown, CT 06457 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/31/2032 | 55.9 | 55.9 | 54.3 | 0.01 | % |
| Tasker Healthcare Group, P.C. and Cleotomarie, LLC | (#,^) | 910 E Willow Grove Ave, Wyndmoor, PA 19038 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/31/2047 | 320.9 | 320.9 | 356.4 | 0.09 | % |
| JG Beauty Group Inc dba SUGARINGNYC DALLAS | (#,^) | 11617 Coral Hills Dr., Dallas, TX 75229 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/30/2032 | 92.0 | 92.0 | 79.7 | 0.02 | % |
| The Natural Place Medspa Inc and The Natural Place Property Management | (#,^) | 11975 Main St., Broomfield, CO 80020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/31/2047 | 82.2 | 82.2 | 85.5 | 0.02 | % |
| BITM Legacy LLC dba 911 Restoration of San Antonio | (#,^) | 15555 tradesman Ste 200, San Antonio, TX 78249 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/31/2032 | 16.7 | 16.7 | 14.8 | — | % |
| Choice Care Learning Centers Inc | (#,^) | 123 Park Ln Dr, Rutherfordton, NC 28139 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/28/2047 | 79.3 | 79.3 | 87.1 | 0.02 | % |
| Apex Grading Inc | (#,^) | 3156 Gloria Ter, Layfayette, CA 95429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/28/2032 | 235.2 | 235.2 | 203.0 | 0.05 | % |
| Cutone & Company Consultants, LLC | (#,^) | 43 W 33rd St., New York, NY 10001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/28/2047 | 1,239.7 | 1,239.7 | 1,342.0 | 0.36 | % |
| Sims Management Services LLC | (#,^) | 2905 Eastern Willow Ave., Orlando, FL 32808 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 1/28/2032 | 14.1 | 14.1 | 12.2 | — | % |
| ALTAMAHA DME INC | (#,^) | 477 S 1st St, Jesup, GA 31545 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 1/28/2032 | 69.0 | 69.0 | 67.5 | 0.02 | % |
F-66
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| LR Greenview LLC dba Teaspoon | (#,^) | 2977 Ygnacio Valley Rd., Walnut Creek, CA 94598 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/27/2032 | 36.6 | 36.6 | 32.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TAMARIND LEARNING INC | (#,^) | 20283 FL-7, Boca Raton, FL 33498 | Educational Services | Term Loan | Prime plus | 2.75% | 1/27/2032 | 305.7 | 305.7 | 264.0 | 0.07 | % |
| K & A Automotive Inc | (#,^) | 2070 Nooseneck Hill Rd, Coventry, RI 02816 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 5/26/2047 | 55.7 | 55.7 | 61.9 | 0.02 | % |
| S&W Sales and Service LLC | (#,^) | 240 Industrial Park Rd, Fort Valley, GA 31030 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/26/2032 | 129.4 | 129.4 | 124.6 | 0.03 | % |
| TeugByeolHan Licensed Clinical Social Worker Inc | (#,^) | 1611 S Pacific Coast Hwy, Redondo Beach, CA 90277 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/26/2032 | 7.8 | 7.8 | 6.7 | — | % |
| 1st Star Alacer LLC | (#,^) | 2251 Dehne Rd,, Northbrook, IL 60062 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/25/2032 | 14.1 | 14.1 | 12.2 | — | % |
| Shauna Roberts Licensed Marriage Family Therapist | (#,^) | 2270 Douglas Blvd, Roseville, CA 95661 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/24/2032 | 14.1 | 14.1 | 12.5 | — | % |
| Kynytyx, Inc. | (#,^) | 990 Station Rd, Bellport, NY 11713 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 1/21/2032 | 105.8 | 105.8 | 99.1 | 0.03 | % |
| Treehouse Charcuterie, Inc dba Graze Craze | (#,^) | 47 Straits Rd., Hatfield, MA 01002 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2032 | 18.7 | 18.7 | 16.7 | — | % |
| CJAUTOPROS L.L.C. | (#,^) | 943 Asheville Ave., Apt 207, Fort Mill, SC 29708 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 1/21/2032 | 5.6 | 5.6 | 4.9 | — | % |
| Normandie Eateries Inc | (#,^) | 10111 Normandie Ave, Los Angeles, CA 90044 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/21/2032 | 117.6 | 117.6 | 101.8 | 0.03 | % |
| Strive Design Inc dba Fully Promoted | (#,^) | 22221 Palos Verdes Blvd, Torrance, CA 90505 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/21/2032 | 54.1 | 54.1 | 46.7 | 0.01 | % |
| Better Care Homes LLC | (#,^) | 26677 W. 12 Mile Rd, Southfield, MI 48034 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/21/2032 | 58.8 | 58.8 | 50.8 | 0.01 | % |
| KILTED BUILDERS, LLC dba KILTED HOME REPAIR | (#,^) | 42 Stonehenge Dr., Henniker, NH 03242 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/21/2032 | 7.1 | 7.1 | 6.1 | — | % |
| Maverick Well Service LLC | (#,^) | 300 Farm to Market Rd. 1252 E, Kilgore, TX 75662 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 1/20/2032 | 1,175.9 | 1,175.9 | 1,131.6 | 0.30 | % |
| TruYou Aesthetics LLC | (#,^) | 3493 Rankin Ferry Loop, Louisville, TN 37777 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/20/2032 | 19.1 | 19.1 | 16.4 | — | % |
| Wibaux Industries, L.L.C. dba Wibaux General Store | (#,^) | 121 Wibaux St., Wibaux, MT 59353 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 1/19/2032 | 14.6 | 14.6 | 15.2 | — | % |
| Astrodynamic Wines, LLC dba Oceano Wines | (#,^) | 485 Morro Bay Blvd., Morro Bay, CA 93442 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 1/19/2032 | 21.2 | 21.2 | 18.7 | — | % |
| MNJR0912 Inc dba HOTWORX | (#,^) | 2703 East Broadway, Columbia, MO 65201 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/19/2032 | 29.8 | 29.8 | 28.8 | 0.01 | % |
| Vines & Bines, LLC dba Vintage Views Bar | (#,^) | 515 Owens Way, Severna Park, MD 21146 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/19/2032 | 10.8 | 10.8 | 9.4 | — | % |
| Elizabeth Heil dba Harmony Hair Design | (#,^) | 244 West Main St., Ste. 2, Goshen, NY 10924 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/18/2032 | 5.6 | 5.6 | 4.8 | — | % |
| Gs Chips inc | (#,^) | 1010 4th St. SE, Canton, OH 44707 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 1/18/2032 | 69.9 | 69.9 | 61.2 | 0.02 | % |
F-67
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Creek Outdoors LLC dba Creek Archery | (#,^) | 114 McGrogan Rd., Ruffs Dale, PA 15679 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 1/14/2032 | 39.2 | 39.2 | 33.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 11th Avenue, Inc.f/k/a Groopville Inc; Groopdealz, LLC and Grizzly Riv | (#,^) | 2728 E 14th North, Idaho Falls, ID 83401 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 1/14/2047 | 193.5 | 193.5 | 195.7 | 0.05 | % |
| Fulton Beer Hall LLC dba Fulton Hall | (#,^) | 250 Ashland Pl, Brooklyn, NY 11217 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/14/2032 | 10.9 | 10.9 | 9.4 | — | % |
| Elite Roofing LLC | (#,^) | 3600 Chamberlain Ln., Louisville, KY 40241 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/13/2032 | 12.7 | 12.7 | 11.0 | — | % |
| Equestrian Services International, LLC | (#,^) | 1261 F Rd, Loxahatchee, FL 33470 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/13/2032 | 67.3 | 67.3 | 58.3 | 0.02 | % |
| Prime Way USA LLC dba Primeway Wood | (#,^) | 3700 NW 124th Ave., Unit #137, Coral Springs, FL 33065 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 1/13/2032 | 82.3 | 82.3 | 71.1 | 0.02 | % |
| Atlas Tr Inc dba Atlas General Construction | (#,^) | 36391 Haley St., Newark, CA 94560 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/12/2032 | 58.8 | 58.8 | 52.5 | 0.01 | % |
| HPT SOLUTIONS, INC. | (#,^) | 1215 Lake Rise Overlook, Gallatin, TN 37066 | Truck Transportation | Term Loan | Prime plus | 2.75% | 1/12/2032 | 35.3 | 35.3 | 30.5 | 0.01 | % |
| Concord Technologies Inc | (#,^) | 4635 SE 44th Ave, Portland, OR 97206 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/12/2032 | 55.0 | 55.0 | 47.5 | 0.01 | % |
| Clinical Assessment Group, LLC | (#,^) | 4801 Lang Ave NE, Albuquerque, NM 87109 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/6/2032 | 4.2 | 4.2 | 3.7 | — | % |
| Matthew McDonough dba Changing Gearz | (#,^) | 161 Main St, West Newbury, MA 01985 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 1/6/2032 | 7.6 | 7.6 | 7.0 | — | % |
| OPC Group LLC | (#,^) | 45 Irving Ave., Brooklyn, NY 11237 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 1/5/2032 | 19.1 | 19.1 | 16.8 | — | % |
| Life at the Beach LLC dba Garra Spa | (#,^) | 5675 N Atlantic Ave, Cocoa Beach, FL 32931 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/4/2032 | 35.5 | 35.5 | 31.3 | 0.01 | % |
| 3815 Media, Inc. | (#,^) | 3201 Peachtree Corners Cir., Peachtree Corners, GA 30092 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/30/2031 | 348.0 | 348.0 | 359.5 | 0.10 | % |
| 3 Generations LLC | (#,^) | 2800 Baton Rouge Rd, Williamstown, KY 41097 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2032 | 134.4 | 134.4 | 117.7 | 0.03 | % |
| Inspired Education 2 LLC dba Happy Days 2 | (#,^) | 221 Edinburg Rd., Mercerville, NJ 08619 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 246.3 | 246.3 | 251.3 | 0.07 | % |
| Altitude Roofing LLC | (#,^) | 2909 N Tindle Blvd, Flagstaff, AZ 86004 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 74.7 | 74.7 | 64.4 | 0.02 | % |
| CPH Milpitas LLC dba Curry Pizza House | (#,^) | 1806 Milmont Dr., Milpitas, CA 95035 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2031 | 81.7 | 81.7 | 70.8 | 0.02 | % |
| Calderon Insurance Agency dba California Liberty Insurance | (#,^) | 5127 Franklin Blvd, #3, Sacramento, CA 95820 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/29/2046 | 178.9 | 178.9 | 185.9 | 0.05 | % |
| Arclight Industries LLC | (#,^) | 340 Quail Run Rd,, Venetia, PA 15367 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2046 | 36.9 | 36.9 | 39.8 | 0.01 | % |
| Champion Volleyball Club of Houston LLC | (#,^) | 19418 Pinehurst Trail Dr., Humble, TX 77346 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/29/2046 | 159.1 | 159.1 | 168.4 | 0.04 | % |
F-68
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Monticello Corporation dba Reid Super Save Market #3 and Millclem | (#,^) | 600 Preston Ave, Charlottesville, VA 22903 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/29/2031 | 65.4 | 65.4 | 68.0 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Beyond the Numbers CPAs Inc | (#,^) | 1004 Lewis Ave., Billings, MT 59102 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2046 | 137.9 | 137.9 | 147.3 | 0.04 | % |
| NORTHCOMM LLC dba RFS Construction | (#,^) | 213 Cascade View Ct., East Wenatchee, WA 98802 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 81.4 | 81.4 | 70.2 | 0.02 | % |
| Nova Engineering Inc | (#,^) | 4373 Viewridge Ave., Ste. A, San Diego, CA 92123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 46.7 | 46.7 | 40.2 | 0.01 | % |
| The Dance Affair, Inc | (#,^) | 850 N Winchester Blvd, San Jose, CA 95128 | Educational Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 7.6 | 7.6 | 6.5 | — | % |
| Hacienda Car Wash Inc. | (#,^) | 2400 S Goliad St., Rockwall, TX 75032 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 51.2 | 51.2 | 55.6 | 0.01 | % |
| Pole Dance Carolinas LLC dba PoleFit Carolinas | (#,^) | 9826 Gilead Rd., C -200, Hunterville, NC 28078 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/29/2031 | 38.5 | 38.5 | 33.2 | 0.01 | % |
| Kosovar Corporation dba La Vista Ristorante Italiano | (#,^) | 355 Smith Ridge Rd., South Salem, NY 10590 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2046 | 335.4 | 335.4 | 365.3 | 0.10 | % |
| Eastern Aero Marine, Inc, dba EAM Worldwide | (#,^) | 5502 NW 37th Ave., Miami, FL 33142 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2046 | 1,231.7 | 1,231.7 | 1,368.0 | 0.36 | % |
| RV'S-4-Less dba RV Liquidation Center | (#,^) | 984 W Shaw Ave., Clovis, CA 93612 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/29/2031 | 323.4 | 323.4 | 291.0 | 0.08 | % |
| Belcher's Electric LLC | (#,^) | 138 Dorchester St., Greenwood, SC 29646 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 18.9 | 18.9 | 16.5 | — | % |
| Clean Pro 1, LLC | (#) | 385 Boston Post Rd, Orange, CT 06477 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/29/2047 | 205.5 | 205.5 | 228.5 | 0.06 | % |
| Lillie Mae's Place LLC | (#,^) | 57 Main St., East Haven, CT 06512 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2046 | 97.7 | 97.7 | 101.4 | 0.03 | % |
| Henry J Fishman MVPC | (#,^) | 2021 K St. Ste. 400 NW, Washington, DC 20006 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 315.2 | 315.2 | 277.1 | 0.07 | % |
| Happy Wheels Charter LLC | (#,^) | 4 Old Elm St., Salusbury, MA 01952 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/29/2046 | 177.4 | 177.4 | 191.1 | 0.05 | % |
| The Queen Ready Mix, Inc. | (#,^) | 8702 Liberty Rd., Houston, TX 77028 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2031 | 469.7 | 469.7 | 440.5 | 0.12 | % |
| Hacienda Car Wash Inc. | (#,^) | 2400 S Goliad St., Rockwall, TX 75087 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2031 | 9.3 | 9.3 | 9.2 | — | % |
| Bright Horizons Preschool, LLC | (#,^) | 275 Enterprise Dr., Valdosta, GA 31601 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 217.0 | 217.0 | 231.9 | 0.06 | % |
| Freedom Construction LLC | (#,^) | 2897 E Massengale Rd., Shelbyville, IN 46176 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/28/2031 | 10.1 | 10.1 | 9.5 | — | % |
| Unique Surveillance LLC and Fast Guard Service Worldwide, LLC | (#,^) | 925 South 21st Ave., Hollywood, FL 33020 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/28/2031 | 1,147.9 | 1,147.9 | 1,011.1 | 0.27 | % |
| CS Concept Holdings, LLC and CS Holdings 409 South Main, LLC | (#,^) | 4350 Canada Rd, :, Lakeland, TN 38002 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/28/2031 | 44.8 | 44.8 | 38.9 | 0.01 | % |
| Lotus Care LLC | (#,^) | 14000 Sunfish Lake Blvd, NW, MN 55303 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/28/2031 | 21.0 | 21.0 | 18.1 | — | % |
F-69
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Alaska Demolition, LLC | (#,^) | 2817 Rampart Dr., Anchorage, AK 99501 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2046 | 1,231.7 | 1,231.7 | 1,368.0 | 0.36 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| M-23 Mechanical Systems | (#,^) | 2974 Betsy Way, San Jose, CA 95133 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/23/2031 | 54.9 | 54.9 | 47.3 | 0.01 | % |
| Outdoor Equipment Manufacturer, LLC | (#,^) | 3520 NW 51st St., Miami, FL 33142 | Textile Product Mills | Term Loan | Prime plus | 2.75% | 12/23/2031 | 87.4 | 87.4 | 90.8 | 0.02 | % |
| Riaz and Son Inc and Uddin Family Realty | (#,^) | 100-15 94th Ave., Ozone Park, NY 11416 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/23/2046 | 140.1 | 140.1 | 155.5 | 0.04 | % |
| Nyssa Mercantile, LLC | (#,^) | 119 Main St., Nyssa, OR 97913 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/23/2046 | 41.4 | 41.4 | 43.5 | 0.01 | % |
| PKLoop Peer LLC | (#,^) | 1051 Kaylie St., Grand Prairie, TX 75052 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/23/2031 | 21.0 | 21.0 | 19.3 | 0.01 | % |
| Sk8 House Virginia Beach LLC | (#,^) | 600 Lynnhaven Pkwy, Virginia Beach, VA 23452 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/23/2031 | 14.7 | 14.7 | 12.7 | — | % |
| Nyssa Mercantile LLC | (#,^) | 119 Main St., Nyssa, OR 97913 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/23/2031 | 53.7 | 53.7 | 49.3 | 0.01 | % |
| The Beginning Zone | (#,^) | 13709 S. Wilkie Ave, Gardena, CA 90249 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/23/2046 | 187.2 | 187.2 | 199.1 | 0.05 | % |
| Kinly Signs Corporation | (#,^) | 2485 County Rd. 1, South Point, OH 45680 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/22/2046 | 295.3 | 295.3 | 301.0 | 0.08 | % |
| Scott Hollingsworth Equipment Company | (#,^) | 17621 Perkins Rd., Baton Rouge, LA 70810 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/22/2031 | 61.4 | 61.4 | 63.8 | 0.02 | % |
| The Handyman Clarksville, LLC | (#,^) | 2727 Union Hall Rd, Clarksville, TN 37040 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 176.3 | 176.3 | 183.2 | 0.05 | % |
| LDI Energy Services, LLC | (#,^) | 6519 103 West Ave., Tioga, ND 58852 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 12/22/2046 | 269.5 | 269.5 | 289.5 | 0.08 | % |
| Mobile Bottling Source LLC | (#,^) | 611 Green Sage Way, las Vegas, NV 89138 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 175.1 | 175.1 | 154.8 | 0.04 | % |
| Rana N. Hassan, M.D P.C | (#,^) | 71 Franklin Ave., Franklin Square, NY 11010 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 106.5 | 106.5 | 92.8 | 0.02 | % |
| Plantation Shutter Co Inc | (#,^) | 11704 Wilshire Blvd, Los Angeles, CA 90275 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/22/2031 | 81.7 | 81.7 | 70.4 | 0.02 | % |
| C&C Contracting | (#,^) | 10620 Southern Highlands Pkwy., Las Vegas, NV 89141 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 58.4 | 58.4 | 50.3 | 0.01 | % |
| LDI Energy Services, LLC dba LDI Excavation | (#,^) | 6519 103 West Ave., Tioga, ND 58852 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 12/22/2031 | 306.9 | 306.9 | 281.5 | 0.08 | % |
| HHLM LLC | (#,^) | 535 Shawmut Ave, Boston, MA 02118 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 13.1 | 13.1 | 11.4 | — | % |
| BYC - La Quinta LLC dba Broken Yolk Cafe | (#,^) | 78430 CA-111, La Quinta, CA 92253 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/22/2046 | 562.0 | 562.0 | 597.1 | 0.16 | % |
| Yours II Cosmetology Academy Inc | (#) | 1416 W Columbia Ave, Battle Creek, MI 49015 | Educational Services | Term Loan | Prime plus | 2.75% | 9/21/2047 | 873.9 | 873.9 | 972.0 | 0.26 | % |
F-70
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| QUICK DROP IMPOUNDING, TOWING & RECOVERY, INC | (#,^) | 2565 Lake Rockaway Rd SW, Conyers, GA 30012 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 12/21/2046 | 145.2 | 145.2 | 161.2 | 0.04 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Alaska Industrial Paint, LLC and Endeavor Properties LLC | (#) | 1301 North Post Rd., Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/21/2047 | 22.6 | 22.6 | 25.2 | 0.01 | % | ||||||||||||||
| Inobe LLC dba BLD2GO | (#,^) | 1146 W Buckeye Rd, Phoenix, AZ 85007 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/21/2046 | 97.1 | 97.1 | 99.3 | 0.03 | % | ||||||||||||||
| Storm Trooper Transportation Corp | (#,^) | 2205 W Highland Ave, San Bernardino, CA 92407 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2031 | 724.7 | 724.7 | 630.2 | 0.17 | % | ||||||||||||||
| Lauren Taylor Beauty LLC dba Evolution Body Works | (#,^) | 195 E 4th St. Ste. 10, Long Beach, CA 90802 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/21/2031 | 73.5 | 73.5 | 68.5 | 0.02 | % | ||||||||||||||
| Storm Trooper Transportation Corp | (#,^) | 2205 W Highland Ave, San Bernardino, CA 92407 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2046 | 451.0 | 451.0 | 487.6 | 0.13 | % | ||||||||||||||
| Mercury Pharmacy Corporation | (#,^) | 480 Chadbourne Rd., Fairfield, CA 94534 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/21/2031 | 174.5 | 174.5 | 150.4 | 0.04 | % | ||||||||||||||
| 360 GRIP AND ELECTRIC LLC and Julien Janigo | (#,^) | 3500 Eagle Rock Blvd, Los Angeles, CA 90065 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/21/2031 | 77.1 | 77.1 | 69.1 | 0.02 | % | ||||||||||||||
| Unlimited Investors Group, Inc. | (#,^) | 252 Aster Pl., Hampstead, NC 28443 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/20/2031 | 350.2 | 350.2 | 301.8 | 0.08 | % | ||||||||||||||
| Theramove & Diagnostics LLC | (#,^) | 110 West Rd., Towson, MD 21204 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/20/2031 | 8.2 | 8.2 | 8.0 | — | % | ||||||||||||||
| Regal Express Corporation | (#,^) | 4122 County Rd. 516, Matawan, NJ 07747 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/20/2031 | 125.3 | 125.3 | 108.0 | 0.03 | % | ||||||||||||||
| Robo-Breaking New York Inc | (#,^) | 302A W 12th St, New York, NY 10014 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/20/2031 | 282.3 | 282.3 | 292.1 | 0.08 | % | ||||||||||||||
| Nextstep Counseling Services, LLC | (#,^) | 1707 Linwood Dr., Paragould, AR 72450 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/20/2031 | 29.0 | 29.0 | 25.0 | 0.01 | % | ||||||||||||||
| First Lone Star Pharmacy Group II, LLC dba Trinity Pharmacy | (#,^) | 1925 East Rosemeade Pkwy., Carrollton, TX 75007 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/20/2046 | 101.8 | 101.8 | 105.5 | 0.03 | % | First Lone Star Pharmacy Group LLC | (#,^) | 6901 Preston Rd, Dallas, TX 75205 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/20/2031 | 117.1 | 117.1 | 101.0 | 0.03 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Vidya Technologies LLC | (#,^) | 2509 George Mason Dr, Virginia Beach, VA 23456 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/20/2031 | 7.4 | 7.4 | 6.4 | — | % | ||||||||||||||
| SoCal Propane LLC | (#,^) | 220 N San Jacinto St., Hemet, CA 92543 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/17/2031 | 317.6 | 317.6 | 330.0 | 0.09 | % | ||||||||||||||
| Ponce & Ponce, Inc | (#,^) | 3015 NW 74th Ave, Miami, FL 33122 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/17/2031 | 70.0 | 70.0 | 60.4 | 0.02 | % | ||||||||||||||
| Logo Concepts LLC | (#,^) | 1265 W 1275 North #2, Centerville, UT 84014 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 12/17/2031 | 330.6 | 330.6 | 286.8 | 0.08 | % | ||||||||||||||
| Brooker Construction LLC dba Sampson Tree Service | (#,^) | 2170 SW Conant Ave., Port St. Lucie, FL 34953 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/17/2031 | 251.3 | 251.3 | 222.6 | 0.06 | % | ||||||||||||||
| VENDALL VENTURES LLC | (#,^) | 25027 South Interstate, WaKeeney, KS 67672 | Accommodation | Term Loan | Prime plus | 2.75% | 12/17/2046 | 270.5 | 270.5 | 286.7 | 0.08 | % |
F-71
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Invisishield, L.L.C | (#,^) | 6120 Louetta Rd., Houston, TX 77379 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/17/2031 | 35.0 | 35.0 | 30.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MR3 LLC dba dba Union Fence | (#,^) | 1340 Hartford Ave., Johnston, RI 02919 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/17/2046 | 330.1 | 330.1 | 359.3 | 0.10 | % |
| Leedann Properties LLC | (#,^) | 534 Mill St SE, Gainesville, GA 30501 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/17/2046 | 245.4 | 245.4 | 251.3 | 0.07 | % |
| Venture Coffee Company, LLC dba Venture Roastery | (#,^) | 13406 W Center Dr., Lakewood, CO 80228 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/17/2031 | 19.1 | 19.1 | 16.5 | — | % |
| Maxwell, Hendry & Simmons LLC | (#,^) | 1619 Jackson St., Fort Myers, FL 33901 | Real Estate | Term Loan | Prime plus | 2.75% | 12/17/2031 | 142.4 | 142.4 | 122.7 | 0.03 | % |
| La Taqueria, Inc. | (#) | 10 Greenwich Ave, GREENWICH, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/17/2032 | 352.9 | 352.9 | 307.9 | 0.08 | % |
| SEC LLC | (#,^) | 4470 Sunset Blvd, Los Angeles, CA 90027 | Utilities | Term Loan | Prime plus | 2.75% | 12/16/2031 | 67.2 | 67.2 | 57.9 | 0.02 | % |
| JMJ Sales Group LLC | (#,^) | 210 S. Linn Ave.,, Wentzville, MO 63385 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/16/2031 | 46.9 | 46.9 | 42.4 | 0.01 | % |
| Milson Restaurants LLC dba El Chico Granbury | (#,^) | 1151 E US Hwy. 377, Ste. #110, Granbury, TX 76048 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2031 | 70.5 | 70.5 | 60.8 | 0.02 | % |
| LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA | (#,^) | 2944 Valentine Pl, Wantagh, NY 11793 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2046 | 109.9 | 109.9 | 120.1 | 0.03 | % |
| Sivalingam Medical Corporation, Inc dba First Valley Medical Group | (#,^) | 44725 10th St W, Ste 210, Lancaster, CA 93534 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/16/2031 | 750.5 | 750.5 | 646.8 | 0.17 | % |
| Throop Family Holdings Inc dba Rogue Metal & Supply | (#,^) | 7130 Crater Lake Hwy, White City, OR 97503 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/16/2031 | 198.5 | 198.5 | 183.0 | 0.05 | % |
| Empowering Families Educational Services | (#,^) | 504 W Baseline Rd, STE A, Glendora, CA 91740 | Educational Services | Term Loan | Prime plus | 2.75% | 12/16/2031 | 7.0 | 7.0 | 6.0 | — | % |
| Good Fortune Supermarket (Rhode Island) Corp | (#,^) | 101 Cadillac Dr, Providence, RI 02907 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/15/2031 | 607.1 | 607.1 | 617.8 | 0.16 | % |
| Cooks BBQ Products dba Cooks International | (#,^) | 7 World Trade Center, New York, NY 10006 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/15/2031 | 962.0 | 962.0 | 873.2 | 0.23 | % |
| Quandry Enterprises LLC dba Twinkle Toes Nanny | (#,^) | 1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/15/2031 | 6.3 | 6.3 | 5.4 | — | % |
| Aqua Salon and Spa LLC | (#,^) | 6730 Post Rd., North Kingston, RI 02852 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/15/2046 | 80.1 | 80.1 | 86.0 | 0.02 | % |
| Avtek Integration Services, Inc | (#,^) | 4733 122nd Ave. N., Unit E, Pinellas Park, FL 33762 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/15/2031 | 64.2 | 64.2 | 60.0 | 0.02 | % |
| TSM New Beginnings | (#,^) | 8850 W Sunset Rd, Las Vegas, NV 89148 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/15/2031 | 25.2 | 25.2 | 21.8 | 0.01 | % |
| The Great Gatsby Motel Inn Corporation | (#,^) | 214 County Hwy. 152, Northville, NY 12134 | Accommodation | Term Loan | Prime plus | 2.75% | 12/15/2046 | 98.5 | 98.5 | 108.2 | 0.03 | % |
| Erin Dewey dba Castle Rock Bakery | (#,^) | 160 Huntington Ave., Ste. A & B, Castle Rock, WA 98611 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2031 | 44.1 | 44.1 | 38.9 | 0.01 | % |
F-72
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| First Choice Brokerage Corporation First Choice Strategies LLC & First | (#,^) | 822 A1A N, Ponte Vedra Beach, FL 32082 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/14/2031 | 58.8 | 58.8 | 50.7 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Smart Wired Services LLC | (#,^) | 123 McCreary Rd., New Brighton, PA 15066 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/14/2031 | 7.5 | 7.5 | 7.8 | — | % |
| CTS MANAGEMENT USA INC | (#,^) | 17 Marion Ave., Franklin Park, NJ 08823 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2031 | 58.4 | 58.4 | 50.3 | 0.01 | % |
| Corporate Tax Services, Inc. | (#,^) | 1250 Broadway 36th Floor, New York, NY 10001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2031 | 14.0 | 14.0 | 12.1 | — | % |
| Lloyd Hardware LLC | (#,^) | 2319 W. Ct. St., Janesville, WI 53548 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/13/2031 | 93.4 | 93.4 | 86.4 | 0.02 | % |
| IV Therapy Management Inc | (#,^) | 2 Sears Dr., Paramus, NJ 07652 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/13/2032 | 28.3 | 28.3 | 24.8 | 0.01 | % |
| EBG Re-Sell LLC | (#,^) | 26943 Ruether Ave, Santa Clarita, CA 91351 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/13/2031 | 7.0 | 7.0 | 6.0 | — | % |
| BGF Bobby Q's Inc | (#) | 365 W Sunrise Hwy, Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/13/2047 | 276.2 | 276.2 | 287.3 | 0.08 | % |
| Momentum Metal Finishing, Inc. | (#) | 1286 Anvilwood Ave, Sunnyvale, CA 94089 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/13/2031 | 188.6 | 188.6 | 187.6 | 0.05 | % |
| Sky’s The Limit Yoga Company | (#,^) | 115 W 25th St, Norfolk, VA 23517 | Educational Services | Term Loan | Prime plus | 2.75% | 12/13/2031 | 5.6 | 5.6 | 4.8 | — | % |
| ANR Insulation , LLC dba King Insulation | (#,^) | 25 N 47th Ave, Phoenix, AZ 85043 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/10/2031 | 467.0 | 467.0 | 402.5 | 0.11 | % |
| Phillips Rental RV, LLC | (#,^) | 5827 Stanida Cir., Holladay, UT 84121 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/10/2031 | 9.3 | 9.3 | 8.0 | — | % |
| Nonnos Ice Cream Shoppe Inc | (#,^) | 270 Seabury St., Fall River, MA 02720 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/10/2046 | 19.7 | 19.7 | 21.9 | 0.01 | % |
| Blooms Pharmacy LLC | (#,^) | 16347 Middlebelt Rd, Livonia, MI 48154 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/10/2031 | 24.3 | 24.3 | 25.2 | 0.01 | % |
| Stehlik Service and Tire INC | (#,^) | 2410 N Powers Blvd, Colorado Springs, CO 80915 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/10/2046 | 115.7 | 115.7 | 117.2 | 0.03 | % |
| Suha Signs LLC dba Signaramaa | (#,^) | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/9/2032 | 28.8 | 28.8 | 30.0 | 0.01 | % |
| World Diamond Source, Inc | (#,^) | 2987 Center Port Cir., Ste.s 4 & 5, Pompano Beach, FL 33064 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/9/2031 | 186.8 | 186.8 | 194.1 | 0.05 | % |
| Railhead, Inc | (#,^) | 13800 Coppermine Rd., Herndon, VA 20171 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/9/2031 | 32.7 | 32.7 | 28.2 | 0.01 | % |
| NEW FRONTIER INSURANCE AGENCY OF FORT CALHOUN, INC | (#,^) | 510 North 14th, Fort Calhoun, NE 68023 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/9/2031 | 14.7 | 14.7 | 15.3 | — | % |
| Suha Promotions LLC dba Fully Promoted | (#,^) | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/9/2032 | 26.3 | 26.3 | 27.4 | 0.01 | % |
| Suha Restaurants LLC dba The Great Greek Grill | (#,^) | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/9/2032 | 97.5 | 97.5 | 101.6 | 0.03 | % |
F-73
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Clean Energyz LLC | (#,^) | 881 Alma Real Dr, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/8/2046 | 996.0 | 996.0 | 1,028.3 | 0.27 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Myoung & Lee Inc | (#,^) | 10251 Little Brier Creek Ln., Ste. 106, Raleigh, NC 27617 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/8/2031 | 15.9 | 15.9 | 13.7 | — | % |
| Broadway Ethos Holdings, LLC | (#,^) | 218 Elizabeth St, East Jordan, MI 49727 | Accommodation | Term Loan | Prime plus | 2.75% | 12/8/2046 | 51.0 | 51.0 | 54.2 | 0.01 | % |
| Foster the Community LLC | (#,^) | 13451 and 13453 Fishhawk Blvd, Riverview, FL 33569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/8/2032 | 17.9 | 17.9 | 18.6 | — | % |
| Freedom Toast LLC dba Sunrise Diner | (#,^) | 401 N Atlantic Ave, Ocean City, MD 21842 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/8/2031 | 17.7 | 17.7 | 15.4 | — | % |
| Sweet Pink’s Creamery LLC dba Sweet Charlies | (#,^) | 391 Quill Dr, Dawsonville, GA 30534 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/7/2031 | 6.0 | 6.0 | 5.2 | — | % |
| Atomic Dog LLC dba Jack's Hard Cider | (#,^) | 1865 Gettysburg Village Dr., Unit 5, Gettysburg, PA 17325 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/7/2031 | 1,062.4 | 1,062.4 | 937.7 | 0.25 | % |
| Wilcompute | (#,^) | 200 W Pondera Ave., Lancaster, CA 93534 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/7/2046 | 41.4 | 41.4 | 45.9 | 0.01 | % |
| Patsy McCraken | (#,^) | 514 E Main St., Henryetta, OK 74437 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/6/2031 | 35.3 | 35.3 | 33.2 | 0.01 | % |
| Alley Taco 402, LLC dba Alley Taco 402 | (#,^) | 2002 Missouri Ave., Omaha, NE 68107 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/6/2046 | 22.2 | 22.2 | 23.3 | 0.01 | % |
| Mudshark Studios, LLC | (#,^) | 1930 NE Oregon St, Portland, OR 97232 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/6/2031 | 13.4 | 13.4 | 11.6 | — | % |
| Pinnacle Pools, Inc | (#,^) | 20442 Palomar St., Wildomar, CA 92595 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/3/2032 | 9.8 | 9.8 | 8.5 | — | % |
| BB's Childcare, LLC dba Brilliant Brains Learning Center | (#,^) | 7076 Blondo St., Omaha, NE 68104 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/3/2031 | 13.5 | 13.5 | 11.6 | — | % |
| HMG Strategy, LLC | (#,^) | 55 Post Rd. West, Westport, CT 06880 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2031 | 81.7 | 81.7 | 70.4 | 0.02 | % |
| Cliff's Motor Inn, LLC | (#,^) | 4785 Saint Leonard Rd., Saint Leonard, MD 20685 | Accommodation | Term Loan | Prime plus | 2.75% | 12/3/2046 | 56.7 | 56.7 | 60.1 | 0.02 | % |
| Reliance Healthcare Services LLP dba Always Best Care Senior Services | (#,^) | 1101 Kings Hwy. N, Cherry Hill, NJ 08034 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/3/2031 | 36.2 | 36.2 | 31.2 | 0.01 | % |
| Metalhouse LLC | (#,^) | 4705 S. Apopka Vineland Rd., Orlando, FL 32819 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/2/2031 | 294.2 | 294.2 | 253.5 | 0.07 | % |
| Carolina Decompression and Physical Therapy LLC | (#,^) | 11618 US Hwy 70 W, Ste 106, Clayton, NC 27520 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/1/2031 | 70.0 | 70.0 | 60.4 | 0.02 | % |
| Pro Source Services, Inc dba Pro Source Services | (#,^) | 6970 Wallis Rd., West Palm Beach, FL 33413 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/1/2031 | 100.9 | 100.9 | 87.0 | 0.02 | % |
| RECS LLC dba Richmond Express | (#,^) | 1804 Dabney Rd., Richmond, VA 23230 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 12/1/2031 | 138.4 | 138.4 | 119.4 | 0.03 | % |
| Ryan M. White dba Precision Engraving and Signs | (#,^) | 2419 Heather Ave., Long Beach, CA 90815 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 12/1/2031 | 16.8 | 16.8 | 15.7 | — | % |
F-74
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| CDM Field Services, Inc. dba Xcite Automotive | (#,^) | 328 South Jefferson St., Chicago, IL 60661 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/1/2031 | 364.1 | 364.1 | 317.9 | 0.08 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ascent Holdings LLC and First Ascent, LLC | (#,^) | 3516 N Spaulding Ave, Chicago, IL 60618 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 1/30/2032 | 164.4 | 164.4 | 144.8 | 0.04 | % |
| JMH GROUP, LLC dba Hotworx Studio | (#,^) | 13435 University Ave, Clive, IA 50325 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/30/2032 | 39.8 | 39.8 | 35.3 | 0.01 | % |
| L.O.T Early Learning Center LLC | (#,^) | 650 NW 183rd St, Miami, FL 33169 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/30/2031 | 23.2 | 23.2 | 22.4 | 0.01 | % |
| Poquoson Law Group, P.C.and Holcomb Solutions, LLC | (#,^) | 720 Roger Brown Dr., Newport News, VA 23602 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/30/2046 | 165.8 | 165.8 | 172.5 | 0.05 | % |
| The Four Star Ranch, LLC | (#,^) | 238 Oak St, Medford, NY 11763 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/30/2046 | 98.4 | 98.4 | 107.0 | 0.03 | % |
| Runyaro Richardson dba Self Made Musicnaire | (#,^) | 14855 Memorial Dr, Houston, TX 77079 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 11/24/2031 | 7.5 | 7.5 | 6.6 | — | % |
| LR Greenview LLC dba Teaspoon | (#,^) | 2977 Ygnacio Valley Rd., Unit 2977, Pleasant Hill, CA 94523 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 7/24/2032 | 24.4 | 24.4 | 21.2 | 0.01 | % |
| Edenburg Hospitality Inc | (#,^) | 2750 SW 145th Ave, Ste. 304, Miramar, FL 33027 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/23/2031 | 58.0 | 58.0 | 60.2 | 0.02 | % |
| Southern Latitude Charters LLC | (#,^) | 425 N. Osprey Ave., Sarasota, FL 34236 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 2.75% | 11/23/2031 | 18.7 | 18.7 | 17.0 | — | % |
| Alpine Rings, LLC | (#,^) | 2040 Independence Commerce Dr, Matthews, NC 28105 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 11/23/2031 | 13.9 | 13.9 | 12.0 | — | % |
| J Lan CPA Inc | (#,^) | 12225 South St, Artesia, CA 90701 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/23/2031 | 20.9 | 20.9 | 18.0 | — | % |
| Flener IP Law, LLC | (#,^) | 77 West Washington St. Ste. 800, Chicago, IL 60602 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 13.9 | 13.9 | 12.0 | — | % |
| Barahona Plumbing LLC | (#,^) | 2789 Jefferson Davis Hwy., Unit 107, Stafford, VA 22554 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/22/2046 | 24.4 | 24.4 | 26.3 | 0.01 | % |
| Gerland Investments, Inc dba Premier Martial Arts | (#,^) | 12611 I-10 West, Ste. 102, San Antonio, TX 78230 | Educational Services | Term Loan | Prime plus | 2.75% | 4/22/2032 | 16.1 | 16.1 | 14.0 | — | % |
| Cause of a Kind, LLC | (#,^) | 3989 Long Beach Rd., Island Park, NY 11558 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 80.5 | 80.5 | 69.3 | 0.02 | % |
| OneCare Health-Advanced Practice Health & Wellness Corp | (#,^) | 97 Port Richmond Ave., Staten Island, NY 10302 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 9.3 | 9.3 | 8.0 | — | % |
| BECCS BROWS LLC | (#,^) | 3950 Long Beach Blvd, Ste. 203, Long Beach, CA 90807 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/19/2046 | 83.4 | 83.4 | 89.4 | 0.02 | % |
| Ryshaan LLC dba Fyzical Therapy and Balance Center | (#,^) | 3780 Riverchase Village, Ste. 900, Hoover, AL 35244 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/19/2032 | 39.9 | 39.9 | 34.9 | 0.01 | % |
| IVF Cryo LLC | (#,^) | 12526 Promise Creek Ln. (Building 3), Unit 326, Fishers, IN 46038 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/19/2046 | 29.5 | 29.5 | 30.1 | 0.01 | % |
| Kouklet LLC | (#,^) | 744 South St., Philadelphia, PA 19147 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/19/2031 | 6.0 | 6.0 | 5.2 | — | % |
F-75
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| M & M Liquidation | (#,^) | 16 Millstone, Irvine, CA 92606 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 11/19/2031 | 3.2 | 3.2 | 2.8 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Double Scoop Ice Cream Cascade LLC | (#,^) | 2970 Stonecrest Pass, Stonecrest,, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/19/2046 | 123.0 | 123.0 | 128.9 | 0.03 | % |
| New Magnolia Garden Center, Inc | (#,^) | 9620 Chicago Ridge Mall, Chicago Ridge, IL 60609 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/19/2031 | 3.3 | 3.3 | 2.8 | — | % |
| Pho 99 III Vietnamese Restaurant LLC | (#,^) | 3151 Rte. 27, Unit K, Franklin Park, NJ 08846 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/19/2031 | 13.9 | 13.9 | 12.0 | — | % |
| West Ballantyne Animal Hospital PLLC | (#,^) | 11926 Providence Rd W, Charlotte, NC 28277 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 9.8 | 9.8 | 8.4 | — | % |
| Guardian Cyber Solutions, LLC | (#,^) | 14011 Hollow Crest Pl., Riverview, FL 33579 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 9.3 | 9.3 | 8.0 | — | % |
| Caroline Cecil Textiles, LLC | (#,^) | 3834 N 35th Pl., Phoenix, AZ 85018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 5.1 | 5.1 | 4.5 | — | % |
| Dayo J. Jones dba DayoSense | (#,^) | 2306 South Eddy St., Seattle, WA 98108 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/18/2031 | 10.2 | 10.2 | 9.1 | — | % |
| Brevard Water Systems Sales & Services Inc | (#,^) | 3101 US-1, Mims, FL 32754 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/17/2031 | 25.8 | 25.8 | 22.3 | 0.01 | % |
| EKGolf Inc | (#,^) | 10890 Douglas Ave, Urbandale, IA 50322 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/17/2031 | 4.2 | 4.2 | 4.0 | — | % |
| Uniglobal Pension Planning Inc | (#,^) | 4114 Legato Rd, Fairfax, VA 22033 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/16/2031 | 97.4 | 97.4 | 83.9 | 0.02 | % |
| Reset Cryotherapy LLC | (#,^) | 1220 20th St, Miami Beach, FL 33139 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/16/2031 | 32.5 | 32.5 | 29.7 | 0.01 | % |
| Jay Kalimai LLC | (#,^) | 310 S Robinson Dr, Waco, TX 76706 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/12/2046 | 31.5 | 31.5 | 35.0 | 0.01 | % |
| Ghioni Tax & Accounting Solutions, LLC | (#,^) | 958 NE Kelly Ave, Gresham, OR 97030 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/12/2031 | 4.6 | 4.6 | 4.0 | — | % |
| Colin Forde DDS PC dba Family & Cosmetic Dental Design | (#,^) | 7520 Montgomery Blvd NE Bldg C, Albuquerque, NM 87109 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/12/2046 | 160.3 | 160.3 | 170.0 | 0.05 | % |
| Kebab Daddy Inc | (#,^) | 3701 Ocean View Blvd. A-3, Montrose, CA 91020 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/12/2031 | 15.3 | 15.3 | 14.3 | — | % |
| Georgia Two-Way Inc | (#,^) | 1206 GA Hwy. 30 West, Americus, GA 31719 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 11/12/2031 | 27.8 | 27.8 | 24.0 | 0.01 | % |
| New Generation Products LLC | (#,^) | 5013 Pacific Hwy. E, Fife, WA 98424 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 11/10/2031 | 185.5 | 185.5 | 159.9 | 0.04 | % |
| US Ideal Diamond Cutting Works Inc | (#,^) | 5757 Alpha Rd.,Ste. 502, Dallas, TX 75240 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/10/2031 | 18.6 | 18.6 | 16.0 | — | % |
| Codame Enterprises LLC dba Firehouse Subs #142 | (#,^) | 1547 Main St., Dunedin, FL 34698 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/10/2031 | 25.3 | 25.3 | 21.8 | 0.01 | % |
| The Loyal Subjects Wave 2, LLC | (#,^) | 144 West Washington Blvd., Los Angeles, CA 90007 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/10/2031 | 185.5 | 185.5 | 159.9 | 0.04 | % |
| Bofill's Barbeque LLC | (#,^) | 15159 South Cicero Ave., Oak Forest, IL 60452 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/10/2047 | 34.4 | 34.4 | 35.3 | 0.01 | % |
F-76
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Cresson-Inn Bar & Grille, Inc. | (#,^) | 114 Gay St., Manayunk, PA 19127 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/10/2046 | 47.2 | 47.2 | 50.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Branded Goods LLC | (#,^) | 1975 Stirling Rd., Ste.s A, B, and C, Davie, FL 33004 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2031 | 69.9 | 69.9 | 67.4 | 0.02 | % |
| Sargas Pharmaceutical Adherence & Compliance Intl, LLC | (#,^) | 109 H St., Bakersfield, CA 93304 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/9/2046 | 19.2 | 19.2 | 20.9 | 0.01 | % |
| Solo Creer LLC dba DoodyCalls | (#,^) | 13096 County Rd. 192, Tyler, TX 75703 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 11/9/2031 | 5.8 | 5.8 | 5.0 | — | % |
| ORCHID ENERGY SOLUTIONS | (#,^) | 3662 Clyde Park Ave. SW, Wyoming, MI 49509 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 11/8/2031 | 23.2 | 23.2 | 20.0 | 0.01 | % |
| Michelle Rianne Turney dba The Collective Salon Suites | (#,^) | 809 Frolich Dr., Midwest City, OK 73110 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/8/2032 | 3.8 | 3.8 | 3.3 | — | % |
| LA SCAPES LLC | (#,^) | 1812 Portview Dr., Spring Hill, TN 37174 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/8/2031 | 9.7 | 9.7 | 8.4 | — | % |
| Bettencourt Flying Service, Inc. | (#,^) | 1066 South Bert Crane Rd., Atwater, CA 95301 | Air Transportation | Term Loan | Prime plus | 2.75% | 11/5/2031 | 78.4 | 78.4 | 68.1 | 0.02 | % |
| New Mexico Rey LLC | (#,^) | 3520 Pan American Fwy NE, Albuquerque, NM 87107 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/5/2031 | 6.5 | 6.5 | 5.8 | — | % |
| Paul Genzink LLC dba VSBL | (#,^) | 1332 Pinegrove NW, Grand Rapids, MI 49504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 11/5/2031 | 4.6 | 4.6 | 4.1 | — | % |
| Ricky W. Kent dba VT-Doors-N-More | (#,^) | 49 Mill Rd., Mount Tabor, VT 05739 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/5/2046 | 21.3 | 21.3 | 23.3 | 0.01 | % |
| Ecuadane, Inc. | (#,^) | 9 Windsor Ct., Purchase, NY 10577 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/5/2031 | 32.5 | 32.5 | 28.1 | 0.01 | % |
| The Soda Spot LLC | (#,^) | 7240 W. Azure Rd., Ste. #105, Las Vegas, NV 89130 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/5/2032 | 5.1 | 5.1 | 4.7 | — | % |
| Top Knot Studio, LLC dba Goldenrod Parlor | (#,^) | 220 NW 8th Ave., Ste. 50, Gainesville, FL 32601 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/5/2031 | 4.6 | 4.6 | 4.0 | — | % |
| Sivalingam Medical Corporation, Inc dba First Valley Medical Group | (#,^) | 44725 10th St W, Ste 210, Lancaster, CA 93534 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/5/2031 | 135.4 | 135.4 | 125.8 | 0.03 | % |
| ECOCOSM, INC. | (#,^) | 201 Spear St., San Francisco, CA 94105 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/5/2031 | 32.5 | 32.5 | 28.0 | 0.01 | % |
| Square One Step LLC | (#,^) | 10710 Barker Cypress Rd., Ste. B, Cypress, TX 77433 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/4/2032 | 31.7 | 31.7 | 28.3 | 0.01 | % |
| Finally Pest Control, LLC | (#,^) | 12118 Sellerton Dr., Fishers, IN 46037 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/3/2031 | 11.7 | 11.7 | 10.1 | — | % |
| INE Incorporated dba Juice It Up Colton | (#,^) | 1040-1100 S. Mt. Vernon Ave., Riverside, CA 92507 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/3/2032 | 62.0 | 62.0 | 53.6 | 0.01 | % |
| JMC Auto,LLC | (#,^) | 644 Southfield Rd, Lincoln Park, MI 48146 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/29/2031 | 81.0 | 81.0 | 77.3 | 0.02 | % |
| Arcas Machine Inc. | (#,^) | 700 N Neely St., Gillbert, AZ 85233 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/29/2031 | 97.3 | 97.3 | 90.2 | 0.02 | % |
F-77
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| CPH Fremont South LLC CPH Palato , CPH Palo Alto, CPH Cupertino | (#,^) | 46703 Mission Blvd., Fremont, CA 94539 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/29/2031 | 88.4 | 88.4 | 77.0 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MDx BioAnalytical Laboratory, Inc | (#,^) | 5890 Imperial Loop Dr. Ste. 12, College Station, TX 77845 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/29/2031 | 23.0 | 23.0 | 23.4 | 0.01 | % |
| Idiot Racing LLC dba Idiot Racing | (#,^) | 13701 Sweetwater Cove Pl., Tampa, FL 33613 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 10/29/2031 | 2.8 | 2.8 | 2.4 | — | % |
| Pride Gymnastics Academy, LLC | (#,^) | 7801 Old Hwy 51, Broken Arrow, OK 74014 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/29/2031 | 9.7 | 9.7 | 8.4 | — | % |
| 100% Permanent Inc. | (#,^) | 1315 N Larrabee, Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/29/2031 | 12.8 | 12.8 | 11.9 | — | % |
| LoCo Apparel LLC | (#,^) | 2201 Long Prairie Rd., Unit 107-314, Flower Mound, TX 75022 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 10/29/2031 | 92.1 | 92.1 | 84.9 | 0.02 | % |
| Gin Ray International LLC | (#,^) | 8776 & 8778 NE Sandy Blvd., Portland, OR 97220 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/29/2046 | 137.5 | 137.5 | 138.8 | 0.04 | % |
| Half-Pass Ltd dba Canterbury Tack & Apparel | (#,^) | 1291 West 137th Ct., Broomfield, CO 80023 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 10/29/2031 | 6.8 | 6.8 | 5.8 | — | % |
| HI5 HOME INNOVATION, LLC | (#,^) | 9187 Holliston Creek Pl., Winter Garden, FL 34787 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 10/29/2031 | 5.5 | 5.5 | 4.8 | — | % |
| Cortlandt Racquet Club, Inc. dba | (#,^) | 2127 Albany Post Rd., Montrose, NY 10548 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/29/2046 | 1,227.9 | 1,227.9 | 1,362.7 | 0.36 | % |
| Potato Bros, LLC dba Crumbl Cookies Chicago Old Town | (#,^) | 1435 N Wells St., Chicago, IL 60610 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/28/2032 | 56.8 | 56.8 | 50.1 | 0.01 | % |
| La Cueva Inc | (#,^) | 9742 E Colfax Ave, Aurora, CO 80010 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/28/2046 | 67.4 | 67.4 | 74.8 | 0.02 | % |
| Kedai Indonesian Cafe | (#,^) | 110 S Mountain Ave., Upland, CA 91786 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2032 | 15.2 | 15.2 | 13.1 | — | % |
| Love at First Bite LLC dba Standlee's | (#,^) | 880 Blackwood Rd., Chula Vista, CA 91910 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 10/27/2031 | 23.9 | 23.9 | 20.6 | 0.01 | % |
| UnVeil Media Group LLC | (#,^) | 2251 Stone Pile Dr., Concord, NC 28025 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/27/2031 | 4.6 | 4.6 | 4.0 | — | % |
| Jason Watt Pictures, LLC | (#,^) | 110 Broadway, Brooklyn, NY 11249 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 10/26/2031 | 13.8 | 13.8 | 11.9 | — | % |
| Healthcare At Home LLC | (#,^) | 5243 Snapfinger Woods Dr., Unit #104, Decatur, GA 30035 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/26/2046 | 23.8 | 23.8 | 25.9 | 0.01 | % |
| By Modern Design LLC | (#,^) | 1436 Luz De Sol Dr., El Paso, TX 79912 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/26/2031 | 4.6 | 4.6 | 4.0 | — | % |
| Right Choice Accounting Solutions, LLC | (#,^) | 3210 Royal Creek Way, Lilburn, GA 30047 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/25/2031 | 3.2 | 3.2 | 2.8 | — | % |
| Owkalasho LLC dba The UPS Store 299 | (#,^) | 3755 Avocado Blvd., La Mesa, CA 91941 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 10/25/2031 | 33.0 | 33.0 | 28.4 | 0.01 | % |
| Tucker Management Group, LLC | (#,^) | 115 Tyler Rd., Remlap, AL 35133 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/22/2031 | 20.7 | 20.7 | 21.5 | 0.01 | % |
F-78
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Kynytyx, Inc. | (#,^) | 990A Station Rd., Bellport, NY 11713 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/22/2032 | 125.1 | 125.1 | 123.0 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Voyager Scientific, LLC | (#,^) | 309 Washington St., Conshohocken, PA 19428 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/22/2031 | 9.2 | 9.2 | 7.9 | — | % |
| Sabri Enterprises, Inc. | (#,^) | 11134 Hoffman Dr., Germantown, MD 20876 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 10/22/2031 | 5.6 | 5.6 | 4.8 | — | % |
| M&P_CAL, LLC dba Hotworx Anaheim Hills | (#,^) | 8086 East Santa Canyon Rd., Anaheim, CA 92808 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/22/2032 | 27.4 | 27.4 | 24.5 | 0.01 | % |
| Premiere, Inc | (#,^) | 615 North Landry Dr., New Iberia, LA 70563 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 10/21/2031 | 73.7 | 73.7 | 76.6 | 0.02 | % |
| Big Creek Travel LLC | (#,^) | 5020 Chase Ln., Cumming, GA 30240 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/19/2031 | 3.2 | 3.2 | 2.8 | — | % |
| Balanced Health & Fitness LLC dba F45 NW Reno | (#,^) | 5110 Mae Anne Dr., Ste. 702, Reno, NV 89521 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2032 | 82.4 | 82.4 | 73.4 | 0.02 | % |
| J&L Naturals LLC | (#,^) | 110 Oak Park Dr. Ste. 102, Mooresville, NC 28115 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 10/15/2031 | 12.3 | 12.3 | 10.6 | — | % |
| Barber's Home Innovations LLC | (#,^) | 3287 Enisgrove Dr E, Palm Harbor, FL 34683 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/15/2031 | 27.6 | 27.6 | 23.8 | 0.01 | % |
| Blue 360 Media, LLC | (#,^) | 2750 Rasmussen Rd., Park City, UT 84098 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 10/15/2031 | 379.4 | 379.4 | 327.7 | 0.09 | % |
| LN Accounting Advisor LLC | (#,^) | 611 Oakley St., Houston, TX 77006 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/15/2031 | 9.2 | 9.2 | 7.9 | — | % |
| Skate-A-While Longer, LLC | (#,^) | 220 Ridge St. and 229 South George St., Rome, NY 13440 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/13/2046 | 15.7 | 15.7 | 17.4 | — | % |
| Symmonds, LLC dba North End Tavern | (#,^) | 914 IA-5 Business North, Pleasantville, IA 50225 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/13/2046 | 14.1 | 14.1 | 15.3 | — | % |
| Mitchell Authentic Inc RockBox Fitness | (#,^) | 4880 Lower Roswell Rd, Marietta, GA 30068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/12/2032 | 133.6 | 133.6 | 115.4 | 0.03 | % |
| Mary Rozzi LLC | (#,^) | 52153 Pipes Canyon Rd #552, Pioneertown, CA 92268 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/12/2031 | 7.4 | 7.4 | 6.3 | — | % |
| A&D Enterprise Inc dba FastFrame | (#,^) | 4150 Legacy Dr., Ste 412, Frisco, TX 75034 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/12/2031 | 21.6 | 21.6 | 18.8 | 0.01 | % |
| Bella Ottica LLC dba Eyes on Towne Lake | (#,^) | 1075 Buckhead Crossing, Ste. 130, Woodstock, GA 30189 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/12/2031 | 13.8 | 13.8 | 11.9 | — | % |
| Because it's Better Inc | (#,^) | 84 Stonecrest Rd, Ridgefield, CT 06877 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/8/2031 | 161.2 | 161.2 | 138.9 | 0.04 | % |
| Jed Thomas Consulting, Inc dba Woggle Consulting | (#,^) | 3 Trackside Dr., Kennebunk, ME 04043 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/8/2031 | 2.8 | 2.8 | 2.4 | — | % |
| Agape R. E. Solutions LLC | (#,^) | 33 Market Point Dr, Greenville, SC 29607 | Real Estate | Term Loan | Prime plus | 2.75% | 10/8/2031 | 4.6 | 4.6 | 4.0 | — | % |
| Shattered Prism LLC | (#,^) | 63 Flushing Ave, Brooklyn, NY 11205 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 10/8/2031 | 14.3 | 14.3 | 14.1 | — | % |
| Be Known, LLC | (#,^) | 802 Evolve Way, Knoxville, TN 37915 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/7/2031 | 6.9 | 6.9 | 6.0 | — | % |
F-79
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Greylab LLC dba Mighty Dog Roofing North DFW | (#,^) | 10215 El Cinco Dr., Frisco, TX 75033 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/7/2031 | 24.9 | 24.9 | 21.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SIDCOR Gunsmithing LLC | (#,^) | 3213 Catalpa Dr., Springfield, IL 62712 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/7/2031 | 5.0 | 5.0 | 4.5 | — | % |
| Angels Learning Center Inc,Hector A. Velasquez,Milene A. Velasquez | (#,^) | 2801 Central Ave., Union City, NJ 07087 | Social Assistance | Term Loan | Prime plus | 2.75% | 10/7/2031 | 30.3 | 30.3 | 26.1 | 0.01 | % |
| Kotyark L.L.C.dba Gibsonton Motel | (#,^) | 11545 US Hwy 41 S, Gibsonton, FL 33534 | Accommodation | Term Loan | Prime plus | 2.75% | 10/6/2031 | 14.3 | 14.3 | 14.2 | — | % |
| Krown Records, LLC | (#,^) | 5311 S Big Horn Pl, Chandler, AZ 85249 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 10/5/2031 | 7.7 | 7.7 | 6.7 | — | % |
| The Gold Standard Accounting & Tax Inc | (#,^) | 4911 Warner Ave Ste. 211, Huntington Beach, CA 92649 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/4/2032 | 9.7 | 9.7 | 8.4 | — | % |
| Orchard Collision, Inc | (#,^) | 14898 Telegraph Rd., Redford, MI 48239 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2046 | 59.9 | 59.9 | 62.6 | 0.02 | % |
| New Greater Generation Family Funeral Group, LLC | (#,^) | 1400 N Hampton Rd, DeSoto, TX 75115 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/30/2046 | 23.9 | 23.9 | 25.2 | 0.01 | % |
| Skaggs RV Outlet, LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/30/2031 | 45.7 | 45.7 | 47.5 | 0.01 | % |
| Tony D's Hooked, LLC | (#,^) | 378 Rope Ferry Rd. aka Mago Point Way, Waterford, CT 06385 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2046 | 132.5 | 132.5 | 137.6 | 0.04 | % |
| Generation Real Estate Accumulation Team- and Zillah Investments LLC | (#,^) | 4390 Commerce Cir., Idaho Falls, ID 83401 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2031 | 948.9 | 948.9 | 817.8 | 0.22 | % |
| WALKING URGENT CARE, INC | (#,^) | 10308 W Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2031 | 59.8 | 59.8 | 53.4 | 0.01 | % |
| Timothy A Chapamn dba Tim's Auto Tech | (#,^) | 62 North Canal St., Oxford, NY 13830 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2031 | 14.2 | 14.2 | 14.7 | — | % |
| Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC | (#,^) | 3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/30/2046 | 371.6 | 371.6 | 402.2 | 0.11 | % |
| Faxon Enterprises Inc | (#,^) | 3107 Nichols Ave., Bay City, TX 78259 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2046 | 1,015.7 | 1,015.7 | 1,028.3 | 0.27 | % |
| Aitheras Aviation Group, LLC, a Florida Liimited Liability Company | (#,^) | 2301 N Marginal Rd., Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus | 2.75% | 9/30/2031 | 68.6 | 68.6 | 59.8 | 0.02 | % |
| Garage Floor Coating of MN.com, LLC | (#,^) | 6701 W 23rd St, Minneapolis, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2031 | 61.7 | 61.7 | 53.3 | 0.01 | % |
| OSSA LLC | (#,^) | 300 Iberia St., Youngsville, LA 70503 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2031 | 73.2 | 73.2 | 74.1 | 0.02 | % |
| Lively's Collision, Center LLC | (#,^) | 5115 Jefferson Davis Hwy., North Augusta, SC 29841 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2046 | 144.4 | 144.4 | 148.6 | 0.04 | % |
| LOVEBUG NUTRITION Inc | (#,^) | 115 E 34th St., New York, NY 10156 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/30/2031 | 110.4 | 110.4 | 101.4 | 0.03 | % |
F-80
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Motion Physical Medicine & Wellness, PLLC | (#,^) | 13100 Wortham Center Dr., Houston, TX 77065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2031 | 13.4 | 13.4 | 11.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Centre Storage and Matthew Wayne Vines | (#,^) | 1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960 | Real Estate | Term Loan | Prime plus | 2.75% | 9/30/2046 | 68.1 | 68.1 | 75.6 | 0.02 | % |
| Great II, LLC | (#,^) | 4390 Commerce Cir., Idaho Falls, ID 83401 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2046 | 208.5 | 208.5 | 230.4 | 0.06 | % |
| Group Vertical, LLC dba Group Vertical | (#,^) | 678 Front Ave. Northwest, Grand Rapids, MI 49504 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/29/2031 | 164.3 | 164.3 | 141.6 | 0.04 | % |
| SoCal Propane LLC | (#,^) | 220 N San Jacinto St, Hemet, CA 92543 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/29/2046 | 297.3 | 297.3 | 329.9 | 0.09 | % |
| Prestige Products of Central Florida, Inc dba Milcarsky's Appliances | (#,^) | 1180 Emma Oaks Trail, Lake Mary, FL 32746 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 9/29/2031 | 228.7 | 228.7 | 197.1 | 0.05 | % |
| Metro of Livernois Inc | (#,^) | 17149 Livernois, Detroit, MI 48221 | Telecommunications | Term Loan | Prime plus | 2.75% | 5/29/2047 | 200.2 | 200.2 | 204.9 | 0.05 | % |
| Norma Skin Care and SPA LLC | (#,^) | 3364 Coral Way, Miami, FL 33145 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 12.9 | 12.9 | 11.1 | — | % |
| Chris Landscaping Inc dba New England Tree Co. | (#,^) | 1139 Washington St., Stoughton, MA 02072 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 72.3 | 72.3 | 64.5 | 0.02 | % |
| Jafar and Jamal, Inc dba Foodland; IMAD Corporation | (#) | 11 Highland Ave., Malden, MA 02148 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/29/2032 | 72.2 | 72.2 | 63.2 | 0.02 | % |
| Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen | (#,^) | 199 SAN ILDEFONSO Rd., LOS ALAMOS, NM 87544 | Accommodation | Term Loan | Prime plus | 2.75% | 9/29/2046 | 100.3 | 100.3 | 103.7 | 0.03 | % |
| TRI-COUNTY SERVICES, INC. and Andrew M Chehata | (#,^) | 4900 SW 51st St., Davie, FL 33314 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 309.6 | 309.6 | 266.8 | 0.07 | % |
| Agerton Timber LLC and Agerton Transportation, LLC | (#,^) | 3166 Aurelle Rd., Strong, AR 71765 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 9/29/2031 | 26.8 | 26.8 | 24.4 | 0.01 | % |
| Daring Business Strategies Inc. | (#,^) | 600 Front St., Lynden, WA 98264 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 32.0 | 32.0 | 27.6 | 0.01 | % |
| NMFM Consulting, LLC | (#,^) | 3636 Lake Ave., Wilmette, IL 60091 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/29/2046 | 262.2 | 262.2 | 269.8 | 0.07 | % |
| Creche N Crew, LLC | (#,^) | 3185 West Ward Rd., Dunkirk, MD 20754 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/29/2046 | 252.7 | 252.7 | 279.0 | 0.07 | % |
| Cj Real Estate Partners LLC | (#,^) | 1800 E Palm Ave, Tampa, FL 33605 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/28/2047 | 280.6 | 280.6 | 294.9 | 0.08 | % |
| Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery | (#,^) | 724 Main St., Bradley Beach, NJ 07720 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/28/2031 | 23.8 | 23.8 | 20.6 | 0.01 | % |
| Catching Fish LLC dba Man Overboard Bait and Tackle | (#,^) | 1825 S. Patrick Dr., Ste. B, Harbour Beach, FL 32937 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/28/2031 | 4.9 | 4.9 | 4.2 | — | % |
| LuLu Kingdom LLC | (#,^) | 18 S. 20th St., Philadelphia, PA 19103 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2032 | 14.6 | 14.6 | 13.3 | — | % |
| Teaghlach Firearms LLC dba TFirearms | (#,^) | 117 S. Main St., Altus, OK 73526 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/28/2031 | 2.5 | 2.5 | 2.2 | — | % |
F-81
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| JRBA Inc dba Bulger True Value | (#,^) | 1185 W Santa Fe St, Olathe, KS 66061 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/28/2031 | 23.6 | 23.6 | 20.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Strong Tower 10933, Inc. | (#,^) | 15530 NW US Hwy 441, Alachua, FL 32615 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/27/2031 | 7.6 | 7.6 | 6.5 | — | % |
| C.D.A. Serviceability Trust Inc | (#,^) | 4501 6th Ave, Tacoma, WA 98406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/27/2046 | 67.6 | 67.6 | 74.3 | 0.02 | % |
| Momentum Metal Finishing Inc. | (#,^) | 1286 Anvilwood Ave, Sunnyvale, CA 94089 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/27/2046 | 1,038.5 | 1,038.5 | 1,128.9 | 0.30 | % |
| Daisi Inc. | (#,^) | 10300 West Charleston Blvd., Las Vegas, NV 89135 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 9/27/2031 | 100.6 | 100.6 | 86.6 | 0.02 | % |
| Michael Risoldi's Auto Repair Inc. | (#,^) | 1435 WoodLn. Rd., Eastampton, NJ 08060 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2031 | 115.7 | 115.7 | 118.9 | 0.03 | % |
| D&M Properties, LLC | (#,^) | 2600 Coon Rapids Blvd. Nortwest, Coon Rapids, MN 55433 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/24/2031 | 23.4 | 23.4 | 20.1 | 0.01 | % |
| 3-2-1 Go LLC dba Burgerz and Ballz | (#,^) | 868 Fulda Ave NW, Palm Bay, FL 32907 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/24/2031 | 4.9 | 4.9 | 4.5 | — | % |
| Taurus Legacy, LLC dba Papas Diner | (#,^) | 626 FL-50, Clermont, FL 34711 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/24/2031 | 8.6 | 8.6 | 7.4 | — | % |
| Forays, Ltd dba Northern Comfort | (#,^) | 2800 N. Lagoon Dr., Wasilla, AK 99654 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 9/24/2046 | 169.5 | 169.5 | 179.1 | 0.05 | % |
| Great Dog Products for Great People LLC dba Royal Frenchel | (#,^) | 13207 Squawwood Ln. SE, Rainier, WA 98576 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 9/24/2031 | 11.5 | 11.5 | 10.2 | — | % |
| RightTalents LLC | (#,^) | 639 Passaic Ave., Nutley, NJ 07110 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 9.1 | 9.1 | 7.9 | — | % |
| Black Market Restaurant Group Inc. dba Black Market Meal Prep | (#,^) | 29941 Aventura, Ste. K, Rancho Santa Margarita, CA 92688 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/24/2032 | 32.4 | 32.4 | 28.6 | 0.01 | % |
| USA Security Services Corporation | (#,^) | 844 Hebron Ave., Glastonbury, CT 06033 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 91.5 | 91.5 | 78.7 | 0.02 | % |
| Teach 2 Teach Music Lessons, LLC | (#,^) | 184 Marshall Hill Rd., West Milford, NJ 07480 | Educational Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 9.6 | 9.6 | 8.3 | — | % |
| Gateway Auto Service and Collision #2 Inc | (#,^) | 1205 South 8th Ave., Maywood, IL 60153 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/24/2046 | 29.2 | 29.2 | 32.4 | 0.01 | % |
| Rightworks Staffing Inc. | (#,^) | 1201 Kenwood Ave, Austin, TX 78704 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 137.2 | 137.2 | 118.0 | 0.03 | % |
| Ben Anderson 365 | (#,^) | 9920 Research Dr., Irvine, CA 93108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 45.7 | 45.7 | 39.4 | 0.01 | % |
| Quinn da Matta Productions LLC | (#,^) | 2155 Outpost Dr, Los Angeles, CA 90068 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/23/2031 | 3.8 | 3.8 | 3.3 | — | % |
| Vincent Remodeling, LLC | (#,^) | 4667 Riverbend RdTrussville, Trussville, AL 35173 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/23/2031 | 13.7 | 13.7 | 11.8 | — | % |
| MDJ Chiropractic PC | (#,^) | 18009 Jamaica Ave, Jamaica, NY 11432 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/22/2031 | 4.6 | 4.6 | 3.9 | — | % |
F-82
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Udder Free Only, LLC | (#,^) | 3603 Vinton Ave Unit 205, Los Angeles, CA 90034 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2031 | 16.5 | 16.5 | 14.6 | — | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Hurricane Beauty LLC | (#,^) | 1110 vandon loop, Berlin, NJ 08009 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/17/2031 | 9.1 | 9.1 | 7.9 | — | % | ||||||||||||||
| Phillips Diesel Service LLC | (#,^) | 4150 S 32nd St W, Muskogee, OK 74401 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/17/2046 | 29.9 | 29.9 | 31.1 | 0.01 | % | ||||||||||||||
| Tiny Homer | (#,^) | 62361 Mary Miller Ave., Homer, AK 99603 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/17/2031 | 5.0 | 5.0 | 5.2 | — | % | ||||||||||||||
| Oui Pastry LLC | (#,^) | 1905 Scenic Hwy N #10000b, Snellville, GA 30078 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/17/2031 | 4.6 | 4.6 | 3.9 | — | % | ||||||||||||||
| Goode Tax and Resolution, LLC | (#,^) | 2527 Standifer Pl., Lanham, MD 20706 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/17/2031 | 2.9 | 2.9 | 2.5 | — | % | ||||||||||||||
| Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc | (#,^) | 6179 Alameda Ave, El Paso, TX 79905 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/15/2031 | 49.1 | 49.1 | 42.8 | 0.01 | % | ||||||||||||||
| Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc | (#,^) | 6179 Alameda Ave., El Paso, TX 79905 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/15/2046 | 44.0 | 44.0 | 47.6 | 0.01 | % | ||||||||||||||
| For The Love Athletics LLC | (#,^) | 225 N Downing St, Davidson, Davidson, NC 28036 | Educational Services | Term Loan | Prime plus | 2.75% | 9/14/2031 | 4.6 | 4.6 | 3.9 | — | % | ||||||||||||||
| JEMS Transportation & Logistics LLC | (#,^) | 30715 Basil Trace Dr., Spring, TX 77386 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/14/2031 | 13.7 | 13.7 | 11.8 | — | % | ||||||||||||||
| SkyEstate LLC dba Vango's Drive Thru | (#,^) | 4000 Leap Rd, Hilliard, OH 43026 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/14/2031 | 28.0 | 28.0 | 24.1 | 0.01 | % | R & S Chroniger Enterprises, LLC | (#,^) | 1681 Beech Ln, Hanover, PA 17331 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/14/2031 | 16.4 | 16.4 | 14.1 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Aaron Mahoney dba Alaska Gulf Coast Expeditions | (#,^) | 16347 Deerfield St,, Ninilchik, AK 99639 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 2.75% | 9/14/2031 | 26.5 | 26.5 | 22.8 | 0.01 | % | ||||||||||||||
| MTR Designs LLC | (#,^) | 205 North 12th St., Opelika, AL 36801 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/14/2031 | 6.9 | 6.9 | 5.9 | — | % | ||||||||||||||
| O&O Welding Zone Corp | (#,^) | 2100 4th St., Orlando, FL 32824 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/13/2046 | 47.5 | 47.5 | 50.9 | 0.01 | % | ||||||||||||||
| MattCole Construction and Roofing, LLC | (#,^) | 2529 Boxford Ln., Cordova, TN 38016 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/13/2031 | 50.3 | 50.3 | 46.0 | 0.01 | % | ||||||||||||||
| Touch of Therapy Massage, LLC | (#,^) | 8510 Warner Rd., Ste. 300, Plain City, OH 43064 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/13/2031 | 13.7 | 13.7 | 14.2 | — | % | ||||||||||||||
| Dennis Hair Studio Inc | (#) | 1566 Union Turnpike, New Hyde Park, NY 11040 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 9/13/2031 | 5.8 | 5.8 | 5.6 | — | % | ||||||||||||||
| Octopus Records LLC | (#,^) | 72-05 72nd Pl., 2B, Glendale, NY 11385 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/13/2031 | 4.1 | 4.1 | 3.6 | — | % | ||||||||||||||
| Essex Trade, Inc.dba Artesano's | (#,^) | 33 Bearskin Neck, Rockport, MA 01966 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/10/2031 | 4.6 | 4.6 | 3.9 | — | % | ||||||||||||||
| Panditos LLC dba White Lotus Home | (#,^) | 745 Joyce Kilmer Ave, New Brunswick, NJ 08901 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 9/10/2031 | 18.3 | 18.3 | 15.7 | — | % |
F-83
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Kyle Keiper LLC | (#,^) | 3408 Spring St #1, Pompano Beach, FL 33062 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 9/10/2031 | 11.1 | 11.1 | 10.4 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ironman Delivery, Inc | (#,^) | 6581 Westland Dr., Brownsburg, IN 46112 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 9/10/2031 | 50.3 | 50.3 | 43.3 | 0.01 | % |
| Trash Can Rescue LLC | (#,^) | 1096 Nast Chapel Rd, Martinsville, IN 46151 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/10/2031 | 17.3 | 17.3 | 16.0 | — | % |
| Tri T. Le dba AN Company | (#,^) | 1431 Amro Way, South El Monte, CA 91733 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 9/10/2031 | 14.4 | 14.4 | 13.3 | — | % |
| Queen Oxygen Co. dba Quest Cylinder Co. | (#,^) | 239 Lafayette St., London, OH 43140 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/9/2031 | 41.5 | 41.5 | 40.3 | 0.01 | % |
| B & W Towing, LLC | (#,^) | 701 Addison Rd., Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 2/9/2047 | 87.8 | 87.8 | 92.7 | 0.02 | % |
| Y & C Company INC dba Miji-Mura Hibachi & Sushi | (#,^) | 8045 NW 115th Way, Parkland, FL 33076 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/9/2046 | 242.1 | 242.1 | 268.5 | 0.07 | % |
| Alaska Industrial Paint, LLC dba Alaska Fleet and Collision Specialist | (#,^) | 1301 North Post Rd., Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/8/2032 | 56.6 | 56.6 | 57.7 | 0.02 | % |
| Le Bajec Le LLC | (#,^) | 810 N Alamo St,, San Antonio, TX 78215 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/8/2046 | 77.9 | 77.9 | 82.3 | 0.02 | % |
| Almina Concept, Inc. | (#,^) | 5042 Willshire Blvd., Los Angeles, CA 90036 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/7/2031 | 2.3 | 2.3 | 2.0 | — | % |
| Grand Portage LLC | (#,^) | 3306 Chelsea Cir, Ann Arbor, MI 48108 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/7/2031 | 30.6 | 30.6 | 26.3 | 0.01 | % |
| Sassy Sista's Boutique LLC | (#,^) | 851 W. State Rd 436 Ste. 1005, Altamonte Springs, FL 32714 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/7/2031 | 5.9 | 5.9 | 5.1 | — | % |
| JD Hunt Custom Homes Incorporated dba JD Hunt Construction | (#,^) | 5515 Parkcrest Dr., Austin, TX 78731 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/3/2031 | 837.8 | 837.8 | 720.8 | 0.19 | % |
| 331 Foley Sound Inc | (#,^) | 19355 Business Center Dr., Unit #9, Northridge, CA 91324 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 1/2/2032 | 23.4 | 23.4 | 20.3 | 0.01 | % |
| 4 Points Towing & Roadside Service LLC | (#,^) | 5425 Willow Grove Rd., Camden Wyoming, DE 19934 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 9/2/2031 | 32.1 | 32.1 | 29.4 | 0.01 | % |
| Sheryl's Candy Apple Creations, LLC | (#,^) | 131 Piney Green Rd., Ste. 300, Jacksonville, NC 28546 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/2/2031 | 5.6 | 5.6 | 5.0 | — | % |
| RGV Poke LLC dba Pokeworks | (#,^) | 5401 North 10 St. Unit 126, McAllen, TX 78504 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/2/2032 | 32.7 | 32.7 | 28.9 | 0.01 | % |
| Hair and Beauty Market Place, LLC dba LAOR | (#,^) | 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 8/31/2046 | 186.4 | 186.4 | 206.8 | 0.06 | % |
| JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care | (#,^) | 10615 N Hayden Rd C100, Scottsdale, AZ 85260 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 154.6 | 154.6 | 138.7 | 0.04 | % |
| Cadena Co. | (#,^) | 2133 Southend Dr. #301, Charlotte, NC 28213 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 9.6 | 9.6 | 8.3 | — | % |
F-84
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Rosy Rings, Inc | (#,^) | 2400 Industrial Ln., Ste. 700, Broomfield, CO 80020 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 8/31/2031 | 151.8 | 151.8 | 130.6 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RM Interiors Inc.dba House of Moseley | (#,^) | 8200 Stockdale HWY D-6, Bakersfield, CA 93311 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 8/31/2031 | 27.2 | 27.2 | 23.4 | 0.01 | % |
| Shrijee LLC dba Econo Lodge | (#,^) | 908 Washington St., Manitowoc, WI 54220 | Accommodation | Term Loan | Prime plus | 2.75% | 6/30/2047 | 162.2 | 162.2 | 172.6 | 0.05 | % |
| Kadence Consulting Inc | (#,^) | 13315 Bishops Ct, Roswell, GA 30075 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/30/2031 | 16.9 | 16.9 | 14.5 | — | % |
| Angela Barbara | (#,^) | 51 Bennington Square, Hackettstown, NJ 07840 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/30/2046 | 24.0 | 24.0 | 25.7 | 0.01 | % |
| K's Salon 1 LLC dba Gerard Anthony Salon | (#,^) | 580 Amsterdam Ave, New York, NY 10024 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/30/2032 | 20.6 | 20.6 | 17.8 | — | % |
| Downtown Dance Academy Limited Liability Company | (#,^) | 1204 Hooper Ave., Toms River, NJ 08753 | Educational Services | Term Loan | Prime plus | 2.75% | 8/27/2031 | 4.9 | 4.9 | 4.3 | — | % |
| DebutSolutions, LLC dba Emerald Pacific Resources | (#,^) | 2000 Frankfurt St., Laredo, TX 78040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/27/2046 | 63.3 | 63.3 | 67.6 | 0.02 | % |
| 7 BRANCHES CORPORATION dba Nikos | (#,^) | 410 Pearl St., Lake Wales, FL 33853 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/27/2031 | 6.5 | 6.5 | 5.6 | — | % |
| 3D Printed Tabletop, LLC | (#,^) | 2870 Sonata Ct., St. Cloud, FL 34772 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/27/2031 | 2.7 | 2.7 | 2.3 | — | % |
| Debut Solutions LLC | (#,^) | 2000 Frankfort St, Laredo, TX 78040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/27/2031 | 250.3 | 250.3 | 220.0 | 0.06 | % |
| Willow Falls Venue LLC | (#,^) | 23122 S North Carolina Hwy. 109, Denton, NC 27239 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/27/2046 | 20.3 | 20.3 | 21.6 | 0.01 | % |
| HHD Aviation, LLC dba Great Milwaukee Training and Testing Center | (#,^) | 2820 Bobmeyer Rd., Hanger C-7, Hamilton, OH 45015 | Real Estate | Term Loan | Prime plus | 2.75% | 8/26/2046 | 45.7 | 45.7 | 50.7 | 0.01 | % |
| Christopher John Looney Agency Inc. | (#,^) | 426 South Atlanta St., Unit 110, Roswell, GA 30075 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/25/2031 | 2.5 | 2.5 | 2.1 | — | % |
| Tiny's Gumbo Bar NYC LLC | (#,^) | 275 Church St., New York, NY 10013 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/25/2032 | 47.8 | 47.8 | 42.1 | 0.01 | % |
| Force3 Enterprises, LLLP | (#,^) | 240 Hathway Dr., Stratford, CT 06615 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/25/2046 | 191.8 | 191.8 | 203.3 | 0.05 | % |
| Trinity Lumber and Building Supply, Inc | (#,^) | 1231 East Cypress Ave., Redding, CA 96002 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 8/25/2046 | 68.6 | 68.6 | 74.2 | 0.02 | % |
| Swick & Son Enterprises, Inc | (#,^) | 108 Mashell Ave. North, Eatonville, WA 98328 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/25/2031 | 16.6 | 16.6 | 14.4 | — | % |
| Premiere Inc | (#,^) | 615 N Landry Dr., New Iberia, LA 70563 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 8/25/2031 | 354.1 | 354.1 | 367.5 | 0.10 | % |
| Gralyn Fabrication & Machining LLC | (#,^) | 1119 Bluff Ridge Rd., Waynesburg, PA 15370 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/25/2031 | 8.2 | 8.2 | 7.0 | — | % |
| CJNR LLC dba Parkhurst Motel | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus | 2.75% | 8/24/2046 | 39.2 | 39.2 | 43.5 | 0.01 | % |
| Dallas MTV, LLC | (#,^) | 2911 Turtle Creek Blvd., Ste. 300, Dallas, TX 75219 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/20/2031 | 17.0 | 17.0 | 14.6 | — | % |
F-85
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| The Jar Circle, Inc dba Frida's Mexican Grill | (#,^) | 3545 Merrick Rd., Seaford, NY 11783 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/20/2032 | 28.2 | 28.2 | 24.6 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Power Enterprise LLC | (#,^) | 119 East 710 South Cir., Ivins, UT 84738 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/20/2031 | 2.9 | 2.9 | 2.5 | — | % |
| Patoruzu, Inc. dba Sharkey's Cuts For Kids | (#,^) | 18121 Tuckerton Rd., Ste. 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/20/2031 | 9.1 | 9.1 | 7.8 | — | % |
| Royal Home Care and Staffing LLC | (#,^) | 453 Oakton Rd, Odenton, MD 21113 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/20/2031 | 26.3 | 26.3 | 27.3 | 0.01 | % |
| PCH Ventures, LLC dba Chop Stop | (#,^) | 18515 Brookhurst St., Fountain valley, CA 92618 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/20/2031 | 37.5 | 37.5 | 38.9 | 0.01 | % |
| Elizabeth K. Little and dba Mrs. Little's Tea and Toys | (#,^) | 108 North Davis St., Hamilton, MO 64644 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/19/2031 | 2.5 | 2.5 | 2.5 | — | % |
| Derheim, Inc dba My Aquatic Services | (#,^) | 601 Main Ave.W, West Fargo, ND 58078 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/19/2046 | 159.7 | 159.7 | 163.9 | 0.04 | % |
| Vida Meat Company LLC | (#,^) | 1370 West Cheyenne Ave., North Las Vegas, NV 89030 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/19/2031 | 43.1 | 43.1 | 40.4 | 0.01 | % |
| Glorious Training Group Inc dba F45 Training Murabella | (#,^) | 185 Murabella Pkwy, St. Augustine, FL 32092 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/18/2031 | 13.6 | 13.6 | 12.4 | — | % |
| Luxury Tree Services LLC | (#,^) | 5925 SW 69th St., Miami, FL 33413 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 8/18/2031 | 90.7 | 90.7 | 78.6 | 0.02 | % |
| Hartwood Hospitality Labs, Inc. | (#,^) | 1312 GILBERT ST, CHARLES CITY, IA 50616 | Accommodation | Term Loan | Prime plus | 2.75% | 8/17/2046 | 39.3 | 39.3 | 43.6 | 0.01 | % |
| Cezary A. Lapa dba Globe Polska Ksiazka | (#,^) | 5747 West Irving Park Rd., Chicago, IL 60634 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 8/17/2031 | 6.4 | 6.4 | 5.5 | — | % |
| Transatlantic Translations Company, LLC | (#,^) | 411 Theodore Fremd Ave, Rye, NY 10580 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/16/2031 | 22.7 | 22.7 | 19.5 | 0.01 | % |
| Revive Aesthetics & Wellness, LLC | (#,^) | 175 Main St., East Greenwich, RI 02818 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/13/2031 | 25.0 | 25.0 | 22.3 | 0.01 | % |
| Baite Auto Sales LLC | (#,^) | 2865 Suwanee Rd., Columbus, OH 43224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/13/2046 | 11.3 | 11.3 | 12.5 | — | % |
| DTT ENTERPRISES, LLC | (#,^) | 6565 Austin Hope Ave, Las Vegas, NV 89118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/13/2031 | 31.8 | 31.8 | 27.3 | 0.01 | % |
| Bird's Nest Florist & Gifts, LLC | (#,^) | 549-E College Park Rd., Ladson, SC 29456 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 8/12/2031 | 5.4 | 5.4 | 4.6 | — | % |
| Montauk Donut Group, Inc dba Dunkin Donuts | (#,^) | 1669 Montauk Hwy., Bellport, NY 11713 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/12/2032 | 91.7 | 91.7 | 95.6 | 0.03 | % |
| Lovely Moments Iowa Photography, LLC | (#,^) | 527 Broad St, Story City, IA 50248 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/11/2031 | 2.7 | 2.7 | 2.3 | — | % |
| Game Time Vending, LLC | (#,^) | 10105 Amberwood Rd. Ste.s #1 and #5, Fort Myers, FL 33913 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/11/2031 | 1,148.8 | 1,148.8 | 1,068.5 | 0.28 | % |
| KBO Investment and Sterling HTS KBO Investments LLC | (#,^) | 748 West Big Beaver Rd., Troy, MI 48084 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/10/2031 | 41.8 | 41.8 | 36.6 | 0.01 | % |
| C4 Technologies Inc. | (#) | 171 C Ave., Ste. C, Coronado, CA 92118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/6/2031 | 5.8 | 5.8 | 5.6 | — | % |
F-86
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| The Hiccup Inc | (#,^) | 158 Humphrey St., Swampscott, MA 01907 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 8/6/2031 | 18.8 | 18.8 | 16.2 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Dara, Inc. | (#,^) | 29 Old Planters Rd, Beverly, MA 01915 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/5/2031 | 30.0 | 30.0 | 25.8 | 0.01 | % |
| Ronald L. McFarlain dba Cajun Connection | (#,^) | 2958 IL-178, North Utica, IL 61373 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/5/2046 | 32.9 | 32.9 | 34.8 | 0.01 | % |
| C&J General Engineering | (#,^) | 3060 Thorntree Dr #10, Chico, CA 95973 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/4/2046 | 26.9 | 26.9 | 25.7 | 0.01 | % |
| CIRLABS, INC,Outcome Driven Innovation and Spracht Inc | (#,^) | 974 Commercial St. Ste. 101, Palo Alto, CA 94043 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/30/2031 | 46.9 | 46.9 | 40.4 | 0.01 | % |
| AA Power Equipment, Inc | (#,^) | 999 Mansell Rd., Ste. B, C, & D, Roswell, GA 30076 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 72.1 | 72.1 | 62.0 | 0.02 | % |
| Charles P Carpenter dba All-Ways Pumping | (#,^) | 5701 Beckford Ave, Tarzana, CA 91356 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/30/2031 | 101.3 | 101.3 | 99.6 | 0.03 | % |
| The Travel Society LLC;Religious Travel International LLC | (#,^) | 650 S Cherry St., Denver, CO 80246 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/30/2031 | 78.6 | 78.6 | 67.6 | 0.02 | % |
| Patriot Services Group Inc | (#,^) | 108 Phillips Cir., Columbiana, AL 35051 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/30/2031 | 20.3 | 20.3 | 17.5 | — | % |
| Kings Autoshow Inc and Grand Auto Group LLC | (#,^) | 5815 Church Ave, Brooklyn, NY 11203 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 104.9 | 104.9 | 92.6 | 0.02 | % |
| Melissa S. Scharf | (#,^) | 14313 Califa St., Sherman Oaks, CA 91401 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/30/2031 | 8.1 | 8.1 | 7.0 | — | % |
| Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats | (#,^) | 308 South Old County Rd., Edgewater, FL 32132 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 7/30/2046 | 1,131.5 | 1,131.5 | 1,254.8 | 0.33 | % |
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#,^) | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/30/2032 | 41.2 | 41.2 | 39.2 | 0.01 | % |
| 100% Permanent Inc. | (#,^) | 1315 N. Larrabee St., Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/30/2046 | 32.3 | 32.3 | 34.1 | 0.01 | % |
| On Spot Techs Ltd dba Wi-Fi Surveyors | (#,^) | 4732 Dixie Dr. South, Dayton, OH 45439 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/29/2046 | 16.7 | 16.7 | 17.5 | — | % |
| Cherich Enterprises dba Yogasix Pasadena | (#,^) | 277 W Green St. Ste. 110, Pasadena, CA 91105 | Educational Services | Term Loan | Prime plus | 2.75% | 10/29/2031 | 48.1 | 48.1 | 41.8 | 0.01 | % |
| Karson A Schepp | (#,^) | 8715 Hwy 14, Kramer, ND 58748 | Crop Production | Term Loan | Prime plus | 2.75% | 7/29/2031 | 31.5 | 31.5 | 28.4 | 0.01 | % |
| Tiny Tots Kingdom Inc | (#,^) | 4961 N Dixie Hwy Ste.s 2-6, Oakland Park, FL 33334 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/29/2031 | 18.0 | 18.0 | 15.5 | — | % |
| Dream Splash International LLC | (#,^) | 650 S Cherry St., Denver, CO 80246 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/29/2031 | 76.6 | 76.6 | 66.2 | 0.02 | % |
| GN Enterprises LLC | (#,^) | 4507 SE Ramona St., Portland, OR 97206 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 7/29/2046 | 83.9 | 83.9 | 90.1 | 0.02 | % |
| Global Packaging Solutions, Inc | (#,^) | 6259 Progressive Ave, San Diego, CA 92154 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 7/29/2031 | 202.8 | 202.8 | 180.8 | 0.05 | % |
F-87
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Kamboj Investments Inc dba Chicago's Pizza with Twist | (#,^) | 1156 South Main St., Manteca, CA 95337 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/29/2031 | 29.1 | 29.1 | 25.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Travis Construction Company, LLC | (#,^) | 11258 Bayou Bernard Rd., Gulfport, MS 39503 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/28/2031 | 27.0 | 27.0 | 24.0 | 0.01 | % |
| Five Rivers 1938 Enterprises, Inc dba The Hummus Republic | (#,^) | 3032 W Jack London Blvd., Livermore, CA 94551 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/28/2032 | 31.7 | 31.7 | 27.8 | 0.01 | % |
| WLG Inc | (#,^) | 6257 West Ave. J9, Lancaster, CA 93536 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/27/2046 | 178.0 | 178.0 | 185.8 | 0.05 | % |
| Jaime Gervasi & Associates LLC | (#,^) | 3243 Eastern Ave., Baltimore, MD 21224 | Real Estate | Term Loan | Prime plus | 2.75% | 7/27/2031 | 14.0 | 14.0 | 12.7 | — | % |
| Clinically Speaking, LLC | (#,^) | 207 N Davies Rd., Lake Stevens, WA 98258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/27/2031 | 324.5 | 324.5 | 279.2 | 0.07 | % |
| K Wallace, LLC dba Fit Learning Columbus | (#,^) | 6631 Commerce Pkwy Ste. G, Dublin, OH 43085 | Educational Services | Term Loan | Prime plus | 2.75% | 7/26/2031 | 3.1 | 3.1 | 2.6 | — | % |
| Mattress and Rug outlet LLC | (#,^) | 1818 State St., Schenectady, NY 12304 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/23/2031 | 54.1 | 54.1 | 56.0 | 0.01 | % |
| Premier Tech Security, LLC | (#,^) | 1616 Westgate Cir., Ste. 111, Brentwood, TN 37027 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/23/2031 | 15.4 | 15.4 | 13.2 | — | % |
| 52 Tran, LLC | (#,^) | 773 South MacArthur Blvd., Ste. 205, Coppell, TX 75019 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/23/2031 | 15.8 | 15.8 | 13.6 | — | % |
| L.A. Crescent LLC dba Aamco Car Care Center | (#,^) | 1010 East 6th Ave., Stillwater, OK 74074 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/23/2031 | 27.0 | 27.0 | 23.9 | 0.01 | % |
| Big Brand Management Ltd. Co. | (#,^) | 512 East 11th St., Houston, TX 77008 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 7/23/2046 | 78.4 | 78.4 | 87.0 | 0.02 | % |
| Delbello Enterprises LLC dba Il Portico | (#,^) | 273 West Rte. 130 South, Burlington, NJ 08016 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/23/2031 | 43.9 | 43.9 | 45.6 | 0.01 | % |
| Tarun LLC, dba Signature Wine & Liquor | (#) | 325 South Limestone, Lexington, KY 40508 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 7/23/2031 | 5.7 | 5.7 | 5.6 | — | % |
| GSK Industries Inc dba Quality One Pool Management | (#,^) | 3217 W Tompkins Ave., Las Vegas, NV 89103 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/23/2031 | 13.5 | 13.5 | 11.6 | — | % |
| Ever Prosperous Realty Inc | (#,^) | 430 S Chandler Ave., Monterey Park, CA 91754 | Real Estate | Term Loan | Prime plus | 2.75% | 7/22/2031 | 13.2 | 13.2 | 11.3 | — | % |
| All Regional Recyclers of Wood LLC and Superior Carting & Waste System | (#,^) | 104 Wooster St., Bethel, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 7/22/2031 | 49.5 | 49.5 | 46.6 | 0.01 | % |
| Basha Home Improvement LLC | (#) | 41 Van Houten Ave., Jersey City, NJ 07305 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 7/21/2031 | 2.3 | 2.3 | 2.3 | — | % |
| Profit Stewards LLC dba AAMCO Transmissions of Phoenixville | (#,^) | 458 Schuylkill Rd., Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/21/2031 | 4.8 | 4.8 | 4.2 | — | % |
| TDI Global Solutions Inc | (#,^) | 1 Riverfront Plz., Ste. 12, Lawrence, KS 66044 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 7/21/2031 | 180.3 | 180.3 | 161.8 | 0.04 | % |
| 110 Enterprises, LLC dba Boomerang Bar and Grill | (#,^) | 110 Limekiln Rd., Unit 2, New Cumberland, PA 17070 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/20/2046 | 271.1 | 271.1 | 294.2 | 0.08 | % |
F-88
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Jeragardens Wedding Rentals LLC, | (#) | 5842 South 1150 West, Ogden, UT 84405 | Rental and Leasing Services | Term Loan | Prime plus | 6.5% | 7/20/2031 | 5.7 | 5.7 | 5.6 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sparta Athletic Campus, LLC | (#,^) | 115 Sparta Ave., Sparta, NJ 07871 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/20/2046 | 209.4 | 209.4 | 231.0 | 0.06 | % |
| Ecos Consulting, LLC | (#,^) | 1519 Roller Rd, Ocean Township, NJ 07712 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/20/2031 | 18.4 | 18.4 | 15.8 | — | % |
| K-M-P Auto Group LLC | (#,^) | 1788 Austin Hwy, San Antonio, TX 78218 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/19/2046 | 30.2 | 30.2 | 33.1 | 0.01 | % |
| Monarch Construction and Roofing LLC | (#,^) | 700 Corporate Cir., Golden, CO 80401 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/16/2031 | 40.1 | 40.1 | 34.5 | 0.01 | % |
| Colorado Travel Solutions LLC | (#,^) | 2895 Queen St, Colorado Springs, CO 80904 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 7/16/2031 | 61.5 | 61.5 | 52.9 | 0.01 | % |
| Rymax Electronics Inc | (#,^) | 1805 5th Ave. Ste. F, Bay Shore, NY 11706 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/8/2046 | 49.4 | 49.4 | 54.8 | 0.01 | % |
| Accommodating Financial & Tax Services, LLC | (#,^) | 5151 Monroe St., Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/8/2031 | 11.6 | 11.6 | 11.5 | — | % |
| The Iron Smith LLC dba Anytime Fitness Nevada | (#,^) | 1818 Fawcett Pkwy, Nevada, IA 50201 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/8/2031 | 26.5 | 26.5 | 22.8 | 0.01 | % |
| 156 W. Salon & Boutique, llc dba Shabby Shek Salon and Boutique | (#,^) | 156 West Tioga St., Tunkhannock, PA 18657 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/2/2046 | 39.2 | 39.2 | 39.4 | 0.01 | % |
| Jason M. Eberhart dba State Farm | (#,^) | 600 Allegheny St., Jersey Shore, PA 17740 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/2/2046 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| Afrodisiac Enterprises LLC dba Afrodisiac Nola | (#,^) | 5363 Franklin Ave, New Orleans, LA 70122 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/1/2046 | 29.3 | 29.3 | 32.3 | 0.01 | % |
| Martin C. Liu & Associates, PLLC | (#,^) | 135 Bowery St., New York, NY 10002 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2031 | 44.7 | 44.7 | 47.0 | 0.01 | % |
| Tidal Commerce Inc | (#,^) | 2100 Clearwater Dr, Oak Brook, IL 60523 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 6/30/2031 | 293.0 | 293.0 | 266.3 | 0.07 | % |
| Gene Properties LLC,4 Winnapaug Rd LLC and,144 Atlantic Ave LLC | (#,^) | 149 Atlantic Ave, Westerly, RI 02891 | Accommodation | Term Loan | Prime plus | 2.75% | 6/30/2046 | 1,098.8 | 1,098.8 | 1,240.5 | 0.33 | % |
| Zollner Enterprises, Inc | (#,^) | 221 Hulls Chapel Rd, Fredericksburg, VA 22406 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2031 | 44.7 | 44.7 | 40.7 | 0.01 | % |
| Royal Restaurants, LLC | (#,^) | 138 Griffin Rd., Ruston, LA 71270 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/30/2031 | 223.2 | 223.2 | 220.1 | 0.06 | % |
| Neil Hoss, D.M.D., LLC. | (#,^) | 115 Hartford Turnpike, Tolland, CT 06084 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/30/2031 | 25.1 | 25.1 | 23.2 | 0.01 | % |
| Kings Autoshow Inc dba Brooklyn Mitsubishi and Grand Auto Group LLC | (#,^) | 5815 Church Ave, Brooklyn, NY 11203 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/30/2031 | 34.4 | 34.4 | 35.4 | 0.01 | % |
| New York Equestrian Center Ltd | (#,^) | 633 EAGLE AVE, WEST HEMPSTEAD, NY 11552 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/30/2046 | 688.6 | 688.6 | 777.5 | 0.21 | % |
| Eagle's Eye Comfort Care Miramar LLC | (#,^) | 6308 SW 27th St, Miramar, FL 33023 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/30/2046 | 64.2 | 64.2 | 70.4 | 0.02 | % |
| Sheldon T Banks LLC | (#,^) | 2340 W Carpenter Rd., Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/30/2046 | 57.4 | 57.4 | 64.8 | 0.02 | % |
F-89
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Holland Holdings LLC | (#,^) | 1102 Blackbriar Cir Ne, Hartselle, AL 35640 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/30/2031 | 179.9 | 179.9 | 167.7 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 360 Concepts Group, LLC dba Bowl 360 Astoria | (#,^) | 19-45 49th St., Astoria, NY 11105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/29/2031 | 104.7 | 104.7 | 95.0 | 0.03 | % |
| La Favorita Radio Network | (#,^) | 4043 Geer Rd., Hughson, CA 95326 | Broadcasting (except Internet) | Term Loan | Prime plus | 2.75% | 6/29/2046 | 176.2 | 176.2 | 197.8 | 0.05 | % |
| CALTEL, INC. | (#,^) | 2309 Acie Ave., Conway, SC 29528 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 6/29/2031 | 80.8 | 80.8 | 79.8 | 0.02 | % |
| Little Imaginations Learning Center Inc | (#,^) | 189 toll Gate Rd,, Warwick, RI 02886 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/29/2046 | 111.7 | 111.7 | 119.2 | 0.03 | % |
| O.P.P. Presents LLC | (#,^) | 15927 Pioneer Blvd, Norwalk, CA 90650 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/29/2031 | 12.9 | 12.9 | 11.7 | — | % |
| Seema Aijaz Enterprises Inc dba Edible Arrangements | (#,^) | 1040 South Broadway, Unit 6, Hicksville, NY 11801 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/29/2031 | 25.9 | 25.9 | 23.9 | 0.01 | % |
| Yogi's Logistics Inc and 9371 Truck Yard LLC | (#,^) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/29/2046 | 138.7 | 138.7 | 156.6 | 0.04 | % |
| Troung Enterprises Inc | (#,^) | 1305 SW 107th Ave, Miami, FL 33174 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/28/2031 | 8.9 | 8.9 | 8.1 | — | % |
| J & J Rocket Fizz General Partnership | (#,^) | 3155 Outlet Dr. Space E020, Edinburgh, IN 46124 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/25/2031 | 13.4 | 13.4 | 12.2 | — | % |
| CURVE MART C-STORE AND CAJUN DELI LLC dba Curve Mart | (#,^) | 44063 Hwy. 431, Saint Amant, LA 70774 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 6/25/2046 | 180.7 | 180.7 | 197.6 | 0.05 | % |
| Alpha Variance Solutions, LLC | (#,^) | 48 Western Dr., Ardsley, NY 10502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/25/2031 | 67.1 | 67.1 | 61.5 | 0.02 | % |
| T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's | (#,^) | 4280 Lavon Dr., Garland, TX 75040 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/25/2031 | 25.9 | 25.9 | 23.5 | 0.01 | % |
| The Buckeye Health Group, LLC | (#,^) | 8120 Walcot Ln, Cincinnati, OH 45249 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/25/2031 | 44.7 | 44.7 | 41.1 | 0.01 | % |
| Nevada Adult Day healthcare Centers Inc | (#,^) | 2008 S Jones Blvd., Las Vegas, NV 89146 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/25/2031 | 40.3 | 40.3 | 42.2 | 0.01 | % |
| Northwest Evergreen Innovations, LLC and James Hamilton Gregersen | (#,^) | 6791 Bethel Rd. SE, Port Orchard, WA 98367 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/24/2046 | 51.4 | 51.4 | 57.7 | 0.02 | % |
| DAVIS WINES LLC and BRICK & MORTAR WINES, LLC | (#,^) | 25 Healdsburg Ave Bld 20, Healdsburg, CA 95448 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2031 | 83.2 | 83.2 | 79.4 | 0.02 | % |
| The AAC Speech Clinic, LLC and Red Rock Neurorehabilitation Center | (#,^) | 9260 West Sunset Rd., Ste. 204, Las Vegas, NV 89148 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/23/2031 | 32.2 | 32.2 | 29.2 | 0.01 | % |
| Pampanguena Market Place Corp | (#,^) | 18623 SW 107th Ave, Miami, FL 33157 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/23/2046 | 47.5 | 47.5 | 49.5 | 0.01 | % |
| JC's Tall Glass Inc | (#,^) | 2810 Hypoluxo Rd., Lantana, FL 33462 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/23/2046 | 204.9 | 204.9 | 226.1 | 0.06 | % |
| 2B St. Marks, Inc dba Duetto | (#,^) | 540 Greene St., Unit 1, Key West, FL 33040 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/22/2031 | 18.8 | 18.8 | 17.0 | — | % |
F-90
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Prestige Nationwide, LLC dba Eastern Standard | (#,^) | 1131 Burke St., Winston-Salem, NC 27101 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/22/2046 | 49.2 | 49.2 | 52.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Vance Ewing LLC dba The Bow & Barrel Sportsmen Center | (#,^) | 22940 Harlan Ln., St Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/22/2046 | 48.8 | 48.8 | 54.3 | 0.01 | % |
| Ellerman Engineerting & Innovations, Inc and R & S Properties and Hold | (#,^) | 4444 Forest St., Leonard, MI 48367 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 6/21/2031 | 36.8 | 36.8 | 36.2 | 0.01 | % |
| Butcher Block of Woodland Park, LLC | (#,^) | 320 S Baldwin St, Woodland Park, CO 80863 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/21/2031 | 13.4 | 13.4 | 12.2 | — | % |
| Bluewater Laundry & Linen, LLC | (#,^) | 2315 Main St., Loris, SC 29569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/21/2031 | 108.0 | 108.0 | 104.3 | 0.03 | % |
| Francis L Bailey Jr dba Carolina GPS Services | (#,^) | 1545 Langston Dr, Johns Island, SC 29455 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/21/2031 | 18.2 | 18.2 | 16.5 | — | % |
| Two Mean Beans, LLC dba Coffee and Crepes | (#,^) | 315 Crossroads Blvd., Floor G, Cary, NC 27518 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2031 | 10.4 | 10.4 | 9.7 | — | % |
| Vancole Investments, Inc | (#,^) | 876 Virginia Ave., Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2031 | 63.9 | 63.9 | 58.0 | 0.02 | % |
| Bluewater Laundry & Linen, llc | (#,^) | 2315 Main St., Loris, SC 29569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/21/2046 | 70.0 | 70.0 | 79.1 | 0.02 | % |
| K&R Enterprises III Inc dba The Frozen Cow | (#,^) | 6710 Post Rd., North Kingstown, RI 02852 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/18/2046 | 35.3 | 35.3 | 39.0 | 0.01 | % |
| Subhash Joshi LLC dba Mata Hardware | (#,^) | 6370 Mae Anne Ave., Ste.s 1 and 2, Reno, NV 89523 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/18/2031 | 31.0 | 31.0 | 28.4 | 0.01 | % |
| Semper Foods, LLC | (#,^) | 7000 W. Palmetto Park Rd,, Boca Raton, FL 33433 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 6/15/2031 | 44.7 | 44.7 | 40.6 | 0.01 | % |
| Integrated Rehabiilitation Inc | (#,^) | 10340 SE Division St., Portland, OR 97266 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/15/2031 | 136.9 | 136.9 | 133.0 | 0.04 | % |
| AAAK Investments LLC | (#,^) | 19595 15 Mile Rd, Clinton Twp, MI 48035 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/14/2046 | 40.3 | 40.3 | 45.1 | 0.01 | % |
| Edgar I Cordoba dba Edgar Cordoba Insurance Agency | (#,^) | 9201 Dyer St., El Paso, TX 79924 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/14/2031 | 11.6 | 11.6 | 10.5 | — | % |
| 360 Cloud Solutions, LLC and 360 Cloud Apps, LLC | (#,^) | 299 S Main St., Salt Lake City, UT 84111 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2031 | 249.0 | 249.0 | 225.9 | 0.06 | % |
| 21st Century Living LLC dba 21st Century Concierge | (#,^) | 33 Fitchett St., Poughkeepsie, NY 12601 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/11/2031 | 22.4 | 22.4 | 23.2 | 0.01 | % |
| The Ogden Group of Rochester, Inc | (#,^) | 78 Brunswick St, Rochester, NY 14607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/11/2031 | 9.8 | 9.8 | 9.0 | — | % |
| BearWaters Brewing Company | (#,^) | 101 Park St., Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/11/2046 | 63.5 | 63.5 | 71.1 | 0.02 | % |
| Dulceria NYC Inc | (#,^) | 2220 Frederick Douglass Blvd, New York, NY 10026 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/10/2031 | 8.9 | 8.9 | 8.3 | — | % |
| Halikamai Inc dba Neighborhood Beer and Wine | (#,^) | 510 Farm Market Rd. 718, Unit A, Newark, TX 76071 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 6/10/2031 | 17.9 | 17.9 | 18.8 | — | % |
F-91
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| LVM Constructiion LLC | (#,^) | 194 N Grove St., East Orange, NJ 07017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/10/2031 | 13.4 | 13.4 | 12.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 899 Toscanini, LLC | (#,^) | 899 Main St., Cambridge, MA 02139 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2031 | 18.3 | 18.3 | 19.2 | 0.01 | % |
| Tri-Span Construction LLC dba Lawrence County Sand and Stone | (#,^) | 136 Southland Dr., Louisa, KY 41230 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/8/2031 | 40.3 | 40.3 | 42.1 | 0.01 | % |
| Swantown Inn & Spa LLC | (#,^) | 1431 11th Ave. SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 6/8/2046 | 34.2 | 34.2 | 38.6 | 0.01 | % |
| La Taqueria, Inc. | (#,^) | 10 Greenwich Ave., Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/3/2031 | 22.4 | 22.4 | 20.3 | 0.01 | % |
| Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake | (#,^) | 6549 Rajol Dr., Sebring, FL 33875 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/3/2031 | 31.3 | 31.3 | 32.8 | 0.01 | % |
| Tec-Com Low Voltage Solutions Inc | (#,^) | 2045 Live Oak Blvd, Yuba City, CA 95991 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/2/2031 | 31.3 | 31.3 | 28.6 | 0.01 | % |
| Aeffect, Inc | (#,^) | 5600 N River Rd., Ste. 800, Rosemont, IL 60018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/28/2031 | 35.5 | 35.5 | 32.2 | 0.01 | % |
| Amazing G, LLC and Victoria Armstrong-Mensah | (#,^) | 3030 N Saranac, Mesa, AZ 85207 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 5/28/2031 | 23.5 | 23.5 | 23.7 | 0.01 | % |
| Shericka Newsome dba Little Sunshine's Academy | (#,^) | 474 N Chew Rd., Hammonton, NJ 08037 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/27/2031 | 4.4 | 4.4 | 4.0 | — | % |
| Keystone Contracting, LLC dba Keystone Roofing and Siding, LLC | (#,^) | 205 Rte. 9 N, freehold, NJ 07728 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/27/2046 | 182.7 | 182.7 | 194.3 | 0.05 | % |
| Compass Technical Services, Inc. | (#,^) | 2600 Gravel Dr., Building 7, Fort Worth, TX 76118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/27/2031 | 22.2 | 22.2 | 20.1 | 0.01 | % |
| Neuline Health Management LLC | (#,^) | 1402 S Custer Rd., McKinney, TX 75070 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/27/2031 | 71.7 | 71.7 | 65.0 | 0.02 | % |
| Dr. Karissa Walton, PLLC dba The Mobile Health Doc | (#,^) | 140 N Granite St., Prescott, AZ 86301 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/26/2031 | 43.0 | 43.0 | 40.5 | 0.01 | % |
| Rachel Reyes-Bergano, D.O. Inc dba Contempo Aesthetics | (#,^) | 708 E Colorado Blvd., Pasadena, CA 91101 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/26/2031 | 59.5 | 59.5 | 54.0 | 0.01 | % |
| ELIOT'S ADULT NUT BUTTERS LLC | (#,^) | 1140 SE 7th, Ste. 190, Portland, OR 97214 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/26/2031 | 10.0 | 10.0 | 9.1 | — | % |
| Hotel California Salon LLC dba Beverly Hills Lashes | (#,^) | 872 Huntley Dr., West Hollywood, CA 90069 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2031 | 24.4 | 24.4 | 22.2 | 0.01 | % |
| Bock Technologies Inc. | (#,^) | 11496 Luna Rd. Ste 1200, Dallas, TX 75234 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/25/2031 | 31.1 | 31.1 | 28.2 | 0.01 | % |
| BGS Consulting LLC dba Your Digital Canvas | (#,^) | 5608 Malvey Ave., Fort Worth, TX 76107 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/25/2031 | 6.7 | 6.7 | 6.0 | — | % |
| Ecru Designs LLC | (#,^) | 275 North Wyoming Ave., South Orange, NJ 07079 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/24/2031 | 55.9 | 55.9 | 50.8 | 0.01 | % |
| LEX-MAR SERVICE INC | (#,^) | 12278 NW 106th Ct., Medley, FL 33178 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/21/2046 | 19.5 | 19.5 | 21.4 | 0.01 | % |
| League One Logistics, LLC | (#,^) | 150 Hiram Industrial Dr., Hiram, GA 30141 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/21/2046 | 73.1 | 73.1 | 80.6 | 0.02 | % |
F-92
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| JJBM LLC dba Alumni Grill | (#,^) | 3316 Pacific Ave., Wildwood, NJ 08260 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/21/2046 | 20.0 | 20.0 | 22.6 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hankemeier Holdings LLC dba Grow Salon | (#,^) | 205 W 6th St., Ste. 105 & 110, Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/20/2031 | 16.9 | 16.9 | 15.3 | — | % |
| Vernon Alexander dba Southern Ohio Hunting Preserve | (#,^) | 31625 Goosecreek Rd., McArthur, OH 45651 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 5/19/2031 | 20.9 | 20.9 | 21.9 | 0.01 | % |
| Woodzzy LLC dba Dba Woodzzy Bar & Resturant | (#,^) | 1133 Clarkson Ave., Brooklyn, NY 11212 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/19/2047 | 191.8 | 191.8 | 212.3 | 0.06 | % |
| Motor Messenger NYC Inc | (#,^) | 81-36 Baxter Ave., Queens, NY 11373 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 5/18/2031 | 156.2 | 156.2 | 146.0 | 0.04 | % |
| Earth Analytical Sciences, Inc. | (#,^) | 4825 Ward Dr, Beaumont, TX 77705 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/17/2031 | 84.1 | 84.1 | 79.9 | 0.02 | % |
| Rev Motorsports, LLC dba Speed Concept | (#,^) | 20745 SW Tualatin Valley Hwy., Ste 120, Aloha, OR 97003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 5/13/2031 | 22.8 | 22.8 | 20.7 | 0.01 | % |
| Silverado Sales Inc dba Husker Sit N Sleep | (#,^) | 1907 Central Ave., Kearney, NE 68847 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 5/11/2031 | 16.9 | 16.9 | 15.3 | — | % |
| Clavismen LLC dba Katy Wines and Spirits | (#,^) | 5901 B Hwy. Blvd., Katy, TX 77494 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 5/7/2031 | 7.5 | 7.5 | 6.9 | — | % |
| Hank Thomas Performance | (#,^) | 917 Dixie Club Rd., Winston-Salem, NC 27107 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/5/2031 | 31.1 | 31.1 | 31.7 | 0.01 | % |
| Foy Commerce LLC | (#) | 1725 Park Ln. S, Ste. 2,, Jupiter, FL 33458 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/5/2031 | 5.7 | 5.7 | 5.8 | — | % |
| Boyd's Cardinal Hollow Winery Corp dba Boyd's Cardinal Hollow Winery | (#,^) | 1830 West Point Pike, West Point, PA 19486 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/4/2046 | 87.8 | 87.8 | 98.4 | 0.03 | % |
| 3G Graphix LLC dba Elemento Graphics | (#,^) | 7160 Zionsville Rd, Indianapolis, IN 46268 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2031 | 12.7 | 12.7 | 11.7 | — | % |
| NebulOS, Inc | (#,^) | 5428 Twilight Way, Parker, CO 80237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2031 | 55.8 | 55.8 | 51.8 | 0.01 | % |
| Grover Jackson Engineering, LLC | (#,^) | 1880 Campbellsville Rd., Pulaski, TN 38478 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 4/30/2046 | 52.6 | 52.6 | 57.1 | 0.02 | % |
| 5 Star Renovations, Inc. and Five Star Group, Inc. | (#,^) | 2997 US-29, Moreland, GA 30259 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2031 | 19.3 | 19.3 | 19.4 | 0.01 | % |
| G.A.P. Mechanical Inc. | (#,^) | 2500 North Forsyth Rd., C29, Orlando, FL 32807 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/28/2031 | 19.8 | 19.8 | 18.2 | — | % |
| Cajun Made Charters, L.L.C | (#,^) | 27900 Hwy. 1, Golden Meadow, LA 70357 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 4/28/2031 | 41.7 | 41.7 | 41.2 | 0.01 | % |
| 822 GROUP LLC | (#,^) | 136 Treehaven St., Gaitherburg, MD 20878 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/28/2031 | 44.1 | 44.1 | 40.0 | 0.01 | % |
| Janie Lacy & Associates, LLC dba Life Counseling Solutions | (#,^) | 670 N Orlando Ave, #103, Maitland, FL 32751 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/26/2046 | 33.3 | 33.3 | 37.1 | 0.01 | % |
| J-Tech Industries Inc | (#,^) | 232 Alexandria Dr, Mooresville, NC 28115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/23/2031 | 5.7 | 5.7 | 5.2 | — | % |
F-93
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Max Rosin & Associates, Inc | (#,^) | 37-43 West 14th St., Ste. 304, New York, NY 10011 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/23/2031 | 50.6 | 50.6 | 45.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wells Cutting Edge, LLC | (#,^) | 4201 North Cochrane Ln., Erda, UT 84074 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/22/2031 | 30.8 | 30.8 | 28.4 | 0.01 | % |
| Acra Cast, Inc. | (#,^) | 1837 First St., Bay City, MI 48708 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 4/22/2031 | 18.6 | 18.6 | 18.6 | — | % |
| Twenty Ten Agency, LLC | (#,^) | 340 S Lemon Avnue, Walnut, CA 91789 | Educational Services | Term Loan | Prime plus | 2.75% | 4/21/2031 | 3.4 | 3.4 | 3.1 | — | % |
| AMERICAN CINEMA INSPIRES, INC and CEO Multimedia, Inc | (#,^) | 15363 Victory Blvd, Van Nuys, CA 91406 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 4/20/2031 | 15.9 | 15.9 | 14.5 | — | % |
| Oregon Glass Repair, LLC dba SuperGlass Windshield Repair; | (#,^) | 2972 SE 38th Ct., Hillsboro, OR 97123 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2031 | 15.2 | 15.2 | 13.8 | — | % |
| Gateway Veterinary Services P.C. dba Liberty Animal Clinic | (#,^) | 9212 Liberty Ave., Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/15/2031 | 39.7 | 39.7 | 38.9 | 0.01 | % |
| Lockett Trucking and Transport LLC | (#) | 612 Colebridge Dr., Blacklick, OH 43004 | Truck Transportation | Term Loan | Prime plus | 6.5% | 4/14/2031 | 5.4 | 5.4 | 5.5 | — | % |
| RV Solar LLC | (#) | 3442 E Bulk Ln., Oak Creek, WI 53154 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 4/14/2031 | 5.6 | 5.6 | 5.8 | — | % |
| Stephanie Ann Doty | (#) | 82 Diggins Dr., Folsom, CA 95630 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 4/14/2031 | 3.3 | 3.3 | 3.4 | — | % |
| College Economy Inc | (#,^) | 679 Wedgewood Dr., Hanover Park, IL 60133 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/13/2031 | 30.6 | 30.6 | 27.7 | 0.01 | % |
| Gerald Scott Lyda and Marvina Michae Lyda | (#,^) | 3555 Chimney Rock Rd., Hendersonville, NC 28792 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/9/2046 | 32.0 | 32.0 | 36.2 | 0.01 | % |
| Motor City Bakery Inc dba Mexi bake | (#,^) | 8100 Radcliffe St., Detroit, MI 48210 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 4/7/2046 | 101.8 | 101.8 | 112.3 | 0.03 | % |
| Tober Building Company, LLC | (#,^) | 3351 Brecksville Rd., Richfield, OH 44286 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/31/2031 | 572.1 | 572.1 | 532.2 | 0.14 | % |
| Thomson Holdings Enterprises LLC dba Volusia County Towing | (#,^) | 345 8th St., Daytona Beach, FL 32117 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 3/31/2046 | 107.7 | 107.7 | 112.4 | 0.03 | % |
| Quality Sound Communications, Inc dba Technology Source | (#,^) | 1551 North Tustin Ave., Ste. 125, Santa Ana, CA 92705 | Telecommunications | Term Loan | Prime plus | 2.75% | 3/31/2031 | 117.3 | 117.3 | 106.5 | 0.03 | % |
| TK Cleaning and Lawn Service LLC | (#,^) | 4449 Beechaven Dr., Rock Hill, SC 29732 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/31/2046 | 24.3 | 24.3 | 27.4 | 0.01 | % |
| Barrett Enterprises, LLC | (#,^) | 920 N Columbia St, Milledgeville, GA 31061 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2031 | 18.3 | 18.3 | 16.7 | — | % |
| Walking Urgent Care Inc | (#,^) | 10308 West Sample Rd., Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2031 | 218.8 | 218.8 | 210.3 | 0.06 | % |
| Suncoast Premier Medical, LLC and Mario R Perez MD PA | (#,^) | 1239 US-27, Clermont, FL 34714 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2046 | 98.7 | 98.7 | 105.2 | 0.03 | % |
F-94
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| La Dolce Vita Water Sports LLC,LDV GOLF CART & BIKE RENTALS LLC | (#,^) | 408 Kelly Plantation Dr, Destin, FL 32541 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/31/2031 | 312.9 | 312.9 | 327.9 | 0.09 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| TK Cleaning and Lawn Service LLC | (#,^) | 4449 Beechaven Dr., Rock Hill, SC 29732 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/31/2031 | 106.1 | 106.1 | 100.9 | 0.03 | % | ||||||||||||||
| Trailer Marketing Services Inc | (#,^) | 4560 State Rte. 233, Clinton, NY 13323 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 65.6 | 65.6 | 74.1 | 0.02 | % | ||||||||||||||
| Batteries in a Flash.com, Inc. | (#,^) | 211 W Commerce Park Ct., North Las Vegas, NV 89032 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 99.9 | 99.9 | 107.7 | 0.03 | % | ||||||||||||||
| Knight Settlement Sand & Gravel, LLC | (#,^) | 7291 Knight Settlement Rd, Bath, NY 14810 | Mining (except Oil and Gas) | Term Loan | Prime plus | 2.75% | 3/31/2031 | 145.5 | 145.5 | 135.0 | 0.04 | % | ||||||||||||||
| Barrett Enterprises, LLC dba Barrett and Sons Used Cars | (#,^) | 920 N Columbia St, Milledgeville, GA 31061 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 43.2 | 43.2 | 44.1 | 0.01 | % | ||||||||||||||
| Statewide Health Care, Inc | (#,^) | 102 Oglethorpe Professional Ct., Savannah, GA 31406 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2031 | 54.3 | 54.3 | 49.4 | 0.01 | % | Drake Dance Academy LLC | (#,^) | 5790 Marble Creek Stree, Dublin, OH 43016 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 7/30/2046 | 134.2 | 134.2 | 145.7 | 0.04 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Underground Toys USA, LLC dba Seven 20 and Wozniak Distribution, | (#,^) | 7626 Miramar Rd, San Diego, CA 92126 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/30/2031 | 252.9 | 252.9 | 229.0 | 0.06 | % | ||||||||||||||
| Bojax Auto Collision, Inc dba Bojax Auto Body Repair | (#,^) | 4712 Fernlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2046 | 23.1 | 23.1 | 24.6 | 0.01 | % | ||||||||||||||
| The Sign Company of Wilmington, Inc. | (#,^) | 428 Landmark Dr., Wilmington, NC 28412 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2046 | 99.8 | 99.8 | 110.7 | 0.03 | % | ||||||||||||||
| Empire State Adjuster's Corp.DBA Frankie M’s Auto Body East | (#,^) | 419 West Main St., Smithtown, NY 11787 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2046 | 171.0 | 171.0 | 180.4 | 0.05 | % | ||||||||||||||
| Bojax Auto Collision, Inc. dba Bojax Auto Body Repair | (#,^) | 4712 Fernlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2031 | 33.4 | 33.4 | 32.3 | 0.01 | % | ||||||||||||||
| RH All Around Repair, LLC | (#,^) | 2008 Coahuila Rd, Odessa, TX 79763 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/30/2046 | 49.7 | 49.7 | 53.8 | 0.01 | % | ||||||||||||||
| Kidz Choice Service Inc and Kidz Choice Holdings Inc | (#,^) | 14-34 110th St., Flushing, NY 11356 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/29/2031 | 183.9 | 183.9 | 166.5 | 0.04 | % | ||||||||||||||
| Jason Watt Pictures, LLC | (#,^) | 110 Broadway #507, Brooklyn, NY 11249 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/29/2031 | 16.2 | 16.2 | 14.7 | — | % | ||||||||||||||
| Markell Construction Inc | (#,^) | 6248 N Woodstock St., Philadelphia, PA 19138 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/29/2031 | 14.2 | 14.2 | 12.8 | — | % | ||||||||||||||
| QXC Communications, Inc | (#,^) | 3785 North Federal Hwy., Ste. 205, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus | 2.75% | 3/29/2031 | 92.0 | 92.0 | 86.1 | 0.02 | % | ||||||||||||||
| ALG-Health LLC and Axis LED Group, LLC | (#,^) | 520 West Mulberry St., Bryon, OH 43506 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/29/2031 | 1,078.4 | 1,078.4 | 1,023.5 | 0.27 | % | ||||||||||||||
| Signet Media Inc | (#,^) | 630 S.1st St., San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/29/2031 | 70.1 | 70.1 | 70.4 | 0.02 | % | ||||||||||||||
| Zebra Enterprises, LLC dba Shanty | (#,^) | 213 3rd St., Eureka, CA 95501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/26/2046 | 33.1 | 33.1 | 37.3 | 0.01 | % |
F-95
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Rob Smith dba Laundry Land | (#,^) | 8913 Sierra Ave., Fontana, CA 92335 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 17.1 | 17.1 | 15.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AUBURN ANALYTICAL LABS, INC | (#,^) | 2107 Bay City Rd., Midland, MI 48642 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 21.9 | 21.9 | 19.8 | 0.01 | % |
| Ground Breakers Construction, Inc. | (#,^) | 2292 a/k/a 2274 Hayride Rd., Lebec, CA 93243 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 3/26/2031 | 21.4 | 21.4 | 22.4 | 0.01 | % |
| Johnson Diversified, Inc dba Plumbing Solutions | (#,^) | 29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/26/2031 | 76.7 | 76.7 | 78.3 | 0.02 | % |
| Leo Marketing LLC | (#,^) | 1127 E Rio Grande Ave, El Paso, TX 79902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 13.1 | 13.1 | 12.8 | — | % |
| Diversified Electric, LLC | (#,^) | 1571 Mapledale St, Ferndale, MI 48220 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/26/2031 | 18.5 | 18.5 | 16.8 | — | % |
| Companion Plus Care, LLC | (#,^) | 19849 Middlebelt Rd., Livonia, MI 48152 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 3/25/2046 | 128.5 | 128.5 | 134.2 | 0.04 | % |
| Millennium Family Practice LLC | (#,^) | 6310 Steven Forest Rd., Columbia, MD 21045 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/25/2031 | 84.1 | 84.1 | 88.0 | 0.02 | % |
| Party Town Chico LLC | (#,^) | 1937 East 20th St. #B6, Chico, CA 95928 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 3/25/2031 | 13.0 | 13.0 | 11.8 | — | % |
| Allan Gilbert dba Allan Gilbert Builders | (#,^) | 50 Jodi Dr., Belmont, NH 03220 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/25/2031 | 21.9 | 21.9 | 20.1 | 0.01 | % |
| Linh Luong and Loc Luong | (#,^) | 1209 W Main St., Peroria, IL 61606 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2031 | 76.7 | 76.7 | 78.2 | 0.02 | % |
| Oscar Rene Guzman and American United Construction LLC | (#,^) | 12520 Taylor Rd., Houston, TX 77041 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/24/2031 | 157.8 | 157.8 | 144.6 | 0.04 | % |
| Blasco Tire LLC | (#) | 960 Memorial Dr., Griffin, GA 30223 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 3/24/2031 | 5.6 | 5.6 | 5.7 | — | % |
| Sundown Audio, LLC | (#,^) | 514 W 21st St., Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/24/2031 | 88.3 | 88.3 | 80.1 | 0.02 | % |
| Malik Dough L.L.C. and Steven L. Malik II | (#,^) | 3347 Riverside Dr., North Tazewell, VA 24630 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2031 | 9.2 | 9.2 | 8.4 | — | % |
| Capco Swimming Pools LLC and. Capco Industries, LLC dba Premier Pools | (#,^) | 5115 Savannah Green, Voy Omy, TX 78073 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/24/2031 | 28.8 | 28.8 | 29.0 | 0.01 | % |
| Icebox Cafe, L.C and Icebox Pantry, LLC | (#,^) | 219 NE 3rd St., Hallandale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2031 | 129.0 | 129.0 | 119.1 | 0.03 | % |
| Clear Impact LLC and Clear Impact Inc | (#,^) | 11300 Rockville Pike, #1001, Rockville, MD 20852 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/22/2031 | 136.2 | 136.2 | 124.7 | 0.03 | % |
| Spartan Technology Solutions, Inc. | (#,^) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/22/2031 | 43.8 | 43.8 | 39.7 | 0.01 | % |
| Tripark LLC | (#,^) | 12630 Haynes Rd., Houston, TX 77066 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/19/2046 | 146.1 | 146.1 | 155.1 | 0.04 | % |
| JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods | (#,^) | 111 Sand Island Access Rd., Honolulu, HI 96819 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/19/2046 | 147.3 | 147.3 | 159.7 | 0.04 | % |
| Natalie Dress Designers, LLC DBA Azaria Bridal | (#,^) | 3710 US Hwy. 9, Space D218, Freehold, NJ 07728 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 3/19/2031 | 285.2 | 285.2 | 260.6 | 0.07 | % |
F-96
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Richard Keith Robison Jr. Enterprises, Inc. dba R & R Restoration | (#,^) | 1539 Apache Dr., Montgomery, TX 77316 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/19/2031 | 13.2 | 13.2 | 11.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Jemas, LLC Dba Medicine Shoppe St Charles | (#,^) | 488 S 5th St., St Charles, MO 63301 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 3/19/2031 | 79.0 | 79.0 | 71.6 | 0.02 | % |
| David Edwin Harries | (#,^) | 5506 Riverside Dr, Chino, CA 91710 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/19/2031 | 13.2 | 13.2 | 11.9 | — | % |
| Northern Services Inc | (#,^) | 2266 Central St., Ste.6, Richmond, CA 94801 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/18/2031 | 43.9 | 43.9 | 39.7 | 0.01 | % |
| WSCL, Inc | (#,^) | 176 Rosa Ct., Colton, CA 92324 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/18/2031 | 45.1 | 45.1 | 40.9 | 0.01 | % |
| Crystal H Thompson dba Advertise IT | (#,^) | 718 N Main St., Norwood, CT 28128 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/18/2031 | 28.1 | 28.1 | 26.5 | 0.01 | % |
| AZ Dropship LLC dba A-Z Trading Co | (#,^) | 735 Crofton St SE, Grand Rapids, MI 49507 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/18/2031 | 43.9 | 43.9 | 39.8 | 0.01 | % |
| Zmetra Clear Span Structures, LLC | (#,^) | 2 Old Worcester Rd., Dudley, MA 01571 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/18/2031 | 109.7 | 109.7 | 110.2 | 0.03 | % |
| LT Johnson DDS PLLC dba Brueggen Dental Implant Center | (#,^) | 14626 Bellaire Blvd., Houston, TX 77083 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/18/2031 | 6.5 | 6.5 | 6.0 | — | % |
| Battle Forged Fitness, LLC dba CrossFit 1976 | (#,^) | 3251 East Stone Ct., Eagle Mountain, UT 84005 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/17/2046 | 53.8 | 53.8 | 53.3 | 0.01 | % |
| Ryan Doyle Enterprises, LLC dba Earthworkers Landscaping | (#,^) | 802 Klinger Ln, Lebanon, PA 17042 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/17/2031 | 13.2 | 13.2 | 12.7 | — | % |
| Crispeno Realty, Inc | (#,^) | 9812 235th Pl SW, Edmonds, WA 98020 | Real Estate | Term Loan | Prime plus | 2.75% | 3/16/2031 | 7.1 | 7.1 | 6.4 | — | % |
| 274 Construction Group, Inc | (#,^) | 420 Raleigh St., Ste. F, Wilmington, NC 28412 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 3/16/2031 | 163.2 | 163.2 | 155.7 | 0.04 | % |
| EXAGEN SOLUTIONS INC | (#,^) | 32 Waverly Cir, Waverly, NY 12189 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/16/2031 | 46.5 | 46.5 | 42.1 | 0.01 | % |
| DTJ Enterprises, Inc dba West Falmouth Market | (#,^) | 623 W Falmouth hwy, Falmouth, MA 02540 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/15/2046 | 175.5 | 175.5 | 188.4 | 0.05 | % |
| INB Enterprise LLC | (#) | 7761 Diamondback Dr., College Park, MD 20742 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 5.6 | 5.6 | 5.7 | — | % |
| Benevolent Family Services LLC, | (#) | 522 S Independence Blvd., Ste. 201, Virginia Beach, VA 23452 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 5.6 | 5.6 | 5.7 | — | % |
| Hany and Associates LLC dba Integrity Tax Group | (#,^) | 2020 S Oneida St., Denver, CO 80224 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/12/2031 | 19.5 | 19.5 | 17.7 | — | % |
| Swick & Son Enterprises, Inc. | (#,^) | 108 Mashell Ave. North, Eatonville, WA 98328 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/12/2031 | 64.2 | 64.2 | 58.6 | 0.02 | % |
| Craftworks NW, LLC | (#,^) | 12421 NE 117th Ave, Vancouver, WA 98662 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/12/2031 | 13.2 | 13.2 | 12.5 | — | % |
| Kris-Leigh Catered Living at Severna Park LLC | (#,^) | 831 Ritchie Hwy., Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 3/12/2031 | 669.6 | 669.6 | 700.5 | 0.19 | % |
F-97
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Motus Inc. dba Stage Your Home San Diego | (#,^) | 7557 Convoy Ct, San Diego, CA 92111 | Real Estate | Term Loan | Prime plus | 2.75% | 3/11/2031 | 22.2 | 22.2 | 20.1 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Clean Energyz LLC | (#,^) | 881 Alma Real Dr., Ste.s T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/11/2031 | 52.7 | 52.7 | 47.7 | 0.01 | % |
| Clean Energyz LLC | (#,^) | 881 Alma Real Dr. Ste. T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/11/2031 | 37.1 | 37.1 | 36.0 | 0.01 | % |
| INTERNETZONE I, INC. | (#,^) | 3131 Laurel Ave., Fullerton, CA 92835 | Other Information Services | Term Loan | Prime plus | 2.75% | 3/10/2031 | 7.0 | 7.0 | 6.3 | — | % |
| Monark, LLC | (#,^) | 26050 Acero, Ste. 411, Mission Viejo, CA 92691 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/10/2031 | 30.8 | 30.8 | 27.9 | 0.01 | % |
| ACTIVE FACILITY MONITORING, LLC | (#,^) | 702 Ernest Dr, Port Orange, FL 32127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/9/2031 | 8.7 | 8.7 | 7.9 | — | % |
| Charlie Chedda's LLC | (#,^) | 1867 & 1871 S Academy Blvd, Colorado Springs, CO 80916 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/5/2031 | 16.3 | 16.3 | 17.1 | — | % |
| 3 A Ideas, LLC dba Bizzy Kids Learning Center | (#,^) | 1401 Caplin Dr., Arlington, TX 76018 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/5/2046 | 116.6 | 116.6 | 128.6 | 0.03 | % |
| Nadal Company LLC | (#,^) | 5923 Robindale Rd., Catonsville, MD 21228 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/5/2031 | 4.4 | 4.4 | 4.0 | — | % |
| Giles Title and Escrow Services, LLC and Morgan Andrew Hoover | (#,^) | 203 North 1st St., Pulaski, TN 38478 | Real Estate | Term Loan | Prime plus | 2.75% | 3/4/2031 | 27.1 | 27.1 | 26.3 | 0.01 | % |
| Reginald L McClain dba McClain's Auto Detailing and Paint Refinish | (#,^) | 2753 N 29th St., Milwaukee, WI 53210 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/3/2046 | 7.0 | 7.0 | 7.9 | — | % |
| Metroguard Security & Risk Mgmt Inc. | (#,^) | 338 Commerce Dr., Fairfield, CT 06825 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/2/2031 | 181.0 | 181.0 | 163.9 | 0.04 | % |
| Miss Academy, LLC dba Miss Houston Pageant | (#,^) | 1111 Uptown Park Blvd #12, Houston, TX 77056 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/26/2031 | 8.7 | 8.7 | 7.9 | — | % |
| Anne M Prior LLC | (#,^) | 5933 NW Wins Sivers Dr., Portland, OR 97220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/25/2031 | 15.1 | 15.1 | 13.7 | — | % |
| Goodsell/Wilkins, Inc | (#,^) | 28175 Bluebell Dr., Laguna Niguel, CA 92677 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/25/2031 | 86.9 | 86.9 | 78.7 | 0.02 | % |
| Innovative Dental of Hannibal LLC | (#,^) | 515 Clinic Rd., Hannibal, MO 63401 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/24/2031 | 43.5 | 43.5 | 39.4 | 0.01 | % |
| Medissage Integrative Therapies, LLC | (#,^) | 103 Twinridge Ln., Richmond, VA 23235 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/23/2046 | 7.2 | 7.2 | 8.2 | — | % |
| KOLOA KAI LLC and Stay Beach Cities, Inc | (#,^) | 2-2514 Kaumualii Hwy., Kalaheo, HI 96741 | Real Estate | Term Loan | Prime plus | 2.75% | 2/22/2031 | 6.5 | 6.5 | 5.9 | — | % |
| TELAVERGE COMMUNICATIONS, LLC | (#,^) | 8229 Foutain Ridge Dr., Plano, TX 75025 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/19/2031 | 30.4 | 30.4 | 27.6 | 0.01 | % |
| Eagle Creek Landscape & Design | (#,^) | 7574 Eagle Creek Rd., Cincinnati, OH 45247 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/19/2031 | 41.3 | 41.3 | 37.8 | 0.01 | % |
| Eddy Auto Service Inc | (#,^) | 901 NY-109, West Babylon, NY 11704 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/18/2046 | 84.9 | 84.9 | 95.9 | 0.03 | % |
F-98
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ben Anderson 365 | (#,^) | 1567 E Valley Rd, Montecito, CA 93108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/18/2031 | 43.4 | 43.4 | 39.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Alima Mandiang, dba Mandiang Hair Braiding | (#) | 242 E. Claremont Rd, Philadelphia, PA 19120 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 2/17/2031 | 2.2 | 2.2 | 2.3 | — | % |
| Commonwealth Warehouse, Inc. | (#,^) | 400-500 Murray Rd., Cincinnati, OH 45217 | Warehousing and Storage | Term Loan | Prime plus | 2.75% | 2/17/2031 | 50.0 | 50.0 | 45.3 | 0.01 | % |
| ReenBoog Natural Hair Care, LLC | (#,^) | 4051 Stone Mountain Hwy., Ste. E106, Lilburn, GA 30047 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 2/17/2031 | 17.4 | 17.4 | 15.9 | — | % |
| White Pine Logistics Inc | (#,^) | 1281 Cobble Pond Way, Vienna, VA 22182 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/16/2031 | 50.1 | 50.1 | 45.4 | 0.01 | % |
| Design Moves LLC | (#,^) | 3235 North Dixie Hwy., Oakland, FL 33334 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/16/2046 | 82.5 | 82.5 | 90.7 | 0.02 | % |
| Ryan Spataro dba The Minty Goat | (#,^) | 6801 N Crystal Ave., Kansas City, MO 64119 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/16/2031 | 4.3 | 4.3 | 4.2 | — | % |
| A-One Refrigeration and Heating, Inc. | (#,^) | 910 N 20th Ave., Pasco, WA 99301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/11/2046 | 281.4 | 281.4 | 306.9 | 0.08 | % |
| UniGuide Media,LLC | (#) | 105 Pearl St., Sausalito, CA 94965 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 2/11/2031 | 5.6 | 5.6 | 5.7 | — | % |
| A-One Refrigeration and Heating, Inc | (#,^) | 910 N 20th Ave., Pasco, WA 99301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/11/2031 | 143.7 | 143.7 | 134.4 | 0.04 | % |
| Little Swimmers Inc. | (#,^) | 2395 Monument Blvd., Concord, CA 94520 | Educational Services | Term Loan | Prime plus | 2.75% | 2/11/2031 | 38.4 | 38.4 | 35.2 | 0.01 | % |
| Hybrid Drive Batteries LLC | (#,^) | 22607 E La Palma Ave., Ste. 406, Yorba Linda, CA 92887 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/10/2031 | 13.1 | 13.1 | 11.9 | — | % |
| Michael Miller dba Affordable Paint and Auto Body | (#,^) | 4738 Randleman Rd., Greensboro, NC 27406 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/9/2046 | 21.5 | 21.5 | 23.5 | 0.01 | % |
| Little Angels Daycare and Learning Center LLC | (#) | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/3/2047 | 118.9 | 118.9 | 121.8 | 0.03 | % |
| Davis Laboratories, Inc. | (#,^) | 611 Lunar Ave., Brea, CA 92821 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/1/2031 | 54.3 | 54.3 | 52.6 | 0.01 | % |
| CULTIVA Solutions, LLC | (#,^) | 8000 Towers Crescent Dr.,, Vienna, VA 22182 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/29/2031 | 3.4 | 3.4 | 3.1 | — | % |
| TC3, LLC | (#,^) | 1036 Country St. 2945, Tuttle, OK 73089 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/29/2031 | 4.6 | 4.6 | 4.6 | — | % |
| Dexter Lillie dba Kreative Kutz Barber Shop | (#,^) | 865 Cassat Ave., Jacksonville, FL 32205 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/29/2046 | 17.4 | 17.4 | 19.7 | 0.01 | % |
| Payne's Environmental Services LLC | (#,^) | 5617 Causeway Blvd., Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/28/2031 | 160.5 | 160.5 | 151.8 | 0.04 | % |
| Jazma Deaungilae Wise | (#) | 110 Golden Pine Rd SW, Austell, GA 30168 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/28/2031 | 3.5 | 3.5 | 3.6 | — | % |
| Chrysalis MSP LLC | (#,^) | 14550 Torrey Chase Blvd, Ste. 110, Houston, TX 77014 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/26/2031 | 9.9 | 9.9 | 9.0 | — | % |
| Inland Empire Spine and Disc Laser, Inc. | (#,^) | 802 Magnolia Ave, Ste 103, Corona, CA 92879 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/22/2031 | 43.1 | 43.1 | 40.3 | 0.01 | % |
F-99
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Wild Wellness LLC | (#) | 151 Lake St., Lancaster, OH 43130 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 2.4 | 2.4 | 2.5 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Andrew's Spotless Cleaning, LLC | (#) | 6003 Murnan Rd, Cold Spring, KY 41076 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 5.5 | 5.5 | 5.6 | — | % |
| Greater Vision Healthcare Services, LLC | (#,^) | 788 Montgomery Ave., Ocoee, FL 34761 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/22/2046 | 897.4 | 897.4 | 979.9 | 0.26 | % |
| WILD THING ACCOUNTING & TAX LLC | (#) | 805 NE 190th Ave., Portland, OR 97230 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 5.5 | 5.5 | 5.6 | — | % |
| Skypie Studio & Crafts LLC | (#) | 933 Mary Ave, Opelousas, LA 70570 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 5.3 | 5.3 | 5.4 | — | % |
| R & L Timber, Inc | (#,^) | 524 Callen Crabb Rd., Sagle, ID 83860 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 1/20/2031 | 212.9 | 212.9 | 200.5 | 0.05 | % |
| Centre for Autism Treatment LLC | (#) | 13090 Sundown Rd., Victorville, CA 92392 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/20/2031 | 5.5 | 5.5 | 5.6 | — | % |
| Valley Towing & Sons, Inc | (#,^) | 16 NY-6N, Mahopac, NY 10541 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 1/19/2031 | 10.1 | 10.1 | 9.1 | — | % |
| Diamond Ridge Professionals LLC, | (#) | 8629 Mesquite Cir., Magna, UT 84044 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 1/19/2031 | 5.5 | 5.5 | 5.6 | — | % |
| Austen Felder Holdings LLC dba Austin R Styling | (#) | 23642 Hwy. 25, Franklinton, LA 70438 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/18/2031 | 11.1 | 11.1 | 11.3 | — | % |
| Retro Rangers LLC and Retro 1951, Inc | (#,^) | 750 International Pkwy. #105, Richardson, TX 75081 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 1/15/2031 | 170.8 | 170.8 | 154.7 | 0.04 | % |
| Big Brand Management Ltd. Co and Food Civilization LLC | (#,^) | 68700 Dinah Shore Dr., Cathedral, CA 92234 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 1/14/2046 | 238.0 | 238.0 | 253.3 | 0.07 | % |
| White Pine Logistics, Inc. | (#,^) | 1281 Cobble Pond Way, Vienna, VA 22182 | Truck Transportation | Term Loan | Prime plus | 2.75% | 1/11/2031 | 341.8 | 341.8 | 312.8 | 0.08 | % |
| Athletic Performance Training Center, LLC | (#,^) | 12855 York-Delta Dr., North Royalton, OH 44133 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/8/2031 | 12.9 | 12.9 | 11.7 | — | % |
| Westby Grocery LLC | (#,^) | 212 Main St., Westby, MT 59275 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/8/2046 | 42.4 | 42.4 | 44.2 | 0.01 | % |
| TNJ Products, Inc. | (#,^) | 4912 N Lincoln Ave, Ste. 101, Chicago, IL 60625 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/31/2030 | 183.7 | 183.7 | 166.3 | 0.04 | % |
| Moran Tax & Accounting LLC | (#,^) | 128 N Franklin St, Brazil, IN 47834 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/31/2045 | 16.9 | 16.9 | 18.5 | — | % |
| Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC | (#,^) | 1491 Hammond St., Bangor, ME 04401 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/31/2045 | 34.6 | 34.6 | 39.0 | 0.01 | % |
| The Spot Bar & Restaurant LLC | (#,^) | 10540 State Rte. 195, Killeen, TX 76542 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2045 | 37.0 | 37.0 | 41.8 | 0.01 | % |
| Hawthorne Food Company dba Eastern Standard | (#,^) | 117 Beaver St., Waltham, MA 02452 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2030 | 747.5 | 747.5 | 677.7 | 0.18 | % |
| Seven C's Manufacturing, Inc | (#,^) | 3895 Corsair St., Reno, NV 89502 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2030 | 469.8 | 469.8 | 455.8 | 0.12 | % |
| Leila Zamiri, DDS, Inc | (#,^) | 3317 E 10th St., Long Beach, CA 90804 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/31/2045 | 151.0 | 151.0 | 170.5 | 0.05 | % |
F-100
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| M2 Lumber LLC | (#,^) | 110 Brick House Rd., Laurens, SC 29360 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2030 | 9.6 | 9.6 | 9.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Perfect Game Incorporated | (#,^) | 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/30/2030 | 1,067.8 | 1,067.8 | 1,040.8 | 0.28 | % |
| Educare Early Intervention, Corporation | (#,^) | 4557 S Calumet Ave, Chicago, IL 60653 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 37.8 | 37.8 | 34.2 | 0.01 | % |
| Bourque Sales and Service Inc. | (#,^) | 9160 Linwood Ave., Shevport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/30/2045 | 138.2 | 138.2 | 156.0 | 0.04 | % |
| United Security Specialists, Inc. | (#,^) | 275 Saratoga Ave. Ste. 200, Santa Clara, CA 95050 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 99.4 | 99.4 | 90.0 | 0.02 | % |
| Center of New England Primary Care Inc | (#,^) | 775 Center of New New England Blvd, Coventry, RI 02816 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2045 | 407.6 | 407.6 | 460.2 | 0.12 | % |
| Petroleum Equipment & Services, Inc. | (#,^) | 5631 Silverado Way, Anchorage, AK 99518 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 359.9 | 359.9 | 330.0 | 0.09 | % |
| Bourque Sales and Service Inc | (#,^) | 9160 Linwood Ave., Shreveport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/30/2045 | 140.8 | 140.8 | 159.0 | 0.04 | % |
| George Family Cremation and Burial LLC | (#,^) | 1260 W Mission Ave, Escondido, CA 92029 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/30/2031 | 89.0 | 89.0 | 84.3 | 0.02 | % |
| Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc | (#,^) | 501 N Wymore Rd, Winter Park, FL 32789 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 341.7 | 341.7 | 357.5 | 0.10 | % |
| Performance Online, Inc | (#,^) | 1550 Melissa Ct, Corona, CA 92879 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/30/2030 | 119.7 | 119.7 | 108.9 | 0.03 | % |
| Lightstat Inc. | (#,^) | 22 W West Hill Rd., Barkhamsted, CT 06063 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/30/2030 | 320.4 | 320.4 | 327.4 | 0.09 | % |
| Eppy's Tool & Equipment Warehouse, Inc | (#,^) | 809 East 42nd St., Brooklyn, NY 11210 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/30/2030 | 223.0 | 223.0 | 202.0 | 0.05 | % |
| Trident E&P, LLC | (#,^) | 320 Cir. of Progress Dr., Pottstown, PA 19464 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 1,056.2 | 1,056.2 | 1,009.4 | 0.27 | % |
| NDRS Construction Inc.dba Disaster | (#,^) | 18730 Cortez Blvd, Brooksville, FL 34601 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/30/2030 | 59.9 | 59.9 | 54.4 | 0.01 | % |
| Real Estate Personnel, Inc., Tara Matta and Sara Pierce | (#,^) | 5400 Ward St., Building V Ste 170, Arvada, CO 80002 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 853.3 | 853.3 | 772.8 | 0.21 | % |
| Center of New England Primary Care Inc, North Providence Urgent Care | (#,^) | 775 Centre of New England Blvd, Coventry, RI 02816 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2045 | 439.4 | 439.4 | 496.1 | 0.13 | % |
| SDI Black 011, LLC | (#,^) | 1091 YONKERS AVE, YONKERS, NY 10704 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/30/2030 | 192.2 | 192.2 | 184.4 | 0.05 | % |
| Khangri Sourcing Inc. | (#,^) | 6021 129th. Ave SE, Bellevue, WA 98006 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/29/2030 | 130.9 | 130.9 | 118.3 | 0.03 | % |
| Bojax Auto Collision Inc | (#,^) | 4706 Fenlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2045 | 332.2 | 332.2 | 350.9 | 0.09 | % |
| Litchy Electric L.L.C. | (#,^) | 4035 E Post Rd, Las Vegas, NV 89120 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2030 | 85.4 | 85.4 | 78.4 | 0.02 | % |
| E R Kilpatrick, LLC dba Jefferson Street True Value | (#,^) | 212 Greenwood St., La Grande, OR 97850 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/28/2030 | 122.8 | 122.8 | 114.4 | 0.03 | % |
F-101
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sondra Gayle Insurance Agency Inc. | (#,^) | 2107 Veterans Memorial Blvd, Metaire, LA 70002 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/24/2030 | 6.4 | 6.4 | 6.5 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SLCP Transport, LLC | (#,^) | 111 Brentwood Dr., College Station, TX 77840 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/23/2030 | 52.2 | 52.2 | 48.5 | 0.01 | % |
| Title2Land,LLC | (#,^) | 11851 Wentling Ave., Baton Rouge, LA 70816 | Real Estate | Term Loan | Prime plus | 2.75% | 12/23/2045 | 108.7 | 108.7 | 122.7 | 0.03 | % |
| Terry A. Humphreys dba Tiki Torch Liquors | (#) | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.1 | — | % |
| NetLevel5 LLC dba Moutain Air Duct | (#,^) | 4724 Poleplant Dr., Colorado Springs, CO 80918 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/23/2030 | 13.8 | 13.8 | 12.8 | — | % |
| UBIF 86 CO dba UBREAKIFIX | (#,^) | 1539 Town Center Dr., Lakeland, FL 33803 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/23/2030 | 48.9 | 48.9 | 44.2 | 0.01 | % |
| Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC | (#,^) | 1644 Main St. Ste. 1, Columbia, SC 29201 | Educational Services | Term Loan | Prime plus | 2.75% | 12/23/2030 | 496.5 | 496.5 | 466.7 | 0.12 | % |
| Spectrum Dynamics, Inc dba Clean Water Works | (#) | 27727 Dalton Bluff Ct., Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.1 | — | % |
| Chris' Angels Cleaning Service LLC | (#) | 2090 Dunwoody Club Dr., Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.1 | — | % |
| KCL Business Service Inc. | (#) | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.1 | — | % |
| Summerfield Farm, Inc | (#,^) | 24 Baker Rd, Pittstown, NJ 08867 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 12/23/2045 | 56.8 | 56.8 | 64.1 | 0.02 | % |
| US Dedicated LLC | (#,^) | 13410 SE 26th Cir, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/22/2030 | 186.9 | 186.9 | 168.9 | 0.04 | % |
| ASIL Ventures, LLC | (#) | 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/22/2030 | 3.7 | 3.7 | 3.8 | — | % |
| N.W.F.F., Inc. and Environmental Contracting Solutions, Inc. | (#,^) | 687 E Central Ave., Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2030 | 650.3 | 650.3 | 609.6 | 0.16 | % |
| Lynch Mining LLC | (#,^) | 7262 West Hunt Hwy., Queen Creek, AZ 85142 | Mining (except Oil and Gas) | Term Loan | Prime plus | 2.75% | 12/21/2045 | 352.6 | 352.6 | 381.4 | 0.10 | % |
| Price Educational Services, LLC dba Mathnasium of South OKC | (#,^) | 10740 S May Ave, Oklahoma City, OK 73170 | Educational Services | Term Loan | Prime plus | 2.75% | 12/21/2030 | 7.2 | 7.2 | 6.7 | — | % |
| N.W.F.F., Inc. | (#,^) | 687 E. Central Ave., Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2045 | 42.3 | 42.3 | 47.1 | 0.01 | % |
| AccountPics, LLC | (#,^) | 903 S WW White Rd, San Antonio, TX 78220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2045 | 77.4 | 77.4 | 86.2 | 0.02 | % |
| Katie Cox & Co. LLC | (#,^) | 6605 Longshore ST, Ste 240, Dublin, OH 43017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 6.3 | 6.3 | 5.7 | — | % |
| Code 3 Apps LLC. | (#,^) | 843 Tempted Ways Dr, Longmont, CO 80504 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 12/18/2030 | 6.3 | 6.3 | 5.7 | — | % |
| Pumpkin Patch Child Care and Early Education Center, LLC | (#,^) | 310 Grove Beach Rd. N, Westbrook, CT 06498 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/18/2045 | 111.1 | 111.1 | 121.7 | 0.03 | % |
F-102
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Yinlink International Inc | (#,^) | 2 Corporate Dr., Suiite A, East Windsor, NJ 08512 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/18/2030 | 60.1 | 60.1 | 60.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Giant Development Inc and Crabtree Development Corp | (#,^) | 509 Pylon Dr, Ste 110, Raleigh, NC 27606 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/18/2030 | 1,067.8 | 1,067.8 | 998.5 | 0.27 | % |
| Tahzoo LLC | (#,^) | 1015 7th St. NW, Washington, DC 20001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 665.9 | 665.9 | 602.8 | 0.16 | % |
| Last Touch LLC | (#,^) | 927 E 10th St, Fairmont, MN 56031 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/18/2045 | 50.0 | 50.0 | 56.5 | 0.02 | % |
| Splashlight Photographic & Digital Studios LLC ,Splashlight | (#,^) | 75 Varick St, 3rd Floor, New York, NY 10013 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 1,067.8 | 1,067.8 | 965.0 | 0.26 | % |
| REST Enterprises Inc dba Upstyled Properties | (#,^) | 1440 W Taylor St Unit 595, Chicago, IL 60607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 12.8 | 12.8 | 13.4 | — | % |
| Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC | (#,^) | 1145 13th Ave. East, Palmetto, FL 34221 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/18/2030 | 189.7 | 189.7 | 171.4 | 0.05 | % |
| Horne Chiropractic Center, P.A | (#,^) | 3820 Mountain Rd., Ste.s B & C, Pasadena, MD 21122 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 85.4 | 85.4 | 77.2 | 0.02 | % |
| Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery Ser | (#,^) | 3100 Delaware Ave., Des Moines, IA 50313 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/18/2045 | 217.4 | 217.4 | 238.6 | 0.06 | % |
| People United of Louisiana LLC | (#,^) | 1401 Hudson Ln., Monroe, LA 71201 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 128.1 | 128.1 | 120.3 | 0.03 | % |
| RJL Texas International Corporation | (#,^) | 17401 Triton,, Schertz, TX 78154 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/18/2030 | 232.1 | 232.1 | 220.8 | 0.06 | % |
| Neeld Rentals Inc dba Mills True Value Hardware | (#,^) | 205 Clinton Blvd, Clinton, MS 39056 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/18/2030 | 4.7 | 4.7 | 4.3 | — | % |
| Carolina Roofing Siding Painting LLC | (#,^) | 204 Depot St., Camponbello, SC 29322 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/17/2045 | 14.5 | 14.5 | 15.7 | — | % |
| Anthony Connelly Holdings LLC | (#,^) | 7260 Dean Martin Dr., Ste. 800, Las Vegas, NV 89118 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/17/2030 | 213.6 | 213.6 | 193.0 | 0.05 | % |
| Highstar Travel Group, LLC | (#,^) | 2869 Wilshire Dr., Ste. 204, Orlando, FL 32835 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/16/2030 | 19.2 | 19.2 | 17.4 | — | % |
| Vege Investments, LLC dba Sunoco Homestead | (#) | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.0 | 11.0 | 11.1 | — | % |
| Signature Graphic LLC | (#,^) | 14425 N 79th St, Ste. B, Scottsdale, AZ 85260 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2030 | 72.6 | 72.6 | 65.6 | 0.02 | % |
| David M. Benson LLC | (#) | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.0 | 11.0 | 11.1 | — | % |
| Last Minute Effects Inc. | (#,^) | 1016 Hamline Pl., Burbank, CA 91504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 12/15/2030 | 12.8 | 12.8 | 11.9 | — | % |
| Vector Utilities LLC | (#,^) | 8501 San Gabriel Dr., Laredo, TX 78045 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/14/2030 | 320.4 | 320.4 | 318.8 | 0.08 | % |
| Aeromax Industries Inc | (#,^) | 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2030 | 149.5 | 149.5 | 135.1 | 0.04 | % |
F-103
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Accommodating Financial & Tax Services, LLC | (#,^) | 1642 Ralston Cir., Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2045 | 40.9 | 40.9 | 45.7 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Droplette Marketing Co | (#,^) | 6481 Orangethorpe Ave., Buena Park, CA 90620 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2030 | 5.8 | 5.8 | 5.5 | — | % |
| Corple Enterprisees Inc | (#,^) | 17887 US Hwy. 380 West, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/14/2030 | 53.4 | 53.4 | 48.2 | 0.01 | % |
| Efficient, Fast & Good Cleaning Services Inc | (#,^) | 2444 NW 177th Ter., Miami Gardens, FL 33056 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/14/2030 | 6.4 | 6.4 | 6.0 | — | % |
| Premium Marketing Co. Inc. dba Vera Moore Cosmetics | (#,^) | 4 Shadow Ln., Woodbury, NY 11797 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/11/2030 | 19.2 | 19.2 | 17.7 | — | % |
| Shattered Prism LLC | (#,^) | 3333 Broadway, New York, NY 10031 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 12/11/2030 | 6.4 | 6.4 | 6.7 | — | % |
| Jamali LLC dba Saahten | (#) | 2741 Raceway Fairfield West, Pensacola, FL 32503 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 12/11/2030 | 11.0 | 11.0 | 11.1 | — | % |
| LTD Broadband, LLC | (#,^) | 69 Teahouse St, Las Vegas, NV 89138 | Telecommunications | Term Loan | Prime plus | 2.75% | 12/10/2030 | 954.1 | 954.1 | 921.2 | 0.25 | % |
| Inner Beauty Salon and Suite LLC | (#,^) | 825 Beecher St SW, Atlanta, GA 30310 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/10/2045 | 62.8 | 62.8 | 70.9 | 0.02 | % |
| Just In Time Refrigeration LLC | (#,^) | 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/10/2045 | 220.1 | 220.1 | 235.2 | 0.06 | % |
| M-Den, Inc | (#,^) | 315 Main St., Ann Arbor, MI 48104 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 12/10/2030 | 981.3 | 981.3 | 981.4 | 0.26 | % |
| Zebra House Coffee, LLC | (#,^) | 1001 S El Camino Real, San Clemente, CA 92672 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/9/2030 | 38.4 | 38.4 | 34.7 | 0.01 | % |
| HWH Unlimited, Inc. | (#,^) | 43386 Business Park Dr., Temecula, CA 92590 | Real Estate | Term Loan | Prime plus | 2.75% | 12/9/2030 | 64.1 | 64.1 | 66.9 | 0.02 | % |
| CashLine Solutions, LLC | (#,^) | 467741 E 1050 Rd, Sallisaw, OK 74955 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/7/2030 | 10.3 | 10.3 | 9.3 | — | % |
| Indecon Builders Inc | (#,^) | 1382 Valencia Ave., Tustin, CA 92780 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/4/2030 | 42.7 | 42.7 | 38.6 | 0.01 | % |
| Travel with Love, LLC dba Style & The Storyteller | (#) | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/4/2030 | 4.4 | 4.4 | 4.4 | — | % |
| Perez Law Office, PLLC | (#,^) | 80 N McClintock Dr, Chandler,, AZ 85226 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/4/2045 | 65.2 | 65.2 | 73.6 | 0.02 | % |
| Combs Creative LLC | (#) | 157 Antler Ridge Cir.,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/4/2030 | 4.1 | 4.1 | 4.2 | — | % |
| Moxie Marketing, LLC | (#,^) | 51 Lee Dr, Palm Coast, FL 32137 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2030 | 106.8 | 106.8 | 96.5 | 0.03 | % |
| Tina D. Coker DBA Diane's Accounting Service | (#) | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/3/2030 | 11.0 | 11.0 | 11.1 | — | % |
| Staffhink Limited dba Barn Owl Drone Services | (#,^) | 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 12/3/2030 | 4.5 | 4.5 | 4.4 | — | % |
| SME Business Services LLC | (#,^) | 930 Chesaco Ave., Rosedale, MD 21237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2030 | 19.2 | 19.2 | 17.4 | — | % |
F-104
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| American Retail Properties, Inc. | (#,^) | 125 Main St. 2nd Floor, Reading, MA 01867 | Real Estate | Term Loan | Prime plus | 2.75% | 11/30/2030 | 19.3 | 19.3 | 17.5 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Jonathan J Klaczik LLC dba Veterans Fence Company | (#,^) | 7417 Dover Ln., Parma, OH 44130 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/27/2030 | 19.1 | 19.1 | 18.1 | — | % |
| Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea | (#,^) | 14a Craig Rd., Acton, MA 01720 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/27/2030 | 33.9 | 33.9 | 30.8 | 0.01 | % |
| The Alder SmokeHouse LLC | (#,^) | 1055 Virginia Ave, North Bend, OR 97459 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/25/2030 | 9.5 | 9.5 | 10.0 | — | % |
| LIAISON STAINLESS INC | (#,^) | 630 James Lee Dr NW, Suwanee, GA 30024 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/25/2030 | 63.6 | 63.6 | 57.4 | 0.02 | % |
| Next Level Detailing, LLC | (#,^) | 3235 Odeon Way, Ste. 201-203, Acworth, GA 30102 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/24/2030 | 6.4 | 6.4 | 5.7 | — | % |
| Dearly LOved Counseling, L.L.C | (#) | 14052 N Dale Mabry Hwy., Ste. 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/24/2030 | 10.9 | 10.9 | 11.0 | — | % |
| Ellis Apex LLC dba Inage360 Marietta | (#,^) | 2060 Franklin Way SE, Ste. 150, Marietta, GA 30067 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 11/24/2030 | 72.6 | 72.6 | 66.0 | 0.02 | % |
| Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT | (#,^) | 14543 SW 5th St., Pembroke Pines, FL 33027 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 11/20/2030 | 12.5 | 12.5 | 11.3 | — | % |
| Prosperity Tool, Inc | (#,^) | 2006 National Guard Dr., Plant City, FL 33563 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/19/2045 | 289.4 | 289.4 | 326.7 | 0.09 | % |
| The Number Masters | (#,^) | 3325 Highland St., Grove City, OH 43123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2030 | 14.7 | 14.7 | 13.3 | — | % |
| Italian Heritage Tile and Stone Inc | (#,^) | 4725 Morgan Territory Rd., Clayton, CA 94517 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/18/2030 | 66.7 | 66.7 | 60.3 | 0.02 | % |
| T.S.I.-VA, LLC and Alpha Business Services Inc. | (#,^) | 2525 Pointe Center Ct., Ste. 200, Dumfries, VA 22026 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/17/2030 | 92.8 | 92.8 | 83.9 | 0.02 | % |
| Master Printing and Signs Corp & Artishirt Co. | (#,^) | 386 Squire Rd., Revere, MA 02151 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 11/10/2045 | 193.8 | 193.8 | 214.7 | 0.06 | % |
| Modutech Marine Inc | (#,^) | 2218 Marine View Dr., Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 11/9/2030 | 339.7 | 339.7 | 354.7 | 0.09 | % |
| Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC | (#,^) | 8712 60th Ter. South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/4/2030 | 44.5 | 44.5 | 41.5 | 0.01 | % |
| GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys | (#,^) | 1071 Serpentine Ln., Pleasanton, CA 94566 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/4/2030 | 173.9 | 173.9 | 181.6 | 0.05 | % |
| Supersonic Cleaning Services Inc | (#,^) | 36 Seitz Ter., Arlington, NY 12603 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/29/2030 | 32.6 | 32.6 | 29.8 | 0.01 | % |
| Marcus Horn dba Versatile Styles and Cuts | (#,^) | 2018 24th Ave., Meridian, MS 39301 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/15/2045 | 10.1 | 10.1 | 11.0 | — | % |
| Shades of U, Inc. dba Diva by Cindy | (#,^) | 15212 Hanover Pike, Upperco, MD 21155 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 10/9/2045 | 86.8 | 86.8 | 95.2 | 0.03 | % |
| VIP Lawn Care Services LLC dba VIP Services | (#,^) | 3875 Fay Blvd., Cocoa, FL 32927 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/8/2030 | 16.0 | 16.0 | 14.6 | — | % |
F-105
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| KTF Consulting Corp | (#,^) | 2471 N Geneva Ter., Chicago, IL 60614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/6/2030 | 63.0 | 63.0 | 65.8 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Hall at the Yard LLC dba The Hall on the Yard | (#,^) | 1412 Alden Rd., Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/2/2031 | 1,107.6 | 1,107.6 | 1,010.6 | 0.27 | % |
| 7PSolutions, LLC | (#,^) | 136 North Van Buren St., Nashville, IN 47448 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/25/2030 | 41.7 | 41.7 | 37.8 | 0.01 | % |
| Babys on Broadway LLC | (#,^) | 47 East Broadway, Little Falls, MN 56345 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 9/25/2030 | 62.6 | 62.6 | 57.6 | 0.02 | % |
| Hazleton Oil & Environmental, Inc | (#,^) | 300 Tamaqua St., Hazleton, PA 18201 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/25/2045 | 1,045.1 | 1,045.1 | 1,176.0 | 0.31 | % |
| South Park Hardware, LLC | (#,^) | 16074 South Park Ave, South Holland, IL 60473 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/25/2045 | 72.1 | 72.1 | 81.4 | 0.02 | % |
| Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC | (#,^) | 200 North Branford Rd., Branford, CT 06405 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/24/2030 | 312.6 | 312.6 | 314.1 | 0.08 | % |
| BulkMore LLC | (#,^) | 12741 Ocean Gateway, Ocean City, MD 21842 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/18/2030 | 126.2 | 126.2 | 117.3 | 0.03 | % |
| Mister Dexters LTD dba Shuga's | (#,^) | 702 S Cascade Ave., Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/28/2030 | 151.9 | 151.9 | 137.0 | 0.04 | % |
| Mister Dexters LTD dba Shuga's | (#,^) | 702 S. Cascade Ave., Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/28/2045 | 55.2 | 55.2 | 60.2 | 0.02 | % |
| Alliance Heating & Air Conditioning, Inc. | (#,^) | 10 Brookfield Ave., Bridgeport, CT 06610 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/6/2030 | 598.4 | 598.4 | 586.8 | 0.16 | % |
| Terry and Tammy Jacobsen, Inc dba Appliance Recycling | (#,^) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 4/3/2030 | 268.4 | 268.4 | 262.6 | 0.07 | % |
| Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet | (#,^) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 4/3/2045 | 800.6 | 800.6 | 903.4 | 0.24 | % |
| Profit Stewards, LLC | (#,^) | 458 Schuylkill Rd., Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/2/2030 | 34.5 | 34.5 | 34.2 | 0.01 | % |
| Caplan Home Care, LLC | (#,^) | 6029 Berkshire Ln., Dallas, TX 75225 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/1/2045 | 840.6 | 840.6 | 949.0 | 0.25 | % |
| Suburban Transmission of Northern Illinois, Inc. | (#,^) | 1714 E Oakton St, Des Plaines, IL 60018 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/27/2045 | 142.6 | 142.6 | 161.0 | 0.04 | % |
| Tomco Inc. dba Rental City dba Tomco Equiptment Sales | (#,^) | 6470 State St., Saginaw, MI 48603 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/27/2030 | 17.8 | 17.8 | 17.4 | — | % |
| Dunaway and Hart, Inc | (#,^) | 575 Harkrider St., Conway, AR 72032 | Real Estate | Term Loan | Prime plus | 2.75% | 3/26/2030 | 39.5 | 39.5 | 38.6 | 0.01 | % |
| Patoruzu Inc dba Sharkey's Cuts for Kids | (#,^) | 18121 Tuckerton Rd., Ste. 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/20/2030 | 10.7 | 10.7 | 10.5 | — | % |
| Kris-Leigh Catered Living at Severna Park,LLC | (#,^) | 831 Richie Hwy., Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 3/20/2030 | 447.4 | 447.4 | 473.3 | 0.13 | % |
| Firefly Developement LLC dba Firefly Earthworks | (#,^) | 4818 Vicksburg St., Dallas, TX 75207 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/19/2045 | 285.6 | 285.6 | 320.3 | 0.09 | % |
F-106
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Coffeestamp LLC | (#,^) | 2511 S Jefferson Ave., St. Louis, MO 63104 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/17/2030 | 3.6 | 3.6 | 3.6 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Forest Scientific Corporation | (#,^) | 668 Elm St., Tionesta, PA 16353 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/17/2030 | 59.3 | 59.3 | 62.7 | 0.02 | % |
| Kanga Lean, Inc. dba F45 Training Trinity | (#,^) | 8900 Strengh Ave, New Port Richey, FL 34655 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/16/2030 | 45.6 | 45.6 | 45.6 | 0.01 | % |
| Astoria-Pacific Inc | (#,^) | 15130 SE 82nd Dr, Clackamas, OR 97015 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/13/2030 | 98.8 | 98.8 | 104.5 | 0.03 | % |
| Native Fields Landscaping LLC and My Two Girls LLC | (#,^) | 73 Taylor Rd., Wharton, NJ 07885 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/13/2045 | 503.8 | 503.8 | 568.8 | 0.15 | % |
| Mark Allen Taylor dba Taylor Auction | (#,^) | 20 & 68 Westfield Rd., Nicholls, GA 31554 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/13/2030 | 92.9 | 92.9 | 93.6 | 0.02 | % |
| Integrated Equipment Inc; Intergrated Elastomers Inc | (#,^) | 5701 Brittmoore Rd, Houston, TX 77041 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/13/2045 | 1,235.0 | 1,235.0 | 1,394.4 | 0.37 | % |
| Rapid Trucking and | (#,^) | 4225 W Capitol Ave, West Sacramento, CA 95691 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/13/2045 | 724.8 | 724.8 | 818.3 | 0.22 | % |
| Signet Media dba Signet Media inc. | (#,^) | 630 S 1st St, San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/13/2030 | 292.5 | 292.5 | 309.4 | 0.08 | % |
| GQ Investments LLC | (#,^) | 5772 Miami Lakes Dr., Miami Lakes, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus | 2.75% | 3/12/2030 | 118.6 | 118.6 | 115.8 | 0.03 | % |
| Quarles Service Systems, Inc. | (#,^) | 1740 September Ave, Memphis, TN 38116 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/10/2045 | 91.4 | 91.4 | 103.2 | 0.03 | % |
| The Ugly Mug's Coffee and Tea Inc. | (#,^) | 1291 Broadway, Placerville, CA 95667 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/9/2030 | 29.0 | 29.0 | 28.3 | 0.01 | % |
| KR Enterprises, Inc. dba Carriage Inn | (#,^) | 1065 Tower Hill Rd., North Kingstown, RI 02852 | Accommodation | Term Loan | Prime plus | 2.75% | 3/6/2045 | 304.2 | 304.2 | 343.5 | 0.09 | % |
| Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan | (#,^) | 2342 NY- 37, Port Covington, NY 12937 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/6/2030 | 110.7 | 110.7 | 115.8 | 0.03 | % |
| Big Brand Management LTD. CO. dba Ivox Media | (#,^) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus | 2.75% | 3/6/2030 | 52.4 | 52.4 | 53.9 | 0.01 | % |
| Advans IT Services, Inc. | (#,^) | One Mercantile St., STE 560, Worcester, MA 01608 | Other Information Services | Term Loan | Prime plus | 2.75% | 3/6/2030 | 98.8 | 98.8 | 96.5 | 0.03 | % |
| Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security | (#,^) | 974 Commercial St, Palo Alto, CA 94303 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/6/2030 | 306.3 | 306.3 | 299.0 | 0.08 | % |
| Minifox Inc. dba Pho Hoa and Jazen Tea | (#,^) | 10624 South Eastern Ave. Ste.s R & S, Hendersen, NV 89502 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/5/2030 | 59.3 | 59.3 | 58.3 | 0.02 | % |
| Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn | (#) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/4/2030 | 18.4 | 18.4 | 19.5 | 0.01 | % |
| 14th State Learning, LLC dba Sylvan Learning, LLC | (#,^) | 1 Market Pl #10, Essex Junction, VA 05452 | Educational Services | Term Loan | Prime plus | 2.75% | 3/2/2030 | 40.7 | 40.7 | 39.9 | 0.01 | % |
| Toju Bay Inc. dba Fiesta Americana Restaurand and Club | (#,^) | 1622-1624 N. Mannheim Rd., Stone Park, IL 60165 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2045 | 432.7 | 432.7 | 488.5 | 0.13 | % |
F-107
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#,^) | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/27/2045 | 76.8 | 76.8 | 86.7 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Breakers Electric, LLC dba Merrill Sports | (#,^) | 13600 Mustang Dr., Mead, CO 80542 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/27/2030 | 8.2 | 8.2 | 8.0 | — | % |
| Feras Alshadaida dba Allura Dairy | (#,^) | 8809 N Grove Ave., Rancho Cucamonga, CA 91730 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/26/2030 | 47.3 | 47.3 | 47.0 | 0.01 | % |
| Abe Chahrour Investment, LLC | (#,^) | 4001 S Wayne Rd., Wayne, MI 48154 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/25/2045 | 21.1 | 21.1 | 23.8 | 0.01 | % |
| Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC | (#,^) | 7215 Waelti Dr., Melbourne, FL 32940 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/21/2045 | 373.1 | 373.1 | 416.9 | 0.11 | % |
| Sherwood Sporthorses Inc. | (#,^) | 20502 Forestview, Magnolia, TX 77355 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/21/2046 | 386.3 | 386.3 | 436.2 | 0.12 | % |
| Bora Enterprises, LLC | (#,^) | 44255-B Fremont Blvd,, Fremont, CA 94538 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/21/2030 | 10.0 | 10.0 | 9.7 | — | % |
| Skimino Enterprises LLC | (#,^) | 197 Ewell Rd., Williamsburg, VA 23188 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 2/21/2030 | 58.6 | 58.6 | 57.2 | 0.02 | % |
| Alex Roit Chiropractic, P. C | (#,^) | 55 Northern Blvd., Ste. 103, Great Neck, NY 11021 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/19/2030 | 15.6 | 15.6 | 15.2 | — | % |
| Little Feet Academy of Jacksonville, LLC | (#,^) | 10265 Normandy Blvd, Jacksonville, FL 32221 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/17/2045 | 44.8 | 44.8 | 50.5 | 0.01 | % |
| All Modes Transportation & Logistics LLC | (#) | 4313 Collingtree Dr., Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 2/14/2030 | 10.1 | 10.1 | 11.0 | — | % |
| Romo Medical Equiptment LLC | (#,^) | 3453 North Panam Expressway, San Antonio, TX 78219 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/14/2030 | 390.8 | 390.8 | 381.5 | 0.10 | % |
| Shaw, Ltd dba Fitness 1440 North Coventry | (#,^) | 54-58 Glocker Way, Pottstown, PA 19465 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/13/2030 | 47.6 | 47.6 | 47.5 | 0.01 | % |
| Damiano Global Corp. | (#,^) | 333 Birch Hills Dr, Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/10/2030 | 39.1 | 39.1 | 38.1 | 0.01 | % |
| Fortson Janitorial Inc | (#,^) | 462-482 Chattahoochee St., Cornelia, GA 30531 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/5/2045 | 101.9 | 101.9 | 115.1 | 0.03 | % |
| A1 Radon Services, LLC | (#,^) | 9980 Dell Rd., Eden Prairie, MN 55347 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 1/31/2030 | 69.5 | 69.5 | 67.9 | 0.02 | % |
| Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc | (#,^) | 6967 Hancock Dr., Port St Lucie, FL 34952 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 1/30/2045 | 300.2 | 300.2 | 337.0 | 0.09 | % |
| 3 Fat Labs Inc. and Energy Conservation Solution Inc. | (#,^) | 2001 S County Rd. 400 W, Greencastle, IN 46135 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 1/30/2045 | 264.5 | 264.5 | 298.6 | 0.08 | % |
| Adorable Home Heath Care LLC | (#,^) | 6114 W Capitol Dr. Ste. 205, Milwaukee, WI 53206 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/30/2030 | 32.5 | 32.5 | 31.8 | 0.01 | % |
| Daftarnow Inc dba Venture X Parsippany | (#,^) | 8 Campus Dr. Ste. 105, Parsippany, NJ 07054 | Real Estate | Term Loan | Prime plus | 2.75% | 7/30/2030 | 151.2 | 151.2 | 148.3 | 0.04 | % |
| Codame Enterprises LLC dba Firehouse Subs | (#,^) | 1547 Main St., Dunedin, FL 34698 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/29/2030 | 81.9 | 81.9 | 80.0 | 0.02 | % |
F-108
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Amina Financial Solutions LLC dba Expat Tax Solutions | (#,^) | 1433 Chestnut St., Macon, GA 31201 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/24/2030 | 16.3 | 16.3 | 15.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Affinity Integrated Solutions Inc. | (#,^) | 115 Pomona Dr., Greensboro, NC 27402 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/23/2045 | 289.1 | 289.1 | 326.3 | 0.09 | % |
| Affinity Integrated Solutions Inc | (#,^) | 115 Pomona Dr., Greensboro, NC 27407 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/23/2030 | 191.0 | 191.0 | 186.5 | 0.05 | % |
| Align Sports Management, LLC | (#,^) | 15822 Caminito Cantaras, Del Mar, CA 92014 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 1/22/2030 | 17.4 | 17.4 | 17.1 | — | % |
| Emmalina LLC | (#,^) | 3602 Rock Bay Dr., Louisville, KY 40245 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/21/2030 | 7.3 | 7.3 | 7.4 | — | % |
| Lyon Cubs LLC dba Dayton Valley Learning Center | (#,^) | 357 Dayton Valley Rd., Dayton, NV 89403 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/16/2045 | 158.9 | 158.9 | 179.4 | 0.05 | % |
| Luster Custom Homes LLC | (#,^) | 18801 North Thompson Peak Pkwy., Ste. 240, Scottsdale, AZ 85255 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/10/2030 | 28.3 | 28.3 | 27.7 | 0.01 | % |
| Jordi X Kellogg, M.D.,P.C | (#,^) | 9200 SE 91st Ave. STE 340, Happy Valley, OR 97086 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/10/2030 | 48.4 | 48.4 | 47.3 | 0.01 | % |
| VetMed LLC | (#,^) | 908 4th Ave., Decatur, AL 35601 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/10/2030 | 68.2 | 68.2 | 66.6 | 0.02 | % |
| Bearwaters Brewing Company | (#,^) | 101 Park St, Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2044 | 247.8 | 247.8 | 279.7 | 0.07 | % |
| Nick's Country Kitchen, LLC | (#,^) | 3 Flanders Rd., Bethlehem, CT 06751 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2044 | 271.8 | 271.8 | 306.8 | 0.08 | % |
| Global Information Technology, Inc | (#,^) | 1 Cragwood Rd, Ste. 101, South Plainfield, NJ 07080 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/31/2029 | 435.7 | 435.7 | 425.4 | 0.11 | % |
| Dilpreet Hundal dba Kwik Stop | (#,^) | 1001 Sacramento Ave., West Sacramento, CA 95605 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/30/2044 | 228.8 | 228.8 | 258.0 | 0.07 | % |
| Vance Ewing LLC | (#,^) | 22940 Harlan Ln, St. Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/30/2029 | 86.4 | 86.4 | 91.4 | 0.02 | % |
| Larry J. Frick dba L & S Trucking | (#,^) | 157571 E Wausau Ave., Wausau, WI 54403 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/30/2029 | 38.0 | 38.0 | 38.3 | 0.01 | % |
| Spinnaker Vero Inc. | (#,^) | 983 12th St., Vero Beach, FL 32960 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 12/30/2044 | 745.8 | 745.8 | 833.9 | 0.22 | % |
| Kiddie Garden Child Development Center, LLC | (#,^) | 2809 W. Atkinson Ave., Milwaukee, WI 53209 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/30/2044 | 40.7 | 40.7 | 45.9 | 0.01 | % |
| Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design | (#,^) | 524 Sackett St., Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/30/2029 | 161.8 | 161.8 | 168.6 | 0.04 | % |
| Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC | (#,^) | 7302 Kirby Ave., Lubbock, TX 79424 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/27/2029 | 105.6 | 105.6 | 108.1 | 0.03 | % |
| Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation | (#,^) | 8712 60th Ter. South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 143.0 | 143.0 | 142.4 | 0.04 | % |
| Irony LLC dba Mulberry’s Garment Care | (#,^) | 2579 Fairview Ave. North, Roseville, MN 55113 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 864.8 | 864.8 | 845.3 | 0.23 | % |
F-109
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| K&S Hardware LLC dba Gopher Ace | (#,^) | 1865 Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/27/2029 | 48.0 | 48.0 | 49.7 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Tatoo Tony's Under My Skin LLC | (#,^) | 73 Memorial Pkwy., Atlantic Highlands, NJ 07716 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 94.5 | 94.5 | 106.7 | 0.03 | % |
| QXC Communications, Inc | (#,^) | 4541 N Dixie Hwy, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus | 2.75% | 12/27/2029 | 402.2 | 402.2 | 391.9 | 0.10 | % |
| Watearth Inc | (#,^) | 3371 Glendale Blvd Ste. 208, Los Angeles, CA 90039 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 35.9 | 35.9 | 35.0 | 0.01 | % |
| Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation | (#,^) | 8712 60TH TER South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 134.7 | 134.7 | 152.1 | 0.04 | % |
| A Family Member Homecare Group Inc, A Family Member Homecare Holdings | (#,^) | 11788 Sample Rd., Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 116.8 | 116.8 | 131.7 | 0.04 | % |
| 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration | (#,^) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 124.4 | 124.4 | 125.1 | 0.03 | % |
| 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration | (#,^) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 212.6 | 212.6 | 240.0 | 0.06 | % |
| American Landscaping Company and Ground Effects Landscaping, LLC | (#,^) | 6151 A St., Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 611.3 | 611.3 | 690.2 | 0.18 | % |
| Bhatti LLC 2, Bhatti LLC | (#,^) | 1451 Coral Ridge Ave., Coralville, IA 52241 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/26/2029 | 86.3 | 86.3 | 85.1 | 0.02 | % |
| Icebox Cafe L.C. and Icebox Pantry, LLC | (#,^) | 219 NE 3rd St., Hallendale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/26/2030 | 367.6 | 367.6 | 366.7 | 0.10 | % |
| Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport | (#,^) | 2564 Branch St., Middleton, WI 53562 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/24/2029 | 178.4 | 178.4 | 183.0 | 0.05 | % |
| Ink! Coffee Company | (#,^) | 2851 Larimer St., Denver, CO 80205 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/24/2029 | 424.9 | 424.9 | 413.9 | 0.11 | % |
| Synergistic-Designs, LLC | (#,^) | 493 Wilson Mill Rd., New Wilmington, PA 16142 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/24/2029 | 5.8 | 5.8 | 5.6 | — | % |
| 512 E 11th Street LLC and Big Brand Management Ltd. Co. | (#,^) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus | 2.75% | 12/23/2044 | 316.5 | 316.5 | 357.3 | 0.10 | % |
| Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. | (#,^) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus | 2.75% | 12/23/2029 | 376.6 | 376.6 | 374.9 | 0.10 | % |
| La Tradicion Cubana Inc | (#) | 9357 S.W. 40th St., Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 12/20/2029 | 10.0 | 10.0 | 10.9 | — | % |
| Freedom Enterprises, Inc - New RE company to be formed | (#,^) | 2431 14th Ave. SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/20/2044 | 190.9 | 190.9 | 215.5 | 0.06 | % |
| Freedom Enterprises, Inc | (#,^) | 2431 14th Ave. SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/20/2029 | 253.9 | 253.9 | 251.7 | 0.07 | % |
F-110
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Macon Arts Center LLC | (#,^) | 4570 Pio Nono Ave, Macon, GA 31206 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/20/2044 | 617.8 | 617.8 | 697.5 | 0.19 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ACC International LLC | (#,^) | 200 N Furnace St, Birdsboro, PA 19508 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/20/2044 | 304.9 | 304.9 | 341.6 | 0.09 | % |
| Chris Farley DVM PA. dba Farley Veterinary Clinic | (#,^) | 6487 Taft St., Hollywood, FL 33024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2029 | 10.4 | 10.4 | 10.9 | — | % |
| Nebulos, LLC | (#,^) | 5428 Twilight Way, Parker, CO 80134 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/19/2029 | 51.4 | 51.4 | 52.3 | 0.01 | % |
| Kuros, LLC | (#,^) | 21221 Baron Lake Dr., Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus | 2.75% | 12/19/2044 | 376.4 | 376.4 | 425.0 | 0.11 | % |
| Kuros, LLC | (#,^) | 21221 Baron Lake Dr., Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus | 2.75% | 11/19/2045 | 82.3 | 82.3 | 92.9 | 0.02 | % |
| United Capital Group LLC | (#,^) | 23022 La Cadena Dr, Laguna Hills, CA 92653 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/19/2029 | 247.2 | 247.2 | 246.5 | 0.07 | % |
| Premier Gaming Solutions Inc | (#,^) | 17 South Grand Ave, Pasadena, CA 91105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/18/2029 | 8.6 | 8.6 | 9.1 | — | % |
| HADD Corp | (#) | 364 Rugby Rd., Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/17/2029 | 10.0 | 10.0 | 10.8 | — | % |
| J and K Project Management Consultants LLC | (#,^) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/16/2044 | 296.2 | 296.2 | 334.4 | 0.09 | % |
| J and K Project Management Consultants dba A. C. T. Construction | (#,^) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/16/2029 | 159.5 | 159.5 | 168.4 | 0.04 | % |
| The Floor Covering Warehouse, Inc | (#,^) | 112 Orchard St., Stamford, CT 06902 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/13/2044 | 226.9 | 226.9 | 256.1 | 0.07 | % |
| The Crane Guys, LLC | (#,^) | 14480 Alondra Blvd, La Mirada, CA 90638 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 1,045.6 | 1,045.6 | 1,052.6 | 0.28 | % |
| Jen Macias LLC dba Duende | (#,^) | 2301 NW Thurman St., Portland, OR 97210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 6.2 | 6.2 | 6.1 | — | % |
| Nulane Entertainment LLC | (#,^) | 4100 W. Alameda Ave # 300, Burbank, CA 91505 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 5.8 | 5.8 | 5.6 | — | % |
| Dr Steven J Seidel | (#,^) | 42 Campeau Pl., Bergenfield, NJ 07621 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 62.4 | 62.4 | 60.8 | 0.02 | % |
| Essex Indoor Golf Center LLC | (#,^) | 23 Saybrook Rd., Essex, CT 06426 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/13/2029 | 60.5 | 60.5 | 60.9 | 0.02 | % |
| Joyner5, Inc.dba British Swim School | (#,^) | 3986 Hope Valley, Wake Forest, NC 27587 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/12/2029 | 17.3 | 17.3 | 16.8 | — | % |
| Stockton TRI Industries, LLC | (#,^) | 2141 E Anderson St, Stockton, CA 95205 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/12/2044 | 1,047.1 | 1,047.1 | 1,182.2 | 0.31 | % |
| Abylex, Inc and Worpex LLC | (#,^) | 7473 Reese Rd #2, Sacramento, CA 95828 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/12/2044 | 89.9 | 89.9 | 97.1 | 0.03 | % |
| Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab | (#,^) | 10904 Baltimore St NE, Blaine, MN 55449 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/11/2029 | 31.9 | 31.9 | 31.1 | 0.01 | % |
F-111
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| CCD Construction Services LLC dba Clearwater Outdoor Design, CCD | (#,^) | 175 W Borgfeld Dr., San Antonio, TX 78260 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/11/2044 | 106.3 | 106.3 | 120.1 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ciel Du Mel LLC dba Lala's Creamery | (#,^) | 134 Petaluma Blvd North, Petalumaca, CA 94952 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/10/2029 | 12.7 | 12.7 | 12.6 | — | % |
| Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care | (#,^) | 10 Tremont Rd., Tremont, PA 17981 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/10/2044 | 36.9 | 36.9 | 41.6 | 0.01 | % |
| SLCP Transport, LLC dba Aamco | (#,^) | 1407 Lomaland Dr., El Paso, TX 79935 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/10/2029 | 48.0 | 48.0 | 49.0 | 0.01 | % |
| Elita 7, LLC and Behavioral Nutrition Inc. | (#,^) | 16 Marble St., Worchester, MA 01603 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 12/9/2029 | 251.7 | 251.7 | 258.2 | 0.07 | % |
| DB Talak LLC | (#,^) | 2018 SE 6th Ave., Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/6/2044 | 151.4 | 151.4 | 171.0 | 0.05 | % |
| Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC | (#,^) | 560 56th St SW, Grand Rapids, MI 49548 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/6/2029 | 852.0 | 852.0 | 836.5 | 0.22 | % |
| Glen Lamb dba Lambs Tree And Plant Health Care | (#,^) | 413 Pond Meadow Rd., Westbrook, CT 06498 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/6/2029 | 14.4 | 14.4 | 14.5 | — | % |
| Wolf Pack, LLC | (#,^) | 939 South 25th East, Ste. 115, Ammon, ID 83406 | Management of Companies and Enterprises | Term Loan | Prime plus | 2.75% | 3/6/2030 | 176.0 | 176.0 | 175.7 | 0.05 | % |
| Mazhar Family, Inc dba Edible Arrangements | (#,^) | 601 Portion Rd., Store #17, Lake Ronkonkoma, NY 11779 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/6/2029 | 51.8 | 51.8 | 50.7 | 0.01 | % |
| The Stout Group LLC | (#,^) | 10850 NW 138th St, Hialeah Gardens, FL 33018 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/6/2029 | 179.3 | 179.3 | 179.8 | 0.05 | % |
| Bay Area Metal Fabricarion LLC | (#,^) | 510 -512 Stone Rd., Benicia, CA 94510 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/6/2029 | 105.0 | 105.0 | 105.5 | 0.03 | % |
| Scott's Hardware, Inc., dba Medford Inc | (#) | 200 Tuckerton Rd., Medford, NJ 08055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 12/6/2029 | 10.0 | 10.0 | 10.8 | — | % |
| Clearwater Engineering Inc | (#,^) | 301 N River St., Derby, KS 67037 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/5/2029 | 472.5 | 472.5 | 474.0 | 0.13 | % |
| Standard Capital Corp | (#) | 2349 Wessington Dr., Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 12/5/2029 | 10.1 | 10.1 | 10.9 | — | % |
| Used Tire Express 1, Corp | (#,^) | 437 N. Battlefield, Chesapeake, VA 23320 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/5/2029 | 66.2 | 66.2 | 65.8 | 0.02 | % |
| Hook Line and Schooner Vinings LLC | (#,^) | 400 West Village Way #3009, Smyrna, GA 30008 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/4/2029 | 14.0 | 14.0 | 14.3 | — | % |
| Mega Sales Detergent Distributor, LLC | (#,^) | 1 Ackerman Ave., Clifton, NJ 07011 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/29/2029 | 38.0 | 38.0 | 37.1 | 0.01 | % |
| Loading Arms Plus Inc | (#,^) | 5401 Mitchelldale St., Ste. B4, Houston, TX 77092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 60.3 | 60.3 | 59.2 | 0.02 | % |
| Behind the Scenes Chicago, LLC dba Paramount Events | (#,^) | 2744 W. Roscoe St., Chicago, IL 60618 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/27/2029 | 263.1 | 263.1 | 264.7 | 0.07 | % |
| Roots'n Shoots, LLC | (#,^) | 86 Boston Rd, Chelmsford, MA 01824 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 8.2 | 8.2 | 8.0 | — | % |
F-112
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Alice's Tea Cup, ATC !! LLC and ATC 111, LLC | (#,^) | 102 W 73rd St., New York, NY 10023 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/27/2029 | 224.2 | 224.2 | 219.9 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| American Bio Source, LLC dba Dieselgreen Fuels | (#,^) | 2522 N Hwy. 287, Decatur, TX 76234 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 37.5 | 37.5 | 39.6 | 0.01 | % |
| Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports | (#,^) | 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/27/2029 | 132.3 | 132.3 | 129.7 | 0.03 | % |
| Fullmer's Landscaping, Inc. | (#,^) | 9547 W Third St., Dayton, OH 45417 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/26/2029 | 145.2 | 145.2 | 144.4 | 0.04 | % |
| Ultra Flow Dispense, LLC | (#,^) | 820 Prospect Hill Rd., Windsor, CT 06095 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/26/2029 | 85.0 | 85.0 | 83.1 | 0.02 | % |
| Ford Custom Renovation LLC | (#,^) | 405 Broadway St., Muncy, PA 17756 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 11/26/2029 | 6.3 | 6.3 | 6.1 | — | % |
| B.S Carrier LLC and United Truck & Trailer Repair LLC | (#,^) | 3716 Garman Rd., Salem, VA 24153 | Truck Transportation | Term Loan | Prime plus | 2.75% | 11/25/2029 | 183.7 | 183.7 | 190.5 | 0.05 | % |
| S&C Cookies, Inc | (#,^) | 1969 Jericho Turnpike, East Northport, NY 11731 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 11/22/2029 | 42.8 | 42.8 | 41.7 | 0.01 | % |
| A&N Design Studios Inc dba Door3 Business Application | (#,^) | 370 Lexington Ave. Ste. 1806, Manhattan, NY 10007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2029 | 68.5 | 68.5 | 69.2 | 0.02 | % |
| Place Vendome Holding Co Inc.dba R&F Marketing | (#,^) | 610 East Main St., Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/22/2029 | 185.7 | 185.7 | 189.2 | 0.05 | % |
| Peanut Butter & Co Inc | (#,^) | 119 West 57th St., Ste. 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/22/2029 | 142.9 | 142.9 | 139.2 | 0.04 | % |
| Place Vendome Holding Co. Inc.dba R&F Marketing | (#,^) | 308 Glenwood Rd., Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/22/2044 | 415.2 | 415.2 | 455.9 | 0.12 | % |
| Cum Laude Enterprises, LLC | (#,^) | 19100 GlenWest Dr. Apt # 417, Friendswood, TX 77546 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 11/22/2029 | 14.6 | 14.6 | 14.9 | — | % |
| Best Choice Meats, Inc, | (#,^) | 12646 S Springfield Ave, Alsip, IL 60803 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/22/2044 | 1,269.3 | 1,269.3 | 1,433.0 | 0.38 | % |
| ZUMI LLC dba Allstate Insurance | (#,^) | 1537 W 79th St, Chicago, IL 60620 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 11/22/2029 | 9.1 | 9.1 | 9.6 | — | % |
| The Rollin' Trapp LLC | (#,^) | 1731 Prevatt Rd, Dothan, AL 36301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2029 | 6.5 | 6.5 | 6.6 | — | % |
| Coral Springs Family Wellness LLC | (#,^) | 2902 North University Dr., Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/21/2030 | 97.7 | 97.7 | 95.7 | 0.03 | % |
| Cobb Roofing LLC | (#,^) | 8101 NW 10th St, Oklahoma City, OK 73127 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/21/2029 | 44.6 | 44.6 | 43.4 | 0.01 | % |
| Weeping Willow Kennel Inc | (#,^) | 6041 Hammond School Rd., Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/21/2029 | 3.4 | 3.4 | 3.6 | — | % |
| Cable Management LLC | (#,^) | 290 Pratt St., Meriden, CT 06450 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/20/2029 | 104.6 | 104.6 | 104.8 | 0.03 | % |
| AD Learning Group, LLC dba The Learning Experience & AD Learning NH | (#,^) | 181 Shunpike Rd., Cromwell, CT 06416 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/18/2029 | 104.4 | 104.4 | 101.7 | 0.03 | % |
F-113
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Champions Of Diversity Media Inc dba Champions of Diversity: Politics | (#,^) | 5100 Transamerica Dr., Columbus, OH 43228 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/15/2044 | 68.5 | 68.5 | 77.3 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lindsley Excavating LLC | (#,^) | 92 Town Line Rd., Fulton, NY 13069 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/15/2029 | 146.5 | 146.5 | 150.7 | 0.04 | % |
| SSH Princeton LLC dba Stumpy's Hatchet House of Princeton | (#,^) | 745 Alexander Rd., Ste. 1-3, Princeton, NJ 08540 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/15/2030 | 34.1 | 34.1 | 33.3 | 0.01 | % |
| MToxins Venom Lab LLC | (#,^) | 717 Oregon St., Oshkosh, WI 54902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/15/2044 | 96.0 | 96.0 | 108.0 | 0.03 | % |
| The Pinnacle Development Group Inc dba The Goddard School | (#) | 105 Springside Dr., Akron, OH 44333 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/14/2029 | 9.9 | 9.9 | 10.7 | — | % |
| Sean McNamara | (#) | 5639 Wood Ln., Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 11/14/2029 | 9.9 | 9.9 | 10.7 | — | % |
| Winning Sales Plan Inc | (#,^) | 17811 Fairhaven Gateway, Cypress, TX 77433 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/14/2029 | 38.0 | 38.0 | 40.2 | 0.01 | % |
| Ameen Enterprises, LLC dba Bargain Town | (#,^) | 1111 E Washington St, Stephenville, TX 76401 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/12/2029 | 95.1 | 95.1 | 100.4 | 0.03 | % |
| James Richard Farkas Jr. dba Lil Black Bear Inn | (#,^) | 8072 State Rd. 46 East, Nashville, TN 47448 | Accommodation | Term Loan | Prime plus | 2.75% | 11/12/2044 | 103.1 | 103.1 | 116.4 | 0.03 | % |
| NJ Floats, Inc | (#,^) | 327 Rte. 202/206, Bedminster Township, NJ 07921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/12/2046 | 274.0 | 274.0 | 309.3 | 0.08 | % |
| Adrienne's Gourmet Foods, Imagine Baking, Inc | (#,^) | 1034 Hancock St., Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/12/2029 | 402.8 | 402.8 | 419.5 | 0.11 | % |
| Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI | (#,^) | 908 S Jefferson St., Amarillo, TX 79101 | Educational Services | Term Loan | Prime plus | 2.75% | 11/12/2029 | 290.6 | 290.6 | 294.1 | 0.08 | % |
| Steven French dba French Woodworking | (#,^) | 1101 Horizon Dr. Ste. 101, Fairfield, CA 94533 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/12/2044 | 59.0 | 59.0 | 66.6 | 0.02 | % |
| Adrienne's Gourmet Foods, Imagine Baking Inc | (#,^) | 1034 Hancock St., Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/12/2044 | 383.4 | 383.4 | 432.9 | 0.12 | % |
| HH Wireless Connect LLC | (#,^) | 48267 Deer Trail Dr., Canton, MI 48187 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 11/12/2029 | 6.3 | 6.3 | 6.1 | — | % |
| East River Plumbing, LLC | (#,^) | 997 E River Loop, Priest River, ID 83856 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/8/2044 | 47.2 | 47.2 | 53.3 | 0.01 | % |
| Integrated Vascular Services LLC | (#,^) | 1452 Franklin Ave, Salem, OR 44460 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/8/2029 | 60.0 | 60.0 | 58.7 | 0.02 | % |
| Link Recreational, Inc | (#,^) | 304 Business Hwy. 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/7/2044 | 371.7 | 371.7 | 419.6 | 0.11 | % |
| Link Recreational, Inc | (#,^) | 304 Business Hwy. 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/7/2029 | 590.9 | 590.9 | 580.4 | 0.15 | % |
| The Committed Pig LLC | (#,^) | 28 West Park Pl., Morristown, NJ 07090 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/31/2029 | 224.7 | 224.7 | 237.2 | 0.06 | % |
| MJ Group, Inc | (#,^) | 26691 Loma Verde, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/31/2029 | 16.0 | 16.0 | 15.6 | — | % |
F-114
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Maine Service Corp | (#,^) | 59-24 55th St., Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/31/2029 | 94.2 | 94.2 | 99.5 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mariscos El Oceano, Inc. | (#,^) | 5960 S Archer Ave, Chicago, IL 60638 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/31/2044 | 119.3 | 119.3 | 134.7 | 0.04 | % |
| Guru Kirpa, Inc | (#,^) | 3006 New Castle Ave., New Castle, DE 19720 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 10/31/2044 | 184.3 | 184.3 | 207.9 | 0.06 | % |
| D & H Construction Services, Inc. | (#,^) | 711 Hospital St., Richmond, VA 23219 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 10/31/2029 | 105.6 | 105.6 | 105.1 | 0.03 | % |
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr, Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 10/31/2029 | 50.9 | 50.9 | 53.7 | 0.01 | % |
| Automotive Standard, LLC | (#,^) | 4028 Coldwater Rd., Fort Wayne, IN 46805 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/31/2044 | 130.0 | 130.0 | 146.8 | 0.04 | % |
| Automotive Solutions, LLC | (#,^) | 1910 W. Dupont Rd., Fort Wayne, IN 46818 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/31/2044 | 281.3 | 281.3 | 317.6 | 0.08 | % |
| C&P Trading and Sales Inc | (#,^) | 950 Peninsula Corporate Cir. Ste. 3016, Boca Raton, FL 33487 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/31/2029 | 188.4 | 188.4 | 183.6 | 0.05 | % |
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr., Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 10/31/2044 | 219.2 | 219.2 | 247.5 | 0.07 | % |
| Fave Realty, Inc. | (#,^) | 217-84 Hempstead Ave., Jamaica, NY 11429 | Real Estate | Term Loan | Prime plus | 2.75% | 10/31/2044 | 110.3 | 110.3 | 124.5 | 0.03 | % |
| Plastic Depot, Inc | (#,^) | 363 East Alondra Blvd, Gardena, CA 90248 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 10/30/2029 | 119.3 | 119.3 | 116.3 | 0.03 | % |
| BGB Leasing Inc and BGB Leasing Co. | (#,^) | 50 Industrial Park Rd, Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus | 2.75% | 10/30/2029 | 913.6 | 913.6 | 921.4 | 0.25 | % |
| Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant | (#,^) | 905 Savoy Rd., Youngsville, LA 70592 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/30/2029 | 54.8 | 54.8 | 53.9 | 0.01 | % |
| Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gourmet | (#,^) | 9912 Arizona Dr, Mohave Valley, AZ 86440 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/30/2029 | 49.0 | 49.0 | 48.2 | 0.01 | % |
| BGB Leasing Co. | (#,^) | 50 Industrial Park Rd., Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus | 2.75% | 10/30/2044 | 84.8 | 84.8 | 95.8 | 0.03 | % |
| Paul Wintner dba P & R Props | (#,^) | 23901 Calabasas Rd., Calabasas, CA 91302 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/30/2029 | 42.4 | 42.4 | 41.3 | 0.01 | % |
| Marnon Vending LLC dba Naturals 2 Go San Antonio | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 10/28/2029 | 6.0 | 6.0 | 6.1 | — | % |
| OWL Inc, | (#,^) | 5300 S Orange Blossom Trail, Orlando, FL 32839 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 10/28/2029 | 160.2 | 160.2 | 156.1 | 0.04 | % |
| Corple Enterprises, Inc | (#,^) | 17887 US-380, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/28/2029 | 126.4 | 126.4 | 132.3 | 0.04 | % |
| Diamond Solutions LLC | (#,^) | 7845 East Evans Rd . Ste. A, Scottsdale, AZ 85260 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 10/25/2029 | 9.6 | 9.6 | 9.4 | — | % |
| Landmark Ventures USA, Inc | (#,^) | 475 Park Ave. S, 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 10/25/2029 | 79.2 | 79.2 | 77.1 | 0.02 | % |
F-115
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Jbang LLC, WM Bang LLC, Bang Investments LLC | (#,^) | 125 Westchester Ave., White Plains, NY 10601 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/25/2029 | 52.7 | 52.7 | 55.6 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Four Ace Electrical Services Corporation | (#,^) | 3723 Far Niente Way, Sacramento, CA 95834 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/25/2029 | 9.0 | 9.0 | 8.9 | — | % |
| Fimac Inc dba American Educational Services | (#,^) | 26300 La Alameda, Ste. 200, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/23/2029 | 16.9 | 16.9 | 16.6 | — | % |
| James Clark and Company, Inc. | (#) | 8885 Haven Ave., Ste. 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/22/2029 | 9.8 | 9.8 | 10.6 | — | % |
| Todd's Car Wash, LLC | (#,^) | 5505 Johnston St., Lafayette, LA 70506 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/18/2044 | 324.6 | 324.6 | 366.4 | 0.10 | % |
| UNIQUE PAVER INSTALLATIONS, INC. | (#,^) | 4930 Mars Hill Rd., Bogart, GA 30622 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/17/2029 | 17.1 | 17.1 | 17.1 | — | % |
| Roughcut LLC | (#,^) | 41540 National Rd, Belmont, OH 43718 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/17/2029 | 367.4 | 367.4 | 387.8 | 0.10 | % |
| Pine Mountain Residential LLC | (#) | 10240 Cosmopolitan Cir., Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/16/2029 | 9.8 | 9.8 | 10.6 | — | % |
| Glenda D Brewer dba Bargain Store | (#) | 107 Tabernacle Church Rd., Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus | 6.5% | 10/11/2029 | 9.8 | 9.8 | 10.6 | — | % |
| Q2 Ventures, LLC | (#,^) | 2805 W Arimo Rd., Arimo, ID 83214 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/8/2029 | 133.8 | 133.8 | 140.9 | 0.04 | % |
| Paketo LLC dba West Loop UPS Store | (#,^) | 623 W Lake St., Chicago, IL 60661 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 10/4/2029 | 12.2 | 12.2 | 12.0 | — | % |
| In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC | (#,^) | 2301 W. Buckeye Rd., Phoenix, AZ 85009 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/30/2044 | 588.1 | 588.1 | 663.1 | 0.18 | % |
| AV Strategy, Inc | (#,^) | 9468 American Eagle Way Ste. 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 210.4 | 210.4 | 212.3 | 0.06 | % |
| Joseph P Fusco DDS PC | (#,^) | 77 N Centre Ave., Rockville Centre, NY 11570 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 49.5 | 49.5 | 48.2 | 0.01 | % |
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St., Gainsville, FL 32605 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/30/2029 | 158.0 | 158.0 | 154.2 | 0.04 | % |
| Heart and Vascular Associates of Tampa, LLC | (#,^) | 17 David Blvd., Tampa, FL 33606 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2044 | 728.9 | 728.9 | 815.7 | 0.22 | % |
| Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro | (#,^) | 725 Atlantic Blvd, Atlantic Beach, FL 32233 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2029 | 6.3 | 6.3 | 6.2 | — | % |
| Meldi Maa, Inc dba The River Complex | (#,^) | 74 S Main St., Woonsocket, RI 02895 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2044 | 406.9 | 406.9 | 459.3 | 0.12 | % |
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St., Gainesville, FL 32605 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/30/2044 | 177.3 | 177.3 | 200.1 | 0.05 | % |
| Titan Laser Screed Concrete Services, LLC | (#,^) | 8908 Wildlife Ln., Sanford, FL 32771 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2029 | 37.3 | 37.3 | 36.9 | 0.01 | % |
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave Unit 342, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2029 | 149.5 | 149.5 | 145.6 | 0.04 | % |
| Zmetra Clearspan Structures LLC | (#,^) | 2 Old Worcester Rd., Webster, MA 01571 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 9/27/2044 | 413.6 | 413.6 | 467.0 | 0.12 | % |
F-116
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Cherry and Candlewood Inc dba Aamco | (#,^) | 3029 South St., Long beach, CA 90805 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2044 | 1.5 | 1.5 | 1.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Wagner & Sons Inc | (#,^) | 22365 Alydar Dr., Lexington Park, MO 20653 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/27/2029 | 14.0 | 14.0 | 13.7 | — | % |
| Aztec Machine & Repair Inc, Cranrd & Material | (#,^) | 1715 N 1st St, Bloomfield, NM 87413 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2044 | 670.4 | 670.4 | 753.8 | 0.20 | % |
| Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma | (#,^) | 3721 North 162nd St., Garber, OK 73701 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/27/2029 | 857.0 | 857.0 | 862.4 | 0.23 | % |
| Santa Fe Flooring LLC | (#,^) | 3711 Paseo Del Norte NE, Albuquerque, NM 87113 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/26/2029 | 379.3 | 379.3 | 376.4 | 0.10 | % |
| Adam's Construction & General Contracting LLC | (#,^) | 7808 N Custer Rd., Freesoil, MI 49411 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/26/2029 | 54.1 | 54.1 | 53.7 | 0.01 | % |
| Byler, Wolfe, Lutsch and Kampfer CPAs, Inc | (#,^) | 360 East State St., Salem, OH 44460 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/25/2044 | 46.1 | 46.1 | 51.2 | 0.01 | % |
| Anderson's Outdoor Adventures, LLC | (#,^) | 4060 SW County Rd 232, Bell, FL 32619 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/25/2029 | 17.2 | 17.2 | 18.1 | — | % |
| Flamingo Bowl, Inc | (#,^) | 3301 N 23rd St., McAllen, TX 78501 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/24/2029 | 164.8 | 164.8 | 166.6 | 0.04 | % |
| Unified Utility Services LLC | (#,^) | 206 Frankie Ln., Ladson, SC 29456 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 9/20/2044 | 148.7 | 148.7 | 167.8 | 0.04 | % |
| Standard Real Estate Services LLC | (#) | 500 West Silver Spring Dr., Ste. K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus | 6.5% | 9/19/2029 | 9.7 | 9.7 | 10.5 | — | % |
| Payne's Enviromental Service, LLC dba Bamaco | (#,^) | 5617 Causeway Blvd., Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/18/2044 | 493.1 | 493.1 | 553.9 | 0.15 | % |
| Host Marketing, LLC | (#) | 206 Bell Ln., Ste. B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/18/2029 | 9.7 | 9.7 | 10.5 | — | % |
| Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, | (#,^) | 1702 Fawn Gate St, San Antonio, TX 78248 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/17/2029 | 47.6 | 47.6 | 48.5 | 0.01 | % |
| Win Health Institute, LLC | (#,^) | 711 E Valley Rd, Basalt, CO 81621 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/17/2029 | 5.6 | 5.6 | 5.6 | — | % |
| Vancole Investments, Inc. dba Smoothie King #913 &;Dream Development | (#,^) | 876 Virginia Ave., Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/17/2029 | 8.9 | 8.9 | 8.7 | — | % |
| Bay Bowl Inc dba Shasta Lanes | (#,^) | 11093 Black Marble Way, Redding, CA 96003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/13/2044 | 505.8 | 505.8 | 571.0 | 0.15 | % |
| The Steel Method LLC dba Sneeze It | (#,^) | 250 Passaic Ave Ste. 200, Fairfield, NJ 07004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/12/2029 | 126.0 | 126.0 | 122.8 | 0.03 | % |
| Oak Park Social LLC | (#,^) | 14691 W 11 Mile Rd, Oak Park, MI 48237 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/12/2045 | 127.1 | 127.1 | 143.4 | 0.04 | % |
| ACSS CPA, LLC | (#,^) | 1016 S Texas Blvd, Weslaco, TX 78599 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/12/2044 | 37.6 | 37.6 | 42.5 | 0.01 | % |
| Covert Recordings LLC | (#,^) | 31-65 138th St. Apt. 3K, Flushing, NY 11354 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/11/2029 | 8.8 | 8.8 | 9.3 | — | % |
F-117
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Body on Cue Health and Fitness LLC | (#,^) | 129 A Orpha Dr., Middlebury, IN 46840 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/6/2029 | 33.6 | 33.6 | 33.0 | 0.01 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Philly Games Inc.dba Queen & Rock Game Cafe | (#,^) | 607-609 S 2nd St., Philadelphia, PA 19147 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/5/2029 | 46.7 | 46.7 | 45.5 | 0.01 | % | ||||||||||||||
| Eco Electric LLC | (#,^) | 5380 Cameron St, Las Vegas, NV 89118 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/5/2029 | 48.8 | 48.8 | 47.5 | 0.01 | % | ||||||||||||||
| No Push Backs, LLC | (#) | 5405 Neshaminy Blvd, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/30/2029 | 9.3 | 9.3 | 10.0 | — | % | ||||||||||||||
| Dog House Sportfishing Charters Inc | (#) | 83413 Overseas Hwy., Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 6.5% | 8/30/2029 | 9.7 | 9.7 | 10.4 | — | % | ||||||||||||||
| Double Scoop Ice Cream, LLC | (#,^) | 2970 Stonecrest Pass, Lithonia, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/29/2044 | 90.9 | 90.9 | 102.6 | 0.03 | % | ||||||||||||||
| 3C Consumer Network & Designs LLC | (#,^) | 7676 Hillmont St., Ste. 109, Houston, TX 77040 | Real Estate | Term Loan | Prime plus | 2.75% | 8/29/2029 | 11.1 | 11.1 | 11.0 | — | % | ||||||||||||||
| Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC | (#,^) | 361 Troy Ave., Brooklyn, NY 11213 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/29/2029 | 29.6 | 29.6 | 31.2 | 0.01 | % | ||||||||||||||
| Esquire Mini Mart LLC & Morgan Store Building LLC | (#,^) | 12595 S Somerton Ave, Yuma, AZ 85365 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/29/2029 | 37.9 | 37.9 | 39.1 | 0.01 | % | ||||||||||||||
| Groton Bowling Center and Entertainment Inc | (#,^) | 27 Kings Hwy, Groton, CT 06340 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/29/2044 | 924.9 | 924.9 | 1,044.2 | 0.28 | % | ||||||||||||||
| Linsey Schwertdfeger, Inc. | (#,^) | 740 Dennery Rd, San Diego, CA 92154 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/28/2029 | 52.4 | 52.4 | 51.5 | 0.01 | % | ||||||||||||||
| HRS2, LLC | (#,^) | 5410 Pipers Creek Ct., Sugar Land, TX 77479 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/28/2029 | 171.3 | 171.3 | 178.1 | 0.05 | % | ||||||||||||||
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/28/2029 | 70.2 | 70.2 | 74.0 | 0.02 | % | ||||||||||||||
| Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC | (#,^) | 190 Minerva St., Tonawanda, NY 14150 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/28/2044 | 56.5 | 56.5 | 63.8 | 0.02 | % | ||||||||||||||
| Maryland Urgent Care, Inc. | (#,^) | 9831 Greenbelt Rd Ste. 208 (Unit H-2), Lanham, MD 20706 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/27/2044 | 43.3 | 43.3 | 48.9 | 0.01 | % | ||||||||||||||
| Crystal S. Prado dba Crystal Clear Accounting | (#) | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/26/2029 | 2.5 | 2.5 | 2.7 | — | % | ||||||||||||||
| ADA Internacional Inc | (#,^) | 10891 La Reina Rd., Ste. 100, Delray Beach, FL 33446 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/26/2029 | 16.6 | 16.6 | 16.2 | — | % | ||||||||||||||
| Elite Motors LLC | (#,^) | 1046-1050 Orange Ave., West Haven, CT 06516 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/23/2029 | 71.2 | 71.2 | 75.0 | 0.02 | % | ||||||||||||||
| SRJ construction Corp | (#,^) | 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/23/2029 | 8.3 | 8.3 | 8.2 | — | % | ||||||||||||||
| MS Integrated Psychotherapy & Counseling, LLC | (#,^) | 1157 Main St., Clifton, NJ 07011 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/22/2029 | 54.9 | 54.9 | 55.6 | 0.01 | % | The Roux Southern Kitchen, LLC | (#,^) | 252 FM 3162, Sandia, TX 78383 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/22/2029 | 13.5 | 13.5 | 14.2 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
F-118
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Metro R Services Inc. and Metal & Roof Supplies, Inc. | (#,^) | 20 Universal Pl., Carlstadt, NJ 07072 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/21/2029 | 143.4 | 143.4 | 147.7 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Auto Unique LLC | (#,^) | 305 W Main St., Mayo, FL 32066 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/20/2044 | 11.6 | 11.6 | 13.0 | — | % |
| William Martinez dba Bad Ass Coffee of Hawaii | (#,^) | 14101 Main St., Ste. 4101, Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/20/2029 | 17.2 | 17.2 | 16.9 | — | % |
| Signature Rooms, Inc. | (#,^) | 2066 Rte. 112, Medford, NY 11763 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 8/19/2029 | 124.9 | 124.9 | 131.5 | 0.04 | % |
| American Healthy Vending, Inc | (#,^) | 5420 NW 161 St., Palmetto Lakes, FL 33014 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/15/2029 | 78.6 | 78.6 | 78.7 | 0.02 | % |
| Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City | (#,^) | 7748 Troost Ave., Kansas City, MO 64131 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/15/2029 | 75.9 | 75.9 | 77.9 | 0.02 | % |
| Accelerate Educational Solutions, LLC dba Tutor My Success | (#,^) | 135 Clove Branch Rd., Hopewell Junction, NY 12533 | Educational Services | Term Loan | Prime plus | 2.75% | 8/14/2029 | 12.8 | 12.8 | 12.4 | — | % |
| Ranson Excavating, Inc | (#,^) | 8343 Kaula Dr., Fair Oaks, CA 95628 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/13/2029 | 10.7 | 10.7 | 10.4 | — | % |
| Love Playing LLC | (#,^) | 2200 Eastridge Loop, San Jose, CA 95122 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/9/2030 | 135.7 | 135.7 | 135.9 | 0.04 | % |
| Elixir Enterprises, LLC dba Guilford Renee's | (#,^) | 637 Boston Post Rd., Guilford, CT 06437 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/8/2029 | 14.8 | 14.8 | 14.4 | — | % |
| Accord Law, APC | (#,^) | 82555 Grass Flat Ln., Indio, CA 92203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/2/2029 | 5.5 | 5.5 | 5.4 | — | % |
| Billy Auto Inc | (#,^) | 632 N Broadway, Amityville, NY 11701 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/31/2044 | 304.9 | 304.9 | 340.8 | 0.09 | % |
| East Coast Flight Services, Inc and Aviation Consulting Enterprise | (#,^) | 27603 Pkwy. Rd., Easton, MD 21601 | Air Transportation | Term Loan | Prime plus | 2.75% | 7/31/2029 | 401.3 | 401.3 | 400.3 | 0.11 | % |
| Genecco Produce, Inc. & Leo Genecco & Sons, Inc. | (#,^) | 1850 Rochester Rd., Canadaigua, NY 14424 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 7/31/2029 | 586.2 | 586.2 | 601.8 | 0.16 | % |
| St. Francis Home Health Inc | (#,^) | 5246 SW 8th St 103B, Coral Gables, FL 33134 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/31/2029 | 55.0 | 55.0 | 53.4 | 0.01 | % |
| La Mount Group LLC | (#,^) | 3111 Princeton Rd., Hamilton, OH 45011 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/31/2029 | 187.0 | 187.0 | 181.7 | 0.05 | % |
| Gray Rock Quarry, LLC and William E Dailey III | (#,^) | 54 West Milton Rd, Milton, VT 05468 | Mining (except Oil and Gas) | Term Loan | Prime plus | 2.75% | 7/31/2044 | 422.9 | 422.9 | 459.7 | 0.12 | % |
| Canyon Lake Kids Academy, LLC | (#,^) | 130 Charter Oak Dr., Canyon Lake, TX 78133 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/31/2044 | 92.2 | 92.2 | 104.1 | 0.03 | % |
| Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari | (#,^) | 28940 Golden Lantern, Laguna Niguel, CA 92677 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/31/2029 | 8.4 | 8.4 | 8.4 | — | % |
| Grad Street LLC | (#) | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 7/30/2029 | 5.6 | 5.6 | 6.0 | — | % |
| Aeromax Industries, Inc, HITM, Inc and TMCB LLC | (#,^) | 9027 Canoga Ave, Canoga Park, CA 91301 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 7/30/2044 | 740.0 | 740.0 | 826.5 | 0.22 | % |
F-119
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Dant A Sandras, D.D.S. LLC | (#,^) | 13373 Hwy. 3235, Larose, LA 70373 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/30/2029 | 185.7 | 185.7 | 182.8 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Micheal Birch and Tracy M. Pierce | (#,^) | E 2947 H-44, Traunik, MI 49891 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 7/29/2044 | 50.7 | 50.7 | 57.2 | 0.02 | % |
| Moore Chiropractic Center, P.A. | (#,^) | 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/26/2029 | 6.7 | 6.7 | 7.1 | — | % |
| Sou's LLC | (#,^) | 739 NE MLK Blvd., Portland, OR 97221 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/26/2029 | 4.4 | 4.4 | 4.4 | — | % |
| Power Associates Inc. | (#,^) | 2766 West Good CT, Boise, ID 83702 | Real Estate | Term Loan | Prime plus | 2.75% | 7/26/2029 | 11.0 | 11.0 | 10.7 | — | % |
| Dan Dahlin Inc. | (#,^) | 16465 MN-65, Ham Lake, MN 55304 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/26/2044 | 383.6 | 383.6 | 433.1 | 0.12 | % |
| Franklin Care Pharmacy Incorporated | (#,^) | 520 N Franklintown Rd., Baltimore, MD 21223 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 7/25/2029 | 39.8 | 39.8 | 41.9 | 0.01 | % |
| 700 Services Inc.dba 700 Credit Repair | (#,^) | 1201 N Goliad St., Rockwall, TX 75087 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 7/19/2029 | 5.5 | 5.5 | 5.3 | — | % |
| Hardrock Alpha Enterprises, LLC | (#,^) | 5101 Stine Rd., Bakersfield, CA 93313 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/19/2029 | 11.5 | 11.5 | 11.4 | — | % |
| Lawrence Adeyemo & Co LLC | (#) | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2029 | 7.7 | 7.7 | 8.3 | — | % |
| Bonfire Hot Yoga LLC | (#,^) | 3665 SW Hall Blvd, Beaverton, OR 97005 | Educational Services | Term Loan | Prime plus | 2.75% | 7/18/2029 | 6.0 | 6.0 | 5.9 | — | % |
| JDM2 Water Station LLC | (#,^) | 125 Chestnut Hill Dr., York, PA 17408 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/18/2029 | 153.6 | 153.6 | 156.3 | 0.04 | % |
| Garage Floor Coating of MN.com, LLC | (#,^) | 6701 West 23rd St., St. Louis Park, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/16/2044 | 938.6 | 938.6 | 1,052.5 | 0.28 | % |
| Adam Family Bowl Inc | (#,^) | 1504 Chestnut St., Mishawaka, IN 46545 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/16/2044 | 124.8 | 124.8 | 140.9 | 0.04 | % |
| Bouquet Canyon Kennels | (#,^) | 29973 Bouquet Canyon Rd., Santa Clarita, CA 91390 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/16/2044 | 282.7 | 282.7 | 315.1 | 0.08 | % |
| Beacon Metal Fabricators, Inc. | (#,^) | 5425-D Hamilton Ave., Cleveland, OH 44114 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 7/12/2029 | 51.3 | 51.3 | 52.5 | 0.01 | % |
| Last Touch, LLC | (#,^) | 1612 Jackson St., Spirit Lake, IA 51360 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/11/2044 | 95.4 | 95.4 | 107.2 | 0.03 | % |
| Menskha Inc | (#) | 88 High St., Montclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 7/10/2029 | 9.6 | 9.6 | 10.3 | — | % |
| D DeGregoria LLC dba The UPS Store 4235 Massapequa | (#,^) | 4940 Merrick Rd., Massapequa Park, NY 11762 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 7/10/2029 | 58.1 | 58.1 | 57.1 | 0.02 | % |
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shopping Ln., Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/28/2044 | 197.6 | 197.6 | 223.0 | 0.06 | % |
| NJ Floats Inc | (#,^) | 1 Robertson Rd, Ste. 13, Bedminster, NJ 07921 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/28/2044 | 171.7 | 171.7 | 193.8 | 0.05 | % |
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shoppers Ln., Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/28/2029 | 232.1 | 232.1 | 237.3 | 0.06 | % |
F-120
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Big Picture Group LLC | (#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/28/2029 | 120.5 | 120.5 | 123.2 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 5161 LLC | (#,^) | 1478 E Mountain Dr., Santa Barbara, CA 93108 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/28/2029 | 460.1 | 460.1 | 489.6 | 0.13 | % |
| Sundown Audio, LLC | (#,^) | 514 West 21St St., Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2044 | 852.6 | 852.6 | 962.5 | 0.26 | % |
| Richmond Street Partners, LLC | (#,^) | 200 E Chestnut St, Chicago, IL 60611 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 6/28/2029 | 75.2 | 75.2 | 77.1 | 0.02 | % |
| K & K Restaurant LLC | (#,^) | 6607 S Central Ave., Phoenix, AZ 85042 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/28/2044 | 116.5 | 116.5 | 131.5 | 0.04 | % |
| Crestview Ridge Farms LLC | (#,^) | 1172 Co Rd. 956, Ashland, OH 44805 | Crop Production | Term Loan | Prime plus | 2.75% | 6/28/2044 | 504.8 | 504.8 | 570.0 | 0.15 | % |
| Good News Cafe, LLC | (#,^) | 694 Main St. South, Woodbury, CT 06798 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/28/2044 | 234.2 | 234.2 | 264.5 | 0.07 | % |
| Nevada Recycling and Salvage LTD, AMCB LLC | (#,^) | 1085 Telegraph St, Reno, NV 89502 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/28/2044 | 1,167.1 | 1,167.1 | 1,317.7 | 0.35 | % |
| Port Huron Ophthalmology, PLLC dba Black River Optical | (#,^) | 1660 Stone St, Port Huron, MI 48060 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/28/2029 | 10.9 | 10.9 | 11.1 | — | % |
| Jian Yang and Kanger House LLC | (#,^) | 48 Horse Hill Rd., Cedar Knolls, NJ 07927 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/27/2029 | 87.1 | 87.1 | 89.1 | 0.02 | % |
| Advance Transit LLC | (#,^) | 574-614 Tonnelle Ave, Jersey City, NJ 07307 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 6/28/2044 | 742.6 | 742.6 | 838.4 | 0.22 | % |
| Crescent Event Productions, Inc | (#,^) | 1327 Wood Branch Dr., Charlotte, NC 28273 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/27/2029 | 254.4 | 254.4 | 262.5 | 0.07 | % |
| Ailky Corporation & Wyspen | (#,^) | 352 Bedford St., Lakeville, MA 02347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/27/2029 | 35.4 | 35.4 | 36.2 | 0.01 | % |
| S & T Hardware Inc | (#,^) | 2300 Nooseneck Hill, Coventry, RI 02816 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/27/2044 | 188.8 | 188.8 | 213.2 | 0.06 | % |
| Tekoa Enterpises, Inc | (#,^) | 1033 Cannon Bridge Rd., Cordova, SC 29039 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/26/2029 | 41.7 | 41.7 | 43.3 | 0.01 | % |
| Selective Automotive & Accessories Group, Inc | (#,^) | 2221 Pelham Pkwy., Pelham, AL 35124 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/26/2029 | 181.0 | 181.0 | 188.5 | 0.05 | % |
| Lynx Inspection Technologies LLC | (#,^) | 8101 Miller Rd 2, Houston, TX 77049 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 6/26/2044 | 549.3 | 549.3 | 620.1 | 0.17 | % |
| All-City Towing LLC, Jeffrey James Piller | (#,^) | 1213 W Mallory Ave., Milwaukee, WI 53221 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 6/26/2029 | 293.5 | 293.5 | 308.3 | 0.08 | % |
| Child Care Ventures LLC dba Childcare Adventures ELC | (#,^) | 3542 Glendale Ave, Toledo, OH 43614 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/26/2044 | 138.2 | 138.2 | 156.0 | 0.04 | % |
| Paradise Towing & Recovery Inc | (#,^) | 1115 S Homer Blvd., Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2029 | 47.4 | 47.4 | 50.4 | 0.01 | % |
| Paradise Towing & Recovery Inc | (#,^) | 1115 S. Horner Blvd., Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2044 | 68.7 | 68.7 | 77.6 | 0.02 | % |
F-121
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Spartan Technology Solutions, Inc | (#,^) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/25/2044 | 457.7 | 457.7 | 516.7 | 0.14 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Professional Tire Limited Liability Company | (#,^) | 6655 Country Rd. 32, Norwich, NY 13815 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2044 | 130.7 | 130.7 | 147.6 | 0.04 | % |
| Vanchoc Transport Inc | (#,^) | 275 52nd St., Brooklyn, NY 11220 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/25/2029 | 31.6 | 31.6 | 32.9 | 0.01 | % |
| Scissor Kids Inc | (#,^) | 63 Hebron Ave., Ste. F, Glastonbury, CT 06033 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/24/2029 | 7.3 | 7.3 | 7.5 | — | % |
| Sweets By Karla LLC | (#,^) | 3273 South John Young Pkwy., Kissimmee, FL 34746 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2029 | 9.3 | 9.3 | 9.5 | — | % |
| Krsto, LLC dba Italian Butter Breadsticks | (#,^) | 34683 Nova Dr, Clinton Twp, MI 48035 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2044 | 178.7 | 178.7 | 201.8 | 0.05 | % |
| Port Diesel L.L.C. | (#) | 3212 Alex Trask Dr., Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 6/21/2029 | 9.5 | 9.5 | 10.7 | — | % |
| Small Batch Creations Inc. dba The Office Bar & Grill | (#,^) | 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2029 | 45.2 | 45.2 | 46.2 | 0.01 | % |
| Campuscuts LLC | (#) | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/21/2029 | 5.7 | 5.7 | 6.4 | — | % |
| William Rose Inc | (#,^) | 1 Grace Cove Rd, New Shoreham, RI 02807 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/21/2044 | 82.0 | 82.0 | 92.6 | 0.02 | % |
| Peninsula Self Defense LLC | (#,^) | 2766 Bay Rd., Redwood City, CA 94063 | Educational Services | Term Loan | Prime plus | 2.75% | 6/21/2029 | 3.8 | 3.8 | 3.9 | — | % |
| Central Texas Hygiene, LLC. | (#,^) | 10201 McKalla Pl., Austin, TX 78758 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/20/2029 | 62.7 | 62.7 | 64.1 | 0.02 | % |
| Zion Motors Inc | (#,^) | 6949 Wall Triana Hwy, Madison, AL 35757 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/19/2044 | 56.9 | 56.9 | 64.3 | 0.02 | % |
| Bader Furniture Company Inc. | (#,^) | 704 N Liberty St., Shamokin, PA 17872 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 6/19/2029 | 5.4 | 5.4 | 5.8 | — | % |
| Beck's Pub & Grill LLC | (#,^) | N6630 WI-49, Weyauwega, WI 54983 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/19/2044 | 65.6 | 65.6 | 74.0 | 0.02 | % |
| Ivesters Transportation, Inc | (#,^) | 4299 South 2675 West, Roy, UT 84067 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/11/2029 | 176.8 | 176.8 | 182.5 | 0.05 | % |
| Archer Cleaners Inc | (#) | 1514 W. 33rd St., Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/10/2029 | 9.5 | 9.5 | 10.7 | — | % |
| Throop Family Holding Inc dba Klamath Basin Metals and Supply | (#,^) | 7130 Crater Lake Hwy., White City, OR 97503 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/7/2029 | 29.0 | 29.0 | 30.1 | 0.01 | % |
| J&A Elliott Company | (#,^) | 1118 Thornberry Dr, Clarksville, TN 37043 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/7/2029 | 7.7 | 7.7 | 8.2 | — | % |
| Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing | (#,^) | 15825-15827 Hawthorne Blve, Lawndale, CA 90260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/7/2044 | 227.0 | 227.0 | 256.3 | 0.07 | % |
| Allison K. Chipak dba Still Photography | (#) | 195 Ter. Pl., Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/6/2029 | 9.5 | 9.5 | 10.7 | — | % |
F-122
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Preferred Manufacturing Services Inc | (#,^) | 4261 Business Dr., Cameron Park, CA 95682 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/5/2029 | 344.9 | 344.9 | 367.1 | 0.10 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Evoke Growth Advisory LLC | (#,^) | 2600 Brookwood Way Dr., Unit 311, Rolling Meadows, IL 60008 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/3/2029 | 5.4 | 5.4 | 5.6 | — | % |
| Morey Publishing LLC | (#,^) | 575 Underhill Blvd, Ste. 216, Syosset, NY 11791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/31/2029 | 44.9 | 44.9 | 46.0 | 0.01 | % |
| G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling | (#,^) | 1450 Oakbrook Dr, Norcross, GA 30093 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/31/2029 | 83.6 | 83.6 | 86.1 | 0.02 | % |
| Martin Inventory Management, LLC | (#,^) | 304 1/2 Main St., Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/31/2029 | 35.9 | 35.9 | 38.3 | 0.01 | % |
| V & M Transportation LLC | (#,^) | 1307 27th St. Apt B, North Bergen, NJ 07047 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/31/2029 | 3.4 | 3.4 | 3.5 | — | % |
| Inside & Out Maintenance LLC | (#,^) | 1698 SW Pancoast St., Port St Lucie, FL 34987 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/30/2029 | 71.9 | 71.9 | 73.6 | 0.02 | % |
| Aspen Welding LLC | (#,^) | 28803 US-6, Rifle, CO 81650 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/30/2044 | 383.1 | 383.1 | 432.5 | 0.12 | % |
| AGR, Inc | (#,^) | 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2044 | 761.7 | 761.7 | 860.0 | 0.23 | % |
| Brooklyn Breakfast Shop LLC | (#,^) | 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2029 | 3.6 | 3.6 | 3.7 | — | % |
| PD Financial LLC | (#,^) | 364 Parsippany Rd., Unit 7-B, Parsippany, NJ 07054 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 5/28/2044 | 33.4 | 33.4 | 37.7 | 0.01 | % |
| McGuckin & Pyle Inc | (#,^) | 120 Corporate Ln, New Bern, NC 28562 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 5/23/2044 | 288.7 | 288.7 | 326.0 | 0.09 | % |
| 2820 US HWY 98 N LLC dba Total Package Car Wash | (#,^) | 2820 US Hwy 98 N, Lakeland, FL 33805 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/23/2029 | 95.7 | 95.7 | 101.9 | 0.03 | % |
| MCM Design LLC | (#) | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/23/2029 | 7.3 | 7.3 | 8.2 | — | % |
| ES&A, INC., A LAW CORPORATION | (#,^) | 1003 Bishop St., Honolulu, HI 96813 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/22/2029 | 80.9 | 80.9 | 82.9 | 0.02 | % |
| Kappa Investments LLC dba Buddy's Home Furnishings | (#,^) | 365 Lowe's Dr., Ste. H, Danville, VA 24540 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 5/17/2029 | 311.9 | 311.9 | 319.2 | 0.09 | % |
| Covalent Holding LLC | (#,^) | 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/17/2029 | 189.8 | 189.8 | 198.5 | 0.05 | % |
| BD Branson Victorian LLC dba Branson Surrey Inn | (#,^) | 430 a/k/a 450 South Hwy. 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus | 2.75% | 5/17/2029 | 183.6 | 183.6 | 195.4 | 0.05 | % |
| CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus | 2.75% | 5/16/2029 | 13.5 | 13.5 | 14.3 | — | % |
| Cut To The Chase 502 LLC | (#,^) | 6903 Lakegreen Ct, Louisville, KY 40291 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/16/2029 | 2.4 | 2.4 | 2.5 | — | % |
| The Lobster Pot Inc | (#,^) | 119 Hope St., Bristol, RI 02809 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/10/2044 | 347.1 | 347.1 | 391.9 | 0.10 | % |
F-123
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Two Pie Lovers LLC dba Pizza Outpost | (#,^) | 302 E. Millitary Hwy U1122, Brackettville, TX 78832 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/10/2044 | 41.1 | 41.1 | 46.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Folklore Music Exchange LLC | (#,^) | 617 Tennessee Ave, Charleston, WV 25302 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/6/2029 | 3.6 | 3.6 | 3.7 | — | % |
| NYM Solutions Inc.dba NYM Solutions, Inc | (#) | 12150 SW 128th St. CT Ste. 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 5/6/2029 | 9.4 | 9.4 | 10.6 | — | % |
| Life View Prenatal Imagery, LLC | (#,^) | 312 79th Ave North, Myrtle Beach, SC 29572 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/3/2029 | 4.3 | 4.3 | 4.5 | — | % |
| Global Enterprises LLC dba Verdi Pizza | (#,^) | 3111 S Valley View Blvd., Las Vegas, NV 89102 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/3/2029 | 15.0 | 15.0 | 15.3 | — | % |
| EPIFAB,LLC | (#,^) | 1341 Brooks St. Unit D, Ontario, CA 91762 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/3/2029 | 15.3 | 15.3 | 15.9 | — | % |
| Art Amore Studios, LLC | (#,^) | 6507 Jester Blvd, Ste. #107, Austin, TX 78750 | Educational Services | Term Loan | Prime plus | 2.75% | 5/3/2029 | 4.0 | 4.0 | 4.1 | — | % |
| Modern Trousseau, LLC | (#,^) | 125 Bradley Rd., Woodbridge, CT 06525 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 5/1/2029 | 116.7 | 116.7 | 124.2 | 0.03 | % |
| Midlothian Hardware, Inc dba Grills True Value | (#,^) | 475 West 147th St, Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 4/29/2029 | 28.5 | 28.5 | 30.3 | 0.01 | % |
| Sona USA, Inc | (#,^) | 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 | Telecommunications | Term Loan | Prime plus | 2.75% | 4/26/2029 | 117.6 | 117.6 | 122.2 | 0.03 | % |
| Pellegrin Marine Transportation, LLC | (#,^) | 117 Country Village Dr., Raceland, LA 70394 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 4/26/2029 | 108.6 | 108.6 | 112.5 | 0.03 | % |
| La Dolce Vita LLC. | (#,^) | 196 N. Holiday Rd., Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/25/2044 | 440.3 | 440.3 | 497.1 | 0.13 | % |
| La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart | (#,^) | 196 N. Holiday Rd., Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/25/2029 | 356.0 | 356.0 | 369.5 | 0.10 | % |
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/25/2029 | 108.8 | 108.8 | 115.8 | 0.03 | % |
| ER & DC McPherson Holdings, LLC | (#,^) | 6957 W Broward Blvd., Plantation, FL 33317 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/19/2029 | 35.1 | 35.1 | 36.1 | 0.01 | % |
| All My Best Inc. | (#,^) | 4320 Anthony Ct. Ste.s 1,2,3, Rocklin, CA 95677 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 4/19/2029 | 44.5 | 44.5 | 46.0 | 0.01 | % |
| Rello, Inc. dba ID Salon | (#) | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 4/17/2029 | 4.5 | 4.5 | 5.1 | — | % |
| Expert Building Services LLC | (#,^) | 74 Roosevelt St., Pequannock Township, NJ 07440 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/17/2029 | 14.5 | 14.5 | 14.8 | — | % |
| 2Choice2Friends dba 2 N 1 Salad Bar and Grill | (#) | 901 W Braker Ln., Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 4/17/2029 | 9.3 | 9.3 | 10.5 | — | % |
| Pranamji Inc dba Ohara's Beverage Spot | (#,^) | 2300 Levit Rd., Lorain, OH 44052 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/16/2044 | 44.1 | 44.1 | 49.8 | 0.01 | % |
| Samco Food Corp dba C-Town Supermarket | (#,^) | 1761 Nostrand Ave., Brooklyn, NY 11226 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/12/2029 | 71.1 | 71.1 | 72.6 | 0.02 | % |
F-124
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic | (#,^) | 3563 South River Ter., Edgewater, MD 21037 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/12/2029 | 31.9 | 31.9 | 33.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Southern Gulf Construction, Inc. | (#,^) | 367 Pine Island Rd., North Fort Myers, FL 33903 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/12/2029 | 79.2 | 79.2 | 83.5 | 0.02 | % |
| J.T. ONeill Company, LLC | (#,^) | 19972 Willowin Farm Ln., Purceville, VA 20132 | Real Estate | Term Loan | Prime plus | 2.75% | 4/12/2029 | 6.9 | 6.9 | 7.1 | — | % |
| Bill Berger LLC | (#,^) | 8728 Tireman Ave, Detroit, MI 48204 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 4/12/2029 | 6.4 | 6.4 | 6.5 | — | % |
| Maxiflex LLC | (#,^) | 512 Verret St., New Orleans, LA 70114 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/11/2029 | 44.5 | 44.5 | 47.4 | 0.01 | % |
| VRGE Strategies LLC | (#,^) | 1155 15th St NW, Washington, DC 20005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/10/2029 | 28.9 | 28.9 | 29.6 | 0.01 | % |
| Georgetown Milling Co, LLC | (#,^) | 9001 Wentworth Springs Rd., Georgetown, CA 95634 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/9/2029 | 9.1 | 9.1 | 9.4 | — | % |
| FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park | (#,^) | 1256 Indian Head Rd., Toms River, NJ 08755 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 1/8/2030 | 442.4 | 442.4 | 474.0 | 0.13 | % |
| Bose and Avinder, Inc.and Carmel and Preet Inc | (#,^) | 28201 Date Palm Dr., Cathedral City, CA 92234 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 4/5/2029 | 43.9 | 43.9 | 46.7 | 0.01 | % |
| Marnon Enterprise LLC | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/5/2029 | 3.4 | 3.4 | 3.5 | — | % |
| Turtle Shirts, LLC | (#,^) | 10241 Metro Pkwy# 108, Ft Myers, FL 33966 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/29/2029 | 40.1 | 40.1 | 41.2 | 0.01 | % |
| Reliable Power Group Inc. dba Batteries + bulbs Pensacola | (#,^) | 6895 N. 9th Ave. Ste. B, Pensacola, FL 32504 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/29/2029 | 70.5 | 70.5 | 71.9 | 0.02 | % |
| Bright Freight Solution, LLC | (#,^) | 1112 N Main St, Manteca, CA 95336 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/29/2029 | 669.3 | 669.3 | 695.5 | 0.19 | % |
| Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 | (#,^) | 7219 Silver Mist Ave., North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2029 | 116.4 | 116.4 | 118.6 | 0.03 | % |
| Hamsons Inc. | (#,^) | 4900 Hopyard Rd., Pleasanton, CA 94588 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/29/2029 | 132.2 | 132.2 | 134.8 | 0.04 | % |
| Pizzaplex L3C | (#,^) | 4458 West Vernor Hwy, Detroit, MI 48209 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2029 | 31.5 | 31.5 | 32.4 | 0.01 | % |
| NuBe Business Group LLC | (#,^) | 2140 44th St SE, Ste. 201, Grand Rapids, MI 49508 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/29/2044 | 38.2 | 38.2 | 43.2 | 0.01 | % |
| Raven's Place LLC | (#,^) | 13031 S Western Ave, Blue Island, IL 60406 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2044 | 667.9 | 667.9 | 754.0 | 0.20 | % |
| Bayco Enterprises, Inc | (#,^) | 128 Cowesett Ave., West Warwick, RI 02893 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/29/2044 | 185.4 | 185.4 | 209.3 | 0.06 | % |
| Stillwater Ventures, LLC | (#,^) | 8272 W. Sunset Blvd, Los Angeles, CA 90048 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/29/2029 | 270.4 | 270.4 | 283.3 | 0.08 | % |
| Outtasight Careers, LLC dba Gecko Hospitality | (#,^) | 109 W Fern St., Tampa, FL 33604 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/29/2029 | 6.5 | 6.5 | 6.6 | — | % |
F-125
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| J Brothers Enterprises, LLC | (#,^) | 1101 NW 12TH Ave, Ava, MO 65608 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/29/2044 | 601.4 | 601.4 | 679.0 | 0.18 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ren Investment Group Inc dba True Positon Manufacturing | (#,^) | 40 Sandra Dr., South Windsor, CT 06074 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 3/29/2029 | 563.5 | 563.5 | 577.8 | 0.15 | % |
| EJ & James Transport LLC | (#,^) | 3100 Drewsky Ln. Unit 108, Fort Mills, SC 29715 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/29/2029 | 6.6 | 6.6 | 6.9 | — | % |
| Skaggs RV Outlet ,LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/28/2029 | 175.6 | 175.6 | 186.5 | 0.05 | % |
| GS Bath Inc | (#,^) | 5335 E. Kaviland Ave, Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/28/2029 | 220.4 | 220.4 | 228.9 | 0.06 | % |
| Custom Vinyl Products LLC | (#,^) | 260 Enterprise Dr., Newport News, VA 23603 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2044 | 944.5 | 944.5 | 1,066.3 | 0.28 | % |
| Cocomo Joe's LLC | (#,^) | 3949 New Rd., Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/28/2029 | 2.4 | 2.4 | 2.5 | — | % |
| PA Sobol Partners LLC dba Sobal | (#,^) | 206 Rohrerstown Rd, Lancaster, PA 17603 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/28/2029 | 36.8 | 36.8 | 38.0 | 0.01 | % |
| Cinco Fit LLC dba Cinco Fit | (#,^) | 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/27/2029 | 116.3 | 116.3 | 118.6 | 0.03 | % |
| Danielle Vance LPC, LLC dba Danielle Vance MA, LPC | (#,^) | 1127 Auraria Pkwy., Ste. 201, Denver, CO 80204 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/27/2029 | 4.0 | 4.0 | 4.1 | — | % |
| DC AG, LLC dba Big B Sales | (#,^) | 674 LA- 8, Sicily Island, LA 71368 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/27/2044 | 548.3 | 548.3 | 619.1 | 0.16 | % |
| Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC | (#,^) | 2880 Carol Rd, East York, PA 17402 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/26/2044 | 984.4 | 984.4 | 1,111.4 | 0.30 | % |
| District 5 Boutique LLC | (#,^) | 317 N Farview Ave, Paramus, NJ 07652 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/26/2029 | 88.1 | 88.1 | 89.8 | 0.02 | % |
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 North East Side Hwy., Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/22/2029 | 209.8 | 209.8 | 222.8 | 0.06 | % |
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 N East Side Hwy.,, Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/22/2044 | 289.0 | 289.0 | 326.3 | 0.09 | % |
| Gary Krause dba Gary Krause Landscaping & Design | (#,^) | 489 Hamilton Rd., Jacksonville, OR 97530 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/22/2029 | 4.2 | 4.2 | 4.4 | — | % |
| Dependable Lawn Care, Inc. | (#,^) | 2320 138TH ST, Blue Island, IL 60406 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/21/2029 | 389.9 | 389.9 | 403.6 | 0.11 | % |
| Dependable Lawn Care, Inc. | (#,^) | 2320 138th St., Blue Island, IL 60406 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/21/2044 | 185.0 | 185.0 | 208.9 | 0.06 | % |
| American Trails Transport, LLC | (#,^) | 8704 Grand Ave., Billings, MT 59106 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/21/2029 | 39.9 | 39.9 | 41.3 | 0.01 | % |
| Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great | (#,^) | 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/20/2044 | 270.6 | 270.6 | 305.5 | 0.08 | % |
| Sound Manufacturing Inc | (#,^) | 1 Williams Ln., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/20/2029 | 35.2 | 35.2 | 35.9 | 0.01 | % |
F-126
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Michigan Neurosurgical Institute P.C. | (#,^) | 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/20/2029 | 128.0 | 128.0 | 130.7 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mega Trucking LLC and Olyimpian Industries LLC | (#,^) | 5979 NW 151st St, Miami Lakes, FL 33014 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/20/2029 | 281.8 | 281.8 | 294.2 | 0.08 | % |
| Marvellous Print & Ship LLC | (#,^) | 605 W Main St, Oxford, KS 67119 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/19/2029 | 2.4 | 2.4 | 2.4 | — | % |
| Panetcarne Inc.dba Jersey Mike's Subs Greenfield | (#,^) | 23077 Greenfield Rd., Southfield, MI 48075 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 66.3 | 66.3 | 68.3 | 0.02 | % |
| B & W Towing LLC | (#,^) | 701 Addison Rd., Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 3/15/2029 | 40.5 | 40.5 | 42.8 | 0.01 | % |
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/15/2029 | 61.4 | 61.4 | 62.6 | 0.02 | % |
| Screening Services Group, LLC | (#,^) | 8670 Wilshire Blvd, Beverly Hills, CA 90211 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/14/2029 | 209.8 | 209.8 | 215.6 | 0.06 | % |
| Mill Creek Early Childhood Program LLC | (#,^) | 510 South Batavia Ave., Batavia, IL 60510 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/11/2029 | 45.1 | 45.1 | 46.2 | 0.01 | % |
| Wildflour Bakery & Cafe LLC | (#,^) | 5137 Clareton Dr Ste. 100,110 & 120, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/8/2029 | 61.6 | 61.6 | 62.8 | 0.02 | % |
| D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha | (#,^) | 76 Ranch Rd. a/k/a 3695 Movie Ranch Rd., Duck Creek, UT 84762 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/8/2044 | 188.0 | 188.0 | 212.3 | 0.06 | % |
| Alpine Remediation, Inc, T & M Holdings, LLC | (#,^) | 14252 W 44th Ave Unit F, Golden, CO 80403 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/8/2029 | 61.7 | 61.7 | 64.3 | 0.02 | % |
| Precise Air Systems, Inc | (#,^) | 5467 W San Fernando Rd., Los Angeles, CA 90039 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/8/2029 | 196.5 | 196.5 | 201.0 | 0.05 | % |
| Seeds of Knowledge Creative Learning Center LLC | (#,^) | 15101 West McNichols Rd., Detroit, MI 48235 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/7/2044 | 21.0 | 21.0 | 23.7 | 0.01 | % |
| Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC | (#,^) | 487 Elizabeth Lake Rd, Waterford, MI 48328 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/4/2029 | 110.8 | 110.8 | 113.0 | 0.03 | % |
| Wooter Apparel, Inc | (#,^) | 727 Page Ave., Staten Island, NY 10307 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/28/2029 | 34.9 | 34.9 | 35.8 | 0.01 | % |
| NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC | (#,^) | 20 Silver Fox Ln., Sussex, NJ 07461 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 2/28/2029 | 3.5 | 3.5 | 3.7 | — | % |
| Woodard Electric Services, Inc. | (#,^) | 1600 Carter Cove Rd., Hayesville, NC 28904 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/28/2029 | 15.1 | 15.1 | 15.4 | — | % |
| Shah Medical Center SC & Heeena Shyamani | (#,^) | 484 Summit St, Elgin, IL 60120 | Hospitals | Term Loan | Prime plus | 2.75% | 2/28/2044 | 211.0 | 211.0 | 238.2 | 0.06 | % |
| Monkey Bones LLC | (#,^) | 3361 Dayton Xenia Rd., Beavercreek, OH 45432 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2044 | 17.5 | 17.5 | 19.8 | 0.01 | % |
| Harbor Management Company Inc dba Jamba Juice | (#,^) | 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/22/2029 | 104.7 | 104.7 | 107.1 | 0.03 | % |
F-127
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Rob Barletta's Hockey School, Inc | (#,^) | 2130 Providence Hwy., Walpole, MA 02081 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 2/19/2029 | 75.9 | 75.9 | 80.6 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Far Rockaway, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2029 | 97.3 | 97.3 | 99.4 | 0.03 | % |
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Ozone Park, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2029 | 113.5 | 113.5 | 118.2 | 0.03 | % |
| Outler Transportation Services,LLC | (#,^) | 3775 Carriage Downs Ct. SW, Snellville, GA 30039 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 2/19/2029 | 33.3 | 33.3 | 34.1 | 0.01 | % |
| M & M Burgers Inc dba Checkers | (#,^) | 530 Willis Ave, Bronx, NY 10455 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 82.0 | 82.0 | 84.5 | 0.02 | % |
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Dr., Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 2/14/2029 | 10.5 | 10.5 | 11.1 | — | % |
| Gateway Veterinary Services, P.C. dba Liberty Animal Clinic | (#,^) | 9212 Liberty Ave, Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/14/2044 | 128.8 | 128.8 | 145.5 | 0.04 | % |
| Par-Man, Inc. dba Rockstar Tattoo | (#,^) | 450 Fremont St #109 and 113, Las Vegas, NV 89101 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 2/14/2029 | 43.6 | 43.6 | 44.6 | 0.01 | % |
| KHSE Parks, Inc. | (#,^) | 600 West Charles St., Matthews, NC 28105 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/14/2029 | 55.8 | 55.8 | 56.9 | 0.02 | % |
| Shepherd Fitness, LLC dba Workout Anytime Ooltewah | (#,^) | 9408 Apison Pike, Ste. 11, Ooltewah, TN 37363 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/8/2029 | 119.1 | 119.1 | 123.7 | 0.03 | % |
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78249 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/8/2029 | 2.6 | 2.6 | 2.7 | — | % |
| Precedence Enterprises LLC dba Spartan Junk Removal | (#,^) | 8101 Sandy Spring Rd. Ste. 250N, Laurel, MD 20707 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 2/8/2029 | 9.4 | 9.4 | 9.8 | — | % |
| EJGR Corp dba Brite Energy Solutions | (#,^) | 87 Main St. Upper Level, Hastings-on-Hudson, NY 10706 | Utilities | Term Loan | Prime plus | 2.75% | 2/8/2029 | 33.2 | 33.2 | 33.9 | 0.01 | % |
| Creative Counseling Nashville PLLC | (#,^) | 4119 Gallatin Pike, Nashville, TN 37216 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/7/2029 | 0.5 | 0.5 | 0.5 | — | % |
| Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc | (#,^) | 4291 Shoal Line Blvd., Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus | 2.75% | 2/1/2029 | 10.5 | 10.5 | 11.1 | — | % |
| Jesus and Son's Landscape Contractors, LLC | (#,^) | 4371 Durham Ct., Denver, CO 80239 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/1/2029 | 40.1 | 40.1 | 41.2 | 0.01 | % |
| Employer Resource Services LLC dba Data Pool | (#,^) | 500 Research Rd, Richmond, VA 23236 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/31/2029 | 24.9 | 24.9 | 25.4 | 0.01 | % |
| MYC Motors Inc | (#,^) | 3808 Vegas Dr., Las Vegas, NV 89108 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 1/30/2044 | 69.8 | 69.8 | 78.8 | 0.02 | % |
| FNF LLC dba AK Wine Grotto | (#,^) | 11109 Old Seward Hwy., Anchorage, AK 99515 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/22/2029 | 171.0 | 171.0 | 174.4 | 0.05 | % |
| IGWT Coffee, LLC dba PJ's Coffee of New Orleans | (#,^) | 414 Union St, Nashville, TN 37219 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/18/2029 | 57.2 | 57.2 | 58.3 | 0.02 | % |
| Hilco Athletics & Graphics Inc | (#,^) | 55 Green Hill St., West Warwick, RI 02816 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 1/16/2044 | 64.1 | 64.1 | 72.4 | 0.02 | % |
F-128
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Fluid Connections LLC dba BurgerIM | (#,^) | 174 El Cerrito Plz., El Cerrito, CA 94530 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/11/2029 | 43.2 | 43.2 | 44.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HSR Tacos LLC dba California Tortilla | (#,^) | 11694 Sudley Manor Dr., Manassas, VA 20109 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/11/2029 | 37.5 | 37.5 | 38.3 | 0.01 | % |
| Rashed and Shabila LLC | (#,^) | 14865 Hwy. 92, Woodstock, GA 30188 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 1/4/2029 | 15.5 | 15.5 | 16.2 | — | % |
| The Chop House Inc. | (#,^) | 191 Old Tower Hill Rd., South Kingstown, RI 02879 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2043 | 518.8 | 518.8 | 585.7 | 0.16 | % |
| American Rewinding of NC Inc dba MTS | (#,^) | 1825 N Rocky River Rd, Monroe, NC 28110 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/28/2028 | 331.1 | 331.1 | 341.5 | 0.09 | % |
| Omega Funeral and Cremation Services,LLC | (#,^) | 9503 Kenwood Rd., Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/28/2043 | 317.4 | 317.4 | 358.4 | 0.10 | % |
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Ct, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/28/2028 | 88.1 | 88.1 | 90.9 | 0.02 | % |
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Ct., Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/28/2043 | 494.5 | 494.5 | 558.3 | 0.15 | % |
| Galt Insurance Group of Bonita Springs, LLC & Bonita Safety | (#,^) | 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/28/2043 | 17.4 | 17.4 | 19.7 | 0.01 | % |
| Fave Realty Inc. | (#,^) | 74 Larkfield Rd., East Northport, NY 11731 | Real Estate | Term Loan | Prime plus | 2.75% | 12/27/2043 | 114.9 | 114.9 | 129.7 | 0.03 | % |
| Medworxs Inc. | (#,^) | 6857 Timbers Dr., Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/27/2028 | 7.2 | 7.2 | 7.3 | — | % |
| East Breeze LLC dba Historic Springdale Pub and Eatery | (#,^) | 32302 East Historic Columbia River Hwy, Corbett, OR 97019 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/27/2043 | 119.3 | 119.3 | 134.7 | 0.04 | % |
| Green Valley Landscape Management Inc. dba Apopka Mower and Equipment | (#,^) | 2975 W Orange Blossom Trail, Apopka, FL 32712 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2043 | 431.8 | 431.8 | 487.5 | 0.13 | % |
| Reservations Unlimited LLC | (#,^) | 312 W Main St., Red River, NM 87558 | Real Estate | Term Loan | Prime plus | 2.75% | 12/26/2043 | 83.9 | 83.9 | 94.7 | 0.03 | % |
| BD Branson Victorian LLC dba Branson Victorian Inn | (#,^) | 450 South Hwy. 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus | 2.75% | 12/24/2043 | 463.1 | 463.1 | 522.8 | 0.14 | % |
| Timios Enterprises Corp dba Palm Court | (#,^) | 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/24/2043 | 677.9 | 677.9 | 765.4 | 0.20 | % |
| Sesolinc GRP, Inc. | (#,^) | 806 Randy Lowery Rd., Statesboro, GA 30461 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/21/2028 | 220.7 | 220.7 | 230.5 | 0.06 | % |
| D.A.F.S Transport, LLC | (#,^) | 207 S. Teresa St., Monahans, TX 79756 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/21/2028 | 476.0 | 476.0 | 502.6 | 0.13 | % |
| Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & | (#,^) | 4500 S Country Rd, Odessa, TX 79768 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/21/2044 | 162.6 | 162.6 | 183.5 | 0.05 | % |
| C&D Trucking & Equipment Service, Inc. | (#,^) | 4015 Jennings Rd, Cleveland, OH 44109 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/21/2043 | 108.8 | 108.8 | 122.9 | 0.03 | % |
F-129
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Precision Bytes LLC dba Tower Connect | (#,^) | 607 West Magnolia Ave., Fort Worth, TX 76104 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 88.7 | 88.7 | 90.2 | 0.02 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Baseline Health, LLC & Baseline Health Management, LLC | (#,^) | 1101 Stewart Ave Ste 104, Garden City, NY 11530 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 81.2 | 81.2 | 83.1 | 0.02 | % | ||||||||||||||
| Fifth Wheel Truck Stop 001, Inc. | (#,^) | 3767 South Golden State Blvd, Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/21/2028 | 70.8 | 70.8 | 72.0 | 0.02 | % | ||||||||||||||
| Burgess and Dudley, Incorporated | (#,^) | 24462 NW 9th Pl., Newberry, FL 32669 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/21/2028 | 162.3 | 162.3 | 167.3 | 0.04 | % | ||||||||||||||
| Diamond Estates LLC | (#,^) | 110 Ct. St Ste. 1, Cromwell, CT 06416 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/21/2028 | 51.1 | 51.1 | 52.0 | 0.01 | % | ||||||||||||||
| Healthy and Fresco LLC | (#,^) | 1671 Belle Isle Ave. Ste. 110- Office C, Mount Pleasant, SC 29464 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/20/2029 | 31.7 | 31.7 | 32.7 | 0.01 | % | ||||||||||||||
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr., Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 218.5 | 218.5 | 227.1 | 0.06 | % | ||||||||||||||
| Local Liberty Inc dba The Wardsboro Country Store | (#,^) | 23 Main St., Wardsboro, VT 05355 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/20/2043 | 144.4 | 144.4 | 163.0 | 0.04 | % | ||||||||||||||
| Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC | (#,^) | 2043 Coteau Rd., Houma, LA 70364 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 263.0 | 263.0 | 278.6 | 0.07 | % | ||||||||||||||
| Flashii App, Inc. | (#,^) | 3031 Tisch Way, 1st Floor, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 42.8 | 42.8 | 45.3 | 0.01 | % | ||||||||||||||
| Roots N Shoots, LLC & Yardplus LLC | (#,^) | 86 Boston Rd., Chelmsford, MA 01824 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 37.7 | 37.7 | 38.6 | 0.01 | % | ||||||||||||||
| CK Green Partners, LLC dba Reis and Irvy"s Columbus | (#,^) | 5898 Chandler Ct. STE B, Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/20/2029 | 139.7 | 139.7 | 145.8 | 0.04 | % | ||||||||||||||
| Hotel Compete, LLC | (#,^) | 223 W Jackson Blvd, Chicago, IL 60606 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 42.7 | 42.7 | 43.5 | 0.01 | % | ||||||||||||||
| Accent Comfort Services, LLC | (#,^) | 5035 W. W.T. Harris Blvd. Ste. C, Mecklenburg, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/19/2028 | 47.0 | 47.0 | 47.9 | 0.01 | % | ||||||||||||||
| Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll | (#,^) | G-2340 West Carpenter Rd., Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/19/2044 | 397.8 | 397.8 | 449.1 | 0.12 | % | ||||||||||||||
| The Cromer Company | (#,^) | 9800 NW 78th Ave., Hialeah Gardens, FL 33016 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 12/19/2028 | 373.0 | 373.0 | 379.8 | 0.10 | % | ||||||||||||||
| Ventures TBD LLC dba The Bottle Tree | (#,^) | 102 Davis St., Belmont, NC 28012 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/14/2043 | 92.1 | 92.1 | 104.0 | 0.03 | % | ||||||||||||||
| Peanut Butter & Co., Inc. | (#,^) | 119 West 57th St., Ste. 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/14/2028 | 171.3 | 171.3 | 174.3 | 0.05 | % | ||||||||||||||
| Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 | (#,^) | 196-15 Northern Blvd, Flushing, NY 11318 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/14/2028 | 10.8 | 10.8 | 11.0 | — | % | Alpha Landscape Contractors, Inc | (#,^) | 2823 Fllintstone Rd., Millers, MD 21102 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/14/2029 | 222.1 | 222.1 | 230.2 | 0.06 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
F-130
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena | (#,^) | 4477 E 11th Ave., Hialeah, FL 33013 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2028 | 217.2 | 217.2 | 224.2 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Alpha Omega Trucking LLC | (#,^) | 14432-14452 Stateline Rd., Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/14/2028 | 47.8 | 47.8 | 50.7 | 0.01 | % |
| Healthy Human, LLC | (#,^) | 1007 Johnnie Dodds Blvd., Ste. 123, Mount Pleasant, SC 29464 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/14/2028 | 85.5 | 85.5 | 86.9 | 0.02 | % |
| Sound Contracting LLC | (#,^) | 148 Holmgren Pl., Girdwood, AK 99587 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/14/2028 | 29.4 | 29.4 | 30.6 | 0.01 | % |
| Sound Contracting LLC | (#,^) | 148 Holmgren Pl., Girdwood, AK 99587 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2043 | 183.5 | 183.5 | 207.2 | 0.06 | % |
| L&M Services, LLC | (#,^) | 560 Main St., Milford, UT 84751 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/14/2043 | 186.0 | 186.0 | 210.0 | 0.06 | % |
| Fitness Orlando LLC & Fitness Orlando Oviedo, LLC | (#,^) | 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/14/2028 | 202.1 | 202.1 | 208.1 | 0.06 | % |
| OC Helicopters LLC | (#,^) | 19711 Campus Dr. Ste. 260, Santa Ana, CA 92707 | Air Transportation | Term Loan | Prime plus | 2.75% | 12/13/2028 | 60.2 | 60.2 | 63.8 | 0.02 | % |
| The Miller Center for Esthetic Excellence, | (#,^) | 22 Old Short Hills Rd.,, Livingston, NJ 07039 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/13/2043 | 339.2 | 339.2 | 382.9 | 0.10 | % |
| Plan B Burger LLC | (#,^) | 484 Farmington Ave, Hartford, CT 06105 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/13/2029 | 722.9 | 722.9 | 747.8 | 0.20 | % |
| Ashwood Food Services, Incorporated dba Jake Rooney's | (#,^) | 119 Brooks Rd, Harwich Port, MA 02646 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/12/2029 | 46.4 | 46.4 | 48.0 | 0.01 | % |
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Ln., Bakersfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/12/2043 | 111.6 | 111.6 | 126.0 | 0.03 | % |
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Ln., Bakerfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/12/2029 | 41.2 | 41.2 | 42.0 | 0.01 | % |
| Ashwood Food Services Inc. dba Jake Rooney's | (#,^) | 119 Brooks Rd., Harwich Port, MA 02646 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/12/2043 | 200.0 | 200.0 | 225.8 | 0.06 | % |
| Behind The Scenes Chicago, LLC dba Paramount Events | (#,^) | 2744 W. Roscoe St., Chicago, IL 60618 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/12/2029 | 109.5 | 109.5 | 116.2 | 0.03 | % |
| Duck's Nuts Inc dba Pet Place Market | (#,^) | 212 Bendigo Blvd. N, North Bend, WA 98045 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 1/11/2029 | 29.8 | 29.8 | 31.0 | 0.01 | % |
| TFE Resources ,LTD | (#,^) | 11 Easter Ct. Ste. G, Owings Mills, MD 21117 | Utilities | Term Loan | Prime plus | 2.75% | 1/11/2029 | 399.4 | 399.4 | 411.3 | 0.11 | % |
| Hilltop Wine Shop, Inc dba Hiltop Wine Shop | (#,^) | 7505 Highland Rd., White Lake, MI 48383 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/11/2043 | 119.1 | 119.1 | 134.4 | 0.04 | % |
| EMES Supply, LLC | (#,^) | 35622 Vine St., EastLake, OH 44095 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 1/11/2029 | 86.0 | 86.0 | 88.3 | 0.02 | % |
| White Wilson & Associates LLC | (#,^) | 16238 Louis Ave., South Holland, IL 60473 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/11/2043 | 39.5 | 39.5 | 44.6 | 0.01 | % |
| Team Henry, LLC dba Kelly Automotive of Deltona | (#,^) | 1290 Doyle Rd, Deltona, FL 32725 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/10/2043 | 363.9 | 363.9 | 410.8 | 0.11 | % |
F-131
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| ZLM Services LLC | (#,^) | 9422 Marine City Hwy, Casco, MI 48064 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/10/2029 | 27.5 | 27.5 | 28.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Food Service Industry Consultants Inc. | (#,^) | 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/7/2029 | 49.1 | 49.1 | 50.2 | 0.01 | % |
| Metro R Services Inc. and Metal & Roof Supplies Inc. | (#,^) | 20 Universal Pl., Carlstadt, NJ 07072 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/6/2029 | 142.6 | 142.6 | 151.4 | 0.04 | % |
| CET Inc | (#,^) | 4709 N El Capitan Ave. Ste. 205, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus | 2.75% | 1/6/2029 | 780.3 | 780.3 | 806.2 | 0.21 | % |
| Access Staffing, LLC | (#,^) | 360 Lexington Ave. 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/4/2029 | 133.5 | 133.5 | 136.1 | 0.04 | % |
| The Altitude Group LLC | (#,^) | 949 A Clint Moore Rd., Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/4/2029 | 90.4 | 90.4 | 92.4 | 0.02 | % |
| York Concrete Corp | (#,^) | 1 Plumb CT., Huntington Station, NY 11746 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/3/2043 | 173.5 | 173.5 | 195.9 | 0.05 | % |
| Swantown Inn and Spa, LLC | (#,^) | 1431 11th Ave. SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 1/3/2029 | 9.3 | 9.3 | 9.9 | — | % |
| Water Station Holdings LLC | (#,^) | 1104 N Keystone Ave., Indianapolis, IN 46201 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/30/2028 | 448.8 | 448.8 | 470.2 | 0.13 | % |
| Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors | (#,^) | 13762 W State Rd 84, Davie, FL 33325 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/30/2028 | 85.1 | 85.1 | 90.1 | 0.02 | % |
| Microplex Co, Third Market LLC | (#,^) | 244 Spokane Ave, Whitefish, MT 59937 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/30/2028 | 112.2 | 112.2 | 114.4 | 0.03 | % |
| Littleton Food and Spirits LLC. | (#,^) | 235 North Mosby Ave., Littleton, NC 27850 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/30/2044 | 416.5 | 416.5 | 470.2 | 0.13 | % |
| Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. | (#,^) | 4291 Shoal Line Blvd., Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus | 2.75% | 11/30/2043 | 209.0 | 209.0 | 235.9 | 0.06 | % |
| Cabrera's Auto Services LLC | (#,^) | 2206 N Central Ave, Chicago, IL 60639 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/30/2043 | 67.8 | 67.8 | 76.6 | 0.02 | % |
| JJB Production LLC | (#,^) | 458 N 7th St., Newark, NJ 07107 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/29/2028 | 5.0 | 5.0 | 5.1 | — | % |
| Albert M. Quashie, DDS, PC | (#,^) | 3331 Toledo Ter. Ste. 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/29/2043 | 39.7 | 39.7 | 44.8 | 0.01 | % |
| Extreme Granite Corp | (#,^) | 251 NW 1st St., Deerfield Beach, FL 33441 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/28/2043 | 174.2 | 174.2 | 196.7 | 0.05 | % |
| Level Up Gaming, Inc | (#,^) | 1132 Creighton Rd., Pensacola, FL 32504 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 11/28/2043 | 83.6 | 83.6 | 94.4 | 0.03 | % |
| True Love Christian Academy LLC | (#,^) | 466 E Raines Rd, Memphis, TN 38109 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/28/2043 | 39.0 | 39.0 | 44.0 | 0.01 | % |
| Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up | (#,^) | 3626 CR 203, Liverpool, TX 77577 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/28/2043 | 419.9 | 419.9 | 474.0 | 0.13 | % |
| Thames Aquatic Club, LLC | (#,^) | 14 Iron St., Ledyard, CT 06339 | Educational Services | Term Loan | Prime plus | 2.75% | 10/21/2029 | 32.5 | 32.5 | 34.7 | 0.01 | % |
F-132
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| M.A.W. Enterprises LLC dbaY-Not Pizza | (#,^) | 45 E Main St., New Palestine, IN 46163 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/21/2028 | 15.3 | 15.3 | 15.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC | (#,^) | 12930 Worldgate Dr., Herndon, VA 20170 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 870.1 | 870.1 | 921.6 | 0.25 | % |
| On Call Electrical of Georgia LLC | (#,^) | 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/20/2043 | 610.4 | 610.4 | 689.1 | 0.18 | % |
| Commonwealth Warehouse Inc | (#,^) | 11013 Kenwood Rd., Cincinnati, OH 45242 | Warehousing and Storage | Term Loan | Prime plus | 2.75% | 12/20/2028 | 287.8 | 287.8 | 299.6 | 0.08 | % |
| K & A Automotive Inc | (#,^) | 2070 Nooseneck Hill Rd, Coventry, RI 02816 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/19/2043 | 113.5 | 113.5 | 128.1 | 0.03 | % |
| High Desert Transport, Inc. | (#,^) | 2973 Via Meridiana, Henderson, NV 89012 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/19/2028 | 50.7 | 50.7 | 52.2 | 0.01 | % |
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave., Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2028 | 42.5 | 42.5 | 43.3 | 0.01 | % |
| Cocomo Joe's LLC | (#,^) | 3949 New Rd., Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2028 | 0.4 | 0.4 | 0.5 | — | % |
| Saunders Management LLC dba Northern Light Espresso Bar and Cafe | (#,^) | 536 Spruce St, Scranton, PA 18503 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/16/2028 | 27.4 | 27.4 | 29.0 | 0.01 | % |
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/14/2028 | 40.3 | 40.3 | 42.7 | 0.01 | % |
| US Dedicated LLC | (#,^) | 13410 SE 26th Cir., Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/9/2028 | 319.7 | 319.7 | 326.9 | 0.09 | % |
| Salon Femi LLC | (#,^) | 1107 Broad St., Bloomfield, NJ 07003 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/9/2028 | 5.1 | 5.1 | 5.3 | — | % |
| McNeill Stokes | (#,^) | 5372 Whitehall Pl SE, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/8/2028 | 4.6 | 4.6 | 4.7 | — | % |
| Vancole Investments, Inc. dba Smoothie King #913 | (#,^) | 876 Virginia Ave., Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/7/2044 | 389.2 | 389.2 | 439.4 | 0.12 | % |
| Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC | (#,^) | 400 Park Ave., Floor 14, New York, NY 10022 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/1/2028 | 221.0 | 221.0 | 224.8 | 0.06 | % |
| Modutech Marine Inc | (#,^) | 2218 Marine View Dr., Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/1/2028 | 255.6 | 255.6 | 270.8 | 0.07 | % |
| Steele Security, LLC dba Signal 88 Security of San Antonio | (#,^) | 11230 West Ave., Ste. 2210, San Antonio, TX 78213 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/31/2028 | 73.2 | 73.2 | 74.8 | 0.02 | % |
| Abington Caregivers, LLC | (#,^) | 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/30/2043 | 116.9 | 116.9 | 132.0 | 0.04 | % |
| UK, LLC dba Pita Pit | (#,^) | 20038 West Valley HWY, Kent, WA 98032 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/30/2029 | 29.0 | 29.0 | 30.0 | 0.01 | % |
| C.A.T.I. Armor, LLC | (#,^) | 435 Packard Hwy, Charlotte, MI 48813 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 10/30/2043 | 195.2 | 195.2 | 220.4 | 0.06 | % |
| Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" | (#,^) | 1500 Village Run Rd., Wexford, PA 15090 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/30/2029 | 55.9 | 55.9 | 57.4 | 0.02 | % |
F-133
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer | (#,^) | 3970 Everhard Rd., NW, Canton, OH 44709 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/26/2028 | 98.2 | 98.2 | 104.0 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Face Place, LLC dba Classic Aesthetics | (#,^) | 4268 Cahaba Heights CT Ste. 115, Vestavia, AL 35243 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/25/2028 | 6.7 | 6.7 | 6.9 | — | % |
| Bellas Sports Pub, Inc dba Brewmasters Tavern | (#,^) | 1152 Main St., Coventry, RI 02816 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/24/2043 | 64.3 | 64.3 | 72.6 | 0.02 | % |
| Shovels and Whiskey LLC | (#,^) | 446 SE Washington St, Hillsboro, OR 97123 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 10/16/2043 | 71.0 | 71.0 | 80.2 | 0.02 | % |
| Cater To You Agency, LLC, dba Cater To You | (#,^) | 1319 Sherrick Rd. SE, Canton, OH 44707 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/11/2043 | 20.5 | 20.5 | 23.2 | 0.01 | % |
| MB Click It Photography, LLC | (#,^) | 100 Manchester Ranch Pl., Aynor, SC 29511 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/10/2043 | 35.5 | 35.5 | 40.1 | 0.01 | % |
| Apps Inc and Market Share Inc. | (#,^) | 80 Main St., Old Saybrook, CT 06475 | Telecommunications | Term Loan | Prime plus | 2.75% | 10/5/2028 | 69.9 | 69.9 | 71.1 | 0.02 | % |
| Moore Care LLC | (#,^) | 8550 United Plz. Blvd., Baton Rouge, LA 79809 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/4/2028 | 34.8 | 34.8 | 35.4 | 0.01 | % |
| Throop Family Holdings, Inc | (#,^) | 7130 Crater Lake, White City, OR 97603 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/28/2043 | 595.0 | 595.0 | 671.7 | 0.18 | % |
| La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge | (#,^) | 4646 SE 11th Pl., Cape Coral, FL 33904 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/28/2043 | 306.4 | 306.4 | 345.9 | 0.09 | % |
| A-1 Van Sevices, Inc. | (#,^) | 154 Sandy Creek Rd., Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/28/2028 | 70.2 | 70.2 | 73.8 | 0.02 | % |
| SwabCo Inc. | (#,^) | 2341 East Ellis St., Leveland, TX 79336 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/28/2043 | 896.7 | 896.7 | 1,012.4 | 0.27 | % |
| Burd Brothers Inc. | (#,^) | 4005 Borman Dr., Batavia, OH 45103 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/28/2028 | 324.7 | 324.7 | 340.1 | 0.09 | % |
| Rami Technology USA, LLC | (#,^) | 10400 NW 33rd St., Miami, FL 33172 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/28/2028 | 119.2 | 119.2 | 121.3 | 0.03 | % |
| Quality Electric & Data | (#,^) | 85 Franklin Rd Unit 9B, Dover, NJ 07801 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2028 | 65.7 | 65.7 | 68.7 | 0.02 | % |
| LG Law Center, Inc | (#,^) | 15452 Amar Rd., La Puente, CA 91744 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/27/2028 | 9.9 | 9.9 | 10.2 | — | % |
| Quality Electric & Data Inc. | (#,^) | 85 Franklin RD Unit 9B, Dover, NJ 07801 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2043 | 119.9 | 119.9 | 135.3 | 0.04 | % |
| TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc. | (#,^) | 777 South Flagler Dr. Ste. 800W, West Palm Beach, FL 33401 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/27/2028 | 82.6 | 82.6 | 85.8 | 0.02 | % |
| Dentistry By Design, P.C | (#,^) | 315 Walt Whitman Rd. Ste. 204-205, South Huntington, NY 11746 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/26/2028 | 9.9 | 9.9 | 10.1 | — | % |
| LTS School, Inc. | (#,^) | 3731 NW 9th Ave., Deerfield Beach, FL 33064 | Educational Services | Term Loan | Prime plus | 2.75% | 9/26/2043 | 93.5 | 93.5 | 105.6 | 0.03 | % |
| Above and Beyond Preschool LLC | (#,^) | 672-678 Camellia Dr., Royal Palm Beach, FL 33411 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/26/2043 | 511.0 | 511.0 | 576.9 | 0.15 | % |
F-134
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes | (#,^) | 7219 Silver Mist Ave, North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/25/2028 | 82.6 | 82.6 | 84.8 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Phillip Ramos Upholstery Inc. | (#,^) | 3835 Elm St., Denver, CO 80207 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/24/2028 | 10.2 | 10.2 | 10.4 | — | % |
| Southern Services and Equipment, Inc | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2028 | 288.4 | 288.4 | 300.7 | 0.08 | % |
| Southern Services and Equipment, Inc. | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2043 | 197.4 | 197.4 | 222.8 | 0.06 | % |
| MillClem Corporation & Monticello Corporation | (#,^) | 16660 Oak St., Dillwyn, VA 22936 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/21/2043 | 306.1 | 306.1 | 345.6 | 0.09 | % |
| DC Lofty, LLC, | (#,^) | 301 I St. NW, Washington, DC 20001 | Accommodation | Term Loan | Prime plus | 2.75% | 9/21/2028 | 14.9 | 14.9 | 15.1 | — | % |
| Watearth Inc | (#,^) | 445 South Figuerora Ste. 3128, Los Angeles, CA 90071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/19/2028 | 14.9 | 14.9 | 15.1 | — | % |
| Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal | (#,^) | 35000 Pacific Hwy., Federal Way, WA 98003 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/19/2028 | 378.3 | 378.3 | 384.0 | 0.10 | % |
| Super Station Inc | (#,^) | 8855 N Country Rd. 25A, Pique, OH 45356 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 9/19/2043 | 194.0 | 194.0 | 219.0 | 0.06 | % |
| M&P RV LLC dba M&P RV | (#,^) | 10 Century Ln., Dillsburg, PA 17019 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/19/2043 | 97.8 | 97.8 | 110.5 | 0.03 | % |
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St., Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/18/2028 | 4.0 | 4.0 | 4.0 | — | % |
| DB Talak LLC | (#,^) | 2018 SE 6th Ave., Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/18/2043 | 146.6 | 146.6 | 165.5 | 0.04 | % |
| Pastel de Feira LLC dba Original Pastel De Feira | (#,^) | 4244 Pine Ridge CT, Weston, FL 33331 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/17/2028 | 4.0 | 4.0 | 4.2 | — | % |
| Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko | (#,^) | 65 Glendale St., Easthampton, MA 01027 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/17/2043 | 161.6 | 161.6 | 182.4 | 0.05 | % |
| Culmination Motorsports, Inc. | (#,^) | 160 W 91st Ave., Unit B, Anchorage, AK 99515 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/17/2043 | 517.4 | 517.4 | 584.1 | 0.16 | % |
| L&M Equipment, Inc | (#,^) | Mile 2.5 Alaska Peninsula Hwy., Naknek, AK 99633 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/14/2043 | 1,154.3 | 1,154.3 | 1,303.2 | 0.35 | % |
| J & C Garcia LLC | (#,^) | 26 Broad St., Alexander City, AL 35010 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/14/2028 | 48.9 | 48.9 | 50.0 | 0.01 | % |
| Innovim LLC | (#,^) | 6401 Golden Triangle Dr. Ste. 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/14/2028 | 72.6 | 72.6 | 73.7 | 0.02 | % |
| QBS, LLC dba Sterling Optical Exton | (#,^) | 211 W Lincoln Hwy, Exton, PA 19341 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/14/2028 | 53.7 | 53.7 | 54.6 | 0.01 | % |
| Baby's on Broadway LLC | (#,^) | 47 East Broadway, Little Falls, MN 56345 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 9/14/2028 | 33.0 | 33.0 | 34.3 | 0.01 | % |
| Underground Productions LLC dba 31 Escape | (#,^) | 1731 Decatur Hwy, Fultandale, AL 35068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/13/2043 | 91.2 | 91.2 | 103.0 | 0.03 | % |
F-135
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Innovative Network Solutions Inc | (#,^) | 31567 West 10 Mile Rd., Farmington Hills, MI 48336 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/13/2028 | 82.8 | 82.8 | 84.8 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rancho Paving, Inc | (#,^) | 339 Cypress Ln., El Cajon, CA 92020 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/10/2028 | 137.9 | 137.9 | 145.1 | 0.04 | % |
| Pool Guard of LA | (#,^) | 10866 Washington Blvd, Apt. #24, Culver City, CA 90232 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/7/2028 | 14.8 | 14.8 | 15.1 | — | % |
| Pelican Executives Suites, LLC | (#,^) | 2200 Colorado Ave. Sutie 131, Santa Monica, CA 90404 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/7/2028 | 253.9 | 253.9 | 257.6 | 0.07 | % |
| MurlinComputerCompany LLC dba Murlin Computer | (#,^) | 1014 Thompson Blvd Ste. 38B, Sedalia, MO 65301 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/7/2028 | 10.3 | 10.3 | 10.5 | — | % |
| Asheville Spine and Nerve Institute PC | (#,^) | 190 Broadway St Ste 205, Asheville, NC 28801 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/7/2043 | 82.2 | 82.2 | 92.8 | 0.02 | % |
| Living Centers Inc. dba Veranda House Senior Living | (#,^) | 5129 E 5th St, Katy, TX 77493 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 8/31/2043 | 389.5 | 389.5 | 439.8 | 0.12 | % |
| XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World | (#,^) | 825 Ct.land St., Orlando, FL 32804 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/30/2043 | 414.8 | 414.8 | 468.3 | 0.12 | % |
| Extreme Engineering, Inc. | (#,^) | 598 Oliver Dr, Troy, MI 48084 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/29/2028 | 81.6 | 81.6 | 83.0 | 0.02 | % |
| ARVAmethod LLC | (#,^) | 516 N Ogden Ave. # 150, Chicago, IL 60642 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/29/2028 | 1.6 | 1.6 | 1.6 | — | % |
| Greenfield Hill Wines & Spirits, LLC | (#,^) | 65 Hillside Rd., Fairfield, CT 06824 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/29/2028 | 60.1 | 60.1 | 61.2 | 0.02 | % |
| Kotyark LLC dba Gibsonton Motel | (#,^) | 11545 US Hwy. 41S, Gibsonton, FL 33534 | Accommodation | Term Loan | Prime plus | 2.75% | 8/29/2043 | 76.1 | 76.1 | 85.9 | 0.02 | % |
| Graphish Studio, Inc. | (#,^) | 231 Main St., Stamford, CT 06901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/28/2028 | 4.9 | 4.9 | 5.0 | — | % |
| Atlas Geo-Constructors LLC | (#,^) | 3466 Thomasville Rd. Winston, Winston-Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/24/2028 | 52.8 | 52.8 | 55.7 | 0.01 | % |
| Wearware Inc dba FlyWire Cameras | (#,^) | 2204 Blackmoor Park Ln., Lexington, KY 40509 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/24/2028 | 14.7 | 14.7 | 15.0 | — | % |
| Montana Life Group, LLC | (#,^) | 423 W. Spring Creek Dr., Bozeman, MT 59715 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/24/2028 | 4.9 | 4.9 | 5.0 | — | % |
| Finn & Emma LLC | (#,^) | 1275 Bloomfield Ave. Building 5 Unit 28B, Fairfield, NJ 07004 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 8/24/2028 | 83.4 | 83.4 | 84.6 | 0.02 | % |
| Zash LLC dba Papa Murphy's take 'N' Bake Pizza | (#,^) | 2303 White Bear Ave, Maplewood, MN 55025 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/23/2028 | 27.6 | 27.6 | 28.5 | 0.01 | % |
| Buffalo Biodiesel Inc. | (#,^) | 225 Sawyer Ave., Tonawanda, NY 14150 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/21/2028 | 874.3 | 874.3 | 922.2 | 0.25 | % |
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Dr., Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/17/2044 | 117.6 | 117.6 | 132.8 | 0.04 | % |
| ATI Jet, Inc. | (#,^) | 7007 Boeing Dr., El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus | 2.75% | 8/16/2028 | 130.7 | 130.7 | 136.9 | 0.04 | % |
F-136
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Lewins Law, P.C. | (#,^) | 7920 Belt Line Rd Ste. 650, Dallas, TX 75254 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/16/2028 | 11.7 | 11.7 | 11.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GS Bath Inc | (#,^) | 5335 E Kaviland Ave., Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/15/2028 | 322.4 | 322.4 | 340.7 | 0.09 | % |
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78257 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/14/2028 | 28.9 | 28.9 | 29.9 | 0.01 | % |
| David D. Sullivan dba DMS Construction | (#,^) | 6400 Charwood Pl., Bakersfield, CA 93306 | Specialty Trade Contractors | Term Loan | Fixed | 6% | 8/9/2028 | 8.6 | 8.6 | 8.2 | — | % |
| Crystal Shores Inc. dba Shorewood Laundromat | (#,^) | 700 West Jefferson St., Shorewood, IL 60404 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/9/2028 | 14.6 | 14.6 | 15.0 | — | % |
| Palanuk & Associates, Inc.dba Wolfpk | (#,^) | 28110 SE Fern Dr., Boring, OR 97009 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/8/2028 | 66.8 | 66.8 | 68.0 | 0.02 | % |
| CJNR, LLC | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus | 2.75% | 8/7/2043 | 112.2 | 112.2 | 126.7 | 0.03 | % |
| Mercedes Cab Company, Inc | (#,^) | 35 Alden St., Province Town, MA 02657 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 8/7/2028 | 78.7 | 78.7 | 80.8 | 0.02 | % |
| Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC | (#,^) | 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 8/3/2028 | 39.2 | 39.2 | 40.0 | 0.01 | % |
| 20th Century Lanes, Inc dba West Seattle Bowl | (#,^) | 4505 39 Ave. SW, Seattle, WA 98116 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/3/2028 | 76.5 | 76.5 | 80.5 | 0.02 | % |
| Ron's Pool and Spa Services LLC | (#,^) | 1419 NE 30th St., Pompano, FL 33064 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/3/2028 | 2.4 | 2.4 | 2.5 | — | % |
| Millwork Unlimited, Incorporated | (#,^) | 8264 Pine Cay Rd., Wellington, FL 33414 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 8/2/2028 | 4.9 | 4.9 | 5.0 | — | % |
| Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool | (#,^) | 4500 S. Country Rd. 1310, Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/1/2028 | 314.5 | 314.5 | 329.8 | 0.09 | % |
| Accel Compression Inc., Accel Workover Services, Inc | (#,^) | 4500 S Country Rd., Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/1/2043 | 281.7 | 281.7 | 318.0 | 0.08 | % |
| Samy Optical LLC dba Site for Sore Eyes | (#,^) | 1350 Travis Blvd Ste. 1507A, Fairfield, CA 94533 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/1/2028 | 12.8 | 12.8 | 13.0 | — | % |
| CSL Services Inc | (#,^) | 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/27/2028 | 353.3 | 353.3 | 365.9 | 0.10 | % |
| Nunez Enterprises Corporation dba La Casa | (#,^) | 3330 Piedmont Rd. NE, Atlanta, GA 30305 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 7/26/2028 | 3.9 | 3.9 | 3.9 | — | % |
| Relevant Elephant ,LLC | (#,^) | ON320 Woodvale St, Winfield, IL 60190 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/25/2028 | 3.5 | 3.5 | 3.6 | — | % |
| TR Nails, LLC dba Simple Nails | (#,^) | 158 Great Rd., Bedford, MA 01730 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/20/2028 | 40.8 | 40.8 | 41.4 | 0.01 | % |
| 674 Club LLC | (#,^) | 674 N Orleans, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/17/2043 | 251.0 | 251.0 | 283.4 | 0.08 | % |
| ZA Trucking LLC | (#,^) | 5945 York Way, East Lansing, MI 48823 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/17/2028 | 3.4 | 3.4 | 3.6 | — | % |
F-137
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Mother's Cantina LLC dba Mother's Cantina | (#,^) | 2810 Philadephia Ave. Unit #10, Ocean City, MD 21842 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/13/2028 | 44.4 | 44.4 | 45.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HQTRONICS LLC | (#,^) | 10135 South Roberts Rd Ste. 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/13/2028 | 40.3 | 40.3 | 40.9 | 0.01 | % |
| Smart-tel Communications LLC | (#,^) | 9720 W. Colfax Ave. Ste. 100, Lakewood, CO 80215 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/13/2028 | 13.6 | 13.6 | 14.3 | — | % |
| Vital Inspection Professionals, Inc. dba VIP | (#,^) | 180 Airpark Industrial Rd, Alabaster, AL 35007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/3/2028 | 200.8 | 200.8 | 210.5 | 0.06 | % |
| US Cargo Express, LLC | (#,^) | 4735 22 Mile Rd., Utica, MI 48317 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 7/2/2043 | 77.7 | 77.7 | 87.7 | 0.02 | % |
| Bio-Haz Solutions, Inc. | (#,^) | 23 Tonoli Rd., Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 5/29/2044 | 343.6 | 343.6 | 387.9 | 0.10 | % |
| Bio-Haz Solutions, Inc | (#,^) | 23 Tonolli Rd., Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/29/2029 | 174.7 | 174.7 | 186.8 | 0.05 | % |
| Critter Cabana, LLC dba Critter Cabana | (#,^) | 516 East Main St., Newberg, OR 97132 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/28/2028 | 42.9 | 42.9 | 44.8 | 0.01 | % |
| Corptek Solutions LLC | (#,^) | 2363 N. Hwy. # 287 Ste # 111, Mansfield, TX 76063 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/28/2028 | 30.3 | 30.3 | 31.6 | 0.01 | % |
| Nick's Country Kitchen, LLC | (#,^) | 3 Flanders RD, Building #1, Bethlehem, CT 06751 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/27/2028 | 14.3 | 14.3 | 15.0 | — | % |
| National Dredging Services of North Florida, Inc. | (#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/27/2043 | 25.1 | 25.1 | 28.4 | 0.01 | % |
| National Dredging Services of North Florida, Inc. | (#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/27/2028 | 34.0 | 34.0 | 36.1 | 0.01 | % |
| Bengals, Inc. dba Royal Liquor Mart | (#,^) | 3714 E State St., Rockford, IL 61108 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/26/2043 | 97.6 | 97.6 | 110.2 | 0.03 | % |
| Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, | (#,^) | 400 Park Ave., Floor 14, New York, NY 10022 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 6/26/2028 | 589.8 | 589.8 | 618.0 | 0.16 | % |
| DPF Filters Inc. | (#,^) | 2832 Golden State Blvd., Madera, CA 93637 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/25/2028 | 43.2 | 43.2 | 45.3 | 0.01 | % |
| Martha Beauty Supply And Braiding, Inc. | (#,^) | 538 E Boughton Rd., Bolingbrook, IL 60440 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/22/2043 | 127.9 | 127.9 | 144.4 | 0.04 | % |
| The Desert House Assisted Living ,LLC dba The Desert House Assisted | (#,^) | 11055 E Grove St, Mesa, AZ 85208 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/22/2043 | 72.3 | 72.3 | 81.6 | 0.02 | % |
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy., Eliot, ME 03903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/21/2028 | 90.9 | 90.9 | 96.3 | 0.03 | % |
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy., Elliot, ME 03903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/21/2043 | 223.7 | 223.7 | 252.5 | 0.07 | % |
| Colovic Hackettstown Dairy LLC | (#,^) | 22 Rte. 57, Hackettstown, NJ 07840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/19/2043 | 253.3 | 253.3 | 285.9 | 0.08 | % |
| Mid America Motorworks, Inc and Yager Holdings L.P | (#,^) | 2900 North 3rd St., Effingham, IL 62401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/19/2043 | 262.1 | 262.1 | 295.9 | 0.08 | % |
F-138
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/19/2028 | 302.2 | 302.2 | 321.0 | 0.09 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Schumacker Recreation, LLC | (#,^) | 5325 S University Dr., Davie, FL 33328 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/18/2028 | 95.4 | 95.4 | 101.3 | 0.03 | % |
| Allen Theatre and Back Stage Cafe LLC | (#,^) | 36 East. Main St., Annville, PA 17003 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 6/18/2043 | 115.7 | 115.7 | 130.7 | 0.03 | % |
| Oil Palace Inc. | (#,^) | 10408 Hwy. 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/15/2043 | 133.7 | 133.7 | 151.0 | 0.04 | % |
| Dianne Williams and Louis Williams dba Sweetlips Store | (#,^) | 3870 Sweet Lips Rd, Henderson, TN 38340 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/15/2043 | 42.5 | 42.5 | 48.0 | 0.01 | % |
| Venzix Ventures Inc. dba Venzix | (#,^) | 750 Legend Oak Dr., Fountain, CO 80817 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/15/2028 | 5.7 | 5.7 | 6.0 | — | % |
| Softrol Systems Inc dba Softrol Systems | (#,^) | 1100 Northpoint Pkwy SE, Acworth, GA 30102 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/15/2028 | 562.1 | 562.1 | 587.7 | 0.16 | % |
| Tele Tax Express Inc | (#,^) | 166 Getty Ave, Paterson, NJ 07503 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2028 | 14.3 | 14.3 | 15.2 | — | % |
| E & J Sims Co. LLC | (#,^) | 28 Broad St., Bloomfield, NJ 07003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/14/2028 | 31.9 | 31.9 | 33.4 | 0.01 | % |
| Team Sandy Blanton Realty, Inc | (#,^) | 1225 West Gregory St, Pensacola, FL 32502 | Real Estate | Term Loan | Prime plus | 2.75% | 6/14/2043 | 89.5 | 89.5 | 101.1 | 0.03 | % |
| Mastiff Studios LLC | (#,^) | 2919 West Colorado Ave., Colorado Springs, CO 80904 | Educational Services | Term Loan | Prime plus | 2.75% | 6/13/2043 | 39.3 | 39.3 | 44.3 | 0.01 | % |
| Beyond Grooming LLC and Michelle McWatters | (#,^) | 1200 Old Martindale Rd, San Marcos, TX 78666 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/8/2043 | 39.5 | 39.5 | 44.6 | 0.01 | % |
| Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC | (#,^) | 1855 Purdy Ave., Miami Beach, FL 33139 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/8/2028 | 553.1 | 553.1 | 578.6 | 0.15 | % |
| Camp K-9 Pet Resort & Spa, Inc. | (#,^) | 18501 Le Claire Ave., Tinley Park, IL 60478 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/8/2028 | 5.2 | 5.2 | 5.4 | — | % |
| Anurag, LLC dba Oakwood Package Store | (#,^) | 191-195 Oakwood Ave., West Hartford, CT 06107 | Food and Beverage Stores | Term Loan | Fixed | 6% | 6/6/2043 | 125.9 | 125.9 | 123.7 | 0.03 | % |
| Hardway Inc and A F C Leasing, Inc | (#,^) | 12533 S. 73rd East Pl., Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/6/2028 | 204.9 | 204.9 | 213.8 | 0.06 | % |
| Sowells Consulting Engineers, LLC | (#,^) | 13430 Northwest Freeway #260, Houston, TX 77040 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/6/2028 | 14.3 | 14.3 | 14.9 | — | % |
| Funtime ,LLC dba Indoor Playgrounds International | (#,^) | 13200 West Foxfire Dr. Ste. 144, Surprise, AZ 85378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/5/2028 | 206.2 | 206.2 | 215.1 | 0.06 | % |
| Mastrocinque Restaurant Management Company LLC dba Santionii's | (#,^) | 3535 Hwy. 17 Unit 14 &15, Fleming Island, FL 32003 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/1/2028 | 39.9 | 39.9 | 42.4 | 0.01 | % |
| Awan Business Management Group LLC, Awan Sign Company lLLC &Awan | (#,^) | 14429 South Wallin Dr., Plainfield, IL 60544 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/31/2043 | 253.1 | 253.1 | 285.8 | 0.08 | % |
| Crowley Ventures, LLC | (#,^) | 665 Worthington Rd, Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2028 | 47.0 | 47.0 | 49.2 | 0.01 | % |
F-139
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery | (#,^) | 59 West Main St, Broadalbin, NY 12025 | Accommodation | Term Loan | Prime plus | 2.75% | 10/25/2043 | 187.2 | 187.2 | 211.4 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze | (#,^) | 3 Williams Ave., Mystic, CT 06355 | Accommodation | Term Loan | Prime plus | 2.75% | 5/25/2043 | 1,245.1 | 1,242.6 | 1,405.7 | 0.37 | % |
| Starship, LLC dba Tint World Smyrna | (#,^) | 2274 S Atlanta Rd. SE, Smyrna, GA 30080 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/25/2043 | 90.4 | 90.4 | 102.0 | 0.03 | % |
| Dream Spa LLC and Dream Spa Greenwich LLC | (#,^) | 1220 Post Rd. East, Westport, CT 06880 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2028 | 70.4 | 70.4 | 73.6 | 0.02 | % |
| DMA Equipment LLC | (#,^) | 700 Lee St., Elk Grove Village, IL 60007 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/24/2043 | 249.6 | 249.6 | 281.8 | 0.08 | % |
| Chem-Flotronics, Inc. | (#,^) | 195 Paterson Ave., Little Falls, NJ 07424 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/22/2028 | 63.0 | 63.0 | 65.9 | 0.02 | % |
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 5/16/2028 | 94.1 | 94.1 | 99.0 | 0.03 | % |
| Joshua One Limited Liability Company dba Genesis Personal Fitness | (#,^) | 28 North State St. Unit 100, Newtown, PA 18940 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/16/2043 | 294.4 | 294.4 | 332.3 | 0.09 | % |
| Fireplace Outlet Inc | (#,^) | 8216 Main St., Williamsville, NY 14221 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 5/15/2028 | 11.4 | 11.4 | 12.2 | — | % |
| Circle and Square, Inc dba Stamford Kumon | (#,^) | 50 Forest St. Ste. 902, Stamford, CT 06901 | Educational Services | Term Loan | Prime plus | 2.75% | 5/11/2028 | 28.9 | 28.9 | 30.1 | 0.01 | % |
| Daniel Woodward, DC PLLC dba Doc's Body Shop | (#,^) | 3084 N Goliad St., Ste. 114, Rockwall, TX 75087 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/11/2028 | 21.3 | 21.3 | 22.3 | 0.01 | % |
| Baby Gentry's Childcare & Learning Academy | (#,^) | 4203 Shenandoah Dr., Dayton, OH 45417 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/10/2028 | 7.1 | 7.1 | 7.4 | — | % |
| Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer | (#,^) | 310 Arlington Ave. Unit 329, Charlotte, NC 28203 | Educational Services | Term Loan | Prime plus | 2.75% | 5/9/2043 | 670.9 | 670.9 | 757.5 | 0.20 | % |
| Container Shipping, LLC | (#,^) | 533 Nova Rd Ste. 213B, Ormond Beach, FL 32174 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 5/4/2028 | 31.5 | 31.5 | 32.8 | 0.01 | % |
| Wilbur Standford Jr Trucking and Excavating, LLC | (#,^) | 7505 North Chases Lake Rd., Watson, NY 13343 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/3/2028 | 151.2 | 151.2 | 160.4 | 0.04 | % |
| Olmsted LLC and 626 Van LLC dba Maison Yaki | (#,^) | 659 Vanderbilt Ave., Brooklyn, NY 11238 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/1/2029 | 161.6 | 161.6 | 170.5 | 0.05 | % |
| Corona Dance, LLC dba Huracan Dance Studio | (#,^) | 480 West Main St., Stamford, CT 06902 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 4/30/2028 | 7.3 | 7.3 | 7.6 | — | % |
| Saltamontes Tire Company, LLC | (#,^) | 1955 Boston Ave., Brodgeport, CT 06604 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/30/2043 | 93.8 | 93.8 | 105.9 | 0.03 | % |
| Metropolitan Solutions Inc. | (#,^) | 1420 Chestnut St., Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2043 | 162.3 | 162.3 | 183.2 | 0.05 | % |
| Brenden Kehren Development LLC | (#,^) | 14689 Gemara Rd., Sparta, WI 54656 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2028 | 1.9 | 1.9 | 1.9 | — | % |
| Kastoria Inc. dba Bantam Pizza | (#,^) | 768 Bantam Rd., Bantam, CT 06750 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2028 | 9.3 | 9.3 | 9.7 | — | % |
F-140
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Rory James Contracting LLC | (#,^) | 33 Bennett Pl., Amityville, NY 11701 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 4/27/2028 | 10.3 | 10.3 | 10.8 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Little Angels Daycare and Learning Center LLC | (#,^) | 4551 Summit Blvd., West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/27/2043 | 147.1 | 147.1 | 166.1 | 0.04 | % |
| K&S Hardware LLC | (#,^) | 1865 W Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 4/26/2028 | 14.0 | 14.0 | 14.6 | — | % |
| Pledge 4 Hope LLC | (#,^) | 53 Bayberry Loop South, Purvis, MS 39475 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 4/26/2028 | 8.7 | 8.7 | 9.1 | — | % |
| LMH Optics LLC dba Sterling Optical | (#,^) | 1272 Smallwood Dr West, Waldorf, MD 20603 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/26/2028 | 31.1 | 31.1 | 32.4 | 0.01 | % |
| Joe & Sons Service, Inc | (#,^) | 855 Atwood Ave, Cranston, RI 02920 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/24/2028 | 64.3 | 64.3 | 68.3 | 0.02 | % |
| Spitnale's Garage LLC | (#,^) | 3761 Mahoning Ave, Youngstown, OH 44515 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2043 | 55.2 | 55.2 | 62.4 | 0.02 | % |
| A New Dawn Psychotherapy Associates, LLC | (#,^) | 308 E Broad St, Bethlehem, PA 18018 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/18/2043 | 80.1 | 80.1 | 90.4 | 0.02 | % |
| Rosemarie Products Company LLC | (#,^) | 5400 Crooked Tree Dr., Mason, OH 45040 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 4/18/2028 | 9.3 | 9.3 | 9.7 | — | % |
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AR 71701 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2028 | 24.6 | 24.6 | 26.0 | 0.01 | % |
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AZ 71701 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2043 | 20.6 | 20.6 | 23.3 | 0.01 | % |
| Southern Oaks Athletic Club, LLC | (#,^) | 15253 Shenandoah Ave., BATON ROUGE, LA 70817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/17/2043 | 335.7 | 335.7 | 379.0 | 0.10 | % |
| Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza | (#,^) | 35 E Main St., Pekin, IN 47165 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/13/2043 | 38.3 | 38.3 | 43.2 | 0.01 | % |
| Precision Components Group Inc | (#,^) | 190 Doty Cir., West Springfield, MA 01089 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 4/11/2028 | 14.0 | 14.0 | 14.8 | — | % |
| Sexy Nails Center LLC | (#,^) | 57 Passaic St., Garfield, NJ 07026 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/10/2043 | 185.4 | 185.4 | 209.3 | 0.06 | % |
| Mark Baker | (#,^) | 1653 Evalie Dr, Fairfield, OH 45014 | Truck Transportation | Term Loan | Prime plus | 2.75% | 4/9/2028 | 6.1 | 6.1 | 6.4 | — | % |
| Newsome Mobile Notary LLC | (#,^) | 8153 12th Ave SW, Seattle, WA 98106 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/5/2028 | 3.3 | 3.3 | 3.4 | — | % |
| Shree Lakshminarayyn Grocery Stores LLC | (#,^) | 3307 Charles St., Rockford, IL 61108 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 4/5/2043 | 109.8 | 109.8 | 124.0 | 0.03 | % |
| Payne's Environmental Services LLC | (#,^) | 5617 Causeway Blvd, Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/30/2028 | 139.9 | 139.9 | 147.4 | 0.04 | % |
| Michael S Brown Physical Therapy, P.C | (#,^) | 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/30/2028 | 61.4 | 61.4 | 63.8 | 0.02 | % |
| Fifth Wheel Truck Stop 001 | (#,^) | 3767 S Golden State Blvd., Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/30/2043 | 1,051.7 | 1,051.7 | 1,187.4 | 0.32 | % |
| Romancing the Stone | (#,^) | 140 Centre of New England Blvd, Coventry, RI 02816 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/30/2043 | 320.8 | 320.8 | 362.1 | 0.10 | % |
F-141
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Alaska Industrial Paint LLC | (#,^) | 1301 N Post Rd, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2028 | 76.6 | 76.6 | 81.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Alaska Industrial Paint LLC | (#,^) | 1301 N Post Rd, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2043 | 202.9 | 202.9 | 229.0 | 0.06 | % |
| GQ Investments,LLC | (#,^) | 5772 Miami Lakes Dr. East, Miami, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2028 | 129.3 | 129.3 | 135.0 | 0.04 | % |
| Kaz Wellness, LLC dba Grounded Wellness Center | (#,^) | 104 Clover Ct., Bartlett, IL 60103 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/29/2028 | 9.8 | 9.8 | 10.2 | — | % |
| Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co | (#,^) | 1376 Broadway, El Cajon, CA 92021 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/28/2028 | 137.1 | 137.1 | 144.4 | 0.04 | % |
| Lou & Choo Enterprises Inc. | (#,^) | 2101 West Hunting Park Ave., Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/28/2044 | 100.1 | 100.1 | 113.0 | 0.03 | % |
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave. East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2028 | 106.1 | 106.1 | 111.6 | 0.03 | % |
| Montage Mountain Resorts, LP | (#,^) | 1000 Montage Mountain Rd, Scranton, PA 18505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/28/2043 | 1,142.1 | 1,142.1 | 1,289.5 | 0.34 | % |
| Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley | (#,^) | 111 E. Laurel St., Willows, CA 95988 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/28/2028 | 53.7 | 53.7 | 56.9 | 0.02 | % |
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave. East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2043 | 205.2 | 205.2 | 231.7 | 0.06 | % |
| K.C. Communications, Inc. | (#,^) | 2715 Saturn St., Brea, CA 92821 | Telecommunications | Term Loan | Prime plus | 2.75% | 3/27/2028 | 38.4 | 38.4 | 40.6 | 0.01 | % |
| Sofasco, Inc | (#,^) | 182 Garber Ln., Winchester, VA 22602 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/23/2043 | 86.4 | 86.4 | 97.6 | 0.03 | % |
| Cable Management, LLC | (#,^) | 200 Pratt St., Meriden, CT 06450 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 49.4 | 49.4 | 52.3 | 0.01 | % |
| Aque Investment Group LLC | (#,^) | 3838 N. Sam Houston Pkwy. E, Houston, TX 77032 | Real Estate | Term Loan | Prime plus | 2.75% | 3/23/2028 | 165.0 | 165.0 | 174.8 | 0.05 | % |
| Kajun Martial Arts LLC | (#,^) | 36546 Mission St., Prairieville, LA 70769 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/23/2028 | 13.8 | 13.8 | 14.4 | — | % |
| New York Label & Box Corp | (#,^) | 50 Oval Dr., Islandia, NY 11749 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/23/2043 | 1,190.1 | 1,190.1 | 1,343.6 | 0.36 | % |
| All Regional Recyclers of Wood LLC dba ARROW | (#,^) | 104 Wooster St., Bethal, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 80.6 | 80.6 | 85.0 | 0.02 | % |
| Denton BioFuels LLC and Amercian BioSource, LLC | (#,^) | 624 W. University Dr. #359, Denton, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 59.2 | 59.2 | 62.3 | 0.02 | % |
| Shweiki Media Inc dba Study Breaks Magazine | (#,^) | 4954 Space Center Dr., San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 3/23/2028 | 45.3 | 45.3 | 48.0 | 0.01 | % |
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Dr., Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/21/2043 | 593.8 | 593.8 | 670.3 | 0.18 | % |
| Rexco Foods LLC dba Papa John's | (#,^) | 18640 Fm 1488 Ste. C, Magnolia, TX 77354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/20/2028 | 26.1 | 26.1 | 27.2 | 0.01 | % |
F-142
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| RTSP Union LLC | (#,^) | 2438 Rte. 22 East, Union, NJ 07083 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/20/2028 | 795.1 | 795.1 | 839.6 | 0.22 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cest Chic Concepts, LLC dba Salon Cest Chic | (#,^) | 15231 Hall Station Rd. Unit 104, Bowie, MD 20721 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/19/2028 | 6.9 | 6.9 | 7.2 | — | % |
| Camerabots Media, LLC | (#,^) | 3081 Bridgeton Ct., Woodbridge, VA 22192 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/16/2028 | 9.2 | 9.2 | 9.6 | — | % |
| Petroleum Equipment & Services, Inc | (#,^) | 5631 Silverado Way Unit G, Anchorage, AK 99518 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 3/16/2028 | 153.3 | 153.3 | 162.4 | 0.04 | % |
| Rojenco II,Inc. | (#,^) | 4357 Shore Dr., Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/15/2043 | 70.6 | 70.6 | 79.7 | 0.02 | % |
| Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd., Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/15/2043 | 474.2 | 474.2 | 535.3 | 0.14 | % |
| Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd., Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/15/2043 | 70.6 | 70.6 | 79.7 | 0.02 | % |
| Rojenco II, Inc. | (#,^) | 4357 Shore Dr., Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/15/2043 | 367.7 | 367.7 | 415.1 | 0.11 | % |
| Dante Ultimate Cleaning Service LLC | (#,^) | 16969 River Park Dr, Covington, LA 70345 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/9/2028 | 6.2 | 6.2 | 6.6 | — | % |
| SRG Waterfront LLC | (#,^) | 88 District Square SW, Washington, DC 20005 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/9/2028 | 178.5 | 178.5 | 186.2 | 0.05 | % |
| Unpainted Arizona, LLC dba Westside Bowl | (#,^) | 2617 Mahoning Ave, Youngstown, OH 44509 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/7/2043 | 95.9 | 95.9 | 108.3 | 0.03 | % |
| BC Bishop Enterprises LLC dba 9Round Pooler | (#,^) | 105-107 Grand Central Blvd, Pooler, GA 31322 | Educational Services | Term Loan | Prime plus | 2.75% | 3/2/2028 | 5.1 | 5.1 | 5.3 | — | % |
| The Law Offices of Samuel R Miller LLC | (#,^) | 7405 Lake Worth Rd., Lake Worth, FL 33467 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/28/2043 | 108.5 | 108.5 | 122.5 | 0.03 | % |
| Connie Engelbrecht | (#,^) | 20640 Raven Dr., Eagle River, AK 99577 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/28/2028 | 1.8 | 1.8 | 1.9 | — | % |
| Urban Fitness Group LLC dba Crunch Fitness Group LLC | (#,^) | 2800 S IH-35, Ste. 220, Round Rock, TX 78681 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/28/2028 | 135.8 | 135.8 | 143.8 | 0.04 | % |
| Merciful Heavenly Homes, LLC | (#,^) | 401 Dillar's Mill Rd., Tyner, NC 27980 | Nursing and Residential Care Facilities | Term Loan | Fixed | 8% | 2/28/2043 | 60.3 | 60.3 | 59.8 | 0.02 | % |
| Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. | (#,^) | 94-33 Corona Ave, Elmhust, NY 11373 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/26/2043 | 325.0 | 325.0 | 366.9 | 0.10 | % |
| Jackpine Technologies Corporation | (#,^) | 1 Mill & Main Pl., Ste. 330, Maynard, MA 01754 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 2/22/2028 | 22.4 | 22.4 | 23.8 | 0.01 | % |
| Crossfit iQ LLC | (#,^) | 342 Pike Rd. Ste. 27, West Palm Beach, FL 33411 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/21/2028 | 25.8 | 25.8 | 26.9 | 0.01 | % |
F-143
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Town & Country Transportation Co. | (#,^) | 191-193 Arch St., New Britain, CT 06051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 2/16/2028 | 40.0 | 40.0 | 42.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JumboMarkets, Inc. | (#,^) | 15500 SW Trail Dr., Indiantown, FL 34956 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/13/2028 | 125.8 | 125.8 | 131.6 | 0.04 | % |
| Margab Inc dba Smoothie King | (#,^) | 14200 SW 8th St Unit #102, Miami, FL 33184 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/13/2028 | 2.1 | 2.1 | 2.2 | — | % |
| Tony Herring & Associates, Inc. | (#,^) | 211 West Camellia Dr., Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 2/9/2028 | 5.0 | 5.0 | 5.3 | — | % |
| Apps Inc., Market Share, and Singular Leaseholdings LLC | (#,^) | 80 Main St., Old Saybrook, CT 06475 | Telecommunications | Term Loan | Prime plus | 2.75% | 2/8/2028 | 378.3 | 378.3 | 393.6 | 0.10 | % |
| Macrotech Integrated Management Solutions dba Extreme Lawn Care | (#,^) | 2425 Durrance LN, Ormond Beach, FL 32174 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/5/2028 | 7.3 | 7.3 | 7.7 | — | % |
| Midlothian Hardware Inc dba Grills True Value | (#,^) | 4751 West 147th St., Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 2/2/2028 | 9.1 | 9.1 | 9.6 | — | % |
| Rocco's Landscaping LLC | (#,^) | 151 Kitts Ln., Newington, CT 06111 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/31/2043 | 68.3 | 68.3 | 77.1 | 0.02 | % |
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Ter., Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 1/31/2028 | 9.0 | 9.0 | 9.4 | — | % |
| WydeBodi, LLC dba Wyde Bodi Auto Tags | (#,^) | 706 North 37th St., Philadelphia, PA 19104 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 1/30/2043 | 43.2 | 43.2 | 48.8 | 0.01 | % |
| New Phaze Packaging Inc | (#,^) | 9533 Irondale Ave., Los Angeles, CA 91311 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 1/26/2043 | 873.2 | 873.2 | 985.8 | 0.26 | % |
| Concrete Services LLC and James Ward | (#,^) | 24 County Rd. 901, Jemison, AL 35085 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/25/2028 | 50.6 | 50.6 | 53.2 | 0.01 | % |
| Flair Interiors, Inc dba Giant Don's Flooring America | (#,^) | 7725 Old Seward Hwy., Anchorage, AK 99518 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 1/24/2028 | 82.2 | 82.2 | 87.1 | 0.02 | % |
| Weeping Willow Kennels, Inc. | (#,^) | 6041 Hammond School Rd., Salisbury,, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/19/2028 | 6.3 | 6.3 | 6.6 | — | % |
| Lavish Specs Inc | (#,^) | 262 Glen St., Glen Cove, NY 11542 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 1/19/2028 | 4.5 | 4.5 | 4.7 | — | % |
| MedWorxs Inc. | (#,^) | 6857 Timbers Dr., Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/18/2028 | 47.1 | 47.1 | 49.0 | 0.01 | % |
| Lou & Choo Enterprises Inc dba Lou & Choo Lounge | (#,^) | 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/18/2043 | 105.2 | 105.2 | 118.8 | 0.03 | % |
F-144
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Work of Heart Inc dba Little Nest Portraits | (#) | 1000 Merdian Blvd., Ste. 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 7.5% | 1/10/2028 | 3.0 | 3.0 | 2.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Crad Holding LLC dba Neighborhood Laundry of Bloomfield | (#,^) | 60 Dodd St., Bloomfield, NJ 07003 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/5/2028 | 36.8 | 36.8 | 38.3 | 0.01 | % |
| Sandfree Systems LLC | (#,^) | 116 Cricket Ave. Ste. B, Ardmore, PA 19003 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/5/2028 | 4.5 | 4.5 | 4.8 | — | % |
| Social Link LLC | (#,^) | 41Peabody St., Nashville, TN 37210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2027 | 6.6 | 6.6 | 6.9 | — | % |
| Farec, Inc | (#) | 30250 W Nine Mile Rd., Farmington, MI 48336 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 7.5% | 12/29/2042 | 242.4 | 242.4 | 239.2 | 0.06 | % |
| Muckamuck Trucks, Inc. | (#,^) | 510 S Spring St., Ukiah, CA 95482 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/22/2027 | 8.2 | 8.2 | 8.6 | — | % |
| O'Rourke's Diner, LLC | (#,^) | 728 Main St., Middleton, CT 06457 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/22/2027 | 2.2 | 2.2 | 2.3 | — | % |
| Landmark Ventures USA Inc | (#,^) | 475 Park Ave. South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 12/22/2027 | 36.9 | 36.9 | 38.3 | 0.01 | % |
| Salida Family Chiropractic-PPLC dba Salida Sport and Spine | (#,^) | 203 G St., Salida, CO 81201 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/22/2027 | 7.1 | 7.1 | 7.3 | — | % |
| Blue Lagoon Resort, LLC dba Hill View Cottages | (#,^) | 3670 Lake Shore Dr., Lake George, NY 12845 | Accommodation | Term Loan | Prime plus | 2.75% | 12/21/2042 | 171.4 | 171.4 | 193.5 | 0.05 | % |
| DHD Enterprise LLC dba Edible Arrangements #1699 | (#,^) | 828 Washington Ave., Miami Beach, FL 33139 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 12/21/2027 | 13.8 | 13.8 | 14.4 | — | % |
| CT Auto Spa LLC | (#,^) | 39 Albany Turnpike, West Simsbury, CT 06092 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/21/2027 | 131.0 | 131.0 | 138.4 | 0.04 | % |
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St.- Units 1F/1P, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2027 | 52.0 | 52.0 | 54.7 | 0.01 | % |
| Auto Excellance of Fort Myers Inc. | (#,^) | 3105 Fowler St., Fort Myers, FL 33901 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/19/2042 | 96.5 | 96.5 | 109.0 | 0.03 | % |
| Legion Bowl, Inc & Legion Pub Inc | (#,^) | 661 Park St., Cranston, RI 02910 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/15/2042 | 300.6 | 300.6 | 339.4 | 0.09 | % |
| Peanut Butter & Co., Inc | (#,^) | 119 West 57th St., Ste. 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/15/2027 | 133.0 | 133.0 | 138.0 | 0.04 | % |
| AADJ Empire Inc and AADJ Galaxy Inc. | (#,^) | 1599 Post Rd., Warwick, RI 02888 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/14/2042 | 164.7 | 164.7 | 185.9 | 0.05 | % |
| Heung Kyun Im | (#,^) | 6235 Conlan Bay Dr., Houston, TX 77041 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/14/2027 | 9.1 | 9.1 | 9.5 | — | % |
| KR Calvert & Co, LLC | (#,^) | 1620 Westgate Cir. Ste. 100, Brentwood, TN 37027 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 7.5% | 12/14/2027 | 269.2 | 269.2 | 262.4 | 0.07 | % |
| Atlas Geo-Constructors, LLC | (#,^) | 3466 Thomasville Rd., Winston Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/14/2027 | 196.7 | 196.7 | 207.3 | 0.06 | % |
| Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Dr., Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/13/2042 | 79.8 | 79.8 | 90.1 | 0.02 | % |
F-145
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Hardway Inc & AFC Leasing Inc | (#,^) | 12533 S. 73rd E. Pl., Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/13/2027 | 229.4 | 229.4 | 238.1 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay | (#,^) | 498 Wilderness View, Chatsworth, GA 30705 | Real Estate | Term Loan | Prime plus | 2.75% | 12/12/2042 | 30.6 | 30.6 | 34.5 | 0.01 | % |
| A-1 Van Services Inc | (#,^) | 154 Sandy Creek Rd., Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/12/2027 | 460.4 | 460.4 | 485.3 | 0.13 | % |
| Big Picture Group LLC | (#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/12/2027 | 253.0 | 253.0 | 264.2 | 0.07 | % |
| Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC | (#,^) | 1120 Wren School Rd., Piedmont, SC 29673 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/12/2027 | 26.9 | 26.9 | 27.9 | 0.01 | % |
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/12/2027 | 271.1 | 271.1 | 285.6 | 0.08 | % |
| AV Strategy Inc | (#,^) | 9468 American Eagle Way Ste. 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/8/2027 | 287.8 | 287.8 | 301.8 | 0.08 | % |
| Clear Sound Communications, Inc | (#,^) | 680 Old Medford Ave, Medford, NY 11763 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/8/2027 | 2.2 | 2.2 | 2.3 | — | % |
| ODS Inc | (#,^) | 626 N Delsea Dr., Glassboro, NJ 08028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/6/2027 | 28.9 | 28.9 | 30.3 | 0.01 | % |
| Oil Palace, Inc. | (#,^) | 10408 Hwy. 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/4/2042 | 928.8 | 928.8 | 1,048.6 | 0.28 | % |
| Healthcare Interventions, Inc dba Brightstar Healthcare | (#,^) | 5300 W. Atlantic Ave. Ste. 501, Delray Beach, FL 33484 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/4/2027 | 8.8 | 8.8 | 9.2 | — | % |
| Salud Bar & Grill LLC | (#,^) | 1413 Bushwick Ave, Brooklyn, NY 11207 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/1/2027 | 33.2 | 33.2 | 34.5 | 0.01 | % |
| Linda Jean Howard Riley dba The Rusty Bolt | (#,^) | 22345 W. Rt 66, Seligman, AZ 86337 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 12/1/2042 | 19.1 | 19.1 | 21.5 | 0.01 | % |
| Square1 Partners, LLC | (#,^) | 1088 Greenbriar Ln., Northbrook, IL 60062 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 12/1/2027 | 36.7 | 36.7 | 38.0 | 0.01 | % |
| WTI Distribution Inc | (#,^) | 5491 E Francis St, Ontario, CA 91761 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 11/30/2027 | 23.3 | 23.3 | 24.5 | 0.01 | % |
| Our Playhouse Preschool, LLC | (#,^) | 3501 NC Hwy. 54 W, Chapel hill, NC 27516 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/29/2042 | 213.6 | 213.6 | 241.2 | 0.06 | % |
| OPH Lexington, Inc | (#,^) | 235 Walton Ave., Lexington, KY 40502 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/29/2042 | 173.2 | 173.2 | 195.6 | 0.05 | % |
| Beacon Brewing LLC and C' Sons, LLC | (#,^) | 700 Lincoln St., Lagrange, GA 30204 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/27/2042 | 115.1 | 115.1 | 129.9 | 0.03 | % |
| JMD Corporation dba Dart's True Value | (#,^) | 121 South Main St., Payette, ID 83661 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/22/2027 | 10.8 | 10.8 | 11.4 | — | % |
| Webtez Inc dba Mod Vans | (#,^) | 920 Graves Ave, Oxnard, CA 93003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/22/2027 | 40.7 | 40.7 | 42.3 | 0.01 | % |
F-146
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Step Up Academy of the Arts, LLC | (#,^) | 2258A Wigwam Pkwy., Henderson, NV 89074 | Educational Services | Term Loan | Prime plus | 2.75% | 11/22/2027 | 9.2 | 9.2 | 9.5 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Grumpy's Restaurant Company, LLC | (#,^) | 834 Kingsley Ave, Orange Park, FL 32073 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2027 | 41.4 | 41.4 | 43.0 | 0.01 | % |
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave., Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2027 | 13.1 | 13.1 | 13.8 | — | % |
| PB Market LLC dba Pure Barre | (#,^) | 164-C Market St, Charleston, SC 29401 | Educational Services | Term Loan | Prime plus | 2.75% | 11/21/2027 | 63.1 | 63.1 | 65.5 | 0.02 | % |
| B Lam LLC | (#,^) | 9419 Kenwood Rd., Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/20/2042 | 164.4 | 164.4 | 185.6 | 0.05 | % |
| Maya Motel, LLC dba Town House Motel | (#,^) | 1701 Washington Ave, Waco, TX 76701 | Accommodation | Term Loan | Prime plus | 2.75% | 11/17/2042 | 51.7 | 51.7 | 58.4 | 0.02 | % |
| Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. | (#,^) | 1990 Flippen Rd., Stockbridge, GA 30281 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/17/2027 | 30.8 | 30.8 | 32.1 | 0.01 | % |
| H & H Hotshot Services, Inc. | (#,^) | 5455 N. 51st Ave. Ste. 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 11/16/2027 | 40.7 | 40.7 | 42.6 | 0.01 | % |
| Auto Rx LLC,J&P Auto Repair Inc | (#,^) | 91 & 95 Woodbury Rd., Hicksville, NY 11801 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/15/2042 | 177.9 | 177.9 | 200.9 | 0.05 | % |
| J R Wholesale Tires & Auto Center, LLC | (#,^) | 822 Cameron Ln., Lugoff, SC 29078 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/15/2042 | 11.5 | 11.5 | 13.0 | 0.00 | % |
| Marcaco LLC | (#,^) | 124 Lincoln Ave., Colonie, NY 12205 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 11/15/2042 | 493.2 | 493.2 | 556.8 | 0.15 | % |
| Paramount Dance Studios Inc. and Homestead Dance Supply | (#,^) | 112 N Krome Ave., Homestead, FL 33030 | Educational Services | Term Loan | Prime plus | 2.75% | 10/14/2043 | 430.3 | 430.3 | 485.8 | 0.13 | % |
| Wing King at the Gardens LLC | (#,^) | 4235 South Fort Apache Rd., Ste. 250, Las Vegas, NV 89147 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/10/2027 | 5.6 | 5.6 | 5.8 | — | % |
| JNP Delivery Inc | (#,^) | 4500 North Providence # 7, Appleton, WI 54913 | Couriers and Messengers | Term Loan | Fixed | 6% | 11/7/2027 | 5.7 | 5.7 | 5.6 | — | % |
| His Loving Hands Christian Academy, Inc. | (#,^) | 15020 Harrison St., Miami, FL 33176 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/6/2042 | 83.2 | 83.2 | 93.9 | 0.03 | % |
| Sterling Campbell Insurance Agency, Inc | (#,^) | 36359 North Gantzel Rd. Ste. 102, San Tan Valley, AZ 85140 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 11/3/2027 | 4.4 | 4.4 | 4.5 | — | % |
| S & S Auto Body Shop Inc. | (#,^) | 5001 W. Clay St., Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/3/2042 | 52.6 | 52.6 | 59.3 | 0.02 | % |
| Rachael Reel dba Rachel Reel Insurance Age | (#,^) | 208 Bank St., Lenoir, TN 37771 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 10/31/2027 | 4.3 | 4.3 | 4.5 | — | % |
| The Five Lakes LLC | (#,^) | 13705 Holmes Rd., Kansas City, MO 64154 | Educational Services | Term Loan | Prime plus | 2.75% | 10/30/2042 | 429.9 | 429.9 | 485.4 | 0.13 | % |
| Die Hard Used Car Sales | (#,^) | 1668 West Grand Ave., Phoenix, AZ 85007 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/30/2042 | 51.2 | 51.2 | 57.8 | 0.02 | % |
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave., Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/27/2027 | 5.7 | 5.7 | 6.0 | — | % |
F-147
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ashore Ventures Inc dba PuroClean Professional Restoration | (#,^) | 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/27/2027 | 8.3 | 8.3 | 8.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Schafer Fisheries Inc | (#,^) | 21985 Waller Rd., Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 10/25/2027 | 24.5 | 24.5 | 25.8 | 0.01 | % |
| Suzie LLC dba Tony D's Restaurant | (#,^) | 92 Huntington St., New London, CT 06320 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/25/2042 | 79.2 | 79.2 | 89.4 | 0.02 | % |
| Grand Blanc Lanes, Inc. | (#,^) | 5301 S. Saginaw Rd., Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/25/2027 | 8.6 | 8.6 | 9.1 | — | % |
| The Jig, LLC | (#,^) | 3115 Camp Phillips Rd., Wausau, WI 54403 | Food Services and Drinking Places | Term Loan | Fixed | 8.25% | 10/24/2042 | 23.3 | 23.3 | 23.1 | 0.01 | % |
| Island Refrigeration & AC Inc | (#,^) | 3201 Flagler Ave., Unit 510 & 511, Key West, FL 33040 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/18/2042 | 119.9 | 119.9 | 135.4 | 0.04 | % |
| H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry | (#,^) | 1227 Burnside Ave., East Hartford, CT 06108 | Electronics and Appliance Stores | Term Loan | Fixed | 8.25% | 10/17/2042 | 58.8 | 58.8 | 58.3 | 0.02 | % |
| Blueridge Armor LLC | (#,^) | 1495 Hwy. 74-A Bypass, Ste. 150192, Spindale, NC 28160 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 10/17/2027 | 4.7 | 4.7 | 5.0 | — | % |
| Cortez Landscaping, LLC | (#,^) | 4 Powder Rd., Norwalk, CT 06854 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/13/2027 | 11.0 | 11.0 | 11.5 | — | % |
| On Call Services LLC | (#,^) | 15060 281St Ave. NW, Zimmerman, MN 55398 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 10/13/2027 | 10.6 | 10.6 | 11.3 | — | % |
| Threads of Time LLC | (#,^) | 207 S Buchanan St., Danville, IL 61832 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/29/2042 | 124.2 | 124.2 | 140.2 | 0.04 | % |
| Harco Metal Products Inc | (#,^) | 7895 East Acoma Dr. Ste. 102, Scottsdale, AZ 85260 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 9/29/2042 | 445.5 | 445.5 | 503.0 | 0.13 | % |
| Dan Cline Transport Inc. | (#,^) | 501 State Dr., Mount Vernon, MO 65712 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/29/2030 | 705.7 | 705.7 | 757.0 | 0.20 | % |
| Nicholson Lumber Co Inc. | (#,^) | 377 Main St., Nicholson, PA 18446 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/28/2030 | 150.7 | 150.7 | 163.6 | 0.04 | % |
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd., Warwick, RI 02886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/28/2042 | 357.3 | 357.3 | 403.4 | 0.11 | % |
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd., Warwick, RI 02886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/28/2042 | 513.1 | 513.1 | 579.3 | 0.15 | % |
| Pets A Go Go LLC | (#,^) | 589 North State Rd., Briarcliff Manor, NY 10510 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/28/2042 | 180.1 | 180.1 | 203.3 | 0.05 | % |
| Inspirations Food Design, Inc | (#,^) | 1338 Memorial Ave., West Springfield, MA 01089 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/26/2042 | 421.0 | 421.0 | 475.3 | 0.13 | % |
| JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn | (#,^) | 4864 Arthur Kill Rd. Units 102,103,104 & 105, Staten Island, NY 10309 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/22/2027 | 12.6 | 12.6 | 13.1 | — | % |
| KB Waterjet Cutting LLC | (#,^) | 4330 Parker Ln., Addis, LA 70710 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/22/2027 | 5.8 | 5.8 | 6.0 | — | % |
| Sallee Pro-Custom Fabrication Shop LLC | (#,^) | 8865 North County Rd. 600 W, Scipio, IN 47273 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/21/2027 | 5.1 | 5.1 | 5.4 | — | % |
F-148
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sound Manufacturing, Inc. & Monster Power Equipment, Inc. | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/20/2027 | 112.6 | 112.6 | 118.5 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Insight Diagnostic Technologist Services | (#,^) | 2030 Forest Ave., Ste. 110, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/20/2027 | 187.4 | 187.4 | 195.2 | 0.05 | % |
| Stone's Construction and Remodeling, LLC | (#,^) | 5210 Kaylin Dr., Akron, OH 44319 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/19/2027 | 3.0 | 3.0 | 3.1 | — | % |
| Li Family Spokane LLC | (#,^) | 21 E. Lincoln Rd., Spokane, WA 99208 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2042 | 347.3 | 347.3 | 392.1 | 0.10 | % |
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr, Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/13/2027 | 204.3 | 204.3 | 211.4 | 0.06 | % |
| Nails By Mercede LLC | (#,^) | 2994 and 2996 Edgewater Dr., Orlando, FL 32804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/13/2027 | 8.0 | 8.0 | 8.4 | — | % |
| Rajbai Maa Inc. dba Nara Lounge | (#,^) | 244-252 Atwells Ave., Providence, RI 02903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/12/2042 | 354.8 | 354.8 | 400.6 | 0.11 | % |
| Town & Country Transportation Co. and Popco, LLC. | (#,^) | 191 Arch St., New Britain, CT 06051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/12/2042 | 152.3 | 152.3 | 171.9 | 0.05 | % |
| Health & Performance Center, LLC | (#,^) | 1862 Craigshire Rd., Saint Louis, MO 63146 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/11/2027 | 11.5 | 11.5 | 11.9 | — | % |
| Morgan Lynn Kerstetter dba Catherine School of Dance | (#,^) | 315 Mill St. 3rd Floor, Danville, PA 17821 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/11/2027 | 4.2 | 4.2 | 4.5 | — | % |
| Foxtail, LLC and Tottly New Services Corp | (#,^) | 1481 Highland Ave., Cheshire, CT 06410 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/8/2042 | 263.1 | 263.1 | 297.0 | 0.08 | % |
| Crazy Beatz Productions LLC | (#,^) | 20014 NE 138th St., Kearney, MO 64060 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 3.75% | 9/7/2027 | 3.1 | 3.1 | 3.3 | — | % |
| South Fulton Landscape & Nursery, Inc. | (#,^) | 3415 Enon Rd., College Park, GA 30349 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/7/2042 | 90.4 | 90.4 | 102.0 | 0.03 | % |
| Big Coop's Trucking LLC | (#,^) | 3066 Misty Creek Dr., Swartz, MI 48473 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/1/2027 | 56.6 | 56.6 | 59.6 | 0.02 | % |
| Lake County Tow LLC | (#,^) | 15409 Country Rd. 565A, Clermont, FL 34711 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 8/25/2042 | 78.9 | 78.9 | 89.0 | 0.02 | % |
| Delicias de Minas Restaurant, LLC | (#,^) | 168-170 McWhorter St., Newark, NJ 07105 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/22/2027 | 107.3 | 107.3 | 113.0 | 0.03 | % |
| L&V Auto Sales, Inc. | (#,^) | 1504 West Franklin Blvd., Gastonia, NC 28052 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/21/2027 | 10.0 | 10.0 | 10.6 | — | % |
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Dr., Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 8/17/2027 | 4.2 | 4.2 | 4.3 | — | % |
| Chester's World Enterprise LLC | (#,^) | 140 W Alameda Dr., Ste. 104, Tempe, AZ 85282 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/16/2027 | 12.5 | 12.5 | 13.1 | — | % |
| D'Amato & Sons Construction, Inc. | (#,^) | 117 Oak St., Amityville, NY 11701 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/11/2027 | 4.6 | 4.6 | 4.8 | — | % |
| L & J Corporate Services Inc | (#,^) | 866 NW 110th Ave., Coral Springs, FL 33071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/4/2027 | 2.8 | 2.8 | 2.9 | — | % |
F-149
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Work of Heart Inc dba Little Nest Portraits | (#,^) | 1000 Merdian Blvd., Ste. 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 7.5% | 7/28/2027 | 23.2 | 23.2 | 22.6 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sharon G McMillen, MA Psychologist, Inc. | (#,^) | 216 West Main St, Kingwood, WV 26537 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/28/2027 | 10.2 | 10.2 | 10.6 | — | % |
| HQTRONIC LLC | (#,^) | 10135 S. Roberts Rd., Ste. 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/27/2027 | 12.3 | 12.3 | 12.8 | — | % |
| Oberon IT, Inc. | (#,^) | 1404 W. Walnut Hill Ln., Irving, TX 75038 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/26/2027 | 120.1 | 120.1 | 125.6 | 0.03 | % |
| Gilles Peress Studio LLC | (#,^) | 76 Lafayette Ave, Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/25/2027 | 33.8 | 33.8 | 35.0 | 0.01 | % |
| Obok LLC | (#,^) | 2720 S. Havana St., Unit H, Aurora, CO 80014 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 7/21/2027 | 6.6 | 6.6 | 6.9 | — | % |
| Lil Tots' Learning Center LLC | (#,^) | 3042 S 78th St, Tampa, FL 33619 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/21/2042 | 22.6 | 22.6 | 25.5 | 0.01 | % |
| Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) | (#,^) | 2301 N Marginal Rd., Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus | 2.75% | 7/18/2027 | 452.6 | 452.6 | 469.0 | 0.12 | % |
| Wildflour Bakery & Cafe, LLC | (#,^) | 5137 Clareton Dr., Ste. 100,110 & 120, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/17/2027 | 12.3 | 12.3 | 12.9 | — | % |
| Koep Companies dba Pipestone True value | (#,^) | 207 East Main St., Pipestone, MN 56164 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/14/2042 | 293.7 | 293.7 | 331.6 | 0.09 | % |
| New Chicago Wholesale Bakery Inc. | (#,^) | 795 Touhy Ave., Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2027 | 9.0 | 9.0 | 9.5 | — | % |
| J. T. O'Neill Company, L.L.C | (#,^) | 19972 Willowin Farm Ln., Purcellville, VA 20132 | Real Estate | Term Loan | Prime plus | 2.75% | 6/30/2027 | 8.1 | 8.1 | 8.5 | — | % |
| Best Bees Company | (#,^) | 839 Albany St., Boston, MA 02119 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 6/29/2027 | 12.1 | 12.1 | 12.7 | — | % |
| Intellixion LLC | (#,^) | 7447 Egan Dr, Ste. 110 A, Savage, MN 55378 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/29/2027 | 2.0 | 2.0 | 2.1 | — | % |
| Oakhill Farms, LLC | (#,^) | 15 Carl St., Johnston, RI 02919 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/29/2030 | 68.5 | 68.5 | 74.6 | 0.02 | % |
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave., Unit 101, Building 280, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/29/2027 | 166.5 | 166.5 | 175.7 | 0.05 | % |
| Old Dominion Transportation Group, Inc. | (#,^) | 2510 Hunters Pl., Ste. 202, Woodbridge, VA 22192 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 6/28/2027 | 669.0 | 669.0 | 701.8 | 0.19 | % |
| Foxhop Fitness, LLC | (#,^) | 4211 NW Federal Hwy., Jensen Beach, FL 34957 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/28/2027 | 49.1 | 49.1 | 51.4 | 0.01 | % |
| Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC | (#,^) | 211 East 25th St., Norfolk, VA 23504 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 6/27/2030 | 168.0 | 168.0 | 183.0 | 0.05 | % |
| Northern Industries, LLC | (#,^) | W 5585 Dehart Dr., Tomahawk, WI 54484 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/23/2042 | 52.1 | 52.1 | 58.9 | 0.02 | % |
| Scarlet Spartan Inc.dba FastSigns of Brighton | (#,^) | 533 W. Grand River Ave., Brighton, MI 48116 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/19/2027 | 5.6 | 5.6 | 5.9 | — | % |
F-150
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC | (#,^) | 11535 Carmel Commons Blvd. Ste. 200, Charlotte, NC 28226 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/16/2042 | 359.6 | 359.6 | 406.0 | 0.11 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC | (#,^) | 104 Wooster St., Bethel, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 6/15/2042 | 278.7 | 278.7 | 314.7 | 0.08 | % |
| Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero | (#,^) | 577 Main Ave. 166 Getty Ave., Paterson, NJ 07055 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2042 | 83.0 | 83.0 | 93.7 | 0.02 | % |
| ESA 365 Corp and Lucathor Realty LLC | (#,^) | 2420 Grand Ave., Baldwin, NY 11520 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/14/2042 | 20.2 | 20.2 | 22.8 | 0.01 | % |
| SCW, LLC dba Arthur Murray Dance Studio | (#,^) | 2383 Old Dixwell Ave., Hamden, CT 06518 | Educational Services | Term Loan | Prime plus | 2.75% | 6/2/2042 | 131.1 | 131.1 | 148.0 | 0.04 | % |
| Skydive California, LLC | (#,^) | 25001 S Kasson Rd, Tracy, CA 95301 | Educational Services | Term Loan | Prime plus | 2.75% | 6/2/2027 | 29.5 | 29.5 | 31.1 | 0.01 | % |
| Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder | (#,^) | 246 East Belt Blvd., Richmond, VA 23224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/1/2042 | 41.0 | 41.0 | 46.2 | 0.01 | % |
| Haroon Baig,Inc.dba US1 Petrol | (#,^) | 1280-1290 Dixwell Ave., Hamden, CT 06514 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 5/31/2042 | 236.5 | 236.5 | 267.0 | 0.07 | % |
| Ricnet III, Inc. dba Edible Arrangements | (#,^) | 716 Foxcroft Ave, Martinsburg, WV 25401 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 5/31/2027 | 8.1 | 8.1 | 8.5 | — | % |
| Funtime, LLC and Universal Entertainment Group LLC | (#,^) | 13200 W. Foxfire Dr #144, Surprise, AZ 85387 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/31/2027 | 47.9 | 47.9 | 50.2 | 0.01 | % |
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave., Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/31/2027 | 12.0 | 12.0 | 12.5 | — | % |
| Swantown Inn & Spa LLC | (#,^) | 1431 11th Ave. SE, Olympia, WI 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 5/26/2042 | 113.9 | 113.9 | 128.6 | 0.03 | % |
| Eagle Wood Works LLC | (#,^) | 1448 Horsehead Rd., Lugoff, SC 29078 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/26/2027 | 6.3 | 6.3 | 6.7 | — | % |
| Chet Lemon Enterprises LLC dba All American Sports | (#,^) | 1544 Ln. Park Cutoff, Tavares, FL 32778 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/26/2042 | 711.7 | 711.7 | 803.5 | 0.21 | % |
| Beyond Waves A Unique Salon LLC and Lori Ann Carlson | (#,^) | 2290 Foxon Rd Rte. 80, North Branford, CT 06471 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2027 | 0.1 | 0.1 | 0.1 | — | % |
| Abdul Naushad MD PC dba Advanced Pain Centers | (#,^) | 2865 James Blvd., Poplar Bluff, MO 63901 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/25/2042 | 368.4 | 368.4 | 415.9 | 0.11 | % |
| Locavore LLC dba Paloma Restaurant | (#,^) | 401 S. Guadalupe St., Santa Fe, NM 87501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/25/2027 | 26.6 | 26.6 | 27.9 | 0.01 | % |
| Innovim, LLC | (#,^) | 6401 Golden Triangle Dr. Ste. 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/24/2027 | 154.2 | 154.2 | 161.5 | 0.04 | % |
| Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. | (#,^) | 132 North Wellwood Ave, Lindenhurst, NY 11757 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/19/2042 | 521.8 | 521.8 | 589.1 | 0.16 | % |
F-151
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Hayden Trucking LLC | (#,^) | 11540 Eagle Vista Dr., Fort Worth, TX 76179 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/19/2027 | 76.9 | 76.9 | 81.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mr. B's Bicycles & Mopeds, Inc. | (#,^) | 1870 S. 4th Ave., Yuma, AZ 85364 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/18/2042 | 131.5 | 131.5 | 148.4 | 0.04 | % |
| Bay Car Wash LLC | (#,^) | 952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/18/2042 | 108.4 | 108.4 | 122.4 | 0.03 | % |
| Waterford Plumbing Co, Inc. | (#,^) | 2425 W. Cuyler Ave, Chicago, IL 60618 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/18/2027 | 26.6 | 26.6 | 27.9 | 0.01 | % |
| Computech Computers Inc. | (#,^) | 40-24 76th St., Office #2B, Elmhurst, NY 11373 | Educational Services | Term Loan | Prime plus | 2.75% | 5/17/2027 | 26.6 | 26.6 | 27.8 | 0.01 | % |
| Arco Electrical Contractors Inc. dba Arco Construction Group | (#,^) | 22-24 South Seventh St., Elizabeth, NJ 07202 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/16/2027 | 185.8 | 185.8 | 195.6 | 0.05 | % |
| 5 Stars Learning Center Inc | (#,^) | 14 Paine Ave., Irvington, NJ 07111 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/16/2042 | 55.3 | 55.3 | 62.4 | 0.02 | % |
| BGF Bobby Q's Inc | (#,^) | 447 N. Main St., Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/11/2027 | 4.0 | 4.0 | 4.2 | — | % |
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/9/2027 | 47.1 | 47.1 | 49.5 | 0.01 | % |
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/9/2042 | 19.6 | 19.6 | 22.1 | 0.01 | % |
| Cable Management LLC | (#,^) | 290 Pratt St., Meriden, CT 06450 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 5/3/2027 | 30.6 | 30.6 | 32.2 | 0.01 | % |
| Fine Arts Center of Easley, Inc. dba Midtown Music | (#,^) | 117 S. Pendleton St., Easley, SC 29640 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/2/2042 | 106.9 | 106.9 | 120.7 | 0.03 | % |
| Sneads Ferry Foods, Inc. dba DQ Grill & Chill | (#,^) | 920 Hwy. 210, Sneads Ferry, NC 28460 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2042 | 583.6 | 583.6 | 658.9 | 0.18 | % |
| JMA Inc. dba Primecut and Mezzo; Primecut at Marquee | (#,^) | 393 Charles St., Providence, RI 02904 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2042 | 198.3 | 198.3 | 223.8 | 0.06 | % |
| Ralph's Hair Salon, Inc. | (#,^) | 175 NW 14th St., Homestead, FL 33030 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/21/2042 | 44.7 | 44.7 | 50.5 | 0.01 | % |
| Condron Brothers LLC DBA Luv 2 Play | (#,^) | 4790 La Sierra Ave., Riverside, CA 92505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/19/2027 | 62.6 | 62.6 | 65.8 | 0.02 | % |
| Golden Hen Inc. dba Cafe | (#,^) | 468 W. Cheltenham Ave., Philadelphia, PA 19126 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/31/2027 | 33.4 | 33.4 | 34.9 | 0.01 | % |
| Landmark Ventures USA, Inc. | (#,^) | 475 Park Ave. South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 3/31/2027 | 96.7 | 96.7 | 101.0 | 0.03 | % |
| Bear Trail Lodge LLC | (#,^) | Mile 1 Bear Trail Rd., King Salmon, AK 99613 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/31/2042 | 478.5 | 478.5 | 540.2 | 0.14 | % |
F-152
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| The Altitude Group, LLC and Core Home Security, LLC | (#,^) | 949 Clint Moore Rd., Unit 949A, Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/31/2027 | 20.5 | 20.5 | 21.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Citizens Lanes, LLC | (#,^) | 5100 Goodson Connector Rd., Union City, GA 30291 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25% | 3/31/2042 | 602.2 | 602.2 | 598.2 | 0.16 | % |
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd., Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2042 | 233.9 | 233.9 | 264.1 | 0.07 | % |
| Sea Smoke Barbeque, Corp and Danwen LLC | (#,^) | 20 Island Farm Rd., Oak Bluffs, MA 02557 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/30/2042 | 211.5 | 211.5 | 238.8 | 0.06 | % |
| Discount Price, LLC dba Robert's Market | (#,^) | 2 Hill Rd., Franklin, NH 03235 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/29/2042 | 184.5 | 184.5 | 208.3 | 0.06 | % |
| H and H Hotshot Services, Inc. dba AA Hotshot & Logistics | (#,^) | 5455 N 51st St., # 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 3/29/2030 | 52.5 | 52.5 | 56.6 | 0.02 | % |
| Douglas K. Soderblom .dba Loma Linda Optometry | (#,^) | 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/29/2027 | 51.6 | 51.6 | 54.1 | 0.01 | % |
| New England Country Day School, Inc. and Thomas D. Walker | (#,^) | 27 Kenosia Ave., Danbury, CT 06810 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/28/2042 | 339.5 | 339.5 | 383.3 | 0.10 | % |
| Executive Fitness & Nutrition Inc. | (#,^) | 8610 Roosevelt Ave. Ste. 2, Jackson Heights, NY 11372 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/23/2027 | 10.4 | 10.4 | 10.9 | — | % |
| Denton Bio Fuels LLC and American Bio Source LLC | (#,^) | 624 W. University Dr. Ste. 359, TX, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2027 | 33.6 | 33.6 | 35.2 | 0.01 | % |
| The Purple Cow House of Pancake Inc | (#,^) | 6 & 10 Skowhegan Rd., Fairfield, ME 04937 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/16/2042 | 59.0 | 59.0 | 66.6 | 0.02 | % |
| Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C | (#,^) | 5880 US Hwy6, Portage, IN 46368 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/16/2027 | 170.8 | 170.8 | 179.7 | 0.05 | % |
| 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa | (#,^) | 6510 North Broadway, Saint Louis, MO 63147 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/13/2027 | 292.8 | 292.8 | 305.8 | 0.08 | % |
| Elegant Occasions, LLC dba E Productions | (#,^) | 3650 Coral Ridge Dr. Units 103-104, Coral Springs, FL 33065 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/10/2042 | 301.3 | 301.3 | 340.2 | 0.09 | % |
| Dwayne Bernard Tate | (#,^) | 1238 Woodcliff Ct. SW, Lilburn, GA 30047 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/10/2027 | 5.4 | 5.4 | 5.7 | — | % |
| Anthony LLC dba Star of Woodward Market | (#,^) | 5730 Woodward Ave, Detroit, MI 48202 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/9/2042 | 103.2 | 103.2 | 116.5 | 0.03 | % |
| Podium Auto Sales Inc and RRS Property, LLC | (#,^) | 246 S. Dixie Hwy., Pompano Beach, FL 33060 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/3/2042 | 81.2 | 81.2 | 91.6 | 0.02 | % |
| Weeping Willow Kennels, Inc and Aileen N Black | (#,^) | 6041 Hammond School Rd., Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2042 | 125.0 | 125.0 | 141.1 | 0.04 | % |
| McNally Enterprises Inc. | (#,^) | 1010 N. Grove St., Anaheim, CA 92806 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/27/2027 | 32.6 | 32.6 | 34.2 | 0.01 | % |
| Teracore Inc. | (#,^) | 3300 Holcomb Bridge Rd., Ste. 226, Norcross, GA 30092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/27/2027 | 83.0 | 83.0 | 86.7 | 0.02 | % |
F-153
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| B & J Bicycle Shop Inc. | (#,^) | 1620 E. Sample Rd, Pompano Beach, FL 33064 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 2/24/2027 | 3.2 | 3.2 | 3.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant | (#,^) | 2235 S. Power Rd Ste. 118, Mesa, AZ 85209 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/24/2027 | 38.1 | 38.1 | 40.1 | 0.01 | % |
| 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. | (#,^) | 174-176 Mountain Ave., Springfield, NJ 07081 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/7/2042 | 292.6 | 292.6 | 330.3 | 0.09 | % |
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St. Units 1F/1P, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/1/2042 | 172.3 | 172.3 | 194.6 | 0.05 | % |
| Fave Realty Inc. | (#,^) | 1875 Grand Ave., Baldwin, NY 11510 | Real Estate | Term Loan | Prime plus | 2.75% | 1/30/2042 | 48.5 | 48.5 | 54.8 | 0.01 | % |
| SRC Publishing LLC | (#,^) | 8690 Waterford Bend St., Las Vegas, NV 89123 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 1/27/2027 | 11.2 | 11.2 | 11.7 | — | % |
| Jolibe LLC and Jolibe Atelier LLC | (#,^) | 357 w 36th #401, New York, NY 10018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/18/2027 | 5.2 | 5.2 | 5.5 | — | % |
| Eickmann Management Group LLC dba Jimmy Johns of Dundee | (#,^) | 568 Techumseh St., Dundee, MI 48131 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/17/2027 | 49.7 | 49.7 | 52.3 | 0.01 | % |
| Fullbro Trust dba Menemsha Blues | (#,^) | 2 Basin Rd., Chilmark, MA 02535 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 1/13/2027 | 11.2 | 11.2 | 11.8 | — | % |
| Metropolitan Solutions Group Inc. | (#,^) | 1420 Chestnut St., Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/19/2041 | 244.2 | 244.2 | 275.8 | 0.07 | % |
| Sempco, Inc. | (#,^) | 51 -55 Lake St. Unit #2-6, Nashua, NH 03060 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/15/2041 | 37.3 | 37.3 | 42.1 | 0.01 | % |
| Allied Welding Inc. | (#,^) | 1820 N. Santa Fe Ave., Chillicothe, IL 61523 | Fabricated Metal Product Manufacturing | Term Loan | Fixed | 5.25% | 12/15/2041 | 711.0 | 711.0 | 704.0 | 0.19 | % |
| Elita 7, LLC | (#,^) | 16 Marble St., Worcester, MA 01603 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 12/15/2041 | 663.5 | 663.5 | 749.1 | 0.20 | % |
| New Chicago Wholesale Bakery, Inc. | (#,^) | 795 Touhy Ave., Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/15/2041 | 426.1 | 426.1 | 481.0 | 0.13 | % |
| Techni-Pro Institute LLC | (#,^) | 414 NW 35th St., Boca Raton, FL 33431 | Educational Services | Term Loan | Prime plus | 2.75% | 12/15/2026 | 92.4 | 92.4 | 96.5 | 0.03 | % |
| Trison Enterprises Inc.dba Lee's Automotive | (#,^) | 13281 Aurora Ave. N, Seattle, WA 98311 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/14/2041 | 361.9 | 361.9 | 408.6 | 0.11 | % |
| Wayfarer Bicycle LLC | (#,^) | 118-120 Ocean Ave., New London, CT 06320 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 12/13/2041 | 82.2 | 82.2 | 92.8 | 0.02 | % |
| Recycling Revolution,LLC | (#,^) | 4190 Collins Rd., Unadilla, GA 31091 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/9/2041 | 78.9 | 78.9 | 89.1 | 0.02 | % |
| Mack Team Enterprises Inc.dba The UPS Store #6815 | (#,^) | 38200 Ave. of the States, Fort Gordon, GA 30905 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 12/9/2026 | 10.0 | 10.0 | 10.4 | — | % |
| New Life Hospital LLC | (#,^) | 17400 Red Oak Dr., Houston, TX 77090 | Hospitals | Term Loan | Prime plus | 2.75% | 12/8/2041 | 1,083.6 | 1,083.6 | 1,223.4 | 0.33 | % |
F-154
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Hanson's Greeks LLC | (#,^) | 8132 N. 87th Pl., Ste A, Scottsdale, AZ 85258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/8/2026 | 5.4 | 5.4 | 5.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites | (#) | 29291 Amerihost Dr., Dowagiac, MI 49047 | Accommodation | Term Loan | Fixed | 8.25% | 12/5/2041 | 323.8 | 323.8 | 321.6 | 0.09 | % |
| Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC | (#) | 1 Pebble Wood Ln., Palm Coast, FL 32164 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 11/30/2041 | 62.4 | 62.4 | 70.4 | 0.02 | % |
| Quick Ship, LLC | (#,^) | 448 W. 19th St, Houston, TX 77008 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 11/30/2026 | 5.0 | 5.0 | 5.3 | — | % |
| Imaginarium Foods LLC, | (#,^) | 751 N. Cable Rd., Lima, OH 45805 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2042 | 331.9 | 331.9 | 374.7 | 0.10 | % |
| Usman Jalil, LLC dba Food Mart | (#,^) | 147 N Washington St., Plainville, CT 06062 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/29/2041 | 165.3 | 165.3 | 186.7 | 0.05 | % |
| Access Staffing, LLC | (#,^) | 360 Lexington Ave. 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/29/2026 | 590.3 | 590.3 | 614.8 | 0.16 | % |
| CRK Mens, LLC dba Spiff for Men | (#,^) | 1335 Ave. of the Americas, New York, NY 10019 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/23/2026 | 50.0 | 50.0 | 52.1 | 0.01 | % |
| Bouquet Restaurant LLC | (#,^) | 519 Main St., Covington, KY 41011 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/22/2041 | 86.0 | 86.0 | 97.1 | 0.03 | % |
| Broms Asset Management LLC | (#,^) | 215 East 79th St. Apt 9E, New York, NY 10075 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 11/22/2026 | 58.1 | 58.1 | 60.5 | 0.02 | % |
| Skaggs RV Outlet LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/21/2026 | 48.1 | 48.1 | 50.4 | 0.01 | % |
| Catherine Christine Morin dba Purr-Fect Pets | (#,^) | 1915 North Austin Ave., Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/17/2026 | 9.0 | 9.0 | 9.4 | — | % |
| Hoosier Health Plus, LLC | (#,^) | 520 East 8th St., Anderson, IN 46012 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/15/2026 | 41.8 | 41.8 | 43.8 | 0.01 | % |
| MIK LLC dba Firehouse Subs | (#,^) | 17250 Royalton Rd, Strongsville, OH 44136 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2026 | 107.1 | 107.1 | 111.7 | 0.03 | % |
| Dyer Properties, LLC and Bayview Pharmacy, Inc. | (#,^) | 3844 Post Rd., Warwick, RI 02886 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 11/9/2041 | 214.2 | 214.2 | 241.8 | 0.06 | % |
| Fine Line Interiors, Inc. | (#,^) | 2530 SW 30th Ave., Hallandale Beach, FL 33009 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/4/2041 | 52.5 | 52.5 | 59.3 | 0.02 | % |
| Veracruz Shabo, LLC; Waterfalls Quick Lube LLC | (#) | 1512 Atwood Ave., Johnston, RI 02919 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/1/2041 | 105.6 | 105.6 | 119.2 | 0.03 | % |
| Glocecol LLC | (#,^) | 10302 NW South River Dr., Bay #18, Miami, FL 33178 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/1/2026 | 36.0 | 36.0 | 37.8 | 0.01 | % |
| Woodstock Enterprises Corp dba True Scent Candle Co | (#,^) | 191 2nd Ave., Warwick, RI 02888 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 10/31/2041 | 78.5 | 78.5 | 88.6 | 0.02 | % |
| Moolchan Enterprises LLC dba Staying Green | (#,^) | 2650 S.W. 154 Ave., Davie, FL 33331 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/31/2026 | 5.2 | 5.2 | 5.4 | — | % |
| Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC | (#,^) | 200 North Branford Rd., Branford, CT 06405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 10/24/2026 | 200.5 | 200.5 | 210.4 | 0.06 | % |
F-155
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Worldwide Estate, Inc. dba Washington Heights Manor | (#,^) | 10620 W. Greenwood Ter., Milwaukee, WI 53224 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 10/21/2041 | 198.5 | 198.5 | 224.1 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Speaker City, Inc. dba Rollin Thunder | (#,^) | 246 East Belt Blvd., Richmond, VA 23224 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 10/14/2041 | 110.7 | 110.7 | 124.9 | 0.03 | % |
| Justin Partlow | (#,^) | 100 Independence Pl., Ste. 414, Tyler, TX 75703 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 10/13/2026 | 9.2 | 9.2 | 9.6 | — | % |
| Maine Service Corp | (#,^) | 59-22 55th St., Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/13/2026 | 77.1 | 77.1 | 80.9 | 0.02 | % |
| Reliable Recovery Services LLC | (#,^) | 2401 West Mcdowell Rd., Phoenix, AZ 85009 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 10/7/2026 | 53.1 | 53.1 | 55.6 | 0.01 | % |
| Wyspen Corporation dba Charlestown Ace | (#,^) | 5 Austin St., Charlestown, MA 02129 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 10/3/2026 | 17.0 | 17.0 | 17.7 | — | % |
| Ailky Corporation | (#,^) | 352 Beford St., Lakeville, MA 02347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 10/3/2026 | 111.8 | 111.8 | 116.7 | 0.03 | % |
| JJA Transportation Management Inc. | (#,^) | 15 Church St., Upland, PA 19015 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/30/2026 | 22.0 | 22.0 | 22.9 | 0.01 | % |
| Seaway LLC and Reklaw LLC dba Allure Lounge | (#,^) | 415 -417 Halsey Dr., Newark, NJ 07102 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2041 | 121.0 | 121.0 | 136.6 | 0.04 | % |
| CNC Precision Machine, Inc. | (#,^) | 18360 Industrial Cir., Burton, OH 44021 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/28/2041 | 1,135.3 | 1,135.3 | 1,281.7 | 0.34 | % |
| Beadon Inc | (#) | 2601 Old Ocean City Rd, Salisbury, MD 21804 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/28/2026 | 10.4 | 10.4 | 10.9 | — | % |
| CD Game Exchange Inc. | (#) | 3719 N Mississippi, Portland, OR 97227 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 8.25% | 9/28/2026 | 2.4 | 2.4 | 2.4 | — | % |
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch | (#,^) | 24201 North Hwy. 1, Fort Bragg, CA 95437 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 9/26/2026 | 4.2 | 4.2 | 4.3 | — | % |
| Cuppiecakes LLC | (#,^) | 313 S Main St., McGregor, TX 76557 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/21/2041 | 19.8 | 19.8 | 22.4 | 0.01 | % |
| Wrecking Crew Media LLC | (#,^) | 229 Commercial Ave, Pittsburgh, PA 15212 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/21/2026 | 13.1 | 13.1 | 13.6 | — | % |
| Animal Intrusion Prevention Systems Holding Company, LLC dba Critter | (#,^) | 1362-1366 W. Carrier Pkwy., Grand Prairie, TX 75050 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/30/2026 | 61.6 | 61.6 | 64.1 | 0.02 | % |
| Raem Corporation dba Dryclean Express | (#,^) | 557 West Whitney Rd., Fairport, NY 14450 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/29/2041 | 63.6 | 63.6 | 71.9 | 0.02 | % |
| Warren Dale Warrington dba Custom Paint and Body | (#,^) | 705 S Market Ave., Fort Pierce, FL 34982 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/26/2041 | 88.9 | 88.9 | 100.4 | 0.03 | % |
| TR Companies LLC dba Liberty Rental 4 U | (#,^) | 410 N Church Rd., Liberty, MO 64068 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/25/2026 | 22.4 | 22.4 | 23.3 | 0.01 | % |
| Rosmel Pools Inc | (#,^) | 9300 NW 25th St. Ste. 103, Miami, FL 33172 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/25/2026 | 8.6 | 8.6 | 9.0 | — | % |
| Paul Belanger dba Paul Belanger Landscaping | (#,^) | 2595 Military Ave, Los Angeles, CA 90064 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/9/2026 | 6.8 | 6.8 | 7.1 | — | % |
F-156
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Ter., Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/29/2026 | 10.0 | 10.0 | 10.4 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Hungry Rhino LLC | (#,^) | 47 South Main St., Windsor Locks, CT 06096 | Real Estate | Term Loan | Prime plus | 2.75% | 7/29/2041 | 66.8 | 66.8 | 75.4 | 0.02 | % |
| 303 Tower Drive LLC | (#,^) | 303 Tower Dr., Ste. A, Middletown, NY 10941 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/29/2041 | 350.6 | 350.6 | 395.8 | 0.11 | % |
| 676 Club LP dba The Green Door Tavern/The Drifter | (#,^) | 676 and 678 North Orleans ST, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/28/2041 | 613.0 | 613.0 | 692.0 | 0.18 | % |
| Apple Tree NC Inc dba Williams Farm & Garden Center | (#,^) | 109 Barkside Ln., New Bern, NC 28562 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/28/2041 | 309.2 | 309.2 | 349.1 | 0.09 | % |
| Intrepid Trinity LLC | (#,^) | 680 Douglas Ave, Providence, RI 02908 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/28/2041 | 54.7 | 54.7 | 61.8 | 0.02 | % |
| JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar | (#,^) | 1 West Main St., Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/27/2026 | 59.0 | 59.0 | 61.3 | 0.02 | % |
| EPEC Juice LLC dba Jamba Juice | (#,^) | 810 Ninth St., Ste. 128, Durham, NC 27705 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/27/2026 | 37.1 | 37.1 | 38.5 | 0.01 | % |
| My Sainath Inc dba Motel 6 | (#,^) | 1008 E Crest Dr., Waco, TX 76705 | Accommodation | Term Loan | Prime plus | 2.75% | 7/22/2041 | 279.2 | 279.2 | 315.2 | 0.08 | % |
| Franklin Firm LLC dba Luv 2 Play | (#,^) | 1310 East Stan Schleuter Loop, Killeen, TX 76542 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/15/2041 | 30.3 | 30.3 | 34.2 | 0.01 | % |
| Martin Inventory Management LLC | (#,^) | 304 1/2 Main St., Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/30/2026 | 10.7 | 10.7 | 11.2 | — | % |
| P L H Pharmaco Inc dba Farmacia San Jose | (#,^) | 149 48th St., Union City, NJ 07087 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 6/30/2026 | 64.8 | 64.8 | 67.7 | 0.02 | % |
| Desert Tacos LLC | (#,^) | 245 East Bell Rd. Ste. A-2, Phoenix, AZ 85022 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/30/2026 | 44.1 | 44.1 | 46.1 | 0.01 | % |
| Corning Lumber Company Inc and Frank R Close and Son Inc dba Close | (#,^) | 1314 Sixth St., Orland, CA 95963 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/30/2029 | 119.6 | 119.6 | 129.6 | 0.03 | % |
| VMA Technologies LLC | (#,^) | 120 South Serenata Dr. Unit 332, Ponte Vedra Beach, FL 32082 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2026 | 9.7 | 9.7 | 10.1 | — | % |
| O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc | (#,^) | 626 Delsea Dr. N, Glassboro, NJ 08028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/29/2026 | 60.6 | 60.6 | 63.2 | 0.02 | % |
| WGI, LLC dba Williams Grant Inn | (#,^) | 154 High St., Bristol, RI 02809 | Accommodation | Term Loan | Prime plus | 2.75% | 6/29/2041 | 105.9 | 105.9 | 119.6 | 0.03 | % |
| Island Time Investments, LLC dba Swantown Inn Bed & Breakfast | (#,^) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 6/24/2041 | 88.5 | 88.5 | 99.9 | 0.03 | % |
| Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy | (#,^) | 27 Main St., Monroe, CT 06468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/23/2041 | 436.8 | 436.8 | 493.1 | 0.13 | % |
| Visual Advantage LLC dba Signs Now Perryberg | (#,^) | 23248 Dunbridge Rd., Perrysburg, OH 43443 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/23/2041 | 79.7 | 79.7 | 90.0 | 0.02 | % |
F-157
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Long Island Comedy LLC dba Governors and New York Comedy, LLC | (#,^) | 90 A Division Ave., Levittown, NY 11756 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/23/2041 | 171.1 | 171.1 | 193.1 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bagelicious, LLC | (#,^) | 945 S Main St, Cheshire, CT 06410 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/17/2026 | 23.7 | 23.7 | 24.7 | 0.01 | % |
| Jai-Alexia Consulting, Inc. | (#,^) | 14660 Paddock Dr., Wellington, FL 33414 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 6/15/2026 | 5.1 | 5.1 | 5.3 | — | % |
| Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares | (#,^) | 1137 West St., Southington, CT 06489 | Social Assistance | Term Loan | Prime plus | 2% | 6/15/2041 | 444.6 | 444.6 | 502.0 | 0.13 | % |
| Luv 2 Play AZ LLC | (#,^) | 15495 Bell Rd., Surprise, AZ 85374 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/10/2026 | 36.0 | 36.0 | 37.6 | 0.01 | % |
| Larry H. Patterson and Rainbow Movers, Inc | (#,^) | 2325 Hollers Ave, Bronx, NY 10475 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/6/2026 | 9.8 | 9.8 | 10.2 | — | % |
| AP5 LLC dba Krauser's Food Store | (#,^) | 5 Pond Point Rd., Milford, CT 06460 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/2/2041 | 169.3 | 169.3 | 191.1 | 0.05 | % |
| ATI Jet Inc | (#,^) | 7007 Boeing Dr., El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus | 2.75% | 5/31/2026 | 246.9 | 246.9 | 257.5 | 0.07 | % |
| Angelo Faia dba AVF Construction | (#,^) | 55 Arbour Ln., Sewell, NJ 08080 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/27/2041 | 87.9 | 87.9 | 99.2 | 0.03 | % |
| Southwest Division Inc | (#,^) | 2103 NE 3rd Ter., Cape Coral, FL 33909 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 5/26/2026 | 3.5 | 3.5 | 3.7 | — | % |
| Jack Frost Firewood Inc. and David Dubinsky | (#,^) | 3168 Holland Rd., Virginia Beach, VA 23453 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/26/2041 | 179.8 | 179.8 | 203.0 | 0.05 | % |
| Horseshoe Barbecue, LLC | (#) | 6555, 6565, 6575 N. Sandario Rd., Tucson, AZ 85743 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/23/2029 | 3.5 | 3.5 | 3.8 | — | % |
| Elderfriend Inc dba Granny Nannies dba GN Live Scan | (#) | 1499 W. Palmetto Park Rd., Ste. #115, Boca Raton, FL 33486 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/20/2026 | 5.4 | 5.4 | 5.7 | — | % |
| Dedicated Incorporated | (#,^) | 2916 North 39th St., Phoenix, AZ 85019 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/18/2041 | 40.5 | 40.5 | 45.8 | 0.01 | % |
| FJN Catering Inc | (#,^) | 106 Main St., Mineola, NY 11951 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/13/2041 | 229.5 | 229.5 | 259.1 | 0.07 | % |
| Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano | (#,^) | 11 Kirby Rd., Cromwell, CT 06419 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/12/2041 | 115.5 | 115.5 | 130.4 | 0.03 | % |
| Sabir Inc. dba Bear Diner | (#,^) | 603 Pulaski Hwy, Bear, DE 19701 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/11/2041 | 107.9 | 107.9 | 121.8 | 0.03 | % |
| Alpha Omega Trucking LLC | (#,^) | 14432-52 State Line Rd., Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus | 2.75% | 4/29/2041 | 153.0 | 153.0 | 172.7 | 0.05 | % |
| Loriet LLC | (#) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 4/29/2026 | 3.1 | 3.1 | 3.3 | — | % |
| Warner Home Comfort, LLC dba Smith Piping | (#,^) | 1571 Canton Rd., NW, Carrollton, OH 44615 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2041 | 71.7 | 71.7 | 81.0 | 0.02 | % |
F-158
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Empowerschool LLC and Empower Autism Academy, LLC | (#,^) | 1250 South A. W. Grimes Rd., Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/29/2041 | 132.2 | 132.2 | 149.2 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hard Exercise Works Winter Park LLC | (#,^) | 11551 University Blvd., Ste. 4C Building 1, Orlando, FL 32817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/29/2026 | 17.3 | 17.3 | 18.0 | — | % |
| Costume World Inc | (#,^) | 950 South Federal Hwy., Deerfield Beach, FL 33441 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 4/28/2041 | 1,135.7 | 1,135.7 | 1,282.2 | 0.34 | % |
| Accent Comfort Services, LLC | (#,^) | 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/26/2026 | 37.5 | 37.5 | 39.0 | 0.01 | % |
| Automotive Core Recycling, LLC and 828 Old Colony Road, LLC | (#,^) | 27-29 Cooper St., Meriden, CT 06053 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/22/2041 | 217.4 | 217.4 | 245.5 | 0.07 | % |
| AAA Mill Direct, Inc. dba Carpet Mill Outlets | (#,^) | 1 North Armistead Ave., Hampton, VA 23669 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 4/21/2026 | 3.3 | 3.3 | 3.4 | — | % |
| KNS Early Learning Academy LLC | (#,^) | 57 Merritt St. SE, Marietta, GA 30060 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/6/2041 | 44.4 | 44.4 | 50.1 | 0.01 | % |
| Vehicle Safety Supply LLC | (#,^) | 15 East 72nd St., Ste. 14-H, New York, NY 10021 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2026 | 6.2 | 6.2 | 6.4 | — | % |
| Dana A. Farley dba Independent Cabinets | (#,^) | 5805 NE Minder Rd, Poulsbo, WA 98370 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/31/2041 | 56.0 | 56.0 | 63.2 | 0.02 | % |
| Cameo Carter, MD A Professional Corporation dba The Garden Pediatric | (#,^) | 101 East Redlands Blvd., Ste. 106, Redlands, CA 92373 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2026 | 30.5 | 30.5 | 31.7 | 0.01 | % |
| MTS Car Service LLC | (#,^) | 9 Gibson Ct. Apt# 1, Norwalk, CT 06854 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 3/30/2026 | 4.3 | 4.3 | 4.4 | — | % |
| Gordon Rogers and Heidi Rogers dba Stone House Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 02825 | Accommodation | Term Loan | Prime plus | 2.75% | 3/30/2026 | 9.3 | 9.3 | 9.7 | — | % |
| Wyldewood Cellars, Inc. | (#,^) | 951 East 119th St, Mulvane, KS 67120 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2041 | 917.2 | 917.2 | 1,035.5 | 0.28 | % |
| Barrocas Gym LLC dba Snap Fitness | (#,^) | 260 West Main St., Avon, CT 06001 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/29/2026 | 7.6 | 7.6 | 7.9 | — | % |
| Revolution Physical Therapy LLC dba Apex Network Physical Therapy | (#,^) | 2705 Dougherty Ferry Rd. Ste. 104, St. Louis, MO 63122 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/25/2026 | 9.3 | 9.3 | 9.6 | — | % |
| ActKnowledge, Inc | (#,^) | 365 5th Ave., New York, NY 10016 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/24/2026 | 50.9 | 50.9 | 53.0 | 0.01 | % |
| Precious Care LLC and Precious Care Management LLC | (#,^) | 186-06 Union Turnpike, Fresh Meadows, NY 11364 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/21/2026 | 215.2 | 215.2 | 223.5 | 0.06 | % |
| Kekoa Enterprises Inc dba Signarama Sandy | (#,^) | 8942 South 700 East, Sandy, UT 84070 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/18/2026 | 20.2 | 20.2 | 20.9 | 0.01 | % |
| Brian T Rice dba BD Logging | (#,^) | 800 3rd St Apt B, St Marys, WV 26170 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 3/17/2026 | 0.7 | 0.7 | 0.8 | — | % |
| R & D Enterprises Inc dba My Pool Man | (#,^) | 291 North Texas Ave., Orlando, FL 32805 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/15/2026 | 20.4 | 20.4 | 21.1 | 0.01 | % |
F-159
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Mustafa Inc and Raouf Properties LLC | (#,^) | 3538 Pin Oak Dr, San Antonio, TX 78229 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/14/2041 | 65.0 | 65.0 | 73.4 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Dupre Capital LLC dba Fastsigns | (#,^) | 215 Quartermaster Ct., Jeffersonville, IN 47130 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/11/2026 | 23.8 | 23.8 | 24.7 | 0.01 | % |
| Step Up Academy of the Arts LLC | (#,^) | 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 | Educational Services | Term Loan | Prime plus | 2.75% | 3/9/2026 | 3.3 | 3.3 | 3.4 | — | % |
| Faith Summit Supply Inc dba Summit Supply and Summit True Value | (#,^) | 8584 US Business Hwy. 277, Haskell, TX 79521 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/9/2026 | 9.2 | 9.2 | 9.5 | — | % |
| Swerve Salon LLC | (#,^) | 1419 N Wells St., Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/8/2026 | 32.2 | 32.2 | 33.4 | 0.01 | % |
| Drug Detection Laboratories, Inc. and Minh Tran | (#,^) | 9700 Business Park Dr., Sacramento, CA 95827 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/28/2026 | 7.9 | 7.9 | 8.2 | — | % |
| Living Essentials HVAC Corp | (#,^) | 42 West St., Apt 24, Randolph, MA 02368 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/28/2026 | 6.0 | 6.0 | 6.2 | — | % |
| The River Beas, LLC dba Subway and Punam Singh | (#,^) | 5516 Baltimore Ave, Hyattsville, MD 20781 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2041 | 117.6 | 117.6 | 132.8 | 0.04 | % |
| Aaradhya LLC dba Market Square Laundry | (#,^) | 7727 Crittenden St., Philadelphia, PA 19118 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/23/2026 | 30.8 | 30.8 | 32.0 | 0.01 | % |
| Gilmore Heights Dental Holdings, LTD and Chas Rob LLC | (#,^) | 2250 Warrensville Center Rd., University Heights, OH 44118 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/12/2029 | 182.2 | 182.2 | 196.0 | 0.05 | % |
| Jersey Shore Marina & Boat Sales, Inc. | (#,^) | 841 Rte. 70 East, Brick, NJ 08724 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/12/2041 | 372.7 | 372.7 | 420.8 | 0.11 | % |
| Dolarian Realty LLC and OV's Restaurant Inc | (#,^) | 34 Old Colony Ave., East Taunton, MA 02718 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/5/2041 | 58.5 | 58.5 | 66.1 | 0.02 | % |
| Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt | (#,^) | 1196 Inverness Ln., Stow, OH 44224 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/29/2025 | 42.7 | 42.7 | 44.3 | 0.01 | % |
| MCF Forte LLC | (#,^) | 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2025 | 7.1 | 7.1 | 7.4 | — | % |
| Panditos LLC dba White Lotus Home | (#,^) | 431 Raritan Ave., Highland Park, NJ 08904 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/28/2025 | 6.0 | 6.0 | 6.2 | — | % |
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc | (#,^) | 24201 North Hwy 1, Fort Bragg, CA 95437 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/23/2040 | 88.2 | 88.2 | 99.6 | 0.03 | % |
| Joyce Outdoor Advertising Chicago LLC | (#,^) | 2443 West 16th St., Chicago, IL 60608 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/22/2040 | 259.6 | 259.6 | 293.0 | 0.08 | % |
| Premier Athletic Center of Ohio Inc. and Gates Investments and Wade | (#,^) | 8957 Kingsridge Dr., Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/22/2028 | 436.6 | 436.6 | 469.1 | 0.12 | % |
| Hattingh Incorporated dba Prosthetic Care Facility | (#,^) | 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/21/2025 | 6.8 | 6.8 | 7.1 | — | % |
| Trip Consultants U.S.A. Inc. | (#,^) | 311 85th St., Brooklyn, NY 11209 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2025 | 63.1 | 63.1 | 65.3 | 0.02 | % |
| Accent Tag and Label Inc | (#,^) | 2201 Rittenhouse St, Des Moines, IA 50321 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 12/18/2040 | 570.8 | 570.8 | 644.4 | 0.17 | % |
F-160
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sourceco Limited Liability Company | (#) | 17 Palmer Ave., West Long Branch, NJ 07764 | Merchant Wholesalers, Nondurable Goods | Term Loan | Fixed | 6.5% | 12/17/2025 | 10.4 | 10.4 | 10.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JAG Unit 1, LLC | (#,^) | 1 West Main St., Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2025 | 101.7 | 101.7 | 105.3 | 0.03 | % |
| Moments to Remember USA LLC dba Retain Loyalty | (#,^) | 1250 Sanders Ave. SW, Massillon, OH 44646 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2025 | 34.9 | 34.9 | 36.2 | 0.01 | % |
| DC Enterprises Ltd. dba Lakeview True Value | (#,^) | 318 North F St., Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/14/2025 | 8.5 | 8.5 | 8.9 | — | % |
| Basista Family Limited Partnership and UPE, Inc. | (#,^) | 3401 Brecksville Rd, Richfield, OH 44286 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/14/2040 | 294.8 | 294.8 | 332.9 | 0.09 | % |
| DWeb Studio, Inc. | (#,^) | 10800 E. Bethany Dr., Ste. 275, Aurora, CO 80014 | Educational Services | Term Loan | Prime plus | 2.75% | 11/25/2025 | 4.2 | 4.2 | 4.3 | — | % |
| Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy | (#,^) | 3105 NW 107 Ave. Ste 102, Doral, FL 33172 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 11/20/2025 | 32.6 | 32.6 | 33.7 | 0.01 | % |
| S.B.B. Enterprises Inc dba Williamston Hardware | (#,^) | 139 S Putnam St., Williamston, MI 48895 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/19/2040 | 93.1 | 93.1 | 105.1 | 0.03 | % |
| Financial Network Recovery Inc | (#,^) | 250 E Easy St. Ste. 1, Simi Valley, CA 93065 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/26/2025 | 14.4 | 14.4 | 14.9 | — | % |
| ADMO Inc dba Mid States Equipment | (#,^) | 16180 Westwoods Business Park, Ellisville, MO 63021 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 10/8/2025 | 8.1 | 8.1 | 8.4 | — | % |
| Barub Realty LLC and Barub LLC dba Woodlawn Cabinets | (#,^) | 1838 Adee Ave., Baychester, NY 10469 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 9/30/2040 | 77.7 | 77.7 | 87.7 | 0.02 | % |
| Binky's Vapes LLC | (#,^) | 10539 Greenbelt Rd. Ste. 102, Lanham, MD 20706 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/30/2025 | 7.9 | 7.9 | 8.2 | — | % |
| Prestigious LifeCare for Seniors LLC | (#,^) | 5701 North Pine Island Rd., Tamarac, FL 33321 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/25/2025 | 3.4 | 3.4 | 3.6 | — | % |
| Daniel W. Stark dba Mountain Valley Lodge and RV Park | (#,^) | 223 Hwy 80, Rodeo, NM 88056 | Accommodation | Term Loan | Prime plus | 2.75% | 9/25/2040 | 11.5 | 11.5 | 13.0 | — | % |
| St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn | (#,^) | 10 West Orvis St., Massena, NY 13662 | Accommodation | Term Loan | Prime plus | 2.75% | 9/24/2040 | 534.0 | 534.0 | 602.8 | 0.16 | % |
| Finish Strong Inc dba FASTSIGNS St Peters | (#,^) | 98 North Hillview Dr., St Peters, MO 63376 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 9/23/2025 | 17.5 | 17.5 | 18.1 | — | % |
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2025 | 17.4 | 17.4 | 18.0 | — | % |
| MiJoy Inc dba Imo's Pizza | (#,^) | 215 South Kirkwood Rd., Kirkwood, MO 63122 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/18/2025 | 2.9 | 2.9 | 3.0 | — | % |
| Naeem Khan LTD | (#,^) | 260 West 36h St., New York, NY 10018 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 9/17/2025 | 43.9 | 43.9 | 45.3 | 0.01 | % |
| FirstVitals Health and Wellness Inc | (#,^) | 521 Ala Moana Blvd. Ste. 261, Honolulu, HI 96813 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/15/2025 | 62.5 | 62.5 | 64.6 | 0.02 | % |
F-161
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc | (#,^) | 170 Main St., North Kingstown, RI 02852 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/8/2040 | 120.0 | 120.0 | 135.5 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Empower Autism Academy | (#,^) | 1250 South A. W. Grimes Rd., Round Rock, TX 78664 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/4/2040 | 585.5 | 585.5 | 661.0 | 0.18 | % |
| God Be Glorified Inc dba GBG Inc | (#,^) | 40 West. 162nd St, South Holland, IL 60473 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/20/2025 | 18.1 | 18.1 | 18.7 | — | % |
| GDP Gourmet LLC dba Joe and John's Pizza Restaurant | (#,^) | 136 New Jersey Ave, Absecon, NJ 08201 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/19/2040 | 123.5 | 123.5 | 139.5 | 0.04 | % |
| Murrayville Donuts, Inc dba Dunkin' Donuts | (#,^) | 2304 N College Rd, Wilmington, NC 28405 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2040 | 310.7 | 310.7 | 350.7 | 0.09 | % |
| Jonathan E Nichols and Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Dr., Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/30/2025 | 24.1 | 24.1 | 24.9 | 0.01 | % |
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave., Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/29/2030 | 184.7 | 184.7 | 202.4 | 0.05 | % |
| Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling | (#,^) | 13886 Campo Rd., Jamul, CA 91935 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 6/26/2040 | 322.1 | 322.1 | 363.6 | 0.10 | % |
| CEM Autobody LLC dba Dawn's Autobody | (#,^) | 7 Division St, Keyport, NJ 07735 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/26/2040 | 115.0 | 115.0 | 129.8 | 0.03 | % |
| TJU-DGT Inc dba The Lorenz Cafe | (#,^) | 714-718 Lorenz Ave, Pittsburgh, PA 15220 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/26/2029 | 12.0 | 12.0 | 13.0 | — | % |
| Wolf Enviro Interests, LLC and Enviromax Services Inc | (#,^) | 18002 Mueschke Rd., Cypress, TX 77433 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/25/2040 | 208.9 | 208.9 | 235.9 | 0.06 | % |
| RJI Services, Inc. | (#,^) | 353 E Angeleno Ste. G, Burbank, CA 91502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/23/2025 | 7.2 | 7.2 | 7.5 | — | % |
| Real Help LLC dba Real Help Decorative Concrete | (#,^) | 2221 Broadway St., Buffalo, NY 14212 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/22/2025 | 17.1 | 17.1 | 17.7 | — | % |
| KRN Logistics, LLC and Newsome Trucking, Inc | (#) | 2262 Hwy 53 W, Jasper, GA 30143 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/19/2025 | 29.8 | 29.8 | 30.8 | 0.01 | % |
| AM PM Properties, LLC and AM PM Willington, LLC | (#,^) | 1308 Stafford Rd., Storrs Mansfield, CT 06268 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/17/2040 | 73.6 | 73.6 | 83.1 | 0.02 | % |
| Mirage Plastering Inc and Mpire LLC and Mpire II LLC | (#,^) | 1802 W Grant Rd. Ste. 114, Tucson, AZ 85745 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/12/2040 | 117.6 | 117.6 | 132.8 | 0.04 | % |
| Eldredge Tavern LLC dba Gonyea's Tavern | (#,^) | 150 Main St., Pascoag, RI 02859 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/8/2040 | 47.7 | 47.7 | 53.8 | 0.01 | % |
| ViAr Visual Communications, Inc. dba Fastsigns 281701 | (#,^) | 4721 University Way NE, Seattle, WA 98105 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/5/2025 | 20.0 | 20.0 | 20.6 | 0.01 | % |
| Medworxs LLC | (#,^) | 10901 W. Toller Dr., Littleton, CO 80127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/3/2025 | 40.3 | 40.3 | 41.6 | 0.01 | % |
| DTM Parts Supply Inc. | (#) | 31 Sageman St, Mount Vernon, NY 10550 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 7% | 6/2/2025 | 25.2 | 25.2 | 25.1 | 0.01 | % |
| XCESSIVE THROTTLE, INC dba Jake's Roadhouse | (#,^) | 5980 Lamar St., Arvada, CO 80003 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2025 | 2.5 | 2.5 | 2.6 | — | % |
F-162
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Douglas Posey and Sally Watkinson dba Audrey's Farmhouse | (#,^) | 2188 Brunswyck Rd., Wallkill, NY 12589 | Accommodation | Term Loan | Prime plus | 2.75% | 5/20/2040 | 147.2 | 147.2 | 166.2 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 15 McArdle LLC and No Other Impressions Inc | (#,^) | 15 McArdle St., Rochester, NY 14611 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 5/15/2040 | 155.7 | 155.7 | 175.7 | 0.05 | % |
| South Park Properties LLC and Midlothian Hardware LLC | (#,^) | 4751 147th St., Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/6/2040 | 40.4 | 40.4 | 45.6 | 0.01 | % |
| Matthew Taylor and Landon Farm LLC | (#,^) | 6103 N Church St, Greensboro, NC 27455 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/4/2040 | 85.0 | 85.0 | 95.9 | 0.03 | % |
| Cares Inc dba Dumpling Grounds Day Care Center | (#,^) | 4508 Blakiston St., Philadelphia, PA 19136 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/1/2040 | 68.5 | 68.5 | 77.3 | 0.02 | % |
| Diamond Solutions LLC | (#,^) | 7845 East Evans Rd. Ste. A, Scottsdale, AZ 85260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/21/2025 | 5.8 | 5.8 | 6.0 | — | % |
| Faramarz Nikourazm dba Car Clinic Center | (#,^) | 10707 Shady Trail, Dallas, TX 75220 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/3/2040 | 49.7 | 49.7 | 56.1 | 0.01 | % |
| Shorr Enterprises Inc dba New Design Furniture Manufacturers | (#,^) | 3033 NW 28 St., Lauderdale Lakes, FL 33311 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/27/2025 | 31.2 | 31.2 | 32.1 | 0.01 | % |
| Shellhorn and Hill Inc dba Total Fleet Service | (#,^) | 501 South Market St, Wilmington, DE 19801 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/27/2040 | 411.3 | 411.3 | 464.3 | 0.12 | % |
| Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC | (#,^) | 800 James Ave., Scranton, PA 18510 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/26/2040 | 45.4 | 45.4 | 51.3 | 0.01 | % |
| Zero-In Media Inc | (#,^) | 1123 Broadway Ste. 704, New York, NY 10010 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 3/25/2025 | 6.6 | 6.6 | 6.8 | — | % |
| Loriet LLC | (#,^) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/24/2025 | 3.5 | 3.5 | 3.6 | — | % |
| Shelton Incorporated dba Mrs. Winners | (#,^) | 4509 N. Henry Blvd., Stockbridge, GA 30281 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/20/2040 | 94.6 | 94.6 | 106.8 | 0.03 | % |
| MMS Realty, LLC and Molecular MS Diagnostics LLC | (#,^) | 1224 Greenwich Ave., Warwick, RI 02886 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/18/2040 | 126.7 | 126.7 | 143.0 | 0.04 | % |
| Royal Crest Motors LLC | (#,^) | 769 Amesbury Rd, Haverhill, MA 01830 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/16/2040 | 76.7 | 76.7 | 86.6 | 0.02 | % |
| Luigi's on Main LLC and Luigi's Main Street Pizza Inc | (#,^) | 491 Montauk Hwy., Eastport, NY 11941 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/4/2025 | 3.3 | 3.3 | 3.4 | — | % |
| Pace Motor Lines, Inc. | (#,^) | 1425 Honeyspot Rd. Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/26/2025 | 18.2 | 18.2 | 18.8 | 0.01 | % |
| Kingseal LLC dba Desoto Health and Rehab Center | (#,^) | 475 Nursing Home Dr., Arcadia, FL 34266 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 2/26/2040 | 1,071.4 | 1,071.4 | 1,209.6 | 0.32 | % |
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/19/2040 | 52.4 | 52.4 | 59.1 | 0.02 | % |
| Grand Blanc Lanes, Inc. and H, H and H, LLC | (#,^) | 5301 S Saginaw Rd, Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/31/2039 | 98.5 | 98.5 | 111.2 | 0.03 | % |
| First Prevention and Dialysis Center, LLC | (#,^) | 17940 NW 27th Ave., Miami Gardens, FL 33056 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2024 | 71.4 | 71.4 | 73.3 | 0.02 | % |
F-163
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Bowlerama Inc | (#,^) | 3031 New Castle Ave, New Castle, DE 19720 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/24/2039 | 1,051.0 | 1,051.0 | 1,186.6 | 0.32 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast | (#,^) | 114-115 Medical Center Ave., Sebring, FL 33870 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/23/2039 | 462.9 | 462.9 | 522.6 | 0.14 | % |
| The Jewelers Inc. dba The Jewelers of Las Vegas | (#,^) | 2400 Western Ave., Las Vegas, NV 89102 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 12/19/2024 | 265.4 | 265.4 | 272.6 | 0.07 | % |
| Will Zac Management LLC dba Papa John's | (#) | 2410 West Jefferson St., Ste. B, Joliet, IL 60435 | Food Services and Drinking Places | Term Loan | Fixed | 6.25% | 12/19/2024 | 8.0 | 8.0 | 8.0 | — | % |
| B.S. Ventures LLC dba Dink's Market | (#,^) | 48649 Hwy. 58, Oakridge, OR 97463 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/19/2039 | 45.1 | 45.1 | 50.9 | 0.01 | % |
| B & W Towing, LLC and Boychucks Fuel LLC | (#,^) | 701 Addison Rd., Painted Post, NY 14870 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/17/2039 | 132.9 | 132.9 | 150.1 | 0.04 | % |
| Kemmer LLC and Apples Tree Top Liquors LLC | (#,^) | 1300 S Jackson St., Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/4/2039 | 115.3 | 115.3 | 130.1 | 0.03 | % |
| Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman | (#,^) | 988 Hemlock St., Cannon Beach, OR 97110 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/25/2039 | 98.5 | 98.5 | 111.2 | 0.03 | % |
| Legacy Estate Planning Inc dba American Casket Enterprises | (#,^) | 2176 Rte. 119 North, Greensburg, PA 15601 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/21/2024 | 10.5 | 10.5 | 10.8 | — | % |
| DC Real LLC and DC Enterprises LTD dba Lakeview True Value | (#,^) | 318 North F St., Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/20/2039 | 99.8 | 99.8 | 112.6 | 0.03 | % |
| Heartland American Properties LLC and Skaggs RV Outlet LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/31/2039 | 396.8 | 396.8 | 448.0 | 0.12 | % |
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/10/2024 | 43.7 | 43.7 | 44.9 | 0.01 | % |
| DNT Storage and Properties LLC | (#,^) | 38 Old National Pike, West Alexander, PA 15376 | Real Estate | Term Loan | Prime plus | 2.75% | 10/10/2039 | 84.4 | 84.4 | 95.3 | 0.03 | % |
| Doctors Express Management of Central Texas LLC | (#,^) | 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/8/2024 | 1.6 | 1.6 | 1.6 | — | % |
| Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory | (#,^) | 900 Alpine Rd., Bridgeville, PA 15017 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/3/2039 | 101.8 | 101.8 | 114.9 | 0.03 | % |
| Rocco's LLC and Pantalone Inc dba Rocco's | (#,^) | 79 Beach Rd. Vineyard Haven, Vineyard Haven, MA 02568 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2039 | 211.5 | 211.5 | 238.8 | 0.06 | % |
| Gordon E Rogers dba Stonehouse Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 02825 | Accommodation | Term Loan | Prime plus | 2.75% | 9/26/2039 | 47.5 | 47.5 | 53.7 | 0.01 | % |
| Tavern Properties LLC and Wildwood Tavern LLC | (#,^) | 6480 West Touhy Ave., Niles, IL 60714 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2039 | 354.3 | 354.3 | 400.0 | 0.11 | % |
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 N Beach St., Fort Worth, TX 76111 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/15/2024 | 69.7 | 69.7 | 71.4 | 0.02 | % |
| Alpha Preparatory Academy LLC | (#,^) | 4462 Mink Livsey Rd., Snellville, GA 30039 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/15/2039 | 120.2 | 120.2 | 135.8 | 0.04 | % |
F-164
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook | (#,^) | 10463 Hamer Rd, Georgetown, OH 45121 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 8/8/2039 | 113.1 | 113.1 | 112.6 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC | (#,^) | 575 Columbus Ave., New Haven, CT 06519 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/30/2039 | 16.7 | 16.7 | 18.9 | 0.01 | % |
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd. Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/24/2039 | 123.0 | 123.0 | 138.9 | 0.04 | % |
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd. Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/30/2039 | 717.0 | 717.0 | 809.4 | 0.22 | % |
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave. Rte. 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/30/2024 | 19.5 | 19.5 | 19.9 | 0.01 | % |
| Nikobella Properties LLC and JPO Inc dba Village Car Wash | (#,^) | 1372 South US Rte. 12, Fox Lake, IL 60020 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2039 | 423.6 | 423.6 | 478.3 | 0.13 | % |
| Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True | (#,^) | 1313 West Park St. #1, Livingston, MT 59047 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/20/2039 | 191.4 | 191.4 | 216.1 | 0.06 | % |
| Sico & Walsh Insurance Agency Inc and The AMS Trust | (#,^) | 106 Concord Ave., Belmont, MA 02478 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/6/2039 | 76.7 | 76.7 | 86.6 | 0.02 | % |
| Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel | (#,^) | 15637 St Clair Ave, Cleveland, OH 44110 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/3/2024 | 3.3 | 3.3 | 3.4 | — | % |
| Long Island Barber Institute Inc | (#,^) | 266 Greenwich St., Hempstead, NY 11550 | Educational Services | Term Loan | Prime plus | 2.75% | 6/2/2039 | 45.5 | 45.5 | 51.4 | 0.01 | % |
| Pocono Coated Products, LLC | (#,^) | 100 Sweetree St., Cherryville, NC 28021 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 5/30/2024 | 4.3 | 4.3 | 4.4 | — | % |
| The River Beas LLC and Punam Singh | (#,^) | 11704 Centurion Way, Potomac, MD 20854 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/8/2039 | 73.8 | 73.8 | 83.3 | 0.02 | % |
| AS Boyals LLC dba Towne Liquors | (#,^) | 117 South Broad St., Woodbury City, NJ 08096 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/29/2039 | 88.7 | 88.7 | 100.2 | 0.03 | % |
| Gerami Realty, LC; Sherrill Universal City Corral, LP | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/23/2027 | 37.6 | 37.6 | 39.8 | 0.01 | % |
| Island Wide Realty LLC and Long Island Partners, Inc. | (#,^) | 201-203-205 West Merrick Rd., Valley Stream, NY 11580 | Real Estate | Term Loan | Prime plus | 2.75% | 4/22/2039 | 84.5 | 84.5 | 95.4 | 0.03 | % |
| Wilshire Media Systems Inc | (#,^) | 2649 Townsgate Rd. Ste. 500, Westlake Village, CA 91361 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2024 | 32.1 | 32.1 | 32.8 | 0.01 | % |
| 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC | (#,^) | 1899 State Rte. 35, South Amboy, NJ 08879 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/9/2039 | 91.4 | 91.4 | 103.2 | 0.03 | % |
| Cormac Enterprises and Wyoming Valley Beverage Incorporated | (#,^) | 63 S Wyoming Ave, Edwardsville, PA 18704 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/20/2039 | 90.0 | 90.0 | 101.6 | 0.03 | % |
F-165
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern | (#,^) | 3111 and 3135 Delsea Dr., Franklinville, NJ 08322 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/28/2039 | 338.4 | 338.4 | 382.1 | 0.10 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International | (#,^) | 952 Boston Post Rd., Milford, CT 06460 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2039 | 167.7 | 167.7 | 189.3 | 0.05 | % |
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave, Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/28/2024 | 56.4 | 56.4 | 57.4 | 0.02 | % |
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave. North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2039 | 173.4 | 173.4 | 195.8 | 0.05 | % |
| 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki | (#,^) | 96 Mill St., Berlin, CT 06037 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/12/2039 | 114.2 | 114.2 | 128.9 | 0.03 | % |
| 986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC | (#,^) | 986 Dixwell Ave., Hamden, CT 06510 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/7/2039 | 80.7 | 80.7 | 91.1 | 0.02 | % |
| Sarah Sibadan dba Sibadan Agency | (#,^) | 102-05 101st Ave., Ozone Park, NY 11416 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 1/27/2039 | 104.5 | 104.5 | 118.0 | 0.03 | % |
| Icore Enterprises Inc dba Air Flow Filters Inc | (#,^) | 151 W 24th St, Hialeah, FL 33010 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 1/15/2024 | 3.3 | 3.3 | 3.3 | — | % |
| Nutmeg North Associates LLC Steeltech Building Products Inc | (#,^) | 636 Nutmeg Rd. North, South Windsor, CT 06074 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/31/2038 | 737.5 | 737.5 | 832.7 | 0.22 | % |
| KK International Trading Corporation | (#,^) | 219 Lafayette Dr., Syosset, NY 11791 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/23/2028 | 99.4 | 99.4 | 107.0 | 0.03 | % |
| Kurtis Sniezek dba Wolfe's Foreign Auto | (#,^) | 712 5th St., New Brighton, PA 15066 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/20/2038 | 71.6 | 71.6 | 80.8 | 0.02 | % |
| 920 CHR Realty LLC; V. Garofalo Carting Inc | (#,^) | 920 Crooked Hill, Brentwood, NY 11717 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 12/10/2038 | 338.0 | 338.0 | 381.6 | 0.10 | % |
| DKB Transport Corp | (#,^) | 555 Water Works Rd., Old Bridge, NJ 08857 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/5/2038 | 111.8 | 111.8 | 126.2 | 0.03 | % |
| Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle | (#,^) | 1455 S Richland Creek Rd, Sugar HIll, GA 30518 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/3/2038 | 66.3 | 66.3 | 74.9 | 0.02 | % |
| BVIP Limousine Service LTD | (#,^) | 887 W Liberty, Medina, OH 44256 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 11/27/2038 | 61.4 | 61.4 | 69.3 | 0.02 | % |
| AcuCall LLC | (#,^) | 824 U.S Hwy. 1, Ste. 335, North Palm Beach, FL 33408 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/21/2023 | 2.0 | 2.0 | 2.0 | — | % |
| Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL | (#,^) | 3039-3043 Hedley, Springfield, IL 62704 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/18/2023 | 6.1 | 6.1 | 6.1 | — | % |
| Polpo Realty, LLC; Polpo Restaurant, LLC | (#,^) | 554 Old Post Rd. #3, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/6/2038 | 51.3 | 51.3 | 57.9 | 0.02 | % |
| Master CNC Inc & Master Properties LLC | (#,^) | 11825 29 Mile Rd., Washington, MI 48095 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/31/2038 | 478.4 | 478.4 | 540.1 | 0.14 | % |
| 1 North Restaurant Corp dba 1 North Steakhouse | (#,^) | 322 W. Montauk Hwy, Hampton Bays, NY 11946 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/31/2038 | 168.3 | 168.3 | 190.0 | 0.05 | % |
F-166
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Janice B. McShan and The Metropolitan Day School, LLC | (#,^) | 2817 Lomb Ave., Birmingham, AL 35208 | Social Assistance | Term Loan | Prime plus | 2.75% | 10/31/2023 | 4.8 | 4.8 | 4.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mid-Land Sheet Metal Inc | (#,^) | 125 E Fesler St., Santa Maria, CA 93454 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/31/2038 | 109.9 | 109.9 | 124.1 | 0.03 | % |
| Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd | (#,^) | 77 Mill Rd., Freeport, NY 11520 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/24/2038 | 117.5 | 117.5 | 132.7 | 0.04 | % |
| Cencon Properties LLC and Central Connecticut Warehousing Company, In | (#,^) | 37 Commons Ct., Waterbury, CT 06704 | Warehousing and Storage | Term Loan | Prime plus | 2.75% | 9/30/2038 | 275.2 | 275.2 | 310.7 | 0.08 | % |
| Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral | (#,^) | 17 Pearl St., Mystic, CT 06355 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/26/2038 | 79.7 | 79.7 | 90.0 | 0.02 | % |
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/25/2038 | 73.0 | 73.0 | 82.4 | 0.02 | % |
| Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta | (#,^) | 11585 Jones Bridge Rd., Ste. 4G, Johns Creek, GA 30022 | Educational Services | Term Loan | Prime plus | 2.75% | 9/20/2023 | 5.0 | 5.0 | 5.1 | — | % |
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave. North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/20/2038 | 213.5 | 213.5 | 241.0 | 0.06 | % |
| Grafio Inc dba Omega Learning Center-Acworth | (#,^) | 5330 Brookstone Dr., Ste. 320, Acworth, GA 30101 | Educational Services | Term Loan | Prime plus | 2.75% | 9/13/2023 | 17.9 | 17.9 | 18.1 | — | % |
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/12/2028 | 27.5 | 27.5 | 29.5 | 0.01 | % |
| Prospect Kids Academy Inc | (#,^) | 532 St Johns Pl., Brooklyn, NY 11238 | Educational Services | Term Loan | Prime plus | 2.75% | 9/11/2038 | 99.1 | 99.1 | 111.9 | 0.03 | % |
| Schmaltz Holdings, LLC and Schmaltz Operations, LLC | (#,^) | 3408 Castle Rock Farm Rd., Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/4/2038 | 171.4 | 171.4 | 193.5 | 0.05 | % |
| Caribbean Concepts, Inc. dba Quick Bleach | (#,^) | 120 East 56th St., St.#730, New York, NY 10022 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/12/2023 | 2.0 | 2.0 | 2.0 | — | % |
| Angkor Restaurant Inc | (#,^) | 10 Traverse St., Providence, RI 02903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/19/2038 | 73.7 | 73.7 | 83.2 | 0.02 | % |
| Harbor Ventilation Inc and Estes Investment, LLC | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/19/2038 | 1.9 | 1.9 | 2.1 | — | % |
| Tri County Heating and Cooling Inc. | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/19/2023 | 6.8 | 6.8 | 6.9 | — | % |
| GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat | (#,^) | 411 Sharp St., Millville, NJ 08332 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/28/2038 | 76.8 | 76.8 | 86.7 | 0.02 | % |
| Maxiflex LLC | (#,^) | 512 Verret St., New Orleans, LA 70114 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2023 | 3.0 | 3.0 | 3.0 | — | % |
| Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services | (#,^) | 200 North Branford Rd., Branford, CT 06405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/18/2028 | 425.7 | 425.7 | 456.0 | 0.12 | % |
F-167
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc | (#,^) | 24 Elm St., Montpelier, VT 05602 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 6/14/2023 | 26.0 | 26.0 | 26.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Absolute Desire LLC and Mark H. Szierer and Sophisticated Smile | (#,^) | 85 Reaville Ave., Flemington, NJ 08822 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/5/2038 | 148.4 | 148.4 | 167.6 | 0.04 | % |
| Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD | (#,^) | 4640 Monticello Ave., Ste. 8A, Williamsburg, VA 23188 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/28/2023 | 3.5 | 3.5 | 3.5 | — | % |
| Ryan D. Thornton and Thornton & Associates LLC | (#,^) | 800 Bethel St., Ste. 200, Honolulu, HI 96813 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 5/24/2023 | 2.4 | 2.4 | 2.4 | — | % |
| Peanut Butter & Co., Inc. | (#,^) | 250 West 54th St. Ste. 807, New York, NY 10019 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 4/30/2023 | 5.1 | 5.1 | 5.1 | — | % |
| 1258 Hartford TPKE, LLC and Phelps and Sons, Inc | (#,^) | 1258 Hartford Turnpike, Vernon, CT 06066 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 3/29/2038 | 97.5 | 97.5 | 110.1 | 0.03 | % |
| A & M Commerce, Inc. dba Cranberry Sunoco | (#,^) | 398 Baltimore Blvd, Westminster, MD 21157 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/27/2038 | 254.3 | 254.3 | 287.1 | 0.08 | % |
| Xela Pack, Inc. and Aliseo and Catherine Gentile | (#,^) | 8300 Boettner Rd., Saline, MI 48176 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 3/27/2028 | 130.5 | 130.5 | 139.4 | 0.04 | % |
| American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center | (#,^) | 3937 Sherman Ave., Saint Joseph, MO 64506 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/25/2038 | 441.4 | 441.4 | 498.4 | 0.13 | % |
| Sound Manufacturing, Inc. and Monster Power Equipment Inc. | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/15/2023 | 15.9 | 15.9 | 16.0 | — | % |
| Osceola River Mill, LLC; Ironman Machine, Inc. | (#,^) | 27 Hungerford St., Pittsfield, MA 01201 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 2/20/2038 | 67.3 | 67.3 | 76.0 | 0.02 | % |
| Retain Loyalty LLC | (#,^) | 1250 Sanders Ave. SW, Massillon, OH 44647 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 2/15/2038 | 93.1 | 93.1 | 105.1 | 0.03 | % |
| Sherill Universal City dba Golden Corral LP | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/28/2038 | 360.9 | 360.9 | 407.5 | 0.11 | % |
| Macho LLC; Madelaine Chocolate Novelties Inc dbaThe Madelai | (#,^) | 96-03 Beach Channel Dr., Rockaway Beach, NY 11693 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2037 | 389.4 | 389.4 | 439.6 | 0.12 | % |
| Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant | (#,^) | 554 Old Post Rd. #3, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/27/2037 | 413.2 | 413.2 | 466.5 | 0.12 | % |
| Richmond Hill Mini Market, LLC | (#,^) | 101 Richmond Hill Ave., Stamford, CT 06902 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 11/27/2037 | 142.8 | 142.8 | 161.3 | 0.04 | % |
| U & A Food and Fuel, Inc. dba Express Gas & Food Mart | (#,^) | 1345 Wampanoag Trail, East Providence, RI 02915 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/21/2037 | 74.3 | 74.3 | 83.9 | 0.02 | % |
| R & J Petroleum LLC; Manar USA, Inc. | (#,^) | 305 Quincy Shore Dr., Quincy, MA 02107 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/20/2037 | 139.0 | 139.0 | 156.9 | 0.04 | % |
| Reidville Hydraulics Mfg Inc dba Summit | (#,^) | 175 Industrial Ln., Torrington, CT 06790 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 11/2/2037 | 202.3 | 202.3 | 228.4 | 0.06 | % |
F-168
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| O'Rourkes Diner LLC dba O'Rourke's Diner | (#,^) | 728 Main St., Middletown, CT 06457 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/19/2037 | 50.3 | 50.3 | 56.8 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Central Tire, Inc. dba Cooper Tire & Auto Services | (#,^) | 1111 S Tillotson Ave., Muncie, IN 47304 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/29/2037 | 218.7 | 218.7 | 246.9 | 0.07 | % |
| Manuel P. Barrera and Accura Electrical Contractor, Inc. | (#,^) | 6187 NW 167th St. Unit H3, Miami, FL 33015 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/23/2028 | 46.2 | 46.2 | 49.3 | 0.01 | % |
| ATI Jet, Inc. | (#,^) | 7007 Boeing Dr., El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus | 2.75% | 12/28/2026 | 208.0 | 208.0 | 219.1 | 0.06 | % |
| Valiev Ballet Academy, Inc | (#,^) | 635 - 637 Londonderry Ln., Denton, TX 76205 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 8/12/2036 | 31.0 | 31.0 | 34.9 | 0.01 | % |
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave. Rte. 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/29/2036 | 253.9 | 253.9 | 286.6 | 0.08 | % |
| Profile Performance, Inc. and Eidak Real Estate, L.L.C. | (#,^) | 44600 Michigan Ave., Canton, MI 48188 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2036 | 91.4 | 91.4 | 103.2 | 0.03 | % |
| Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store | (#,^) | 2267 Fernberg Trail, Ely, MN 55731 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 4/18/2036 | 103.2 | 103.2 | 116.5 | 0.03 | % |
| Michael S. Korfe dba North Valley Auto Repair | (#,^) | 7516 B 2nd St., NW, Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/24/2036 | 11.0 | 11.0 | 12.5 | — | % |
| Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. | (#,^) | 64-68 North Central Ave., Valley Stream, NY 11580 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 1/28/2036 | 80.5 | 80.5 | 90.8 | 0.02 | % |
| Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center | (#,^) | 2879 Limekiln Pike, Glenside, PA 19038 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/30/2035 | 23.9 | 23.9 | 27.0 | 0.01 | % |
| Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery | (#,^) | 2320 2nd St., Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/2/2035 | 34.7 | 34.7 | 39.2 | 0.01 | % |
| Tanner Optical Inc. dba Murphy Eye Care | (#,^) | 305 Shirley Ave., Douglas, GA 31533 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/22/2035 | 60.9 | 60.9 | 68.7 | 0.02 | % |
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 North Beach St., Haltom City, TX 76111 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/29/2024 | 6.9 | 6.9 | 7.0 | — | % |
| D & D's Divine Beauty School of Esther, LLC | (#,^) | 5524 Germantown Ave, Philadelphia, PA 19144 | Educational Services | Term Loan | Fixed | 6% | 8/1/2031 | 35.2 | 35.2 | 35.1 | 0.01 | % |
| Bliss Coffee and Wine Bar, LLC | (#) | 1402-A Handlir Dr., Bel Air, MD 21015 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 3/31/2023 | 54.8 | 54.8 | 54.8 | 0.01 | % |
| 1911 East Main Street Holdings, Corp | (#,^) | 1911 East Main St., Endicott, NY 13760 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/18/2032 | 8.2 | 8.2 | 9.2 | — | % |
| Dave Kris, and MDK Ram Corp. | (#,^) | 15 Elm Park, Groveland, MA 01930 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/5/2026 | 11.8 | 11.8 | 12.4 | — | % |
| Head To Toe Personalized Pampering, Inc. | (#,^) | 2331 North State Rd. 7 Suite 123, Lauderhill, FL 33313 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/27/2031 | 6.1 | 6.1 | 6.7 | — | % |
| David M. Goens dba Superior Auto Paint & Body, Inc. | (#) | 1912 Manhattan Ave, Harvey, LA 70058 | Repair and Maintenance | Term Loan | Fixed | 6% | 8/26/2024 | 4.4 | 4.4 | 4.4 | — | % |
F-169
See accompanying notes to consolidated financial statements.
NEWTEKONE, INC. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Whirlwind Car Wash, Inc. | (#,^) | 1370 Le Anne Marie Cir., Columbus, OH 43026 | Repair and Maintenance | Term Loan | Prime plus | 2% | 4/9/2029 | 9.3 | 9.3 | 9.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Min Hui Lin | (#,^) | 1916 Broad St., Lanett, AL 36863 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/30/2028 | 9.7 | 9.7 | 10.3 | — | % |
| Auto Sales, Inc. | (#,^) | 1925 State St., Hamden, CT 06417 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 8/17/2023 | 0.9 | 0.9 | 0.9 | — | % |
| Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC | (#) | 3118 Bayshore Ave., Brigantine, NJ 08203 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6% | 9/14/2023 | 10.1 | 10.1 | 10.1 | — | % |
| Track Side Collision & Tire, Inc. | (#,^) | 98-16 160 Ave., Ozone Park, NY 11414 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 6/16/2025 | 1.8 | 1.8 | 1.8 | — | % |
| Deesha Corporation, Inc. dba Best Inn & Suites | (#,^) | 9225 Pkwy. East, Birmingham, AL 35206 | Accommodation | Term Loan | Prime plus | 2.25% | 2/14/2025 | 8.7 | 8.7 | 8.9 | — | % |
| Randall D. & Patricia D. Casaburi dba Pat's Pizzazz | (#,^) | 386 Winsted Rd., Torrington, CT 06790 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 3/13/2023 | 0.4 | 0.4 | 0.4 | — | % |
| Stillwell Ave Prep School | (#,^) | 1990 Stillwell Ave., Brooklyn, NY 11214 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/14/2023 | 0.8 | 0.8 | — | — | % |
| Total SBA Unguaranteed Accrual Investments | 463,129.3 | 463,126.8 | 470,835.0 | 125.44 | % |
F-170
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||||
| 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co | (*,#,^) | 636 South Center St., New Washington, OH 44854 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 3/20/2039 | $ | 61.6 | $ | 61.6 | $ | 56.4 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop | (*,#,^) | 217 W Main St., Centralia, WA 98531 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 7.75% | 1/6/2029 | 363.6 | 363.6 | 219.8 | 0.06 | % | |||
| AA LLC | (*,#,^) | 5761 W 73rd St., Indianapolis, IN 46260 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/29/2032 | 422.6 | 422.6 | 94.6 | 0.03 | % | |||
| A&W ALF, LLC dba A & W Assisted Living Facility | (*,#,^) | 6600 Liberty Rd., Gwynn Oak, MD 21207 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 7/24/2044 | 92.1 | 92.1 | 80.7 | 0.02 | % | |||
| Adow Pools LLC | (*,#,^) | 393 Glenbrook Rd., Stamford, CT 06906 | Personal and Laundry Services | Term Loan | Fixed | 6% | 5/25/2028 | 105.8 | 105.8 | 92.8 | 0.02 | % | |||
| Ains Holding Company, LLC | (*,#,^) | 122 West 26th St., New York, NY 10001 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/26/2027 | 801.9 | 801.9 | 295.1 | 0.08 | % | |||
| Ains Holding Company LLC | (*,#,^) | 122 W. 26th St., New York, NY 10001 | Management of Companies and Enterprises | Term Loan | Prime plus | 2.75% | 10/2/2027 | 66.5 | 66.5 | — | 0.00 | % | |||
| Airstrike Firefighters LLC | (*,#,^) | 18115 62nd Ave. NE, Kenmore, WA 98028 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 12/12/2028 | 946.3 | 946.3 | 866.8 | 0.23 | % | |||
| AJN Innovations LLC dba Burgerim | (*,#,^) | 6704 Main St., Miami Lakes, FL 33014 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 2/15/2031 | 101.7 | 101.7 | 71.0 | 0.02 | % | |||
| Albas Bar & Grill LLC | (*,#,^) | 221 Self Main St., Homer City, PA 15748 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 10/13/2042 | 21.9 | 21.9 | 13.1 | 0.00 | % | |||
| Alive Design, LLC | (*,#) | 1906 NE 23 rd Ave., Cape Coral, FL 33909 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/13/2027 | 5.5 | 5.5 | 5.1 | 0.00 | % | |||
| Alyssa Corp dba Knights Inn | (*,#,^) | 1105 Columbus Pkwy., Opelika, AL 36801 | Accommodation | Term Loan | Prime plus | 2.25% | 9/30/2023 | 18.2 | 18.2 | 16.6 | 0.00 | % | |||
| Ambrose Cubed LLC | (*,#,^) | 6780 & 6790 Hudspeth Rd., Harrisburg, NC 28075 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 3/3/2046 | 196.6 | 196.6 | 172.4 | 0.05 | % | |||
| Anderson Companies LLC | (*,#,^) | 3015 S White Horse Pike, Hammonton, NJ 08037 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/28/2044 | 174.1 | 174.1 | 132.9 | 0.04 | % | |||
| Anderson Farms Inc | (*,#) | 271 West Hwy. 30, Burley, ID 83318 | Truck Transportation | Term Loan | Fixed | 7.5% | 12/22/2027 | 3,739.5 | 3,739.5 | 2,753.6 | 0.73 | % | |||
| Anglin Cultured Stone Products LLC | (*,#,^) | 877 Salem Church Rd., Newark, DE 19702 | Construction of Buildings | Term Loan | Fixed | 8.25% | 12/27/2042 | 469.8 | 469.8 | — | 0.00 | % | |||
| Anglin Cultured Stone Products LLC dba Anglin Construction | (*,#) | 877 Salem Church Rd., Newark, DE 19702 | Specialty Trade Contractors | Term Loan | Fixed | 8.25% | 6/30/2025 | 95.1 | 95.1 | 87.1 | 0.02 | % | |||
| Arclay ,LLC | (*,#,^) | 49 Geyser Rd. Ste. 100, Saratoga Springs, NY 12866 | Nonmetallic Mineral Product Manufacturing | Term Loan | Fixed | 8% | 5/5/2030 | 137.1 | 137.1 | 36.6 | 0.01 | % | |||
| B for Blonde, LLC dba Blo Blow Dry Bar | (*,#) | 142 East 49th St., New York, NY 10017 | Personal and Laundry Services | Term Loan | Fixed | 6% | 2/12/2026 | 39.7 | 39.7 | 36.4 | 0.01 | % | |||
| B for Brunette dba Blo | (*,#,^) | 50 Glen Cove Rd, Greenvale, NY 11548 | Personal and Laundry Services | Term Loan | Fixed | 6% | 9/10/2023 | 20.5 | 20.5 | 18.8 | 0.00 | % | |||
| D for Dream LLC dba Blo Blow Dry Bar Inc | (*,#,^) | 460 East 3rd Ave., New York, NY 10016 | Personal and Laundry Services | Term Loan | Fixed | 6% | 5/13/2029 | 66.7 | 66.7 | 58.2 | 0.02 | % | |||
| D & D Optics Inc dba Sterling Optical | (*,#,^) | 1487 East LaSalle Dr., Bismark, ND 58503 | Ambulatory Health Care Services | Term Loan | Fixed | 6% | 12/21/2028 | 38.6 | 38.6 | 32.6 | 0.01 | % |
F-171
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| B&C Texas Leasing Inc and M&W Hot Oil, Inc. | (*,#,^) | 8124 Sprague Rd., Odessa, TX 73764 | Support Activities for Mining | Term Loan | Fixed | 6% | 3/30/2028 | 645.3 | 645.3 | 134.3 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| B&C Texas Leasing Inc.,M & W Hot Oill, Inc | (*,#,^) | 8124 Sprague Rd., Odessa, TX 79764 | Support Activities for Mining | Term Loan | Fixed | 6% | 3/30/2043 | 256.1 | 256.1 | 132.7 | 0.04 | % |
| B4 Fitness LLC dba The Zoo Health Club | (*,#) | 4 Beehive Dr, Epping, NH 03042 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25% | 9/23/2026 | 9.7 | 9.7 | 8.7 | 0.00 | % |
| Baker Sales, Inc. d/b/a Baker Sales, Inc. | (*,#) | 60207 Camp Villere Rd., Slidell, LA 70460 | Nonstore Retailers | Term Loan | Fixed | 6% | 3/29/2036 | 177.4 | 177.4 | 14.6 | 0.00 | % |
| BB Services, LLC | (*,#,^) | 580 39 Rd., Palisade, CO 81526 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/27/2029 | 86.1 | 86.1 | 78.9 | 0.02 | % |
| Bear Creek Entertainment LLC dba The Woods at Bear Creek | (*,#,^) | 3510 Bear Creek Rd., Franklinville, NY 14737 | Accommodation | Term Loan | Prime plus | 2.75% | 8/12/2041 | 1,608.1 | 1,608.1 | — | 0.00 | % |
| Bear Creek Entertainment, LLC dba The Woods at Bear Creek | (*,#) | 3510 Bear Creek Rd., Franklinville, NY 14737 | Accommodation | Term Loan | Fixed | 7.25% | 12/30/2024 | 85.4 | 85.4 | — | 0.00 | % |
| Beau & HB Inc dba Beau's Billard, Bowling & Arcade | (*,#,^) | 100 Village RD, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6% | 12/16/2043 | 62.1 | 62.1 | 56.7 | 0.02 | % |
| Beau & HB Inc dba Beau's Billiard, Bowling & Arcade | (*,#,^) | 100 Village Rd., Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/16/2029 | 29.0 | 29.0 | 6.9 | 0.00 | % |
| Big Heart LLC dba Chick'n Cone | (*,#,^) | 1158 W San Marcos Blvd, San Marcos, CA 92078 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2031 | 21.7 | 21.7 | 19.9 | 0.01 | % |
| Blackwater Diving, LLC | (*,#,^) | 112 Forrest Rd., Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/27/2028 | 572.8 | 572.8 | 104.9 | 0.03 | % |
| Blackwater Diving LLC | (*,#,^) | 112 Forrest Rd, Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 3/30/2030 | 315.1 | 315.1 | — | 0.00 | % |
| Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle | (*,#) | 377 Boston Post Rd., Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 6/16/2026 | 248.7 | 248.7 | 4.0 | 0.00 | % |
| Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle | (*,#,^) | 377 Boston Post Rd., Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 8/31/2027 | 260.5 | 260.5 | 46.0 | 0.01 | % |
| Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle | (*,#,^) | 377 Boston Post Rd. Unit B, Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 10/27/2027 | 26.1 | 26.1 | — | 0.00 | % |
| Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle | (*,#,^) | 377 Boston Post Rd., Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 8/28/2029 | 386.5 | 386.5 | — | 0.00 | % |
| Blue Seven, LLC | (*,#,^) | 11111 San Jose Blvd, Ste. 70, Jacksonville, FL 32223 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/27/2029 | 41.5 | 41.5 | 38.0 | 0.01 | % |
| Bone Bar & Grill LLC | (*,#) | 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 | Food Services and Drinking Places | Term Loan | Fixed | 7% | 6/30/2042 | 34.7 | 34.7 | 6.6 | 0.00 | % |
| Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. | (*,#) | 201 Highland Ave, East Syracuse, NY 13057 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25% | 3/13/2039 | 201.2 | 201.2 | 97.6 | 0.03 | % |
| BQRS, Inc. DBA Gresham Meineke Car Care Center | (*,#,^) | 18081 SE Division St., Portland, OR 97236 | Repair and Maintenance | Term Loan | Fixed | 0% | 6/30/2027 | 46.5 | 46.5 | 42.6 | 0.01 | % |
F-172
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Calhoun Satellite Communications, Inc. | (*,#) | 1914 Tigertail Blvd., Dania Beach, FL 33004 | Telecommunications | Term Loan | Fixed | 7% | 12/2/2026 | 333.8 | 333.8 | 236.8 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Capital Containers LLC | (*,#,^) | 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/15/2027 | 10.4 | 10.4 | 9.5 | 0.00 | % |
| Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber | (*,#) | 320 Fair St., Kutztown, PA 19530 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 7.5% | 9/30/2027 | 366.2 | 366.2 | 119.5 | 0.03 | % |
| Chickamauga Properties, Inc., MSW Enterprises, LLP | (*,#) | 214 Sutherland Way, Rocky Face, GA 30740 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6.25% | 12/22/2035 | 59.0 | 59.0 | 13.3 | 0.00 | % |
| Children First Home Health Care Inc | (*,#,^) | 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 | Ambulatory Health Care Services | Term Loan | Fixed | 7.5% | 12/27/2028 | 254.9 | 254.9 | 33.7 | 0.01 | % |
| Chu Management Group, LLC dba Juicy Lou's Burgeria | (*,#,^) | 1245 Libra Dr., Lincoln, NE 68512 | Food Services and Drinking Places | Term Loan | Prime plus | 0% | 4/19/2032 | 18.2 | 18.2 | 16.7 | 0.00 | % |
| CIS BIG DOG, LLC | (*,#,^) | 8920 US HWY, 62 WEST, Cynthiana, KY 41031 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/19/2027 | 46.7 | 46.7 | 44.7 | 0.01 | % |
| Clark Realty LLC | (*,#) | 4 Walker Way, Albany, NY 12205 | Real Estate | Term Loan | Fixed | 8% | 8/29/2041 | 113.8 | 113.8 | 83.6 | 0.02 | % |
| Royal Blue Investments, Inc. and Cleland Pharmacy LLC | (*,#,^) | 202 S. 1st St., Wakeeny, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 7/31/2042 | 47.7 | 47.7 | 40.5 | 0.01 | % |
| CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster | (*,#,^) | 309 Coronado Dr., Clearwater Beach, FL 33767 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/11/2029 | 67.5 | 67.5 | 61.8 | 0.02 | % |
| Colorado Avocado LLC dba Toastique | (*,#,^) | 11590 Ridgeline Dr., Colorado Springs, CO 80921 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/27/2032 | 157.2 | 157.2 | 47.2 | 0.01 | % |
| Commonwealth Diagnostics International, Inc | (*,#,^) | 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/20/2027 | 931.5 | 931.5 | 853.3 | 0.23 | % |
| Craftwork Carpentry and Millwork Inc. | (*,#,^) | 2777 S Financial Ct., Sanford, FL 32773 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/30/2031 | 106.4 | 106.4 | 7.3 | 0.00 | % |
| Craftwork Carpentry and Millwork Inc | (*,#,^) | 2777 S Financial Ct., Sandford, FL 32773 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/24/2046 | 177.1 | 177.1 | 132.4 | 0.04 | % |
| D&G Capital LLC dba Miami Grill 277 | (*,#) | 2521 North Federal Hwy., Unit C, Boca Raton, FL 33431 | Food Services and Drinking Places | Term Loan | Fixed | 6.5% | 12/16/2025 | 41.4 | 41.4 | 6.9 | 0.00 | % |
| Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery | (*,#,^) | 299 Utica Ave., Brooklyn, NY 11203 | Food Manufacturing | Term Loan | Fixed | 6% | 6/27/2043 | 337.0 | 337.0 | 273.4 | 0.07 | % |
| Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc | (*,#) | 6555 NW 9th Ave, Fort Lauderdale, FL 33309 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2029 | 22.4 | 22.4 | 20.5 | 0.01 | % |
| Devine Fitness LLC | (*,#,^) | 40 N 2nd St., Rio Vista, CA 94571 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/6/2032 | 18.9 | 18.9 | 18.1 | 0.00 | % |
| DG Business Solutions, Inc | (*,#,^) | 11008 Rene St., Lenexa, KS 66215 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 200.8 | 200.8 | 188.0 | 0.05 | % |
| Driven Warehouse/Distribution LLC | (*,#) | 271 East North Ave., Glendale, IL 60139 | Truck Transportation | Term Loan | Fixed | 8% | 12/22/2027 | 1,043.8 | 1,043.8 | 245.8 | 0.07 | % |
F-173
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Dynamic Dental Corporation | (*,#,^) | 3760 NW 126th Ave., Coral Springs, FL 33065 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 7.5% | 5/31/2029 | 57.1 | 57.1 | 55.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| E & I Holdings, LP & PA Farm Products, LLC | (*,#) | 1095 Mt Airy Rd., Stevens, PA 17578 | Food Manufacturing | Term Loan | Fixed | 6% | 4/30/2030 | 4,705.2 | 4,705.2 | 2,865.3 | 0.76 | % |
| Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC | (*,#,^) | 4401 N I-35 #113, Denton, TX 76207 | Truck Transportation | Term Loan | Fixed | 6% | 3/31/2024 | 142.2 | 142.2 | 20.8 | 0.01 | % |
| Earth First Recycling, LLC and 191 Clark Road, LLC | (*,#,^) | 400 Island Park Rd., Easton, PA 18040 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 8% | 6/5/2027 | 338.0 | 338.0 | 309.6 | 0.08 | % |
| Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels | (*,#,^) | 11949 Borden Ave., San Fernando, CA 91340 | Specialty Trade Contractors | Term Loan | Fixed | 8.25% | 12/31/2022 | 43.9 | 43.9 | — | 0.00 | % |
| Ericon, Inc. | (*,#) | 740 Davenport Ave., Fremont, NE 68025 | Gasoline Stations | Term Loan | Fixed | 8.25% | 12/1/2041 | 258.2 | 258.2 | 52.8 | 0.01 | % |
| ERT Group Inc and Curt's Tools Inspection Inc | (*,#) | 5229 142nd Dr. NW, Williston, ND 58801 | Support Activities for Mining | Term Loan | Fixed | 6% | 3/18/2041 | 689.0 | 689.0 | 250.0 | 0.07 | % |
| Estelle Finkel Educational Associates,LLC | (*,#,^) | 125 West Mount Pleasant Ave., Livingston, NJ 07039 | Educational Services | Term Loan | Fixed | 7.5% | 5/11/2027 | 61.0 | 61.0 | 55.9 | 0.01 | % |
| ETS Tree Service Inc and Eastern Tree Service, Inc | (*,#,^) | 4813 Pinson Valley Pkwy., Birmingham, AL 35215 | Administrative and Support Services | Term Loan | Fixed | 6% | 12/21/2028 | 183.4 | 183.4 | 94.4 | 0.03 | % |
| Evergreen Pallet LLC and Evergreen Recycle LLC | (*,#) | 302 W 53rd St N., Wichita, KS 67204 | Wood Product Manufacturing | Term Loan | Fixed | 7.25% | 3/16/2026 | 757.1 | 757.1 | 220.6 | 0.06 | % |
| Magill Truck Line LLC and Jeff J. Ralls | (*,#) | 211 West 53rd St. N., Park City, KS 67204 | Truck Transportation | Term Loan | Fixed | 7.25% | 2/23/2026 | 168.4 | 168.4 | 24.8 | 0.01 | % |
| Evernook Valley Milk LLC | (*,#,^) | 7448 Emmerson Rd., Everson, WA 98247 | Animal Production and Aquaculture | Term Loan | Fixed | 7.5% | 8/31/2042 | 637.5 | 637.5 | 539.5 | 0.14 | % |
| Excel RP Inc | (*,#) | 6531 Park Ave., Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | Fixed | 8.25% | 3/25/2026 | 95.2 | 95.2 | 36.0 | 0.01 | % |
| Excel RP, Inc./Kevin and Joann Foley | (*,#) | 6531 Park Ave., Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | Fixed | 8.25% | 7/8/2028 | 19.2 | 19.2 | 15.6 | 0.00 | % |
| Florida Apnea Diagnostics LLC | (*,#,^) | 2664 Cypress Ridge Blvd. Ste. 101 & 102 A, Wesley Chapel, FL 33544 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25% | 10/20/2027 | 11.0 | 11.0 | 4.2 | 0.00 | % |
| Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC | (*,#,^) | 5600 N. River Rd. #925, Rosemont, IL 60018 | Real Estate | Term Loan | Fixed | 6% | 3/27/2025 | 512.3 | 512.3 | — | 0.00 | % |
| Four Seasons Laser Center Inc. | (*,#,^) | 4720 NW 2nd Ave. Unit D-104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Fixed | 6% | 6/26/2042 | 185.8 | 185.8 | 170.2 | 0.05 | % |
| Four Seasons Laser Center Inc. | (*,#,^) | 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/28/2029 | 9.2 | 9.2 | 8.5 | 0.00 | % |
| Frontier Sand LLC | (*,#,^) | 305 Country Hwy. AA, New Auburn, WI 54757 | Mining (except Oil and Gas) | Term Loan | Fixed | 8.25% | 11/30/2027 | 1,068.9 | 1,068.9 | 530.3 | 0.14 | % |
| GDIM Enterprises Inc dba AAMCO | (*,#,^) | 1657 Whiskey Rd., Aiken, SC 29803 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/19/2029 | 16.2 | 16.2 | 7.0 | 0.00 | % |
F-174
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Gilpin Enterprises, LLC dba Jon Smith Subs | (*,#,^) | 17790 State Rd. 54, Lutz, FL 33458 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 9/12/2029 | 62.1 | 62.1 | 44.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GLH delivering services Inc and Paisley Logistics Inc | (*,#,^) | 121 Pine Rd., Easley, SC 29642 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 242.1 | 242.1 | 10.9 | 0.00 | % |
| Gold Wind Logistics LLC | (*,#) | 2830 Beech Daly Rd, Inkster, MI 48141 | Truck Transportation | Term Loan | Prime plus | 2.75% | 10/20/2041 | 145.8 | 145.8 | 130.7 | 0.03 | % |
| Grand Manor Realty, Inc. & Kevin LaRoe | (*,#) | 318 S. Halsted St., Chicago, IL 60661 | Real Estate | Term Loan | Fixed | 6% | 2/20/2023 | 19.0 | 19.0 | 17.8 | 0.00 | % |
| Grayson O Company | (*,#,^) | 6509 Newell Ave., Kannapolis, NC 28082 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/10/2041 | 545.8 | 545.8 | 478.5 | 0.13 | % |
| Greensboro Plastic Surgical Associates, PA | (*,#,^) | 2716 Henry St., Greensboro, NC 27405 | Ambulatory Health Care Services | Term Loan | Fixed | 6% | 6/29/2042 | 478.6 | 478.6 | 406.9 | 0.11 | % |
| GT Performance Plus Inc | (*,#,^) | 4210 College St., Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 6/11/2029 | 66.8 | 66.8 | — | 0.00 | % |
| Gulf Coast Asphalt LLC dba Missouri Asphalt Sealing and Striping | (*,#,^) | 10629 Liberty Ave, St .Louis, MO 63132 | Petroleum and Coal Products Manufacturing | Term Loan | Prime plus | 2.75% | 8/23/2032 | 87.5 | 87.5 | 62.8 | 0.02 | % |
| H.M.C, Incorporated | (*,#,^) | 7190 Oakland Mills Rd Ste. 10, Columbia, MD 21046 | Furniture and Related Product Manufacturing | Term Loan | Fixed | 8.25% | 7/3/2028 | 183.8 | 183.8 | 40.7 | 0.01 | % |
| Hackensack Steel Corporation and Luzerne Ironworks Inc | (*,#,^) | 300 Sly St., Swoyersville, PA 18709 | Specialty Trade Contractors | Term Loan | Fixed | 6% | 11/10/2026 | 170.1 | 170.1 | 166.4 | 0.04 | % |
| Hackstaff Restaurants LLC | (*,#,^) | 248 W 1st. St. Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 130.0 | 130.0 | 52.2 | 0.01 | % |
| Hallmark Enterprises LLC | (*,#) | 54 Furman Ave., Brooklyn, NY 11207 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 1,245.4 | 1,245.4 | 102.9 | 0.03 | % |
| Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. | (*,#,^) | 34 35th St., Brooklyn, NY 11232 | Food Manufacturing | Term Loan | Fixed | 6% | 12/14/2027 | 77.2 | 77.2 | 22.9 | 0.01 | % |
| Harrison Logging Company LLC | (*,#,^) | 127 Legate Rd., Indian Mound, TN 37079 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 2/9/2027 | 47.3 | 47.3 | 45.3 | 0.01 | % |
| HDD Solutions, LLC | (*,#) | 6550 Progress Pkwy., Cedar Hill, MO 63016 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 8.25% | 12/31/2028 | 552.8 | 552.8 | 343.8 | 0.09 | % |
| HG Ventures, Inc. dba Diamond Head Trucking | (*,#,^) | 100 Phoenix Dr., Finleyville, PA 15332 | Truck Transportation | Term Loan | Fixed | 7.5% | 6/29/2030 | 794.6 | 794.6 | 67.6 | 0.02 | % |
| High Q Automotive Consulting andRide 4 U LLC | (*,#,^) | 747 N State Rd 7, Plantation, FL 33317 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/29/2046 | 1,239.4 | 1,239.4 | 947.6 | 0.25 | % |
| Hoagie Barmichaels Inc | (*,#,^) | 1101 River Rd., New Windsor, NY 12553 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/27/2044 | 107.6 | 107.6 | 64.8 | 0.02 | % |
| HTE Acquisition, LLC dba Hi Tech Engineering | (*,#,^) | 4600, 4610, & 4620 Calle Quetza, Camarillo, CA 93012 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2031 | 48.0 | 48.0 | 45.9 | 0.01 | % |
| Humd, LLC dba La Rosa Chicken and Grill | (*,#) | 3111 N. University Dr., Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/31/2030 | 101.2 | 101.2 | 88.7 | 0.02 | % |
| Hurricane Group, Inc. | (*,#,^) | 1357 Ashford Ave. Ste. 429, San Juan, PR 09070 | Other Information Services | Term Loan | Prime plus | 2.75% | 5/26/2027 | 47.1 | 47.1 | 41.3 | 0.01 | % |
F-175
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Hurricane Group, Inc.dba Crate Club Group | (*,#,^) | 1357 Ashford Ave. Ste. 429, San Juan, PR 09070 | Other Information Services | Term Loan | Fixed | 7.5% | 11/25/2029 | 42.7 | 42.7 | — | 0.00 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SofRep, Inc dba Force 12 Media | (*,#,^) | 1357 Ashford Ave. STE 429, San Juan, PR 09070 | Other Information Services | Term Loan | Prime plus | 2.75% | 6/26/2025 | 26.8 | 26.8 | 23.5 | 0.01 | % |
| iFood, Inc. dba Steak N Shake | (*,#,^) | 2840 E Millbrook Rd, Raleigh, NC 27604 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 6/30/2039 | 541.9 | 541.9 | 530.1 | 0.14 | % |
| iFood, Inc. dba Steak N Shake | (*,#,^) | 5900 Duraleigh Rd., Raleigh, NC 27612 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 7/31/2024 | 148.5 | 148.5 | 145.2 | 0.04 | % |
| IHC Hardware Inc. | (*,#,^) | 614 Broad St., Story City, IA 50248 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6% | 12/6/2042 | 93.8 | 93.8 | 54.5 | 0.01 | % |
| Innovation Transport, LLC | (*,#,^) | 1 International Blvd, Mahwah, NJ 07495 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/9/2027 | 45.5 | 45.5 | 41.7 | 0.01 | % |
| Innovation Transport LLC | (*,#,^) | 1 International Blvd., Ste. 400, Mahwah, NJ 07495 | Truck Transportation | Term Loan | Prime plus | 2.75% | 4/6/2028 | 34.3 | 34.3 | 31.4 | 0.01 | % |
| Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc | (*,#,^) | 4899 Griggs Rd., Houston, TX 77021 | Ambulatory Health Care Services | Term Loan | Fixed | 7.75% | 12/27/2043 | 952.9 | 952.9 | 57.2 | 0.02 | % |
| International Kitchen Supply LLC | (*,#) | 3466 North Hwy 11, West Union, SC 29696 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/25/2026 | 115.6 | 115.6 | 103.6 | 0.03 | % |
| Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery | (*,#,^) | 229 Medical Park Rd., Ste. 310, Mooresville, NC 28117 | Ambulatory Health Care Services | Term Loan | Fixed | 6% | 3/29/2044 | 820.8 | 820.8 | 548.9 | 0.15 | % |
| Island Kaii & Company dba Island Kaii | (*,#,^) | 4301 Orchard Lake Rd #165, West Bloomfield, MI 48323 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 0% | 8/26/2031 | 6.9 | 6.9 | 4.4 | 0.00 | % |
| Island Kaii & Company dba Island Kaii | (*,#,^) | 4301 Orchard Lake Rd #165, West Bloomfield, MI 48323 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/4/2032 | 19.1 | 19.1 | — | 0.00 | % |
| IT Quality Solutions, Inc | (*,#,^) | 6522 Creekview Cir., Duluth, GA 30097 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 6.9 | 6.9 | 6.6 | 0.00 | % |
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#) | 640 Dubois St., Du Bois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6% | 11/10/2026 | 33.1 | 33.1 | 32.4 | 0.01 | % |
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#) | 640 Dubois St., Dubois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6% | 11/10/2041 | 285.4 | 285.4 | 279.2 | 0.07 | % |
| JAM Media Solutions, LLC | (*,#,^) | 4744 Tackawanna St., Philadelphia, PA 19124 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 6.25% | 6/15/2027 | 22.3 | 22.3 | — | 0.00 | % |
| JAM Media Solutions LLC | (*,#,^) | 11 Netherwood Ter., East Orange, NJ 07017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/28/2028 | 768.2 | 768.2 | 65.4 | 0.02 | % |
| Jamestown Quick Stop LLC | (*,#,^) | 3097 24th Ave., Hudsonville, MI 49426 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/5/2044 | 65.9 | 65.9 | 51.3 | 0.01 | % |
| Japp Business Inc dba Pick and Eat and Japp Drink Corp. | (*,#) | 4179 Broadway, New York, NY 10033 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 11/30/2025 | 72.3 | 72.3 | 26.3 | 0.01 | % |
| Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill | (*,#,^) | 24480 W 10 Mile RD, Southfield, MI 48033 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 1/4/2029 | 34.0 | 34.0 | 23.5 | 0.01 | % |
F-176
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| JJBen, Corporation dba Benson Crane Service | (*,#,^) | 437 Rte. 212, Saugerties, NY 12477 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 139.3 | 143.9 | 113.4 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J & C May Properties, LLC | (*,#,^) | 315 Sylamore Ave., Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6% | 3/22/2044 | 1,081.8 | 1,081.8 | 510.6 | 0.14 | % |
| J & C May Properties, LLC. | (*,#,^) | 315 Sylamore Ave., Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 18.3 | 18.3 | — | 0.00 | % |
| Jbelis Stop N' Go, LLC dba Planet Smoothie | (*,#,^) | 2565 E 17th St, Ammons, ID 83406 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/30/2029 | 15.3 | 15.3 | 14.1 | 0.00 | % |
| Jessie's Radiator and Automotive | (*,#,^) | 1777 N Ventura Ave., Ventura, CA 93001 | Repair and Maintenance | Term Loan | Fixed | 6% | 10/31/2029 | 14.7 | 14.7 | 9.5 | 0.00 | % |
| JMD Aviation Holdings, LLC | (*,#,^) | 8050 North West 90th St., Medley, FL 33166 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/15/2027 | 397.5 | 397.5 | 380.5 | 0.10 | % |
| Johnny's Boy LLC | (*,#,^) | 127 East King St., Martinsburg, WV 25401 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/7/2044 | 31.1 | 31.1 | 19.4 | 0.01 | % |
| Kenbenco, Inc.dba Benson Steel Fabricators | (*,#,^) | 437 Rte. 212, Saugerties, NY 12477 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/31/2031 | 150.4 | 150.4 | 128.5 | 0.03 | % |
| Key HR Associates, Inc dba Parents Choice for Kids | (*,#,^) | 3150 West Park Dr., Burnsville, MN 55306 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/29/2044 | 443.8 | 443.8 | 360.7 | 0.10 | % |
| Kids at Heart,LLC dba Monster Mini Golf | (*,#) | 10 Newbury St., Danvers, MA 01923 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6.75% | 9/22/2026 | 8.4 | 8.4 | — | 0.00 | % |
| Kidtastic LLC dba The Little Gym of Audubon | (*,#) | 2850 Audubon Dr., Audubon, PA 19403 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25% | 7/27/2026 | 44.9 | 44.9 | 42.0 | 0.01 | % |
| Kim Howard Corp dba NPN Machine Tools | (*,#,^) | 9130 Wayfarer Ln., Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/7/2042 | 519.2 | 519.2 | 497.0 | 0.13 | % |
| Kim Howard Corp dba NPN Machine Tools | (*,#,^) | 9130 Wayfarer Ln, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2029 | 168.3 | 168.3 | 161.1 | 0.04 | % |
| Kostekos Inc dba New York Style Pizza | (*,#) | 10 South King St., Gloucester, NJ 08030 | Food Services and Drinking Places | Term Loan | Fixed | 8% | 2/6/2040 | 34.8 | 34.8 | 7.1 | 0.00 | % |
| LA Diner Inc dba Loukas L A Diner | (*,#) | 3205 Rte. 22 East, Branchburg, NJ 08876 | Food Services and Drinking Places | Term Loan | Fixed | 7.25% | 9/28/2037 | 92.8 | 92.8 | 22.7 | 0.01 | % |
| LAN Doctors Inc | (*,#) | 14 Pierson Ct., Mahwah, NJ 07430 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 8.25% | 8/28/2025 | 52.6 | 52.6 | 48.1 | 0.01 | % |
| LAN Doctors Inc | (*,#) | 14 Pierson Ct., Mahwah, NJ 07430 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 8.25% | 3/16/2026 | 43.4 | 43.4 | 28.5 | 0.01 | % |
| LBR Partners LLC dba Techy | (*,#,^) | 1450 Johns Lake Rd, Clermont, FL 34711 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/9/2030 | 41.6 | 41.6 | 39.8 | 0.01 | % |
| Legacy Roof Contractors LLC | (*,#,^) | 32091 Broken Branch Cir., Spanish Fort, AL 36527 | Specialty Trade Contractors | Term Loan | Fixed | 6% | 6/30/2023 | 378.7 | 378.7 | 108.1 | 0.03 | % |
| Linqserv Inc. | (*,#,^) | 1555 Lyell Ave., Rochester, NY 14606 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 7.5% | 11/9/2027 | 261.2 | 261.2 | 15.1 | 0.00 | % |
| Mag Auto Group Inc dba MAG Motor Company | (*,#) | 1890 North Main St., Walnut Creek, CA 94596 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 9/24/2031 | 218.8 | 218.8 | 70.0 | 0.02 | % |
| Malhame & Company Publishers & Importers Inc. | (*,#,^) | 180 Orville Rd., Bohemia, NY 11780 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/29/2027 | 58.2 | 58.2 | 53.3 | 0.01 | % |
F-177
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Matchless Transportation LLC dba First Class Limo | (*,#) | 31525 Aurora Rd. # 5, Solon, OH 44139 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 6.25% | 5/31/2020 | 117.2 | 117.2 | 26.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MB Nursery LLC dba The Garden Center | (*,#,^) | 15562 Hwy. South, Whitehouse, TX 75791 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/31/2020 | 65.8 | 65.8 | 63.0 | 0.02 | % |
| McFarlin, LLP | (*,#,^) | 4 Park Plz Ste 1025, Irvine, CA 92614 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 7.5% | 5/31/2020 | 158.4 | 158.4 | 65.9 | 0.02 | % |
| MMC Juice Investors Co | (*,#,^) | 2879 W 95th St. Ste. 195, Naperville, IL 60564 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/31/2020 | 38.8 | 38.8 | 35.6 | 0.01 | % |
| Mojo Brands Media, LLC | (*,#) | 3260 University Blvd., Ste. 100, Winter Park, FL 32792 | Broadcasting (except Internet) | Term Loan | Fixed | 6% | 8/28/2023 | 673.2 | 673.2 | 60.2 | 0.02 | % |
| Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc | (*,#,^) | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 6/27/2029 | 1,083.3 | 1,083.3 | 992.3 | 0.26 | % |
| Morris Glass and Construction Inc | (*,#) | 40058 Hwy. 30, Astoria, OR 97103 | Specialty Trade Contractors | Term Loan | Fixed | 15% | 10/1/2023 | 276.7 | 276.7 | 112.2 | 0.03 | % |
| Motorsport Imagery, Inc | (*,#,^) | 16362 Cherokee Rd, Brooksville, FL 34601 | Apparel Manufacturing | Term Loan | Prime plus | 0% | 1/17/2030 | 17.6 | 17.6 | 16.1 | 0.00 | % |
| MPI Automotive Corp | (*,#) | 19925 Stevens Creek Blvd., Ste. 100, Cupertino, CA 95014 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 5/26/2031 | 48.8 | 48.8 | 4.8 | 0.00 | % |
| Mr. Lube, Inc | (*,#,^) | 721 E Westpoint Dr., Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Fixed | 6% | 6/22/2043 | 595.6 | 595.6 | 353.3 | 0.09 | % |
| Mr. Lube, Inc. | (*,#,^) | 721 E. West Point Dr., Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Fixed | 6% | 6/22/2028 | 516.8 | 516.8 | 26.9 | 0.01 | % |
| Murf & Sons LLC | (*,#,^) | 3821 Pleasant Hill Rd., Store #B-107, Kissimmee, FL 34746 | Food Services and Drinking Places | Term Loan | Fixed | 5% | 11/16/2027 | 21.0 | 21.0 | 13.5 | 0.00 | % |
| N Transport LLC | (*,#,^) | 5348 W Brown Ave., Fresno, CA 93722 | Truck Transportation | Term Loan | Fixed | 8% | 11/20/2027 | 364.2 | 364.2 | 54.5 | 0.01 | % |
| Swalm Street LLC and New York Home Health Care Equipment LLC | (*,#) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Fixed | 7.5% | 12/16/2040 | 351.5 | 351.5 | 336.5 | 0.09 | % |
| New York Home Health Care Equipment, LLC | (*,#,^) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Prime plus | 0% | 12/16/2025 | 429.2 | 429.2 | 410.8 | 0.11 | % |
| New York Home Health Care Equipment, LLC | (*,#,^) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Prime plus | 0% | 4/29/2032 | 370.0 | 370.0 | 354.1 | 0.09 | % |
| Nix and Nix Funeral Home North Inc, | (*,#,^) | 1621 W. Dauphin St., Philadelphia, PA 08065 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/28/2043 | 525.4 | 525.4 | 418.4 | 0.11 | % |
| Northern Steel and Concrete, LLC, a Pennsylvania LLC | (*,#) | 18 Hillcrest Ln., Willingboro, NJ 08046 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/17/2031 | 1,061.8 | 1,061.8 | 508.9 | 0.14 | % |
| Northern Steel and Concrete, LLC and Northern Steel and Concrete | (*,#) | 18 Hillcrest Ln, Willingboro, NJ 08046 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/18/2032 | 156.6 | 156.6 | 61.4 | 0.02 | % |
| Ocean Trans LLC and Dehal Trucking LLC | (*,#,^) | 760 W. Charter Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/29/2027 | 356.6 | 356.6 | 348.8 | 0.09 | % |
| Ocean Trans LLC | (*,#,^) | 1415 W Andersonr Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/21/2027 | 23.9 | 23.9 | 23.4 | 0.01 | % |
F-178
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Ocean Trans LLC & Dehal Trucking LLC | (*,#,^) | 1415 W. Anderson St., Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/15/2042 | 581.2 | 581.2 | 544.2 | 0.14 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ocean Trans LLC and Dehal Trucking LLC | (*,#,^) | 1415 W Anderson St., Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/27/2029 | 57.3 | 57.3 | 56.1 | 0.01 | % |
| Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC | (*,#,^) | 2520 Pennsylvania Ave., Ogden, UT 84401 | Truck Transportation | Term Loan | Fixed | 8.25% | 6/20/2028 | 336.4 | 336.4 | — | 0.00 | % |
| Panther Ironworks and Rigging Solutions LLC | (*,#) | 1028 Washburn Switch Rd., Shelby, NC 28150 | Specialty Trade Contractors | Term Loan | Fixed | 6% | 11/10/2026 | 40.4 | 40.4 | 23.5 | 0.01 | % |
| Paragon Fabricators Inc, Paragon Field Services, Inc | (*,#) | 412 and 500 Main St., La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 7% | 9/28/2026 | 558.1 | 558.1 | 29.1 | 0.01 | % |
| Paragon Global, LLC and Paragon Fabricators Inc | (*,#) | 412 and 500 Main St., La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 7% | 9/28/2041 | 110.1 | 110.1 | 13.1 | 0.00 | % |
| Pavesh, LLC | (*,#,^) | 9576 Potranco Rd., San Antonio, TX 78251 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/15/2046 | 163.9 | 163.9 | 114.7 | 0.03 | % |
| Pecos Entertainment LLC dba State Theater and Pecos Inn LLC | (*,#,^) | 421 S. Oak St., Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/27/2042 | 388.0 | 388.0 | 56.4 | 0.02 | % |
| Pecos Inn LLC dba Econo Lodge | (*,#) | 2207 W Third St., Pecos, TX 79772 | Accommodation | Term Loan | Prime plus | 2.75% | 4/28/2041 | 621.9 | 621.9 | 292.6 | 0.08 | % |
| Peter K Lee MD, PC dba Atlanta Primary Care | (*,#,^) | 211 Roberson Mill Rd., Milledgeville, GA 31061 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25% | 9/13/2043 | 535.9 | 535.9 | 293.7 | 0.08 | % |
| Peter K Lee MD, PC dba Atlanta Primary Care LLC | (*,#,^) | 5 Ashford Way, Hawkinsville, GA 31061 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25% | 9/13/2028 | 381.0 | 381.0 | 181.7 | 0.05 | % |
| Picon Motors LLC dba The New Young's Motors | (*,#,^) | 199-211 Central Ave., Orange, NJ 07080 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 6/12/2029 | 213.8 | 213.8 | 117.9 | 0.03 | % |
| PJT Logistics, Inc. | (*,#,^) | 2-4 Commerce Way, Auburn, NY 13021 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/23/2029 | 39.9 | 39.9 | 38.2 | 0.01 | % |
| Play4Fun dba Luv 2 Play | (*,#,^) | 13722 Jamboree Rd., Irvine, CA 92602 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 7.5% | 3/7/2028 | 148.1 | 148.1 | 141.8 | 0.04 | % |
| Pool Logic Design and Construction Inc | (*,#,^) | 277 W Allen Ave., San Dimas, CA 91773 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/16/2031 | 484.3 | 484.3 | 327.8 | 0.09 | % |
| Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand | (*,#) | 13851 S State HWY 34, Scurry, TX 75158 | Specialty Trade Contractors | Term Loan | Fixed | 8.25% | 10/28/2025 | 1,118.1 | 1,118.1 | 626.2 | 0.17 | % |
| Prestige Construction of Florida, LLC | (*,#,^) | 1404 Yorktown St. Ste. E, Deland, FL 32724 | Construction of Buildings | Term Loan | Fixed | 6% | 5/23/2042 | 105.1 | 105.1 | 100.6 | 0.03 | % |
| Prime Precision Machining, LLC | (*,#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/11/2029 | 200.8 | 200.8 | 99.4 | 0.03 | % |
| Prime Precision Machining, LLC | (*,#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Real Estate | Term Loan | Prime plus | 2.75% | 9/11/2044 | 267.9 | 267.9 | 245.4 | 0.07 | % |
| R & K Contracting Inc | (*,#) | 3605 NW 31st Ave, Fort Lauderdale, FL 33309 | Specialty Trade Contractors | Term Loan | Fixed | 6% | 2/18/2026 | 8.2 | 8.2 | 7.6 | 0.00 | % |
| Ramjay Inc. | (*,#,^) | 85 S. Bragg St. Ste. 303, Alexandria, VA 22312 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 4.5% | 1/13/2027 | 290.5 | 290.5 | 65.5 | 0.02 | % |
F-179
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC | (*,#,^) | 85 SW 5th Ave, Delray Beach, FL 33444 | Ambulatory Health Care Services | Term Loan | Fixed | 7.75% | 12/28/2028 | 95.1 | 95.1 | 9.5 | 0.00 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rich's Food Stores LLC dba Hwy 55 of Wallace | (*,#) | 611 East Southerland St., Wallace, NC 28466 | Food Services and Drinking Places | Term Loan | Fixed | 8.25% | 9/14/2026 | 99.3 | 99.3 | 24.4 | 0.01 | % |
| Rihahn Inc. dba RDBL, Inc | (*,#,^) | 1397 McGuire Rd., Lamar, AR 72846 | Forestry and Logging | Term Loan | Fixed | 6% | 9/14/2028 | 114.7 | 114.7 | 55.1 | 0.01 | % |
| RIHAHN INC dba RDBL, INC. | (*,#,^) | 1397 McGuire Rd., Lamar, AR 72846 | Forestry and Logging | Term Loan | Fixed | 6% | 2/5/2029 | 5.4 | 5.4 | 5.1 | 0.00 | % |
| Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. | (*,#,^) | 5245 Bucks Bar Rd., Placerville, CA 95667 | Beverage and Tobacco Product Manufacturing | Term Loan | Fixed | 8.25% | 1/19/2030 | 190.3 | 190.3 | 178.2 | 0.05 | % |
| Roundhay Partners LLC and Roundhay Farming LLC | (*,#,^) | 6160 Granite Spring Rd., Somerset, CA 95684 | Crop Production | Term Loan | Fixed | 8.25% | 8/8/2042 | 803.1 | 803.1 | 678.4 | 0.18 | % |
| Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC | (*,#,^) | 215 S Persimmon St,, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 6.25% | 12/31/2028 | 192.9 | 192.9 | 8.3 | 0.00 | % |
| Romain Tower Inc. | (*,#,^) | 215 S Persimmon St, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 6% | 12/20/2044 | 201.8 | 201.8 | 177.3 | 0.05 | % |
| Route 130 SCPI Holdings LLC; Route 130 SCPI Operations LLC | (*,#) | 423-429 Rte. 156, Trenton, NJ 08620 | Food Services and Drinking Places | Term Loan | Fixed | 6.25% | 9/30/2039 | 279.5 | 279.5 | 47.3 | 0.01 | % |
| Royalty Freight Inc | (*,#,^) | 3728 W Mckinley Ave., Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/14/2027 | 401.7 | 401.7 | 343.1 | 0.09 | % |
| Royalty Freight Inc | (*,#,^) | 3728 W McKinley Ave., Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/21/2028 | 68.0 | 68.0 | — | 0.00 | % |
| Royalty Freight Inc. | (*,#,^) | 3728 W McKinley Ave., Fresno, CA 93772 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/29/2029 | 313.5 | 313.5 | — | — | % |
| S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails & dba Onyx Nail | (*,#,^) | 5604 Slide Rd., Lubbock, TX 79414 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/11/2029 | 132.0 | 132.0 | 28.4 | 0.01 | % |
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (*,#,^) | 726-740 South Fleming St., Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/24/2041 | 491.2 | 491.2 | 284.4 | 0.08 | % |
| Sanabi Investment, LLC dba Oscar's Moving and Storage | (*,#,^) | 11421 N W 107th St., #13, Miami, FL 33178 | Truck Transportation | Term Loan | Fixed | 0% | 3/5/2027 | 76.4 | 76.4 | 56.9 | 0.02 | % |
| Sandlot Ventures LLC and Sandbox Ventures LLC | (*,#,^) | 1857A Elmdale Ave, Glenview, IL 60025 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6% | 9/25/2040 | 88.1 | 88.1 | 61.2 | 0.02 | % |
| Select Propane & Fuel Inc. and Select Fuel & Convenience LLC | (*,#) | 3822 State Rte. 3, Red Bud, IL 62278 | Merchant Wholesalers, Nondurable Goods | Term Loan | Fixed | 7.5% | 2/10/2030 | 518.6 | 518.6 | 33.8 | 0.01 | % |
| Shooter's Gun Club, LLC | (*,#) | 2429 Iowa St. Ste.s B, C and D, Lawrence, KS 66046 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/27/2030 | 157.5 | 157.5 | 137.8 | 0.04 | % |
| Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation | (*,#,^) | 3031 Patrick St, Kissimmee, FL 34741 | Air Transportation | Term Loan | Fixed | 8.25% | 12/12/2027 | 398.7 | 398.7 | 260.0 | 0.07 | % |
| Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan | (*,#,^) | 426 15th St. NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 6/8/2043 | 180.6 | 180.6 | 6.5 | — | % |
F-180
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||
| Skyways, LTD | (*,#,^) | 350 15th St. NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Fixed | 6% | 3/22/2029 | 740.7 | 740.7 | — | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SM Car Sales Inc | (*,#) | 2340 Royal Ln.,, Dallas, TX 75229 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 6/16/2032 | 24.9 | 24.9 | — | — | % |
| Specialized Dairy Processors LLC and Nathaly Zapata | (*,#,^) | 2200 N Commerce Pkwy., Weston, FL 33326 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 1/16/2028 | 44.5 | 44.5 | 39.2 | 0.01 | % |
| Soto Injury Law Firm, PA and My Attorney Inc | (*,#,^) | 2050 Capital Cir. NE Ste. B, Tallahassee, FL 32308 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2029 | 50.3 | 50.3 | 47.1 | 0.01 | % |
| Sovereign Communications LLC | (*,#) | 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 | Broadcasting (except Internet) | Term Loan | Fixed | 6.75% | 2/7/2024 | 509.4 | 509.4 | 46.1 | 0.01 | % |
| SSI Refrigerated Express Inc. and Robert M Stallone | (*,#,^) | 1001 E. Cooley Dr. Ste. 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus | 2.75% | 11/17/2027 | 43.4 | 43.4 | 38.8 | 0.01 | % |
| SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express | (*,#,^) | 1001 E. Cooley Dr. Ste. 102, Colton, CA 92324 | Truck Transportation | Term Loan | Fixed | 6% | 2/28/2027 | 146.0 | 146.0 | 107.2 | 0.03 | % |
| StillBasi Holdings, Inc. dba Buxton Auto Transport | (*,#,^) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | Fixed | 6% | 3/29/2029 | 263.6 | 263.6 | 154.9 | 0.04 | % |
| Suncrest Stone Products LLC | (*,#) | 341 County Farm Rd., Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | Fixed | 7.25% | 8/29/2041 | 429.2 | 429.2 | — | — | % |
| Suncrest Stone Products LLC | (*,#) | 341 County Farm Rd., Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | Fixed | 7.5% | 8/29/2026 | 499.2 | 499.2 | 43.1 | 0.01 | % |
| Sushi Prime, LLC and Vasilia Investments | (*,#,^) | 32 SE 2nd Ave, Delray Beach, FL 33444 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/22/2028 | 171.2 | 171.2 | 153.4 | 0.04 | % |
| SVT Masonry Limited Liability Company | (*,#,^) | 1208 Houghton Ln., Bennington, VT 05201 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/5/2029 | 58.5 | 58.5 | 54.8 | 0.01 | % |
| Tactical Integrated Systems Inc dba Techy | (*,#,^) | 2501 Citrus Blvd, Leesburg, FL 34748 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/31/2031 | 17.6 | 17.6 | 16.8 | — | % |
| Tarver-Henley Inc. and Tar-Hen LLC | (*,#,^) | 2125 College Ave., Jackson, AL 36545 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 7.75% | 6/21/2042 | 97.8 | 97.8 | 30.9 | 0.01 | % |
| Technical Ordnance Solutions,LLC | (*,#,^) | 9950 Business Cir., Ste. 13, Naples, FL 34112 | Fabricated Metal Product Manufacturing | Term Loan | Fixed | 7.75% | 3/30/2028 | 901.9 | 901.9 | 826.1 | 0.22 | % |
| The Country House Restaurant, LLC and Pelton Real Estate, LLC | (*,#,^) | 677 US Rte. 7, Pittsford, VT 05763 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/30/2042 | 47.3 | 47.3 | 40.8 | 0.01 | % |
| The Garden Club, LLC | (*,#,^) | 125 South DuBuque St., Iowa City, IA 52240 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/21/2028 | 4.4 | 4.4 | 4.0 | — | % |
| Tier1 Solutions LLC | (*,#,^) | 1000 Essington Rd. Ste. 109 & 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/18/2027 | 10.5 | 10.5 | — | — | % |
| Tier1 Solutions LLC | (*,#,^) | 1000 Essington Rd., Juliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/23/2028 | 4.5 | 4.5 | — | — | % |
| Tier1 Solutions LLC | (*,#,^) | 1000 Essington Rd., Ste. 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/12/2029 | 7.0 | 7.0 | 6.7 | — | % |
| Torchlight Academy Schools, LLC | (*,#,^) | 116 County Farm Rd., Windsor, NC 27983 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/12/2046 | 220.0 | 220.0 | 192.9 | 0.05 | % |
| KDKB Properties, LLC and US Press, LLC | (*,#,^) | 1628-A James P. Rodgers Dr., Valdosta, GA 31601 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 6/25/2031 | 670.6 | 670.6 | 312.8 | 0.08 | % |
F-181
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||||
| US Press, LLC | (*,#,^) | 1628-A James P. Rodgers Dr., Valdosta, GA 31601 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 6/25/2046 | 534.8 | 534.8 | 344.5 | 0.09 | % | |||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US Shipping Trans Inc, Esteem Trucking Inc | (*,#,^) | 16102 Sweetwater Ct., Lathrop, CA 95330 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/26/2028 | 519.5 | 519.5 | 31.9 | 0.01 | % | |||
| Victorian Restaurant and Tavern, LLC | (*,#,^) | 226 Maple Ave., Cheshire, CT 06410 | Food Services and Drinking Places | Term Loan | Fixed | 8.25% | 2/22/2042 | 80.0 | 80.0 | 76.6 | 0.02 | % | |||
| White Hawk Inc. | (*,#,^) | 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 | Truck Transportation | Term Loan | Fixed | 8.25% | 12/15/2026 | 1,524.5 | 1,524.5 | 117.5 | 0.03 | % | |||
| Wilban LLC | (*,#) | 454 US Hwy. 22, Whitehouse Station, NJ 08889 | Food Services and Drinking Places | Term Loan | Fixed | 7.5% | 3/11/2026 | 1.8 | 1.8 | 1.7 | — | % | |||
| Wilban LLC | (*,#) | 454 US Hwy. 22, Whitehouse Station, NJ 08889 | Food Services and Drinking Places | Term Loan | Fixed | 7.25% | 3/28/2039 | 238.6 | 238.6 | 39.9 | 0.01 | % | |||
| Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware | (*,#,^) | 33-51 11th St., Astoria, NY 11106 | Merchant Wholesalers, Nondurable Goods | Term Loan | Fixed | 8.25% | 4/28/2027 | 75.8 | 75.8 | 72.5 | 0.02 | % | |||
| Zeroholding, LLC | (*,#,^) | 11175 Cicero Dr., Alpharetta, GA 30022 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/18/2032 | 854.8 | 854.8 | 90.2 | 0.02 | % | |||
| Total Unguaranteed Non-Accrual SBA Investments | 69,661.6 | 69,666.2 | $ | 34,432.5 | 9.17 | % | |||||||||
| Total Unguaranteed SBA Investments | $ | 532,790.9 | $ | 532,793.0 | $ | 505,267.5 | 134.61 | % |
F-182
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||
| Alaska Industrial Paint LLC | 1301 North Post Rd., Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/21/2047 | $ | 67.9 | $ | 67.9 | $ | 73.9 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Clean Pro 1, LLC | 385 Boston Post Rd, Orange, CT 06477 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/29/2047 | 616.6 | 616.6 | 669.1 | 0.18 | % | |||
| Happier Now LLC | 724 Homestead Rd., La Grange Park, IL 60526 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/11/2033 | 121.5 | 121.5 | 132.5 | 0.04 | % | |||
| Evolving Nurse, LLC | 2940 Noble Rd., Cleveland Heights, OH 44121 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/18/2048 | 458.3 | 458.3 | 498.4 | 0.13 | % | |||
| Little Angels Daycare and Learning Center LLC | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/24/2048 | 47.8 | 47.8 | 52.5 | 0.01 | % | |||
| 2900 N. 18th Street LLC / Bobby Morganstein Events | 77 Buck Rd., Huntingdon Valley, PA 19006 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 1/1/2048 | 699.2 | 699.2 | 758.7 | 0.20 | % | |||
| Samson Cinema Holdings, Inc. | 1400 Pile St., Clovis, NM 88101 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 1/31/2048 | 2,964.7 | 2,964.7 | 3,172.2 | 0.85 | % | |||
| Cold Stone Creamery | 714 W Onstott Frontage Rd., Yuba City, CA 95991 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/23/2033 | 341.2 | 341.2 | 361.7 | 0.10 | % | |||
| Copper Rose LLC | 550 Main St., Ste. 2, Edmonds, WA 98020 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 10/25/2032 | 54.4 | 54.4 | 58.7 | 0.02 | % | |||
| Moody's Hardware, LLC | 22754 W 220 St., Springhill, KS 66083 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/27/2048 | 588.3 | 588.3 | 636.8 | 0.17 | % | |||
| Gun Guardian, LLC | 1136 Brick Rd., Winter Garden, FL 34787 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 11/3/2032 | 82.4 | 82.4 | 89.0 | 0.02 | % | |||
| J LaMendola Physical Therapy PC | 1100 Clove Rd. Ste. G-C, Staten Island, NY 10301 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/10/2048 | 453.0 | 453.0 | 491.5 | 0.13 | % | |||
| Fara Bender DMD PA | 6169 Jog Rd Unit B-5, Lake Worth, FL 33467 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/27/2032 | 411.4 | 411.4 | 437.1 | 0.12 | % | |||
| Eva Corp. dba Premier Martial Arts | 200 S Quebec St., Denver, CO 50230 | Educational Services | Term Loan | Prime plus | 2.75% | 12/28/2032 | 143.2 | 143.2 | 155.7 | 0.04 | % | |||
| SGS Fit Bis LLC - Biscayne | 777 BBrickell Ave., Miami, FL 33131 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/12/2033 | 198.4 | 198.4 | 213.3 | 0.06 | % | |||
| Mariposa Group - Yoga6 | 8131 Sawyer Brown Rd, Nashville, TN 37221 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/27/2033 | 81.3 | 81.3 | 87.5 | 0.02 | % | |||
| J&A Fitness LLC | 914- 948 Lee St, Jefferson, GA 30549 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/27/2033 | 343.5 | 343.5 | 369.6 | 0.10 | % | |||
| Daze Salon Suites LLC | 1310 E Broadway Rd Ste. 102, Tempe, AZ 85282 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/28/2033 | 30.9 | 30.9 | 33.2 | 0.01 | % | |||
| Goshen House & Trading LLC | 4310 Pennwood Rd, Brentwood, MD 20722 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/31/2048 | 57.7 | 57.7 | 63.9 | 0.02 | % | |||
| Shea Grace Wellness LLC, dba Liquivida | 18 Blyman Ct, Trenton, NJ 08690 | Personal and Laundry Services | Term Loan | Prime plus | 3% | 5/16/2033 | 407.2 | 407.2 | 440.3 | 0.12 | % | |||
| Stevens Aviation & Parts, LLC | 1617 Freeman Mill Rd, Suffolk, VA 23438 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 3% | 5/17/2048 | 180.0 | 180.0 | 201.6 | 0.05 | % | |||
| Grudziena, Inc.dba Hotworx Surf City | 112 Charlie Medlin Dr, Surf City, NC 28445 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 3% | 4/18/2033 | 125.3 | 125.3 | 135.5 | 0.04 | % |
F-183
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Alkemy Ice Cream, LLC | 260 Main St., Huntington, NY 11743 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 3/30/2033 | 157.1 | 157.1 | 171.7 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anopitse Ventures LLC | 8950 US-64, Lakeland, TN 38002 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 5/12/2033 | 11.1 | 11.1 | 12.1 | — | % |
| Adil Ghumman -Cold Stone Creamery | 4700 Freeport Blvd, Sacramento, CA 95822 | Food Services and Drinking Places | Term Loan | Prime plus | 3% | 5/12/2033 | 145.6 | 145.6 | 159.1 | 0.04 | % |
| Elexa Consumer Products | 126 E Wing St Ste. 379, Arlington Heights, IL 60004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/24/2032 | 262.2 | 262.2 | 285.7 | 0.08 | % |
| BC Bishop Enterprises LLC dba 9Round Pooler | 105-107 Grand Central Blvd, Pooler, GA 31322 | Educational Services | Term Loan | Prime plus | 2.75% | 3/2/2028 | 28.9 | 28.9 | 28.9 | 0.01 | % |
| NJ Floats Inc | 327 Rte. 202/206, Bedminster Township, NJ 07921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/12/2046 | 822.0 | 822.0 | 822.0 | 0.22 | % |
| Jones Roger Shermann Inn Inc. | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/4/2030 | 55.1 | 55.1 | 55.1 | 0.01 | % |
| Rello Inc. | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 4/17/2029 | 4.5 | 4.5 | 4.5 | — | % |
| 2Choice2Friends LLC | 901 W Braker Ln., Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 4/17/2029 | 9.3 | 9.3 | 9.3 | — | % |
| NYM Solutions Inc. | 12150 SW 128th St. CT Ste. 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 5/6/2029 | 9.4 | 9.4 | 9.4 | — | % |
| MCM Design LLC | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/23/2029 | 7.3 | 7.3 | 7.3 | — | % |
| Still Photography | 195 Ter. Pl., Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/6/2029 | 9.5 | 9.5 | 9.5 | — | % |
| Archer Cleaners Inc. | 1514 W. 33rd St., Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/10/2029 | 9.5 | 9.5 | 9.5 | — | % |
| Campuscuts LLC | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/21/2029 | 5.7 | 5.7 | 5.7 | — | % |
| Port Diesel LLC | 3212 Alex Trask Dr., Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 6/21/2029 | 9.5 | 9.5 | 9.5 | — | % |
| Menshka Inc. | 88 High St., Montclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 7/10/2029 | 9.6 | 9.6 | 9.6 | — | % |
| Lawrence Adeyemo & Co LLC | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2029 | 7.7 | 7.7 | 7.7 | — | % |
| Gradstreet LLC | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 7/30/2029 | 5.6 | 5.6 | 5.6 | — | % |
| Crystal Clear Accounting | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/26/2029 | 2.5 | 2.5 | 2.5 | — | % |
| Doghouse Sport Fishing Charters Inc. | 83413 Overseas Hwy., Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 6.5% | 8/30/2029 | 9.7 | 9.7 | 9.7 | — | % |
| No Push Back LLC | 5405 Neshaminy Blvd, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/30/2029 | 9.3 | 9.3 | 9.3 | — | % |
| Host Marketing LLC | 206 Bell Ln., Ste. B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/18/2029 | 9.7 | 9.7 | 9.7 | — | % |
F-184
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Standard Real Estate Services LLC | 500 West Silver Spring Dr., Ste. K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus | 6.5% | 9/19/2029 | 9.7 | 9.7 | 9.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bargain Store | 107 Tabernacle Church Rd., Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus | 6.5% | 10/11/2029 | 9.8 | 9.8 | 9.8 | — | % |
| Pine Mountain Residential LLC | 10240 Cosmopolitan Cir., Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/16/2029 | 9.8 | 9.8 | 9.8 | — | % |
| James Clark and Company Inc. | 8885 Haven Ave., Ste. 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/22/2029 | 9.8 | 9.8 | 9.8 | — | % |
| Sean McNamara | 5639 Wood Ln., Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 11/14/2029 | 9.9 | 9.9 | 9.9 | — | % |
| The Pinnacle Group | 105 Springside Dr., Akron, OH 44333 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/14/2029 | 9.9 | 9.9 | 9.9 | — | % |
| Standard Capital Corp. | 2349 Wessington Dr., Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 12/5/2029 | 10.1 | 10.1 | 10.1 | — | % |
| Scott’s Hardware Inc | 200 Tuckerton Rd., Medford, NJ 08055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 12/6/2029 | 10.0 | 10.0 | 10.0 | — | % |
| HADD Corp | 364 Rugby Rd., Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/17/2029 | 10.0 | 10.0 | 10.0 | — | % |
| La Tradicion Cubana Inc. | 9357 S.W. 40th St., Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 12/20/2029 | 10.0 | 10.0 | 10.0 | — | % |
| All Modes Transportation and Logistics | 4313 Collingtree Dr., Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 2/14/2030 | 10.1 | 10.1 | 10.1 | — | % |
| Dearly Loved Counseling LLC | 14052 N Dale Mabry Hwy., Ste. 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/24/2030 | 10.9 | 10.9 | 10.9 | — | % |
| Diane's Accounting Service | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/3/2030 | 11.0 | 11.0 | 11.0 | — | % |
| Combs Creative LLC | 157 Antler Ridge Cir.,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/4/2030 | 4.1 | 4.1 | 4.1 | — | % |
| Travel with Love, LLC | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/4/2030 | 4.4 | 4.4 | 4.4 | — | % |
| Jamali LLC | 2741 Raceway Fairfield West, Pensacola, FL 32503 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 12/11/2030 | 11.0 | 11.0 | 11.0 | — | % |
| David Benson LLC | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.0 | 11.0 | 11.0 | — | % |
| Vege Investments, LLC | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.0 | 11.0 | 11.0 | — | % |
| ASIL Ventures, LLC | 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/22/2030 | 3.7 | 3.7 | 3.7 | — | % |
| SPECTRUM DYNAMICS, INC | 27727 Dalton Bluff Ct., Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.0 | — | % |
| KCL Business Service Inc | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.0 | — | % |
F-185
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Chris' Angels Cleanning Service LLC | 2090 Dunwoody Club Dr., Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.0 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Tiki Torch Liquors | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.0 | 11.0 | 11.0 | — | % |
| Austen Felder Holdings | 23642 Hwy. 25, Franklinton, LA 70438 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/18/2031 | 11.1 | 11.1 | 11.1 | — | % |
| Diamond Ridge Professionals | 8629 Mesquite Cir., Magna, UT 84044 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 1/19/2031 | 16.6 | 16.6 | 16.6 | — | % |
| Centre for Autism Treatment | 13090 Sundown Rd., Victorville, CA 92392 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/20/2031 | 16.6 | 16.6 | 16.6 | — | % |
| Andrew’s Spotless Cleaning LLC | 6003 Murnan Rd, Cold Spring, KY 41076 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 16.6 | 16.6 | 16.6 | — | % |
| Wild Thing Accounting & Tax LLC | 805 NE 190th Ave., Portland, OR 97230 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 16.6 | 16.6 | 16.6 | — | % |
| Wild Wellness LLC | 151 Lake St., Lancaster, OH 43130 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 7.3 | 7.3 | 7.3 | — | % |
| Skypie Studio and Crafts LLC | 933 Mary Ave, Opelousas, LA 70570 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 15.9 | 15.9 | 15.9 | — | % |
| Jazma Wise | 110 Golden Pine Rd SW, Austell, GA 30168 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/28/2031 | 10.6 | 10.6 | 10.6 | — | % |
| uniguide Media LLC | 105 Pearl St., Sausalito, CA 94965 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 2/11/2031 | 16.7 | 16.7 | 16.7 | — | % |
| Alima Mandiang | 242 E. Claremont Rd, Philadelphia, PA 19120 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 2/17/2031 | 6.7 | 6.7 | 6.7 | — | % |
| Benevolent Family Services LLC | 522 S Independence Blvd., Ste. 201, Virginia Beach, VA 23452 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 16.9 | 16.9 | 16.9 | — | % |
| INB Enterprise LLC | 7761 Diamondback Dr., College Park, MD 20742 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 16.9 | 16.9 | 16.9 | — | % |
| Blasco Tire | 960 Memorial Dr., Griffin, GA 30223 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 3/24/2031 | 16.8 | 16.8 | 16.8 | — | % |
| Stephanie Doty | 82 Diggins Dr., Folsom, CA 95630 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 4/14/2031 | 10.0 | 10.0 | 10.0 | — | % |
| Lockett Trucking and Transport LLC | 612 Colebridge Dr., Blacklick, OH 43004 | Truck Transportation | Term Loan | Prime plus | 6.5% | 4/14/2031 | 16.1 | 16.1 | 16.1 | — | % |
| RV Solar LLC | 3442 E Bulk Ln., Oak Creek, WI 53154 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 4/14/2031 | 16.9 | 16.9 | 16.9 | — | % |
| Foy Commerce LLC | 1725 Park Ln. S, Ste. 2,, Jupiter, FL 33458 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/5/2031 | 17.0 | 17.0 | 17.0 | — | % |
| JERAGARDENS WEDDING RENTALS LLC | 5842 South 1150 West, Ogden, UT 84405 | Rental and Leasing Services | Term Loan | Prime plus | 6.5% | 7/20/2031 | 17.2 | 17.2 | 17.2 | — | % |
| Basha Home Improvements LLC | 41 Van Houten Ave., Jersey City, NJ 07305 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 7/21/2031 | 7.0 | 7.0 | 7.0 | — | % |
| Tarun LLC DBA signature wine and liquor | 325 South Limestone, Lexington, KY 40508 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 7/23/2031 | 17.2 | 17.2 | 17.2 | — | % |
F-186
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||
| C4 Technologies Inc | 171 C Ave., Ste. C, Coronado, CA 92118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/6/2031 | 17.3 | 17.3 | 17.3 | — | % | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||
| Dennis Hair Studio Inc. | 1566 Union Turnpike, New Hyde Park, NY 11040 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 9/13/2031 | 17.4 | 17.4 | 17.4 | — | % | |||||||||||||
| East Side Muay Thai LLC | 2135 General Booth Blvd, Virginia Beach, VA 23454 | Educational Services | Term Loan | Prime plus | 6.5% | 3/17/2032 | 12.0 | 12.0 | 12.0 | — | % | |||||||||||||
| GAIA Inc. DBA Touchstone Real Estate Group | 513 1st St, Cheney, WA 99004 | Real Estate | Term Loan | Prime plus | 6.5% | 3/23/2032 | 24.1 | 24.1 | 24.1 | 0.01 | % | |||||||||||||
| Early Care Evolution | 823 Roget Way, Lawrenceville, GA 30045 | Educational Services | Term Loan | Prime plus | 6.5% | 3/23/2032 | 17.9 | 17.9 | 17.9 | — | % | |||||||||||||
| Lehigh Auto Sales and Service LLC | 826 Hanover Ave, Allentown, PA 18109 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 3/23/2032 | 24.1 | 24.1 | 24.1 | 0.01 | % | |||||||||||||
| Rella Rells Solutions LLC | 15401 Delahunty Ln., Pflugerville, TX 78660 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 6.5% | 3/28/2032 | 5.3 | 5.3 | 5.3 | — | % | |||||||||||||
| Chantay Richards LLC | 19800 Hawthorne Blvd, Torrance, CA 90503 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 3/28/2032 | 24.1 | 24.1 | 24.1 | 0.01 | % | SHIELD TRANSPORTATION INC. | 9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 6.5% | 3/28/2032 | 24.1 | 24.1 | 24.1 | 0.01 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||
| Designer Golf Scorecards | 1014 US-19, Holiday, FL 34691 | Printing and Related Support Activities | Term Loan | Prime plus | 6.5% | 4/1/2032 | 24.2 | 24.2 | 24.2 | 0.01 | % | |||||||||||||
| Jon Pratt Carpentry | 1405 Canton Ave, Milton, MA 02186 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 4/1/2032 | 14.5 | 14.5 | 14.5 | — | % | |||||||||||||
| Major's Service & Repair | 5329 Main Rd, Sweet Valley, PA 18656 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 4/12/2032 | 12.1 | 12.1 | 12.1 | — | % | |||||||||||||
| Jeremy's Handyman Service, LLC | 319 Spring Ln, Destin, FL 32541 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 4/12/2032 | 14.5 | 14.5 | 14.5 | — | % | |||||||||||||
| Royaltyzilla Associates LLC | 40315 Michigan Ave #99, Canton, MI 48188 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 4/12/2032 | 24.2 | 24.2 | 24.2 | 0.01 | % | |||||||||||||
| CARMEN STOCKING LLC | 84122 Avendia Cedrus, Coachella, CA 92236 | Truck Transportation | Term Loan | Prime plus | 6.5% | 4/20/2032 | 24.2 | 24.2 | 24.2 | 0.01 | % | |||||||||||||
| Johnson Racing Suspension | 153 Northway Park Rd, Machesney Park, IL 61115 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 4/27/2032 | 9.3 | 9.3 | 9.3 | — | % | |||||||||||||
| Valley Remodel and repair LLC | 1103 W Sam St, Kent, WA 98032 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 4/27/2032 | 24.2 | 24.2 | 24.2 | 0.01 | % | |||||||||||||
| DA BUSINESS MANAGEMENT INC | 6700 Tampa Ave, Reseda, CA 91335 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 4/27/2032 | 24.2 | 24.2 | 24.2 | 0.01 | % | |||||||||||||
| Ryno Resumes | 1015 Grupp Rd., Des Peres, MO 63131 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 5/3/2032 | 14.6 | 14.6 | 14.6 | — | % | |||||||||||||
| Blue Oaks Financial | 5716 Lonetree Blvd, Rocklin, CA 95765 | Educational Services | Term Loan | Prime plus | 6.5% | 5/3/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % | |||||||||||||
| Semilla Baking Co LLC | 2310 McDuffie St., Apt 7, Houston, TX 77019 | Food Manufacturing | Term Loan | Prime plus | 6.5% | 5/10/2032 | 19.0 | 19.0 | 19.0 | 0.01 | % | |||||||||||||
| Inner Light Healing | 1025 Reynolds Rd., Johnson City, NY 13790 | Educational Services | Term Loan | Prime plus | 6.5% | 5/10/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % | |||||||||||||
| Originals and Organics LLC | 1902 Sussex Ln., Colorado Springs, CO 80909 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 6.5% | 5/10/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
F-187
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Abundant Life Surrogacy | 2716 Rose Hill St., Boise, ID 83705 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 5/12/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Feder Construction Company | 14 Manor Dr., Monsey, NY 10952 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 5/13/2032 | 24.3 | 24.3 | 24.3 | 0.01 | % |
| Cordurouy LLC | 665 Valley Dr., Hermosa Beach, CA 90254 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/18/2032 | 13.6 | 13.6 | 13.6 | — | % |
| EMC2 Mechanical Solutions LLC | 10375 Plum Tree Cir, Hales Corners, WI 53130 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 5/19/2032 | 12.1 | 12.1 | 12.1 | — | % |
| Blount Auto Market LLC | 355 E Lanier Ave, Ste. N, Fayetteville, GA 30214 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 5/19/2032 | 24.3 | 24.3 | 24.3 | 0.01 | % |
| Hope Restored Counseling Services, PLLC | 610 N Montana St, Dillon, MT 59725 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 5/19/2032 | 24.3 | 24.3 | 24.3 | 0.01 | % |
| ESG International, Inc. | 8520 Allison Pointe Blvd, Indianapolis, IN 46250 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/20/2032 | 24.3 | 24.3 | 24.3 | 0.01 | % |
| Optimal Health Acupuncture | 18840 SW Boones Ferry Rd, Tualatin, OR 97062 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 5/23/2032 | 24.3 | 24.3 | 24.3 | 0.01 | % |
| DRKSL LLC | 127 E 59th St., 2nd Floor , Ste. 6, New York, NY 10022 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 5/24/2032 | 24.3 | 24.3 | 24.3 | 0.01 | % |
| Roam Overland Vehicles LLC | 12308 NE 56th St., Ste. 1407, Vancouver, WA 98682 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 5/24/2032 | 19.4 | 19.4 | 19.4 | 0.01 | % |
| Grade A Computer Services LLC | 3347 Wickham Ave, Bronx, NY 10469 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/25/2032 | 12.1 | 12.1 | 12.1 | — | % |
| ACES of Brevard | 1430 Glendale Ave NW, Palm Bay, FL 32907 | Social Assistance | Term Loan | Prime plus | 6.5% | 5/26/2032 | 12.2 | 12.2 | 12.2 | — | % |
| Scale Your Genius | 90 Pearl St., Denver, CO 80203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/31/2032 | 20.1 | 20.1 | 20.1 | 0.01 | % |
| Que Duong LLC | 6 W. 126th St., Apt. 5F, New York, NY 10027 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/3/2032 | 17.1 | 17.1 | 17.1 | — | % |
| 805 Transportation LLC | 132 Easy St, Buellton, CA 93427 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 6.5% | 6/3/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| FOOTHILL FEED AND MERCANTILE, LLC | 1330 GEIGER GRADE Rd., RENO, NV 89521 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 6/7/2032 | 19.1 | 19.1 | 19.1 | 0.01 | % |
| JMichelles | 620 Windham St, Petersburg, VA 23803 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 6/7/2032 | 5.8 | 5.8 | 5.8 | — | % |
| MFT Solutions | 110 E 43rd St., Apt 115, Boise, ID 83714 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 6/8/2032 | 14.7 | 14.7 | 14.7 | — | % |
| EDIA World LLC | 3345 SW 67th Ave, Miami, FL 33155 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 6/9/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| Spend Less Store LLC | 516 E Juanita Ave, Ste. 3, Mesa, AZ 85204 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 6/14/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| Clean Air Lawn Care Austin NW | 5404 Pendleton LN, Austin, TX 78723 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 6/14/2032 | 9.8 | 9.8 | 9.8 | — | % |
| Signature Nails | 11505 NE Fourth Plain Blvd., Ste. F3, Vancouver, WA 98662 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/14/2032 | 14.7 | 14.7 | 14.7 | — | % |
F-188
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| YDK Enterprise LLC | 115 Mowbray Dr, Kew Gardens, NY 11415 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/17/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Tocino Strategies LLC | 7133 E Plata Ave, Mesa, AZ 85212 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/23/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| Penny Almond, LPC, LLC | 1401 Malvern Ave Ste 260, Hot Springs, AR 71901 | Social Assistance | Term Loan | Prime plus | 6.5% | 6/23/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| GRIMES DAY CARE | 5231 Oxford Ave, Philadelphia, PA 19124 | Social Assistance | Term Loan | Prime plus | 6.5% | 6/23/2032 | 12.3 | 12.3 | 12.3 | — | % |
| Perfect Day NY LLC | 384 Knickerbocker Ave, Brooklyn, NY 11237 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 6/23/2032 | 23.5 | 23.5 | 23.5 | 0.01 | % |
| JDT Pickup and Delivery Service LLC | 2870 Gonzaga Ave, Richmond, CA 94806 | Couriers and Messengers | Term Loan | Prime plus | 6.5% | 6/24/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| SHY Beauty Inc. | 5458 N Ashland Ave, Chicago, IL 60640 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/29/2032 | 22.0 | 22.0 | 22.0 | 0.01 | % |
| Viking Athletics | 635 New Park Ave, West Hartford, CT 06110 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 6/29/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| Gyer Medical Billing | 26210 Christen Canyon Ln, Richmond, TX 77406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/29/2032 | 19.5 | 19.5 | 19.5 | 0.01 | % |
| Paris Woodhull Illustrations | 112 S Gay St, Knoxville, TN 37902 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 6/30/2032 | 19.5 | 19.5 | 19.5 | 0.01 | % |
| Art of Touch | 4415 NE Sandy Blvd, Portland, OR 97213 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/30/2032 | 8.8 | 8.8 | 8.8 | — | % |
| Westside Quick Services | 9018 Cambridge Ave N, Minneapolis, MN 55443 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 6/30/2032 | 24.4 | 24.4 | 24.4 | 0.01 | % |
| In This Moment Trucking LLC | 142 walnut St., Kunkletown, PA 18058 | Truck Transportation | Term Loan | Prime plus | 6.5% | 7/5/2032 | 24.5 | 24.5 | 24.5 | 0.01 | % |
| LED Unlimited, LLC | 2604 San Eduardo, Mission, TX 78572 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 7/8/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| MoreHair City Salon LLC | 412 Evans St., Ste. A, Morehead City, NC 28557 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/8/2032 | 24.5 | 24.5 | 24.5 | 0.01 | % |
| Modern Aesthetics | 1350 Market St, Tallahassee, FL 32312 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/7/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| WHOLEVEL LLC | 13007 SW 68th Ter., Miami, FL 33183 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 7/8/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| Essence Day Spa | 505 18th Ave N Unit B Apt. G, Myrtle Beach, SC 29577 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/12/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| Step by Step Speech Corporation | 1400 NW 107th Ave, Ste. 306, Miami, FL 33172 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 7/15/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| White Caps Stewardship LLC | 26040 Detroit Rd,Ste. #5, Westlake, OH 44145 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2032 | 12.3 | 12.3 | 12.3 | — | % |
| Lusby Law, PA | 2860 -A Ward Blvd,, Wilson, NC 27893 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| JJD Vending LLC | 10950 SW 40th Ter., Miami, FL 33165 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
F-189
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Anita's Home LLC | 3345 SW 67th Ave, Miami, FL 33155 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 6.5% | 7/21/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Jaqueza Enterprises LLC | 7901 4th St. North Ste. 300, ST. PETERSBURG, FL 33702 | Truck Transportation | Term Loan | Prime plus | 6.5% | 7/22/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| Royal Anvil | 9918 Harwin Dr., Houston, TX 77036 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 7/22/2032 | 13.5 | 13.5 | 13.5 | — | % |
| South Shore Center For Electrolysis | 1918 Bellmore Ave, Bellmore, NY 11710 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/27/2032 | 12.3 | 12.3 | 12.3 | — | % |
| Anne Mccarthy Law PC | 11 Broadway, Ste. 615, New York, NY 10004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/27/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| Elite Construction | 64 Nassau St., Islip Terrace, NY 11752 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 7/27/2032 | 24.6 | 24.6 | 24.6 | 0.01 | % |
| Cherish’D Crown | 164 Roundabout Ct, Rocky Mount, NC 27804 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 7/28/2032 | 10.8 | 10.8 | 10.8 | — | % |
| Addiction | 1272 78th St., Brooklyn, NY 11228 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/4/2032 | 10.9 | 10.9 | 10.9 | — | % |
| Arva Method LLC | 516 N Ogden Ave,, Ste. 150, Chicago, IL 60642 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/12/2032 | 9.9 | 9.9 | 9.9 | — | % |
| MCM Global Ecom LLC | 13007 SW 68th Ter., Miami, FL 33183 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| EJS Enterprises LLC | 101 State Pl, Escondido, CA 92029 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.8 | 24.8 | 24.8 | 0.01 | % |
| Tarek Waly | 2556 Snowtip LN, Grove City, OH 43123 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| Seeds of Hope Counseling LLC | 168 Jail house Rd, Ackerman, MS 39735 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/16/2032 | 24.2 | 24.2 | 24.2 | 0.01 | % |
| C&H Jewelry & Pawn Shop LLC | 11849 Hesperia Rd, Hesperia, CA 92345 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 6.5% | 8/17/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| Emerald Oglesby | 2357 Warm Springs Rd., Columbus, GA 31904 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 8/17/2032 | 3.0 | 3.0 | 3.0 | — | % |
| Nava Awehs Holdings | 19841 Villager Cir., Yorba Linda, CA 92886 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/18/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| RHC II Inc | 2451 E Baseline Rd Ste. 100, Gilbert, AZ 85234 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/19/2032 | 19.7 | 19.7 | 19.7 | 0.01 | % |
| Imaginasium LLC | 1357 S Normandy, Republic, MO 65738 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 8/22/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| Aero Medical Supply Inc | 415 Argyle Rd., 3M, Brooklyn, NY 11218 | Health and Personal Care Stores | Term Loan | Prime plus | 6.5% | 8/22/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| Sherae A Thompson | 915 Bowden Ave,, Chesapeake, VA 23323 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 8/23/2032 | 2.5 | 2.5 | 2.5 | — | % |
| Vitality Family Chiropractic LLC | 1255 Johnson Ferry Rd,Ste. 26, Marietta, GA 30068 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 8/23/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| T&K Bailey Enterprise LLC | 14685 North County Rd. 175 E, Eaton, IN 47338 | Truck Transportation | Term Loan | Prime plus | 6.5% | 8/24/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
F-190
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Spoon Boyz Automotive | 6500 1st Ave. S,, Birmingham, AL 35212 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 8/25/2032 | 19.5 | 19.5 | 19.5 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| RAINFOREST REAL ESTATE | 640 S Forks Ave #1021, Forks, WA 98331 | Real Estate | Term Loan | Prime plus | 6.5% | 8/26/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| Barakel Corporation | 1205 Pine Valley Ln, Titusville, FL 32780 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 8/26/2032 | 9.1 | 9.1 | 9.1 | — | % |
| Mashore Trucking LLC | 414 Parkertown Rd, Troutman, NC 28166 | Truck Transportation | Term Loan | Prime plus | 6.5% | 8/30/2032 | 24.7 | 24.7 | 24.7 | 0.01 | % |
| VNB Business Brokers LLC | 845 Third Ave., 6th Floor, New York, NY 10022 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/2/2032 | 24.8 | 24.8 | 24.8 | 0.01 | % |
| Across the Bar Bartending Services and Rentals LLC | 342 McGrady Rd. NE, Rome, GA 30165 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 9/7/2032 | 19.8 | 19.8 | 19.8 | 0.01 | % |
| Strumba Media LLC dba Miracle Noodle | 10275 Collins Ave.,Ste. 1034,, Bal Harbour, FL 33154 | Health and Personal Care Stores | Term Loan | Prime plus | 6.5% | 9/23/2032 | 24.8 | 24.8 | 24.8 | 0.01 | % |
| 25 DIALS LLC | 4455 Earman Dr., Hilliard, OH 43026 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 6.5% | 9/27/2032 | 24.8 | 24.8 | 24.8 | 0.01 | % |
| Food Sales Midwest, LLC | 908 Wolfrum Glen Ct., St Peters, MO 63304 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 6.5% | 9/29/2032 | 15.9 | 15.9 | 15.9 | — | % |
| A2Z Automation Group LLC | 13007 SW 68th Ter., Miami, FL 33183 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/29/2032 | 24.8 | 24.8 | 24.8 | 0.01 | % |
| F5 Athletics LLC | 1078 W 350 S, Syracuse, UT 84075 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 10/5/2032 | 22.4 | 22.4 | 22.4 | 0.01 | % |
| One love Jiu Jitsu | 5255 S Decatur Blvd, Las Vegas, NV 89118 | Educational Services | Term Loan | Prime plus | 6.5% | 10/5/2032 | 19.9 | 19.9 | 19.9 | 0.01 | % |
| Lily Bean Coffee | 108 E Warren St, Shelby, NC 28150 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 10/7/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| T&D ELECTRIC INC | 4211 Smithsonia Ct,, Tucker, GA 30084 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/7/2032 | 12.3 | 12.3 | 12.3 | — | % |
| Pickett Excavating, LLC | 3958 Ky Hwy 1032 E, Berry, KY 41003 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/7/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| 123 Go Daycare | 2558 Creston Ave., Apt GRI, Bronx, NY 10468 | Social Assistance | Term Loan | Prime plus | 6.5% | 10/7/2032 | 14.9 | 14.9 | 14.9 | — | % |
| Poteat's Transmission Parts Inc. | 1906 N Main St., Kannapolis, NC 28081 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 10/7/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| Trinity Property Management | 606 E Chippewa St., Paola, KS 66071 | Real Estate | Term Loan | Prime plus | 6.5% | 10/11/2032 | 14.9 | 14.9 | 14.9 | — | % |
| Francisco Jose Cordovez | 11113 Biscayne Blvd., Miami, FL 33181 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/10/2032 | 10.2 | 10.2 | 10.2 | — | % |
| Valentine Productions LLC | 4-4382 Kuhio Hwy, Anahola, HI 96703 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 10/11/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| Yeren LLC | 347 5th Ave, New York, NY 10016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/12/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Anna Marie's Fajita Shack LLC | 411 Marywood Dr, Henderson, KY 42420 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 10/17/2032 | 10.2 | 10.2 | 10.2 | — | % |
F-191
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Muller Miles Trucking LLC | 14107 Newberry Grove Ln, Rosharon, TX 77583 | Truck Transportation | Term Loan | Prime plus | 6.5% | 10/21/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MULDER'S LANDSCAPE SUPPLIES, INC. | 3333 Ravine Rd, Kalamazoo, MI 49006 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 10/21/2032 | 14.9 | 14.9 | 14.9 | — | % |
| Images by Andrea Rae | 3140 Black Oak Dr, Rocklin, CA 95765 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/25/2032 | 14.9 | 14.9 | 14.9 | — | % |
| GETTYSBURG CLEANER LLC | 12 Springs Ave, Gettysburg, PA 17325 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 10/26/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| Wine 702 LLC | 702 Bridgeport Ave, Shelton, CT 06484 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 10/26/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| The Studio Pilates LLC DBA Sultivate | 468 S Main St, Cottonwood, AZ 86326 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 6.5% | 10/26/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % |
| US Trusted Towing | 1000 W. Horsetooth Rd., Fort Collins, CO 80526 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 11/2/2032 | 12.5 | 12.5 | 12.5 | — | % |
| Peggs Designs LLC | 812 NE 16th St, Fort Lauderdale, FL 33304 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 11/3/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| GJS APPRAISAL SERVICES LLC | 200 Hoover Ave, Las Vegas, NV 89101 | Real Estate | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| CAN'T RANCH, LLC | 2302 Henderson Way, Plant City, FL 33563 | Animal Production and Aquaculture | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Ray’s Big Top Tents, Inc. | 1320 Belmar Dr, Louisville, KY 40213 | Rental and Leasing Services | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Garrelts Glass | 18018 SW Hopkins Switch Rd., Douglass, KS 67039 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 6.5% | 11/4/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Mosley and Associates Consutling | 491 Glendalough Pl SW, Atlanta, GA 30310 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 11/10/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Post American Fine Art LP | 1810 E Sahara Ave, Ste. 455, Las Vegas, NV 89104 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 11/14/2032 | 21.5 | 21.5 | 21.5 | 0.01 | % |
| Pricetone Entertainment LLC | 3200 N San Fernando Blvd, Burbank, CA 91504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 11/16/2032 | 15.0 | 15.0 | 15.0 | — | % |
| Blue Strategies Group LLC | 4465 E Paradise Village Pkwy. S, Unit #1131, Phoenix, AZ 85032 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 11/17/2032 | 15.5 | 15.5 | 15.5 | — | % |
| Brea Construction LLC | 1420 N Cumberland St., Metairie, LA 70003 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 11/17/2032 | 12.5 | 12.5 | 12.5 | — | % |
| Kelly Nicole Salon | 931 W Liberty Dr., Wheaton, IL 60187 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 11/17/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| RDS Investments | 19677 Grover St., Omaha, NE 68130 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 11/17/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Matthew Paul DBA Cabinets Plus Refacing | 16651 Shadyridge Dr, Tyler, TX 75703 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 11/18/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
| Gold Lion Music Inc. | 928 S. BROADWAY, Ste. 1002, Los Angeles, CA 90015 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 6.5% | 11/18/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % |
F-192
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||||||
| Mike Judy Presents LLC | 84 S Ridgewynd Ct, Lake Saint Louis, MO 63367 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 11/30/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Thompson Family Firm, P.A. | 1217 E Robinson St, Orlando, FL 32801 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 11/30/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||
| RP DEFENSE LAW, APC | 16861 Ventura Blvd., Ste. 305, Encino, CA 91436 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/1/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||
| Kaitlyn Jeanne Salon | 439 N West Rd., Lombard, IL 60148 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 12/1/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||
| JLS Electric Company LLC | 956 English Hollow Dr, Bandera, TX 78003 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 12/8/2032 | 15.0 | 15.0 | 15.0 | — | % | ||||
| Comungas Creations LLC | 1628 Vermont Rte 125, Hancock, VT 05748 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 12/14/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||
| MLM worldwide lTD | 15067 Encanto Dr., Sherman Oaks, CA 91403 | Real Estate | Term Loan | Prime plus | 6.5% | 12/14/2032 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||
| The Aerial Loft LLC | 267 Horton Hwy., Mineola, NY 11501 | Educational Services | Term Loan | Prime plus | 6.5% | 12/15/2032 | 12.5 | 12.5 | 12.5 | — | % | ||||
| Special Events Staffing | 1015 N Lake Ave, Ste. 205, Pasadena, CA 91104 | PPP | Term Loan | Fixed | 1.0% | 6/1/2022 | 40.1 | 40.1 | 40.1 | 0.01 | % | ||||
| DANIELLE | TATE | 347 Bianco Ridge Ave, Las Vegas, NV 89183 | PPP | Term Loan | Fixed | 1.0% | 3/31/2026 | 20.8 | 20.8 | 20.8 | 0.01 | % | |||
| Total SBA Guaranteed Accrual Investments | $ | 13,490.7 | $ | 13,490.7 | $ | 14,201.8 | 3.78 | % |
F-193
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Non-Accrual Investments (4b) | |||||||||||||||
| MIT LLC | (*) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 3/31/2042 | $ | 13.2 | $ | 13.2 | $ | 13.2 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Neville Galvanizing, Inc | (*) | 2983 Grand Ave., Pittsburgh, PA 15225 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 6.00% | 12/15/2042 | 707.1 | 707.1 | 707.1 | 0.19 | % | |||
| The Country House Restaurant, LLC and Pelton Real Estate, LLC | (*) | 677 US Rte. 7, Pittsford, VT 05763 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/30/2042 | 141.9 | 141.9 | 141.9 | 0.04 | % | |||
| CIS BIG DOG, LLC | (*) | 8920 US HWY, 62 WEST, Cynthiana, KY 41031 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/19/2027 | 140.0 | 140.0 | 140.0 | 0.04 | % | |||
| Johnny's Boy LLC | (*) | 127 East King St., Martinsburg, WV 25401 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/7/2044 | 93.2 | 93.2 | 93.2 | 0.02 | % | |||
| Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac | (*) | 6555 NW 9th Ave, Fort Lauderdale, FL 33309 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2029 | 67.1 | 67.1 | 67.1 | 0.02 | % | |||
| Clowers Trucking by Faith LLC | (*) | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus | 6.50% | 5/23/2029 | 10.2 | 10.2 | 10.2 | — | % | |||
| Flex Beauty Labs LLC | (*) | 6215 Donegal Dr, Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 6.50% | 11/24/2030 | 10.9 | 10.9 | 10.9 | — | % | |||
| Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade | (*) | 100 Village Rd., Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/16/2029 | 87.1 | 87.1 | 87.1 | 0.02 | % | |||
| Savannah Area Language & Culture Exchange, LLC | (*) | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus | 6.50% | 12/16/2030 | 11.3 | 11.3 | 11.3 | — | % | |||
| Moon Group, Inc. | (*) | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 6/27/2029 | 3,249.8 | 3,249.8 | 3,249.9 | 0.87 | % | |||
| Hackstaff Restaurants | (*) | 248 W 1st. St. Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 389.9 | 389.9 | 389.9 | 0.10 | % | |||
| SM CAR SALES | (*) | 2340 Royal Ln.,, Dallas, TX 75229 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 6/16/2032 | 24.9 | 24.9 | 24.9 | 0.01 | % | |||
| 2XP VENTURES LLC | (*) | 4670 Azalea Dr, Naples, FL 34119 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.50% | 6/30/2032 | 22.5 | 22.5 | 22.5 | 0.01 | % | |||
| Total SBA Guaranteed Non-Accrual Investments | $ | 4,969.1 | $ | 4,969.1 | $ | 4,969.2 | 1.32 | % | |||||||
| Total SBA Guaranteed Investments | $ | 18,459.8 | $ | 18,459.8 | $ | 19,171.0 | 5.11 | % | |||||||
| Total SBA Unguaranteed and Guaranteed Investments | $ | 551,250.7 | $ | 551,252.8 | $ | 524,438.5 | 139.72 | % |
F-194
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Ownership or Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Controlled Investments (5) (22) | |||||||||||||||
| Automated Merchant Services, Inc. | (*,#) (7) (21) | 12230 Forest Hill Blvd., Wellington, FL 33414 | Data processing, Hosting, and Related Services | Common Stock | Own | 100% | — | $ | — | $ | — | $ | 53.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CDS Business Services, Inc. | (*,#) (8) | 1985 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Common Stock | Own | 100% | — | — | 4,428.0 | — | — | % | |||
| Line of Credit | Fixed | 10% | Dec 2023 | 20,000.0 | 20,000.0 | 5,804.0 | 1.55 | % | |||||||
| Newtek Technology Solutions, Inc. | (#) (6) | 1904 W. Parkside Lane Phoenix, AZ 85027 | Data processing, Hosting, and Related Services | Common Stock | Own | 100% | — | — | 19,903.7 | 27,500.0 | 7.33 | % | |||
| Line of Credit | Fixed | 10% | Nov 2028 | 11,000.0 | 11,000.0 | 11,000.0 | 2.93 | % | |||||||
| Newtek Insurance Agency, LLC | (*,#) (13) | 1981 Marcus Ave., Lake Success, NY 11042 | Insurance Carriers and Related Activities | Membership Interest | Own | 100% | — | — | 2,035.0 | 5,500.0 | 1.47 | % | |||
| PMTWorks Payroll, LLC | (*,#) (9) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 8,403.1 | 3,600.0 | 0.96 | % | |||
| Small Business Lending, LLC | (*,#) (12) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 100% | — | — | 4,563.0 | 10,500.0 | 2.80 | % | |||
| ADR Partners, LLC dba banc-serv Partners, LLC | (*,#) (19) | 8777 Purdue Rd, Indianapolis, IN 46268 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 100% | — | — | 6,199.9 | — | — | % | |||
| Newtek Merchant Solutions, LLC | (#) (11) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 16,538.0 | 109,000.0 | 29.04 | % | |||
| Mobil Money, LLC | (#) (17) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 2,980.0 | 8,250.0 | 2.20 | % | |||
| Newtek Business Lending, LLC | (#) (10) | 14 East Washington St., Orlando, FL 32801 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 100% | — | — | 32,578.4 | 76,000.0 | 20.25 | % | |||
| Newtek Conventional Lending, LLC | (#) (18) (23) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 50% | — | — | 17,552.0 | 16,587.0 | 4.42 | % | |||
| Newtek TSO II Conventional Credit Partners, LP | (#) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 50% | — | — | 5,762.0 | 6,435.0 | 1.71 | % | |||
| Titanium Asset Management, LLC | (*,#) (14) | 1981 Marcus Ave., Lake Success, NY 11042 | Administrative and Support Services | Membership Interest | Own | 100% | — | — | 822.0 | 196.0 | 0.05 | % | |||
| Excel WebSolutions, LLC | (*,#) (15) | 888 East Brighton Ave. Syracuse, NY 13205 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 230.0 | — | — | % | |||
| POS on Cloud, LLC | (#) (20) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Term Loan | Fixed | 10% | Sept 2023 | 1,300.0 | 1,300.0 | 1,300.0 | 0.35 | % | |||
| Membership Interest | Own | 59.76% | — | — | 514.0 | 514.0 | 0.14 | % | |||||||
| Total Controlled Investments | $ | 32,300.0 | $ | 154,809.2 | $ | 282,239.0 | 75.19 | % |
F-195
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2022
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Ownership or Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Control Investments (22) | |||||||||||||||
| EMCAP Loan Holdings, LLC | (+,#) (16) | 1140 Reservoir Ave., Cranston, RI 02920 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 4.67% | — | $ | — | $ | 1,000.0 | $ | 1,000.0 | 0.27 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Biller Genie Software, LLC | (24) | 3550 Biscyane Bivd Suite 704, Miami, FL 33137 | Data processing, Hosting, and Related Services | Membership Interest | Own | 1.82% | 0 | — | 360.0 | 360.0 | 0.10 | % | |||
| Total Non-Control Investments | $ | — | $ | 1,360.0 | $ | 1,360.0 | 0.36 | % | |||||||
| Total Investments | $ | 583,550.7 | $ | 707,422.0 | $ | 808,037.5 | 215.27 | % |
^ Investment has been pledged as collateral under the Securitization Trusts.
* Non-income producing security.
Fair value determined using significant unobservable inputs.
- Restricted security. The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of December 31, 2022 are based off a Prime Rate equal to 6.25%, with the exception of PPP loans. The SBA reimburses the Company for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. The 1% interest rate shown for PPP loans is the rate that would be in effect if the PPP loans were not forgiven by the SBA. See NOTE 2—SIGNIFICANT ACCOUNTING POLICIES.
(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of NewtekOne, Inc. if NewtekOne, Inc. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2022 with affiliates the Company is deemed to control.
F-196
See accompanying notes to consolidated financial statements.
(6) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of NewtekOne, Inc.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) were wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The Schedule of Investments shows SIDCO under NTS.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of NewtekOne, Inc.), 3.89% owned by NewtekOne, Inc.
(8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing to small and medium size businesses; 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of NewtekOne, Inc.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of NewtekOne, Inc.).
(9) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard payroll management, payment and tax reporting services to SMBs; 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of NewtekOne, Inc.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of NewtekOne, Inc.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of NewtekOne, Inc.).
(10) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets and loan origination services to other parts of the Company’s business finance platform; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of NewtekOne, Inc.).
(11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of NewtekOne, Inc.).
(12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of NewtekOne, Inc.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform.
(13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 100% owned by Wilshire Holdings I, Inc. (a subsidiary of NewtekOne, Inc.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of NewtekOne, Inc.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of NewtekOne, Inc.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of NewtekOne, Inc.).
(15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of NewtekOne, Inc.)
(16) 4.67% owned by Wilshire Holdings I, Inc. (a subsidiary of NewtekOne, Inc.). The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.
(17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of NewtekOne, Inc.).
(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of NewtekOne, Inc.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
F-197
See accompanying notes to consolidated financial statements.
(19) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of NewtekOne, Inc.).
(20) 59.76% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of NewtekOne, Inc.) and 40.24% owned by multiple non-affiliates.
(21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2022, 7.5% of total assets are non-qualifying assets.
(24) 1.82% owned by NewtekOne, Inc. as of December 31, 2022. In September 2022, NewtekOne, Inc. acquired from NMS (a wholly-owned portfolio company) its investment in Biller Genie Software, LLC and made a subsequent additional investment.
As of December 31, 2022, the federal tax cost of investments was $707.4 million resulting in estimated gross unrealized gains and losses of $192.6 million and $83.6 million, respectively.
F-198
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | |||||||||||||||
| 3815 Media, Inc. | (#) | 3201 Peachtree Corners Circle, Peachtree Corners, GA 30092 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/30/2031 | $ | 375.0 | $ | 375.0 | $ | 388.9 | 0.13 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Inspired Education 2 LLC dba Happy Days 2 | (#) | 221 Edinburg Rd, Mercerville, NJ 08619 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 250.0 | 250.0 | 260.4 | 0.08 | % | |||
| 3 Generations LLC | (#) | 2800 Baton Rouge Rd, Williamstown, KY 41097 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2032 | 9.2 | 9.2 | 9.5 | — | % | |||
| Bright Horizons Preschool, LLC | (#) | 275 Enterprise Dr, Valdosta, GA 31601 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 220.3 | 220.3 | 241.4 | 0.08 | % | |||
| Hacienda Car Wash Inc. | (#) | 2400 S Goliad St., Rockwall, TX 75087 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2031 | 10.0 | 10.0 | 9.6 | — | % | |||
| The Queen Ready Mix, Inc. | (#) | 8702 Liberty Rd, Houston, TX 77028 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2031 | 502.5 | 502.5 | 502.2 | 0.16 | % | |||
| Happy Wheels Charter LLC | (#) | 4 Old Elm St., Salusbury, MA 01952 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/29/2046 | 180.0 | 180.0 | 199.0 | 0.06 | % | |||
| Henry j Fishman MVPC | (#) | 2021 K St. Ste 400 NW, Washington, DC 20006 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 337.5 | 337.5 | 295.5 | 0.10 | % | |||
| Altitude Roofing LLC | (#) | 2909 N Tindle Blvd, Flagstaff, AZ 86004 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 80.0 | 80.0 | 68.6 | 0.02 | % | |||
| CPH Milpitas LLC dba Curry Pizza House | (#) | 1806 Milmont Dr, Milpitas, CA 95035 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2031 | 87.5 | 87.5 | 75.5 | 0.02 | % | |||
| Lillie Mae's Place LLC | (#) | 57 Main St., East Haven, CT 06512 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2046 | 99.0 | 99.0 | 105.1 | 0.03 | % | |||
| Calderon Insurance Agency dba California Liberty Insurance | (#) | 5127 Franklin Blvd, #3, Sacramento, CA 95820 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/29/2046 | 181.2 | 181.2 | 191.5 | 0.06 | % | |||
| Arclight Industries LLC | (#) | 340 Quail Run Rd,, Venetia, PA 15367 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2046 | 37.5 | 37.5 | 41.4 | 0.01 | % | |||
| Kosovar Corporation dba La Vista Ristorante Italiano | (#) | 355 Smith Ridge Rd, South Salem, NY 10590 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2046 | 340.0 | 340.0 | 380.4 | 0.12 | % | |||
| Mr. Electric of Anderson | (#) | 138 Dorchester St., Greenwood, SC 29646 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 20.3 | 20.3 | 17.5 | 0.01 | % | |||
| Clean Pro 1, LLC | (#) | 385 Boston Post Rd, Orange, CT 06477 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/29/2047 | 98.0 | 98.0 | 110.7 | 0.04 | % | |||
| RV Liquidation Center dba RV'S-4-Less | (#) | 984 W Shaw Ave, Clovis, CA 93612 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/29/2031 | 346.3 | 346.3 | 305.5 | 0.10 | % | |||
| Eastern Aero Marine, Inc, dba EAM Worldwide | (#) | 5502 NW 37th Ave, Miami, FL 33142 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2046 | 1,250.0 | 1,250.0 | 1,411.3 | 0.46 | % | |||
| High Q Automotive Consulting andRide 4 U LLC | (#) | 747 N State Rd 7, Plantation, FL 33317 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/29/2046 | 1,218.8 | 1,218.8 | 1,332.6 | 0.43 | % | |||
| Champion Volleyball Club of Houston LLC | (#) | 19418 Pinehurst Trail Dr, Humble, TX 77346 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/29/2046 | 161.5 | 161.5 | 176.0 | 0.06 | % | |||
| NORTHCOMM LLC dba RFS Construction | (#) | 213 Cascade View Court, East Wenatchee, WA 98802 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 75.0 | 75.0 | 64.3 | 0.02 | % | |||
| Beyond the Numbers CPAs Inc | (#) | 1004 Lewis Ave, Billings, MT 59102 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2046 | 140.0 | 140.0 | 150.3 | 0.05 | % |
F-199
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Monticello Corporation dba Reid Super Save Market #3 and Millclem Cor | (#) | 600 Preston Ave, Charlottesville, VA 22903 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/29/2031 | 70.0 | 70.0 | 74.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pole Dance Carolinas LLC dba PoleFit Carolinas | (#) | 9826 Gilead Rd, C -200, Hunterville, NC 28078 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/29/2031 | 41.3 | 41.3 | 35.4 | 0.01 | % |
| Salon Sora LLC and Frank Marino | (#) | 1675 North Military Trail, Boca Raton, FL 33433 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 86.5 | 86.5 | 74.2 | 0.02 | % |
| Nova Engineering Inc | (#) | 4373 Viewridge Ave, Ste A, San Diego, CA 92123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 50.0 | 50.0 | 42.9 | 0.01 | % |
| Oh Crumb On!, Inc. | (#) | 57 East 3rd Ave, Spring Grove, PA 17362 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 12/29/2031 | 7.5 | 7.5 | 6.4 | — | % |
| Hacienda Car Wash Inc. | (#) | 2400 S Goliad St., Rockwall, TX 75087 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 52.0 | 52.0 | 57.6 | 0.02 | % |
| The Dance Affair, Inc | (#) | 850 N Winchester Blvd, San Jose, CA 95128 | Educational Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 8.1 | 8.1 | 6.9 | — | % |
| Unique Surveillance LLC and Fast Guard Service Worldwide, LLC | (#) | 925 South 21st Ave, Hollywood, FL 33020 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/28/2031 | 1,226.0 | 1,226.0 | 1,075.8 | 0.35 | % |
| Lotus Care LLC | (#) | 14000 Sunfish Lake Blvd, NW, MN 55303 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/28/2031 | 22.5 | 22.5 | 19.3 | 0.01 | % |
| Shieldcoat Technologies Inc | (#) | 308 Ellen Trout Dr, Lufkin, TX 75904 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/28/2046 | 737.5 | 737.5 | 831.5 | 0.27 | % |
| CS Concept Holdings, LLC and CS Holdings 409 South Main, LLC | (#) | 4350 Canada Rd, :, Lakeland, TN 38002 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/28/2031 | 48.0 | 48.0 | 41.5 | 0.01 | % |
| Freedom Construction LLC | (#) | 2897 E Massengale Rd, Shelbyville, IN 46176 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/28/2031 | 10.8 | 10.8 | 10.1 | — | % |
| Alaska Demolition, LLC | (#) | 2817 Rampart Dr, Anchorage, AK 99501 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2046 | 1,250.0 | 1,250.0 | 1,387.5 | 0.45 | % |
| Colorado Avocado LLC dba Toastique | (#) | 11590 Ridgeline Dr, Colorado Springs, CO 80921 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/27/2032 | 8.8 | 8.8 | 9.3 | — | % |
| The Beginning Zone | (#) | 13709 S. Wilkie Ave, Gardena, CA 90059 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/23/2046 | 190.0 | 190.0 | 207.1 | 0.07 | % |
| M-23 Mechanical Systems | (#) | 2974 Betsy Way, San Jose, CA 95133 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/23/2031 | 58.8 | 58.8 | 50.4 | 0.02 | % |
| Nyssa Mercantile LLC | (#) | 119 Main St., Nyssa, OR 97913 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/23/2031 | 57.5 | 57.5 | 52.7 | 0.02 | % |
| Nyssa Mercantile, LLC | (#) | 119 Main St., Nyssa, OR 97913 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/23/2046 | 42.0 | 42.0 | 45.2 | 0.01 | % |
| PKLoop Peer LLC | (#) | 1051 Kaylie St., Grand Prairie, TX 75052 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/23/2031 | 22.5 | 22.5 | 20.7 | 0.01 | % |
| Sk8 House Virginia Beach LLC | (#) | 600 Lynnhaven Pkwy, Virginia Beach, VA 23452 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/23/2031 | 15.8 | 15.8 | 13.5 | — | % |
| Riaz and Son Inc and Uddin Family Realty | (#) | 100-15 94th Ave, Ozone Park, NY 11416 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/23/2046 | 147.8 | 147.8 | 166.8 | 0.05 | % |
F-200
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Outdoor Equipment Manufacturer, LLC | (#) | 3520 NW 51st St., Miami, FL 33142 | Textile Product Mills | Term Loan | Prime plus | 2.75% | 12/23/2031 | 93.8 | 93.8 | 99.2 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CNJ Services LLC | (#) | 5519 Ironhorse Rd, North Chesterfield, VA 23234 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/23/2031 | 12.8 | 12.8 | 11.2 | — | % |
| LDI Energy Services, LLC | (#) | 6519 103 West Ave, Tioga, ND 58852 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 12/22/2046 | 273.3 | 273.3 | 301.1 | 0.10 | % |
| Mobile Bottling Source LLC | (#) | 611 Green Sage Way, las Vegas, NV 89138 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 187.5 | 187.5 | 165.2 | 0.05 | % |
| C&C Contracting | (#) | 10620 Southern Highlands Pkwy, Las Vegas, NV 89141 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 125.0 | 125.0 | 107.2 | 0.03 | % |
| Rana N. Hassan, M.D P.C | (#) | 71 Franklin Ave, Franklin Square, NY 11010 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 114.0 | 114.0 | 98.9 | 0.03 | % |
| Plantation Shutter Co Inc | (#) | 11704 Wilshire Blvd, Los Angeles, CA 90275 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/22/2031 | 87.5 | 87.5 | 75.0 | 0.02 | % |
| The Handyman Clarksville, LLC | (#) | 2727 Union Hall Rd, Clarksville, TN 37040 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 187.5 | 187.5 | 198.4 | 0.06 | % |
| Kinly Signs Corporation | (#) | 2485 County Rd 1, South Point, OH 45680 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/22/2046 | 298.8 | 298.8 | 311.0 | 0.10 | % |
| Hallmark Enterprises LLC | (#) | 54 Furman Ave, Brooklyn, NY 11207 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 1,250.0 | 1,250.0 | 1,082.0 | 0.35 | % |
| Scott Hollingsworth Equipment Company | (#) | 17621 Perkins Rd, Baton Rouge, LA 70810 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/22/2031 | 65.8 | 65.8 | 69.6 | 0.02 | % |
| BYC - La Quinta LLC dba Broken Yolk Cafe | (#) | 78430 CA-111, La Quinta, CA 92253 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/22/2046 | 570.4 | 570.4 | 615.3 | 0.20 | % |
| HHLM LLC | (#) | 535 Shawmut Ave, Boston, MA 02118 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 14.0 | 14.0 | 12.2 | — | % |
| LDI Energy Services, LLC dba LDI Excavation | (#) | 6519 103 West Ave, Tioga, ND 58852 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 12/22/2031 | 328.3 | 328.3 | 300.7 | 0.10 | % |
| QUICK DROP IMPOUNDING, TOWING & RECOVERY, INC | (#) | 2565 Lake Rockaway Rd SW, Conyers, GA 30012 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 12/21/2046 | 147.3 | 147.3 | 166.2 | 0.05 | % |
| Alaska Industrial Paint, LLC and Endeavor Properties LLC | (#) | 1301 North Post Rd, Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/21/2047 | 25.0 | 25.0 | 28.2 | 0.01 | % |
| Yours II Cosmetology Academy Inc | (#) | 1416 W Columbia Ave, Battle Creek, MI 49015 | Educational Services | Term Loan | Prime plus | 2.75% | 12/21/2047 | 823.8 | 823.8 | 930.0 | 0.30 | % |
| 360 GRIP AND ELECTRIC LLC and Julien Janigo | (#) | 3500 Eagle Rock Blvd, Los Angeles, CA 90065 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/21/2031 | 82.5 | 82.5 | 73.8 | 0.02 | % |
| Mercury Pharmacy Corporation | (#) | 480 Chadbourne Rd, Fairfield, CA 94534 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/21/2031 | 187.5 | 187.5 | 160.8 | 0.05 | % |
| Inobe LLC dba BLD2GO | (#) | 1146 W Buckeye Rd, Phoenix, AZ 85007 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/21/2046 | 98.5 | 98.5 | 102.9 | 0.03 | % |
| Lauren Taylor Beauty LLC dba Evolution Body Works | (#) | 195 E 4th St. Ste 10, Long Beach, CA 90802 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/21/2031 | 78.8 | 78.8 | 73.4 | 0.02 | % |
| Storm Trooper Transportation Corp | (#) | 2205 W Highland Ave, San Bernardino, CA 92407 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2031 | 786.3 | 786.3 | 680.6 | 0.22 | % |
F-201
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Storm Trooper Transportation Corp | (#) | 2205 W Highland Ave, San Bernardino, CA 92407 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2046 | 463.8 | 463.8 | 513.6 | 0.17 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Robo-Breaking New York | (#) | 302A W 12th St, New York, NY 10014 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/20/2031 | 300.0 | 300.0 | 312.3 | 0.10 | % |
| Regal Express Corporation | (#) | 4122 County Rd 516, Matawan, NJ 07747 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/20/2031 | 134.2 | 134.2 | 115.0 | 0.04 | % |
| Nextstep Counseling Services, LLC | (#) | 1707 Linwood Dr, Paragould, AR 72450 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/20/2031 | 31.1 | 31.1 | 26.6 | 0.01 | % |
| First Lone Star Pharmacy Group II, LLC dba Trinity Pharmacy | (#) | 1925 East Rosemeade Pkwy, Carrollton, TX 75007 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/20/2046 | 138.9 | 138.9 | 143.0 | 0.05 | % |
| Vidya Technologies LLC | (#) | 2509 George Mason Dr, Virginia Beach, VA 23456 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/20/2031 | 8.0 | 8.0 | 6.8 | — | % |
| Theramove & Diagnostics LLC | (#) | 110 West Rd, Towson, MD 21204 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/20/2031 | 8.7 | 8.7 | 8.6 | — | % |
| First Lone Star Pharmacy Group LLC | (#) | 6901 Preston Rd, Dallas, TX 75205 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/20/2031 | 125.4 | 125.4 | 107.6 | 0.03 | % |
| Unlimited Investors Group, Inc. | (#) | 252 Aster Place, Hampstead, NC 28443 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/20/2031 | 375.0 | 375.0 | 321.5 | 0.10 | % |
| Northern Steel and Concrete, LLC, a Pennsylvania LLC,Northern Steel an | (#) | 18 Hillcrest Lane, Willingboro, NJ 08046 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/17/2031 | 1,091.5 | 1,091.5 | 1,028.2 | 0.33 | % |
| Ponce & Ponce, Inc | (#) | 3015 NW 74th Ave, Miami, FL 33122 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/17/2031 | 75.0 | 75.0 | 64.3 | 0.02 | % |
| SoCal Propane LLC | (#) | 220 N San Jacinto St., Hemet, CA 92543 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/17/2031 | 340.0 | 340.0 | 359.7 | 0.12 | % |
| LA TAQUERIA INC | (#) | 10 Greenwich Ave, GREENWICH, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/17/2032 | 36.5 | 36.5 | 33.9 | 0.01 | % |
| Venture Coffee Company, LLC dba Venture Roastery | (#) | 13406 W Center Dr, Lakewood, CO 80228 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/17/2031 | 20.4 | 20.4 | 17.6 | 0.01 | % |
| Maxwell, Hendry & Simmons LLC | (#) | 1619 Jackson St., Fort Myers, FL 33901 | Real Estate | Term Loan | Prime plus | 2.75% | 12/17/2031 | 152.5 | 152.5 | 130.8 | 0.04 | % |
| MR3 LLC dba dba Union Fence | (#) | 1340 Hartford Ave, Johnston, RI 02919 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/17/2046 | 335.0 | 335.0 | 374.4 | 0.12 | % |
| Logo Concepts LLC | (#) | 1265 W 1275 North #2, Centerville, UT 84014 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 12/17/2031 | 354.0 | 354.0 | 305.7 | 0.10 | % |
| Leedann Properties LLC | (#) | 534 Mill St SE, Gainesville, GA 30501 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/17/2046 | 248.8 | 248.8 | 260.2 | 0.08 | % |
| Brooker Construction LLC dba Sampson Tree Service | (#) | 2170 SW Conant Ave, Port St. Lucie, FL 34953 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/17/2031 | 268.4 | 268.4 | 236.8 | 0.08 | % |
| VENDALL VENTURES LLC | (#) | 25027 South Interstate, WaKeeney, KS 67672 | Accommodation | Term Loan | Prime plus | 2.75% | 12/17/2046 | 274.5 | 274.5 | 298.0 | 0.10 | % |
| Invisishield, L.L.C | (#) | 6120 Louetta Rd, Houston, TX 77379 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/17/2031 | 37.5 | 37.5 | 32.3 | 0.01 | % |
| Techbee LLC dba TechBee Solutions | (#) | 4900 Hopyard Rd, Pleasanton, CA 94588 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/17/2031 | 50.0 | 50.0 | 42.9 | 0.01 | % |
F-202
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Milson Restaurants LLC dba El Chico Granbury | (#) | 1151 E US Hwy 377, Ste #110, Granbury, TX 76048 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2031 | 75.5 | 75.5 | 64.7 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA | (#) | 2944 Valentine Pl, Wantagh, NY 11793 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2046 | 111.6 | 111.6 | 125.2 | 0.04 | % |
| SEC LLC | (#) | 4470 Sunset Blvd, Los Angeles, CA 90027 | Utilities | Term Loan | Prime plus | 2.75% | 12/16/2031 | 72.0 | 72.0 | 62.4 | 0.02 | % |
| JMJ Sales Group LLC | (#) | 210 S. Linn Ave.,, Wentzville, MO 63385 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/16/2031 | 50.0 | 50.0 | 45.1 | 0.01 | % |
| Sivalingam Medical Corporation, Inc dba First Valley Medical Group | (#) | 44725 10th St W, Ste 210, Lancaster, CA 93534 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/16/2031 | 803.5 | 803.5 | 688.9 | 0.22 | % |
| Pool Logic Design and Construction Inc | (#) | 277 W Allen Ave, San Dimas, CA 91773 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/16/2031 | 500.0 | 500.0 | 428.7 | 0.14 | % |
| Throop Family Holdings Inc dba Rogue Metal & Supply | (#) | 7130 Crater Lake Hwy, White City, OR 97503 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/16/2031 | 212.5 | 212.5 | 195.7 | 0.06 | % |
| Empowering Families Educational Services | (#) | 504 W Baseline Rd, STE A, Glendora, CA 91740 | Educational Services | Term Loan | Prime plus | 2.75% | 12/16/2031 | 7.5 | 7.5 | 6.4 | — | % |
| Christopher C Copeland PA | (#) | 8331 SE Royal St., Hobe Sound, FL 33455 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 62.5 | 62.5 | 55.2 | 0.02 | % |
| Avtek Integration Services, Inc | (#) | 4733 122nd Ave N., Unit E, Pinellas Park, FL 33762 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/15/2031 | 68.8 | 68.8 | 64.2 | 0.02 | % |
| The Great Gatsby Motel Inn Corporation | (#) | 214 County Hwy 152, Northville, NY 12134 | Accommodation | Term Loan | Prime plus | 2.75% | 12/15/2046 | 100.0 | 100.0 | 112.8 | 0.04 | % |
| TSM New Beginnings | (#) | 8850 W Sunset Rd, Las Vegas, NV 89148 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/15/2031 | 27.0 | 27.0 | 23.2 | 0.01 | % |
| Aqua Salon and Spa LLC | (#) | 6730 Post Rd, North Kingston, RI 02852 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/15/2046 | 81.3 | 81.3 | 89.5 | 0.03 | % |
| Quandry Enterprises LLC dba Twinkle Toes Nanny | (#) | 1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/15/2031 | 6.8 | 6.8 | 5.8 | — | % |
| Good Fortune Supermarket (Rhode Island) Corp | (#) | 101 Cadillac Dr, Providence, RI 02907 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/15/2031 | 650.0 | 650.0 | 664.3 | 0.21 | % |
| Cooks BBQ Products dba Cooks International | (#) | 7 World Trade Center, New York, NY 10006 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/15/2031 | 1,000.0 | 1,000.0 | 907.3 | 0.29 | % |
| Erin Dewey dba Castle Rock Bakery | (#) | 160 Huntington Ave, Ste A & B, Castle Rock, WA 98611 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2031 | 47.3 | 47.3 | 41.5 | 0.01 | % |
| First Choice Brokerage Corporation First Choice Strategies LLC &First | (#) | 822 A1A N, Ponte Vedra Beach, FL 32082 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/14/2031 | 63.0 | 63.0 | 54.0 | 0.02 | % |
| CTS MANAGEMENT USA INC | (#) | 17 Marion Ave, Franklin Park, NJ 08823 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2031 | 62.5 | 62.5 | 53.6 | 0.02 | % |
| East Nashville Barre Fitness LLC dba Neighborhood Barre Green Hills | (#) | 3310 Gallatin Pike, Nashville, TN 37216 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/14/2031 | 11.7 | 11.7 | 10.1 | — | % |
| Corporate Tax Services, Inc. | (#) | 1250 Broadway 36th Floor, New York, NY 10001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2031 | 15.0 | 15.0 | 12.9 | — | % |
F-203
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Nicholas Peter Berry dba Nick Berry Production Lighting | (#) | 1081 Hayes Ave, San Diego, CA 92103 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/14/2031 | 3.0 | 3.0 | 2.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Smart Wired Services LLC | (#) | 123 McCreary Rd, New Brighton, PA 15066 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/14/2031 | 8.0 | 8.0 | 8.5 | — | % |
| Sky’s The Limit Yoga Company | (#) | 115 W 25TH St, Norfolk, VA 23517 | Educational Services | Term Loan | Prime plus | 2.75% | 12/13/2031 | 6.0 | 6.0 | 5.1 | — | % |
| EBG Re-Sell | (#) | 26943 Ruether Ave, Santa Clarita, CA 91351 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/13/2031 | 7.5 | 7.5 | 6.4 | — | % |
| BGF Bobby Q's Inc | (#) | 365 W Sunrise Hwy, Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/13/2047 | 148.0 | 148.0 | 167.1 | 0.05 | % |
| IV Therapy Management | (#) | 2 Sears Dr, Paramus, NJ 07652 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/13/2032 | 4.7 | 4.7 | 4.4 | — | % |
| Lloyd Hardware LLC | (#) | 2319 W. Court St., Janesville, WI 53548 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/13/2031 | 100.0 | 100.0 | 92.4 | 0.03 | % |
| Momentum Metal Finishing, Inc. | (#) | 1286 Anvilwood Ave, Sunnyvale, CA 94089 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/13/2047 | 84.6 | 84.6 | 95.5 | 0.03 | % |
| Grazin Foods LLC dba Graze Craze | (#) | 12800 South Memorial Dr, Stes A1 and A2, Bixby, OK 74008 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/10/2031 | 17.1 | 17.1 | 15.5 | 0.01 | % |
| Phillips Rental RV, LLC | (#) | 5827 Stanida Circle, Holladay, UT 84121 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/10/2031 | 10.0 | 10.0 | 8.6 | — | % |
| Nonnos Ice Cream Shoppe Inc | (#) | 270 Seabury St., Fall River, MA 02720 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/10/2046 | 20.0 | 20.0 | 22.6 | 0.01 | % |
| ANR Insulation , LLC dba King Insulation | (#) | 25 N 47th Ave, Phoenix, AZ 85043 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/10/2031 | 500.0 | 500.0 | 428.7 | 0.14 | % |
| Blooms Pharmacy LLC | (#) | 16347 Middlebelt Rd, Livonia, MI 48154 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/10/2031 | 26.0 | 26.0 | 27.5 | 0.01 | % |
| Stehlik Service and Tire INC | (#) | 2410 N Powers Blvd, Colorado Springs, CO 80915 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/10/2046 | 118.2 | 118.2 | 122.1 | 0.04 | % |
| Suha Signs LLC dba Signaramaa | (#) | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/9/2032 | 20.4 | 20.4 | 21.7 | 0.01 | % |
| Suha Restaurants LLC dba The Great Greek Grill | (#) | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/9/2032 | 47.1 | 47.1 | 50.0 | 0.02 | % |
| Railhead, Inc | (#) | 13800 Coppermine Rd, Herndon, VA 20171 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/9/2031 | 35.0 | 35.0 | 30.0 | 0.01 | % |
| Suha Promotions LLC dba Fully Promoted | (#) | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/9/2032 | 18.9 | 18.9 | 20.1 | 0.01 | % |
| NEW FRONTIER INSURANCE AGENCY OF FORT CALHOUN, INC | (#) | 510 North 14th, Fort Calhoun, NE 68023 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/9/2031 | 16.0 | 16.0 | 16.9 | 0.01 | % |
| World Diamond Source, Inc | (#) | 2987 Center Port Circle, Stes 4 & 5, Pompano Beach, FL 33064 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/9/2031 | 200.0 | 200.0 | 211.2 | 0.07 | % |
F-204
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Myoung & Lee Inc | (#) | 10251 Little Brier Creek Lane, Ste 106, Raleigh, NC 27617 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/8/2031 | 17.0 | 17.0 | 14.6 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Freedom Toast LLC dba Sunrise Diner | (#) | 401 N Atlantic Ave, Ocean City, MD 21842 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/8/2031 | 18.9 | 18.9 | 16.5 | 0.01 | % |
| Broadway Ethos Holdings, LLC | (#) | 218 Elizabeth St, East Jordan, MI 49727 | Accommodation | Term Loan | Prime plus | 2.75% | 12/8/2046 | 51.8 | 51.8 | 56.4 | 0.02 | % |
| Clean Energyz LLC | (#) | 881 Alma Real Dr, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/8/2046 | 1,010.8 | 1,010.8 | 1,066.6 | 0.34 | % |
| Foster the Community LLC | (#) | 13451 and 13453 Fishhawk Blvd, Riverview, FL 33569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/8/2032 | 13.1 | 13.1 | 13.9 | — | % |
| Wilcompute | (#) | 200 W Pondera Ave, Lancaster, CA 93534 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/7/2046 | 42.0 | 42.0 | 47.4 | 0.02 | % |
| Cali Weights LLC | (#) | 650 Pressley Rd, Charlotte, NC 28217 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/7/2031 | 42.5 | 42.5 | 36.4 | 0.01 | % |
| Sweet Pink’s Creamery LLC dba Sweet Charlies | (#) | 391 Quill Dr, Dawsonville, GA 30534 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/7/2031 | 6.5 | 6.5 | 5.5 | — | % |
| Atomic Dog LLC dba Jack's Hard Cider | (#) | 1865 Gettysburg Village Dr, Unit 5, Gettysburg, PA 17325 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/7/2031 | 1,137.5 | 1,137.5 | 1,000.3 | 0.32 | % |
| Alley Taco 402, LLC dba Alley Taco 402 | (#) | 2002 Missouri Ave, Omaha, NE 68107 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/6/2046 | 22.5 | 22.5 | 24.2 | 0.01 | % |
| Mudshark Studios, LLC | (#) | 1930 NE Oregon St, Portland, OR 97232 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/6/2031 | 14.4 | 14.4 | 12.3 | — | % |
| Patsy McCraken | (#) | 514 E Main St., Henryetta, OK 74437 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/6/2031 | 37.8 | 37.8 | 35.5 | 0.01 | % |
| BB's Childcare, LLC dba Brilliant Brains Learning Center | (#) | 7076 Blondo St., Omaha, NE 68104 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/3/2031 | 14.4 | 14.4 | 12.3 | — | % |
| Pinnacle Pools, Inc | (#) | 20442 Palomar St., Wildomar, CA 92595 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/3/2032 | 10.2 | 10.2 | 8.8 | — | % |
| HMG Strategy, LLC | (#) | 55 Post Rd West, Westport, CT 06880 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2031 | 87.5 | 87.5 | 75.0 | 0.02 | % |
| Reliance Healthcare Services LLP dba Always Best Care Senior Services | (#) | 1101 Kings Hwy N, Cherry Hill, NJ 08034 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/3/2031 | 38.6 | 38.6 | 33.1 | 0.01 | % |
| LEBAT Properties, LLC | (#) | 6418 N New Braunfels Ave, San Antonio, TX 78209 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/3/2031 | 46.0 | 46.0 | 48.1 | 0.02 | % |
| Cliff's Motor Inn, LLC | (#) | 4785 Saint Leonard Rd, Saint Leonard, MD 20685 | Accommodation | Term Loan | Prime plus | 2.75% | 12/3/2046 | 57.5 | 57.5 | 62.5 | 0.02 | % |
| Metalhouse LLC | (#) | 4705 S. Apopka Vineland Rd, Orlando, FL 32819 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/2/2031 | 315.0 | 315.0 | 270.1 | 0.09 | % |
| RECS LLC dba Richmond Express | (#) | 1804 Dabney Rd, Richmond, VA 23230 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 12/1/2031 | 148.3 | 148.3 | 127.3 | 0.04 | % |
| Carolina Decompression and Physical Therapy LLC | (#) | 11618 US Hwy 70 W, Ste 106, Clayton, NC 27520 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/1/2031 | 75.0 | 75.0 | 64.3 | 0.02 | % |
F-205
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ryan M. White dba Precision Engraving and Signs | (#) | 2419 Heather Ave, Long Beach, CA 90815 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 12/1/2031 | 18.0 | 18.0 | 16.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pro Source Services, Inc dba Pro Source Services | (#) | 6970 Wallis Rd, West Palm Beach, FL 33413 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/1/2031 | 108.1 | 108.1 | 92.7 | 0.03 | % |
| CDM Field Services, Inc. dba Xcite Automotive | (#) | 328 South Jefferson St., Chicago, IL 60661 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/1/2031 | 390.8 | 390.8 | 339.6 | 0.11 | % |
| Poquoson Law Group, P.C.and Holcomb Solutions, LLC | (#,^) | 720 Roger Brown Dr, Newport News, VA 23602 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/30/2046 | 168.5 | 168.5 | 179.3 | 0.06 | % |
| Ascent Holdings LLC and First Ascent, LLC | (#,^) | 3516 N Spaulding Ave, Chicago, IL 60618 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 1/30/2032 | 177.0 | 177.0 | 155.3 | 0.05 | % |
| The Four Star Ranch, LLC | (#,^) | 238 Oak St, Medford, NY 11763 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/30/2046 | 100.0 | 100.0 | 111.6 | 0.04 | % |
| L.O.T Early Learning Center LLC | (#,^) | 650 NW 183rd St, Miami, FL 33169 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/30/2031 | 25.0 | 25.0 | 24.2 | 0.01 | % |
| Just Teazzin L.L.C. | (#,^) | 4815 E Main St., Mesa, AZ 85205 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/30/2046 | 25.0 | 25.0 | 27.0 | 0.01 | % |
| JMH GROUP, LLC dba Hotworx Studio | (#) | 13435 University Ave, Clive, IA 50325 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/30/2032 | 15.2 | 15.2 | 14.1 | — | % |
| LR Greenview LLC dba Teaspoon | (#) | 2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/24/2032 | 5.4 | 5.4 | 4.6 | — | % |
| POLARIS BARRE LLC dba PURE BARRE POLARIS | (#,^) | 1513 Gemini Place, Columbus, OH 43240 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/24/2031 | 7.5 | 7.5 | 6.7 | — | % |
| Runyaro Richardson dba Self Made Musicnaire | (#,^) | 14855 Memorial Dr, Houston, TX 77079 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 11/24/2031 | 8.0 | 8.0 | 6.9 | — | % |
| J Lan CPA Inc | (#,^) | 12225 South St, Artesia, CA 90701 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/23/2031 | 22.6 | 22.6 | 19.3 | 0.01 | % |
| The Piano Outlet, Inc. | (#,^) | 3775 NW 124th Ave, Coral Springs, FL 33065 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 11/23/2031 | 12.5 | 12.5 | 12.8 | — | % |
| Edenburg Hospitality Inc | (#,^) | 2750 SW 145th Ave, Ste 304, Miramar, FL 33027 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/23/2031 | 62.5 | 62.5 | 66.1 | 0.02 | % |
| Southern Latitude Charters LLC | (#,^) | 425 N. Osprey Ave, Sarasota, FL 34236 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 2.75% | 11/23/2031 | 20.2 | 20.2 | 18.3 | 0.01 | % |
| Alpine Rings, LLC | (#,^) | 2040 Independence Commerce Dr, Matthews, NC 28105 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 11/23/2031 | 15.0 | 15.0 | 12.9 | — | % |
| Those Guys Fitness LLC. | (#,^) | 2850 Main St., Ste 104, Mesa, AZ 85213 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/22/2031 | 7.5 | 7.5 | 6.4 | — | % |
| Cause of a Kind, LLC | (#,^) | 3989 Long Beach Rd, Island Park, NY 11558 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 86.8 | 86.8 | 74.4 | 0.02 | % |
| Flener IP Law, LLC | (#,^) | 77 West Washington St. Ste 800, Chicago, IL 60602 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 15.0 | 15.0 | 12.9 | — | % |
| OneCare Health-Advanced Practice Health & Wellness Corp | (#,^) | 97 Port Richmond Ave, Staten Island, NY 10302 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/22/2031 | 10.0 | 10.0 | 8.6 | — | % |
F-206
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Gerland Investments, Inc dba Premier Martial Arts | (#) | 12611 I-10 West, Ste 102, San Antonio, TX 78230 | Educational Services | Term Loan | Prime plus | 2.75% | 4/22/2032 | 8.0 | 8.0 | 6.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Barahona Plumbing LLC | (#,^) | 2789 Jefferson Davis Hwy, Unit 107, Stafford, VA 22554 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/22/2046 | 24.8 | 24.8 | 27.4 | 0.01 | % |
| Pho 99 III Vietnamese Restaurant LLC | (#) | 3151 Route 27, Unit K, Franklin Park, NJ 08846 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/19/2031 | 15.0 | 15.0 | 12.9 | — | % |
| Sudha Spirit LLC dba Cork Shop | (#) | 317 East Main St., Branford, CT 06405 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 11/19/2031 | 53.4 | 53.4 | 45.8 | 0.01 | % |
| Double Scoop Ice Cream Cascade LLC | (#,^) | 2970 Stonecrest Pass, Stonecrest,, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/19/2046 | 125.0 | 125.0 | 134.0 | 0.04 | % |
| M & M Liquidation | (#,^) | 16 Millstone, Irvine, CA 92606 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 11/19/2031 | 3.5 | 3.5 | 3.0 | — | % |
| New Magnolia Garden Center, Inc | (#,^) | 9620 Chicago Ridge Mall, Chicago Ridge, IL 60609 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/19/2031 | 3.5 | 3.5 | 3.0 | — | % |
| BECCS BROWS LLC | (#,^) | 3950 Long Beach Blvd, Ste 203, Long Beach, CA 90807 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/19/2046 | 84.8 | 84.8 | 93.2 | 0.03 | % |
| Ryshaan LLC dba Fyzical Therapy and Balance Center | (#) | 3780 Riverchase Village, Ste 900, Hoover, AL 35244 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/19/2032 | 8.7 | 8.7 | 8.1 | — | % |
| Kouklet LLC | (#,^) | 744 South St., Philadelphia, PA 19147 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/19/2031 | 6.5 | 6.5 | 5.6 | — | % |
| IVF Cryo LLC | (#,^) | 12526 Promise Creek Lane (Building 3), Unit 326, Fishers, IN 46038 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/19/2046 | 30.0 | 30.0 | 31.2 | 0.01 | % |
| JJBen, Corporation dba Benson Crane Service | (#,^) | 437 Route 212, Saugerties, NY 12477 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 154.7 | 154.7 | 144.2 | 0.05 | % |
| Donald Wells Consulting Co | (#,^) | 2347 Bright Meadows, Missouri City, TX 77489 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 12.5 | 12.5 | 10.7 | — | % |
| Guardian Cyber Solutions, LLC | (#,^) | 14011 Hollow Crest Place, Riverview, FL 33579 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 10.0 | 10.0 | 8.6 | — | % |
| West Ballantyne Animal Hospital PLLC | (#,^) | 11926 Providence Rd W, Charlotte, NC 28277 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 10.6 | 10.6 | 9.1 | — | % |
| Rex Regum Incorporated dba Mr. Electric of Concord CA | (#,^) | 3737 Parkmall Court, Concord, CA 95419 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/18/2031 | 11.9 | 11.9 | 10.2 | — | % |
| Caroline Cecil Textiles, LLC | (#,^) | 3834 N 35th Place, Phoenix, AZ 85018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2031 | 5.5 | 5.5 | 4.8 | — | % |
| Dayo J. Jones dba DayoSense | (#,^) | 2306 South Eddy St., Seattle, WA 98108 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/18/2031 | 11.0 | 11.0 | 9.7 | — | % |
| Brevard Water Systems Sales & Services Inc | (#,^) | 3101 US-1, Mims, FL 32754 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/17/2031 | 27.8 | 27.8 | 23.9 | 0.01 | % |
| EKGolf Inc | (#,^) | 10890 Douglas Ave, Urbandale, IA 50322 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/17/2031 | 4.6 | 4.6 | 4.3 | — | % |
| Reset Cryotherapy LLC | (#,^) | 1220 20th St, Miami Beach, FL 33139 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/16/2031 | 35.0 | 35.0 | 31.9 | 0.01 | % |
| Uniglobal Pension Planning Inc | (#,^) | 4114 Legato Rd, Fairfax, VA 22033 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/16/2031 | 105.0 | 105.0 | 90.0 | 0.03 | % |
F-207
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Casablanca Floral Studio | (#,^) | 106 Ram Cat Alley, Seneca, SC 29678 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 11/16/2031 | 2.7 | 2.7 | 2.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ghioni Tax & Accounting Solutions, LLC | (#,^) | 958 NE Kelly Ave, Gresham, OR 97030 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/12/2031 | 5.0 | 5.0 | 4.3 | — | % |
| Colin Forde DDS PC dba Family & Cosmetic Dental Design | (#,^) | 7520 Montgomery Blvd NE Bldg C, Albuquerque, NM 87109 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/12/2046 | 162.5 | 162.5 | 176.5 | 0.06 | % |
| Georgia Two-Way Inc | (#,^) | 1206 GA Hwy 30 West, Americus, GA 31719 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 11/12/2031 | 30.0 | 30.0 | 25.7 | 0.01 | % |
| Exit Strategies, LLC dba Spa Society | (#,^) | 500 Ave at Port Imperial, Ste E, Weehawken, NJ 07086 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/12/2031 | 27.5 | 27.5 | 23.8 | 0.01 | % |
| Jay Kalimai LLC | (#,^) | 310 S Robinson Dr, Waco, TX 76706 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/12/2046 | 32.0 | 32.0 | 36.1 | 0.01 | % |
| Kebab Daddy Inc | (#,^) | 3701 Ocean View Blvd. A-3, Montrose, CA 91020 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/12/2031 | 16.5 | 16.5 | 15.4 | — | % |
| Cresson-Inn Bar & Grille, Inc. | (#,^) | 114 Gay St., Manayunk, PA 19127 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/10/2046 | 47.7 | 47.7 | 52.6 | 0.02 | % |
| US Ideal Diamond Cutting Works Inc | (#,^) | 5757 Alpha Rd,Ste 502, Dallas, TX 75240 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/10/2031 | 20.0 | 20.0 | 17.1 | 0.01 | % |
| New Generation Products LLC | (#,^) | 5013 Pacific Hwy E, Fife, WA 98424 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 11/10/2031 | 200.0 | 200.0 | 171.5 | 0.06 | % |
| The Loyal Subjects Wave 2, LLC | (#,^) | 144 West Washington Blvd, Los Angeles, CA 90007 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/10/2031 | 200.0 | 200.0 | 171.5 | 0.06 | % |
| Bofill's Barbeque LLC | (#) | 15159 South Cicero Ave, Oak Forest, IL 60452 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/10/2047 | 30.0 | 30.0 | 32.1 | 0.01 | % |
| Codame Enterprises LLC dba Firehouse Subs #142 | (#,^) | 1547 Main St., Dunedin, FL 34698 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/10/2031 | 27.9 | 27.9 | 23.9 | 0.01 | % |
| Sargas Pharmaceutical Adherence & Compliance Intl, LLC | (#,^) | 109 H St., Bakersfield, CA 93304 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/9/2046 | 19.6 | 19.6 | 21.9 | 0.01 | % |
| Solo Creer LLC dba DoodyCalls | (#,^) | 13096 County Rd 192, Tyler, TX 75703 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 11/9/2031 | 6.3 | 6.3 | 5.4 | — | % |
| Branded Goods LLC | (#,^) | 1975 Stirling Rd, Stes A, B, and C, Davie, FL 33004 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2031 | 75.0 | 75.0 | 72.4 | 0.02 | % |
| ORCHID ENERGY SOLUTIONS | (#,^) | 3662 Clyde Park Ave SW, Wyoming, MI 49509 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 11/8/2031 | 25.0 | 25.0 | 21.4 | 0.01 | % |
| LA SCAPES LLC | (#,^) | 1812 Portview Dr, Spring Hill, TN 37174 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/8/2031 | 10.5 | 10.5 | 9.0 | — | % |
| Michelle Rianne Turney dba The Collective Salon Suites | (#,^) | 809 Frolich Dr, Midwest City, OK 73110 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/8/2032 | 4.0 | 4.0 | 3.4 | — | % |
| The Soda Spot LLC | (#,^) | 7240 W. Azure Rd, Ste #105, Las Vegas, NV 89130 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/5/2032 | 5.5 | 5.5 | 5.0 | — | % |
| Ricky W. Kent dba VT-Doors-N-More | (#,^) | 49 Mill Rd, Mount Tabor, VT 05739 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/5/2046 | 21.7 | 21.7 | 24.3 | 0.01 | % |
F-208
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ecuadane, Inc. | (#,^) | 9 Windsor Court, Purchase, NY 10577 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/5/2031 | 35.0 | 35.0 | 30.1 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Top Knot Studio, LLC dba Goldenrod Parlor | (#,^) | 220 NW 8th Ave, Ste 40, Gainesville, FL 32601 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/5/2031 | 5.0 | 5.0 | 4.3 | — | % |
| Sivalingam Medical Corporation, Inc dba First Valley Medical Group | (#,^) | 44725 10th St W, Ste 210, Lancaster, CA 93534 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/5/2031 | 146.0 | 146.0 | 135.5 | 0.04 | % |
| Bettencourt Flying Service, Inc. | (#,^) | 1066 South Bert Crane Rd, Atwater, CA 95301 | Air Transportation | Term Loan | Prime plus | 2.75% | 11/5/2031 | 84.5 | 84.5 | 73.0 | 0.02 | % |
| ECOCOSM, INC. | (#,^) | 201 Spear St., San Francisco, CA 94105 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/5/2031 | 35.0 | 35.0 | 30.0 | 0.01 | % |
| New Mexico Rey LLC | (#,^) | 3520 Pan American Fwy NE, Albuquerque, NM 87107 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/5/2031 | 7.0 | 7.0 | 6.2 | — | % |
| Paul Genzink LLC dba VSBL | (#,^) | 1332 Pinegrove NW, Grand Rapids, MI 49504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 11/5/2031 | 5.0 | 5.0 | 4.4 | — | % |
| Square One Step LLC | (#) | 10710 Barker Cypress Rd, Ste B, Cypress, TX 77433 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/4/2032 | 16.8 | 16.8 | 15.5 | 0.01 | % |
| Wiser ID LLC | (#,^) | 26 Twin Oaks Dr, Nashville, TN 37211 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 11/4/2031 | 5.0 | 5.0 | 4.3 | — | % |
| INE Incorporated dba Juice It Up Colton | (#) | 1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/3/2032 | 34.0 | 34.0 | 29.3 | 0.01 | % |
| Finally Pest Control, LLC | (#,^) | 12118 Sellerton Dr, Fishers, IN 46037 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/3/2031 | 12.6 | 12.6 | 10.8 | — | % |
| LoCo Apparel LLC | (#,^) | 2201 Long Prairie Rd, Unit 107-314, Flower Mound, TX 75022 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 10/29/2031 | 99.6 | 99.6 | 91.6 | 0.03 | % |
| Gin Ray International LLC | (#,^) | 8776 & 8778 NE Sandy Blvd, Portland, OR 97220 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/29/2046 | 140.0 | 140.0 | 144.1 | 0.05 | % |
| MDx BioAnalytical Laboratory, Inc | (#,^) | 5890 Imperial Loop Dr. Ste 12, College Station, TX 77845 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/29/2031 | 24.9 | 24.9 | 25.3 | 0.01 | % |
| CPH Fremont South LLC CPH Palato , CPH Palo Alto, CPH Cupertino | (#,^) | 46703 Mission Blvd, Fremont, CA 94539 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/29/2031 | 95.7 | 95.7 | 82.9 | 0.03 | % |
| HI5 HOME INNOVATION, LLC | (#,^) | 9187 Holliston Creek Place, Winter Garden, FL 34787 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 10/29/2031 | 6.0 | 6.0 | 5.1 | — | % |
| Half-Pass Ltd dba Canterbury Tack & Apparel | (#,^) | 1291 West 137th Court, Broomfield, CO 80023 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 10/29/2031 | 7.3 | 7.3 | 6.3 | — | % |
| JMC Auto,LLC | (#,^) | 644 Southfield Rd, Lincoln Park, MI 48146 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/29/2031 | 87.0 | 87.0 | 83.0 | 0.03 | % |
| Arcas Machine Inc. | (#,^) | 700 N Neely St., Gillbert, AZ 85233 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/29/2031 | 105.2 | 105.2 | 97.4 | 0.03 | % |
| Cortlandt Racquet Club, Inc. dba | (#,^) | 2127 Albany Post Rd, Montrose, NY 10548 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/29/2046 | 1,250.0 | 1,250.0 | 1,411.3 | 0.46 | % |
| Pride Gymnastics Academy, LLC | (#,^) | 7801 Old Hwy 51, Broken Arrow, OK 74014 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/29/2031 | 10.5 | 10.5 | 9.0 | — | % |
F-209
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| 100% Permanent Inc. | (#,^) | 1315 N Larrabee, Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/29/2031 | 13.8 | 13.8 | 12.8 | — | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Idiot Racing LLC dba Idiot Racing | (#,^) | 13701 Sweetwater Cove Place, Tampa, FL 33613 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 10/29/2031 | 3.0 | 3.0 | 2.6 | — | % | ||||||||||||||
| La Cueva Inc | (#,^) | 9742 E Colfax Ave, Aurora, CO 80010 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/28/2046 | 68.6 | 68.6 | 77.4 | 0.03 | % | ||||||||||||||
| Potato Bros, LLC dba Crumbl Cookies Chicago Old Town | (#) | 1435 N Wells St., Chicago, IL 60610 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/28/2032 | 14.4 | 14.4 | 13.5 | — | % | ||||||||||||||
| Kedai Indonesian Cafe | (#) | 110 S Mountain Ave, Upland, CA 91786 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2032 | 9.5 | 9.5 | 8.2 | — | % | ||||||||||||||
| High Street Technologies LLC and Merchant Connections LLC | (#,^) | 6331 Paris Ave, New Orleans, LA 70122 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/27/2031 | 7.3 | 7.3 | 6.2 | — | % | ||||||||||||||
| Love at First Bite LLC dba Standlee's | (#,^) | 880 Blackwood Rd, Chula Vista, CA 91910 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 10/27/2031 | 25.9 | 25.9 | 22.2 | 0.01 | % | ||||||||||||||
| UnVeil Media Group LLC | (#,^) | 2251 Stone Pile Dr, Concord, NC 28025 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/27/2031 | 5.0 | 5.0 | 4.3 | — | % | ||||||||||||||
| Healthcare At Home LLC | (#,^) | 5243 Snapfinger Woods Dr, Unit #104, Decatur, GA 30035 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/26/2046 | 26.2 | 26.2 | 29.0 | 0.01 | % | ||||||||||||||
| Jason Watt Pictures, LLC | (#,^) | 110 Broadway, Brooklyn, NY 11249 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 10/26/2031 | 14.9 | 14.9 | 12.8 | — | % | ||||||||||||||
| By Modern Design LLC | (#,^) | 1436 Luz De Sol Dr, El Paso, TX 79912 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/26/2031 | 5.0 | 5.0 | 4.3 | — | % | ||||||||||||||
| Owkalasho LLC dba The UPS Store 299 | (#,^) | 3755 Avocado Blvd, La Mesa, CA 91941 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 10/25/2031 | 35.7 | 35.7 | 30.6 | 0.01 | % | ||||||||||||||
| Right Choice Accounting Solutions, LLC | (#,^) | 3210 Royal Creek Way, Lilburn, GA 30047 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/25/2031 | 3.5 | 3.5 | 3.0 | — | % | ||||||||||||||
| Sabri Enterprises, Inc. | (#,^) | 11134 Hoffman Dr, Germantown, MD 20876 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 10/22/2031 | 6.0 | 6.0 | 5.2 | — | % | ||||||||||||||
| M&P_CAL, LLC dba Hotworx Anaheim Hills | (#) | 8086 East Santa Canyon Rd, Anaheim, CA 92808 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/22/2032 | 14.2 | 14.2 | 13.2 | — | % | Tucker Management Group, LLC | (#,^) | 115 Tyler Rd, Remlap, AL 35133 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/22/2031 | 22.4 | 22.4 | 23.4 | 0.01 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| ProBio Search & Career Services Corporation | (#,^) | 735 County Line Rd, Villanova, PA 19085 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/22/2031 | 14.6 | 14.6 | 12.5 | — | % | ||||||||||||||
| Kynytyx, Inc. | (#) | 990A Station Rd, Bellport, NY 11713 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/22/2032 | 71.3 | 71.3 | 75.7 | 0.02 | % | ||||||||||||||
| Alicia A. Oswald dba Elevated Chiropractic | (#,^) | 3555 Kenyon St., San Diego, CA 92110 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/22/2031 | 2.4 | 2.4 | 2.0 | — | % | ||||||||||||||
| Voyager Scientific, LLC | (#,^) | 309 Washington St., Conshohocken, PA 19428 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/22/2031 | 10.0 | 10.0 | 8.5 | — | % | ||||||||||||||
| Simply Appliances, Inc. | (#,^) | 1811 Douglas Blvd., Ste 5, Roseville, CA 95611 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 10/21/2031 | 14.9 | 14.9 | 12.8 | — | % |
F-210
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Premiere, Inc | (#,^) | 615 North Landry Dr, New Iberia, LA 70563 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 10/21/2031 | 79.7 | 79.7 | 84.3 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Big Creek Travel LLC | (#,^) | 5020 Chase Lane, Cumming, GA 30240 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/19/2031 | 3.5 | 3.5 | 3.0 | — | % |
| Balanced Health & Fitness LLC dba F45 NW Reno | (#) | 5110 Mae Anne Dr, Ste 702, Reno, NV 89521 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2032 | 51.7 | 51.7 | 47.0 | 0.02 | % |
| J&L Naturals LLC | (#,^) | 110 Oakpark Dr, Mooresville, NC 28115 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 10/15/2031 | 13.4 | 13.4 | 11.4 | — | % |
| LN Accounting Advisor LLC | (#,^) | 3663 Washington Ave, Houston, TX 77007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/15/2031 | 10.0 | 10.0 | 8.5 | — | % |
| Barber's Home Innovations LLC | (#,^) | 3287 Enisgrove Dr E, Palm Harbor, FL 34683 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/15/2031 | 29.9 | 29.9 | 25.6 | 0.01 | % |
| Blue 360 Media, LLC | (#,^) | 2750 Rasmussen Rd, Park City, UT 84098 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 10/15/2031 | 410.4 | 410.4 | 352.7 | 0.11 | % |
| Skate-A-While Longer, LLC | (#,^) | 220 Ridge St. and 229 South George St., Rome, NY 13440 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/13/2046 | 16.0 | 16.0 | 18.1 | 0.01 | % |
| Symmonds, LLC dba North End Tavern | (#,^) | 914 IA-5 Business North, Pleasantville, IA 50225 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/13/2046 | 14.4 | 14.4 | 16.0 | 0.01 | % |
| A&D Enterprise Inc dba FastFrame | (#,^) | 4150 Legacy Dr, Ste 412, Frisco, TX 75034 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/12/2031 | 23.3 | 23.3 | 20.2 | 0.01 | % |
| Mary Rozzi LLC | (#,^) | 52153 Pipes Canyon Rd #552, Pioneertown, CA 92268 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/12/2031 | 8.0 | 8.0 | 6.8 | — | % |
| Bella Ottica LLC dba Eyes on Towne Lake | (#,^) | 1075 Buckhead Crossing, Ste 130, Woodstock, GA 30189 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/12/2031 | 14.9 | 14.9 | 12.8 | — | % |
| Mitchell Authentic Inc RockBox Fitness | (#) | 4880 Lower Roswell Rd, Marietta, GA 30068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/12/2032 | 118.8 | 118.8 | 102.1 | 0.03 | % |
| Jed Thomas Consulting, Inc dba Woggle Consulting | (#,^) | 3 Trackside Dr, Kennebunk, ME 04043 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/8/2031 | 3.0 | 3.0 | 2.6 | — | % |
| Agape R. E. Solutions LLC | (#,^) | 33 Market Point Dr, Greenville, SC 29607 | Real Estate | Term Loan | Prime plus | 2.75% | 10/8/2031 | 5.0 | 5.0 | 4.3 | — | % |
| Because it's Better Inc | (#,^) | 84 Stonecrest Rd, Ridgefield, CT 06877 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/8/2031 | 173.9 | 173.9 | 149.1 | 0.05 | % |
| Shattered Prism LLC | (#,^) | 63 Flushing Ave, Brooklyn, NY 11205 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 10/8/2031 | 15.4 | 15.4 | 15.3 | — | % |
| Be Known, LLC | (#,^) | 802 Evolve Way, Knoxville, TN 37915 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/7/2031 | 7.5 | 7.5 | 6.4 | — | % |
| Angels Learning Center Inc,Hector A. Velasquez,Milene A. Velasquez,Mil | (#,^) | 2801 Central Ave, Union City, NJ 07087 | Social Assistance | Term Loan | Prime plus | 2.75% | 10/7/2031 | 32.8 | 32.8 | 28.1 | 0.01 | % |
| Greylab LLC dba Mighty Dog Roofing North DFW | (#,^) | 10215 El Cinco Dr, Frisco, TX 75033 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/7/2031 | 26.8 | 26.8 | 23.0 | 0.01 | % |
| SIDCOR Gunsmithing LLC | (#,^) | 3213 Catalpa Dr, Springfield, IL 62712 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/7/2031 | 5.4 | 5.4 | 4.9 | — | % |
F-211
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Kotyark L.L.C.dba Gibsonton Motel | (#,^) | 11545 US Hwy 41 S, Gibsonton, FL 33534 | Accommodation | Term Loan | Prime plus | 2.75% | 10/6/2031 | 15.4 | 15.4 | 15.4 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Krown Records, LLC | (#,^) | 5311 S Big Horn Pl, Chandler, AZ 85249 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 10/5/2031 | 8.4 | 8.4 | 7.2 | — | % |
| Backoffice Ally LLC dba Satterley Accounting Services | (#,^) | 70 Raynham Ave, Portsmouth, RI 02871 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/4/2031 | 6.0 | 6.0 | 5.1 | — | % |
| The Gold Standard Accounting & Tax Inc | (#,^) | 4911 Warner Ave Ste 211, Huntington Beach, CA 92649 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/4/2032 | 10.4 | 10.4 | 8.9 | — | % |
| LOVEBUG NUTRITION Inc | (#,^) | 115 E 34th St., New York, NY 10156 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/30/2031 | 119.6 | 119.6 | 109.6 | 0.04 | % |
| Skaggs RV Outlet, LLC | (#,^) | 301 Commerce Dr, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/30/2031 | 49.5 | 49.5 | 52.4 | 0.02 | % |
| New Greater Generation Family Funeral Group, LLC | (#,^) | 1400 N Hampton Rd, DeSoto, TX 75115 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/30/2046 | 24.3 | 24.3 | 26.3 | 0.01 | % |
| Orchard Collision, Inc | (#,^) | 14898 Telegraph Rd, Redford, MI 48239 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2046 | 61.0 | 61.0 | 65.2 | 0.02 | % |
| Centre Storage and Matthew Wayne Vines | (#,^) | 1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960 | Real Estate | Term Loan | Prime plus | 2.75% | 9/30/2046 | 69.4 | 69.4 | 78.3 | 0.03 | % |
| Great II, LLC | (#,^) | 4390 Commerce Circle, Idaho Falls, ID 83401 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2046 | 212.4 | 212.4 | 239.8 | 0.08 | % |
| Champion's Florida LLC & Market Vision Holdings, LLC | (#,^) | 1360 NW 88th Ave, Doral, FL 33172 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/30/2046 | 1,220.0 | 1,220.0 | 1,377.3 | 0.45 | % |
| Lively's Collision, Center LLC | (#,^) | 5115 Jefferson Davis Hwy, North Augusta, SC 29841 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2046 | 147.1 | 147.1 | 154.5 | 0.05 | % |
| Tony D's Hooked, LLC ( | (#) | 378 Rope Ferry Rd aka Mago Point Way, Waterford, CT 06385 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2046 | 134.9 | 134.9 | 143.2 | 0.05 | % |
| Great II, LLC | (#) | 142 WA-150, Chelan, WA 98816 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2031 | 1,026.9 | 1,026.9 | 891.4 | 0.29 | % |
| WALKING URGENT CARE, INC | (#,^) | 10308 W Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2031 | 64.8 | 64.8 | 57.6 | 0.02 | % |
| Faxon Enterprises Inc | (#,^) | 3107 Nichols Ave, Bay City, TX 78259 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2046 | 1,034.2 | 1,034.2 | 1,067.8 | 0.35 | % |
| Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC &Coast 2 | (#,^) | 3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/30/2046 | 377.3 | 377.3 | 419.1 | 0.14 | % |
| Timothy A Chapamn dba Tim's Auto Tech | (#,^) | 62 North Canal St., Oxford, NY 13830 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/30/2031 | 15.3 | 15.3 | 16.0 | 0.01 | % |
| OSSA LLC | (#,^) | 300 Iberia St., Youngsville, LA 70503 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2031 | 79.2 | 79.2 | 80.3 | 0.03 | % |
| Garage Floor Coating of MN.com, LLC | (#,^) | 6701 W 23rd St, Minneapolis, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/30/2031 | 66.8 | 66.8 | 57.4 | 0.02 | % |
F-212
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Aitheras Aviation Group, LLC, a Florida Liimited Liability Company & A | (#,^) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus | 2.75% | 9/30/2031 | 74.3 | 74.3 | 64.5 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Motion Physical Medicine & Wellness, PLLC | (#,^) | 13100 Wortham Center Dr, Houston, TX 77065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2031 | 14.4 | 14.4 | 12.5 | — | % |
| Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen | (#,^) | 199 SAN ILDEFONSO Rd, LOS ALAMOS, NM 87544 | Accommodation | Term Loan | Prime plus | 2.75% | 9/29/2046 | 102.2 | 102.2 | 108.0 | 0.03 | % |
| Nidal Radwan, M.D., P.A | (#,^) | 18100 N.E. 19th Ave, North Miami Beach, FL 33162 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 81.9 | 81.9 | 73.2 | 0.02 | % |
| Daring Business Strategies Inc. | (#,^) | 600 Front St., Lynden, WA 98264 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 34.7 | 34.7 | 29.7 | 0.01 | % |
| TRI-COUNTY SERVICES, INC. and Andrew M Chehata | (#,^) | 4900 SW 51st St., Davie, FL 33314 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 335.2 | 335.2 | 287.4 | 0.09 | % |
| Agerton Timber LLC and Agerton Transportation, LLC | (#,^) | 3166 Aurelle Rd, Strong, AR 71765 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 9/29/2031 | 29.0 | 29.0 | 26.4 | 0.01 | % |
| Norma Skin Care and SPA LLC | (#,^) | 3364 Coral Way, Miami, FL 33145 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 13.9 | 13.9 | 11.9 | — | % |
| Chris Landscaping Inc dba New England Tree Co. | (#,^) | 1139 Washington St., Stoughton, MA 02072 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/29/2031 | 78.2 | 78.2 | 69.5 | 0.02 | % |
| Jafar and Jamal, Inc dba Foodland ; IMAD Corporation | (#) | 11 Highland Ave, Malden, MA 02148 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/29/2032 | 19.7 | 19.7 | 17.5 | 0.01 | % |
| Prestige Products of Central Florida, Inc dba Milcarsky's Appliances | (#,^) | 1180 Emma Oaks Trail, Lake Mary, FL 32746 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 9/29/2031 | 247.5 | 247.5 | 212.2 | 0.07 | % |
| Metro of Livernois Inc | (#) | 17149 Livernois, Detroit, MI 48221 | Telecommunications | Term Loan | Prime plus | 2.75% | 1/29/2047 | 202.5 | 202.5 | 215.0 | 0.07 | % |
| Group Vertical, LLC dba Group Vertical | (#,^) | 678 Front Ave Northwest, Grand Rapids, MI 49504 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/29/2031 | 177.8 | 177.8 | 152.5 | 0.05 | % |
| Creche N Crew, LLC | (#,^) | 3185 West Ward Rd, Dunkirk, MD 20754 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/29/2046 | 257.1 | 257.1 | 290.3 | 0.09 | % |
| SoCal Propane LLC | (#,^) | 220 N San Jacinto St, Hemet, CA 92543 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/29/2046 | 302.1 | 302.1 | 341.0 | 0.11 | % |
| NMFM Consulting, LLC | (#,^) | 3636 Lake Ave, Wilmette, IL 60091 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/29/2046 | 267.1 | 267.1 | 280.7 | 0.09 | % |
| JRBA Inc dba Bulger True Value | (#,^) | 1185 W Santa Fe St, Olathe, KS 66061 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/28/2031 | 25.5 | 25.5 | 21.8 | 0.01 | % |
| Cj Real Estate Partners LLC | (#) | 1800 E Palm Ave, Tampa, FL 33605 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2047 | 230.9 | 230.9 | 254.8 | 0.08 | % |
| Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery | (#,^) | 724 Main St., Bradley Beach, NJ 07720 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/28/2031 | 25.7 | 25.7 | 22.2 | 0.01 | % |
| Catching Fish LLC dba Man Overboard Bait and Tackle | (#,^) | 1825 S. Patrick Dr, Ste B, Harbour Beach, FL 32937 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/28/2031 | 5.3 | 5.3 | 4.6 | — | % |
| Teaghlach Firearms LLC dba TFirearms | (#,^) | 117 S. Main St., Altus, OK 73526 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/28/2031 | 2.8 | 2.8 | 2.4 | — | % |
F-213
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| LuLu Kingdom LLC | (#,^) | 18 S. 20th St., Philadelphia, PA 19103 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2032 | 15.5 | 15.5 | 14.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Strong Tower 10933, Inc. | (#,^) | 15530 NW US Hwy 441, Alachua, FL 32615 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/27/2031 | 8.2 | 8.2 | 7.0 | — | % |
| Coast to Coast Auto Sales Incorporated | (#,^) | 9200 E 131 St St., Fishers, IN 46038 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/27/2031 | 148.5 | 148.5 | 127.1 | 0.04 | % |
| C.D.A. Serviceability Trust Inc (Co-Borrower) | (#) | 4501 6th Ave, Tacoma, WA 98406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/27/2046 | 69.2 | 69.2 | 78.0 | 0.03 | % |
| Coast to Coast Carmel Corporation dba Coast To Coast Collection | (#,^) | 9450 N Aronson Rd, Indianapolis, IN 46240 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/27/2031 | 302.0 | 302.0 | 259.7 | 0.08 | % |
| Momentum Metal Finishing Inc. | (#,^) | 1286 Anvilwood Ave, Sunnyvale, CA 94089 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/27/2046 | 1,057.4 | 1,057.4 | 1,179.5 | 0.38 | % |
| Daisi Inc. | (#,^) | 10300 West Charleston Blvd, Las Vegas, NV 89135 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 9/27/2031 | 108.9 | 108.9 | 93.2 | 0.03 | % |
| Michael Risoldi's Auto Repair Inc. | (#,^) | 1435 Woodlane Rd, Eastampton, NJ 08060 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2031 | 125.3 | 125.3 | 129.0 | 0.04 | % |
| D&M Properties, LLC | (#,^) | 2600 Coon Rapids Blvd Nortwest, Coon Rapids, MN 55433 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/24/2031 | 25.3 | 25.3 | 21.7 | 0.01 | % |
| Rightworks Staffing Inc. | (#,^) | 1201 Kenwood Ave, Austin, TX 78704 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 148.5 | 148.5 | 127.1 | 0.04 | % |
| Ben Anderson 365 | (#,^) | 9920 Research Dr, Irvine, CA 93108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 49.5 | 49.5 | 42.4 | 0.01 | % |
| Gateway Auto Service and Collision #2 Inc | (#,^) | 1205 South 8th Ave, Maywood, IL 60153 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/24/2046 | 29.7 | 29.7 | 33.6 | 0.01 | % |
| 3-2-1 Go LLC dba Burgerz and Ballz | (#,^) | 868 Fulda Ave NW, Palm Bay, FL 32907 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/24/2031 | 5.3 | 5.3 | 4.8 | — | % |
| Taurus Legacy, LLC dba Papas Diner | (#,^) | 626 FL-50, Clermont, FL 34711 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/24/2031 | 9.4 | 9.4 | 8.0 | — | % |
| Mag Auto Group Inc dba MAG Motor Company | (#,^) | 1890 North Main St., Walnut Creek, CA 94596 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/24/2031 | 218.8 | 218.8 | 187.3 | 0.06 | % |
| Great Dog Products for Great People LLC dba Royal Frenchel | (#,^) | 13207 Squawwood Lane SE, Rainier, WA 98576 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 9/24/2031 | 12.4 | 12.4 | 11.0 | — | % |
| Forays, Ltd dba Northern Comfort | (#,^) | 2800 N. Lagoon Dr, Wasilla, AK 99654 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 9/24/2046 | 172.4 | 172.4 | 186.6 | 0.06 | % |
| RightTalents LLC | (#) | 639 Passaic Ave, Nutley, NJ 07110 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 9.9 | 9.9 | 8.5 | — | % |
| Teach 2 Teach Music Lessons, LLC | (#) | 184 Marshall Hill Rd, West Milford, NJ 07480 | Educational Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 10.4 | 10.4 | 8.9 | — | % |
| Black Market Restaurant Group Inc. dba Black Market Meal Prep | (#) | 29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2032 | 29.5 | 29.5 | 26.1 | 0.01 | % |
| USA Security Services Corporation | (#) | 844 Hebron Ave, Glastonbury, CT 06033 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/24/2031 | 99.0 | 99.0 | 84.7 | 0.03 | % |
F-214
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Vincent Remodeling, LLC | (#,^) | 4667 Riverbend RdTrussville, Trussville, AL 35173 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/23/2031 | 14.9 | 14.9 | 12.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quinn da Matta Productions LLC | (#,^) | 2155 Outpost Dr, Los Angeles, CA 90068 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/23/2031 | 4.2 | 4.2 | 3.6 | — | % |
| MDJ Chiropractic PC | (#,^) | 18009 Jamaica Ave, Jamaica, NY 11432 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/22/2031 | 5.0 | 5.0 | 4.2 | — | % |
| Udder Free Only, LLC | (#,^) | 3603 Vinton Ave Unit 205, Los Angeles, CA 90034 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2031 | 17.8 | 17.8 | 15.8 | 0.01 | % |
| Oui Pastry LLC | (#,^) | 1905 Scenic Hwy N #10000b, Snellville, GA 30078 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/17/2031 | 5.0 | 5.0 | 4.2 | — | % |
| Phillips Diesel Service LLC | (#,^) | 4150 S 32nd St W, Muskogee, OK 74401 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/17/2046 | 30.5 | 30.5 | 32.4 | 0.01 | % |
| Goode Tax and Resolution, LLC | (#,^) | 2527 Standifer Place, Lanham, MD 20706 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/17/2031 | 3.2 | 3.2 | 2.7 | — | % |
| Preston E. Jones dba Tiny Homer | (#,^) | 62361 Mary Miller Ave, Homer, AK 99603 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/17/2031 | 5.4 | 5.4 | 5.8 | — | % |
| Hurricane Beauty LLC | (#) | 1110 vandon loop, Berlin, NJ 08009 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/17/2031 | 9.9 | 9.9 | 8.5 | — | % |
| Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc | (#,^) | 6179 Alameda Ave, El Paso, TX 79905 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/15/2031 | 53.2 | 53.2 | 46.3 | 0.01 | % |
| Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc | (#,^) | 6179 Alameda Ave, El Paso, TX 79905 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/15/2046 | 44.8 | 44.8 | 49.7 | 0.02 | % |
| For The Love Athletics LLC | (#,^) | 225 N Downing St, Davidson, Davidson, NC 28036 | Educational Services | Term Loan | Prime plus | 2.75% | 9/14/2031 | 4.9 | 4.9 | 4.2 | — | % |
| Aaron Mahoney dba Alaska Gulf Coast Expeditions | (#,^) | 16347 Deerfield St,, Ninilchik, AK 99639 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 2.75% | 9/14/2031 | 28.7 | 28.7 | 24.6 | 0.01 | % |
| MTR Designs LLC | (#,^) | 205 North 12th St., Opelika, AL 36801 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/14/2031 | 7.4 | 7.4 | 6.4 | — | % |
| SkyEstate LLC dba Vango's Drive Thru | (#,^) | 4000 Leap Rd, Hilliard, OH 43026 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/14/2031 | 30.3 | 30.3 | 25.9 | 0.01 | % |
| JEMS Transportation & Logistics LLC | (#,^) | 30715 Basil Trace Dr, Spring, TX 77386 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/14/2031 | 14.9 | 14.9 | 12.7 | — | % |
| R & S Chroniger Enterprises, LLC | (#,^) | 1681 Beech Ln, Hanover, PA 17331 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/14/2031 | 17.7 | 17.7 | 15.2 | — | % |
| Touch of Therapy Massage, LLC | (#,^) | 8510 Warner Rd, Ste 300, Plain City, OH 43064 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/13/2031 | 14.9 | 14.9 | 15.7 | 0.01 | % |
| Dennis Hair Studio Inc | (#) | 1566 Union Turnpike, New Hyde Park, NY 11040 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 9/13/2031 | 6.2 | 6.2 | 6.2 | — | % |
| Amado Trader LLC dba Amado Games LLC | (#,^) | 5545 Bulls Bay D, Virginia Beach, VA 23462 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/13/2031 | 4.5 | 4.5 | 3.8 | — | % |
| MattCole Construction and Roofing, LLC | (#,^) | 2529 Boxford Lane, Cordova, TN 38016 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/13/2031 | 54.5 | 54.5 | 49.6 | 0.02 | % |
F-215
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| O&O Welding Zone Corp | (#,^) | 2100 4th St., Orlando, FL 32824 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/13/2046 | 48.0 | 48.0 | 52.8 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Octopus Records LLC | (#,^) | 72-05 72nd Place, 2B, Glendale, NY 11385 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/13/2031 | 4.5 | 4.5 | 3.9 | — | % |
| Panditos LLC dba White Lotus Home | (#) | 745 Joyce Kilmer Ave, New Brunswick, NJ 08901 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 9/10/2031 | 19.8 | 19.8 | 16.9 | 0.01 | % |
| Essex Trade, Inc.dba Artesano's | (#,^) | 33 Bearskin Neck, Rockport, MA 01966 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/10/2031 | 6.1 | 6.1 | 5.3 | — | % |
| Tri T. Le dba AN Company | (#,^) | 1431 Amro Way, South El Monte, CA 91733 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 9/10/2031 | 15.6 | 15.6 | 14.4 | — | % |
| Trash Can Rescue LLC | (#,^) | 1096 Nast Chapel Rd, Martinsville, IN 46151 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/10/2031 | 18.7 | 18.7 | 17.3 | 0.01 | % |
| Kyle Keiper LLC | (#,^) | 3408 Spring St #1, Pompano Beach, FL 33062 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 9/10/2031 | 12.0 | 12.0 | 11.3 | — | % |
| Remsund Group Inc dba Remsund Group | (#,^) | 6581 Westland Dr, Brownsburg, IN 46112 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 9/10/2031 | 54.5 | 54.5 | 46.6 | 0.02 | % |
| B & W Towing, LLC | (#) | 701 Addison Rd, Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 2/9/2047 | 71.9 | 71.9 | 80.1 | 0.03 | % |
| Queen Oxygen Co. dba Quest Cylinder Co. | (#,^) | 239 Lafayette St., London, OH 43140 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/9/2031 | 44.9 | 44.9 | 43.6 | 0.01 | % |
| Y & C Company INC dba Miji-Mura Hibachi & Sushi | (#,^) | 1850 N University Dr,, Coral Springs, FL 33071 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/9/2046 | 246.7 | 246.7 | 278.5 | 0.09 | % |
| Alaska Industrial Paint, LLC dba Alaska Fleet and Collision Specialist | (#) | 1301 North Post Rd, Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/8/2032 | 21.5 | 21.5 | 22.8 | 0.01 | % |
| Le Bajec Le LLC | (#,^) | 810 N Alamo St,, San Antonio, TX 78215 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/8/2046 | 79.4 | 79.4 | 85.8 | 0.03 | % |
| Grand Portage LLC | (#,^) | 3306 Chelsea Cir, Ann Arbor, MI 48108 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/7/2031 | 33.1 | 33.1 | 28.3 | 0.01 | % |
| Sassy Sista's Boutique LLC | (#,^) | 851 W. State Rd 436 Ste. 1005, Altamonte Springs, FL 32714 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 9/7/2031 | 6.4 | 6.4 | 5.5 | — | % |
| Almina Concept, Inc. | (#,^) | 5042 Willshire Blvd., Los Angeles, CA 90036 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/7/2031 | 2.5 | 2.5 | 2.1 | — | % |
| Oak North LLC, & Constantinos Constantinou | (#,^) | 94 Union St., Vernon, CT 06066 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/7/2031 | 51.5 | 51.5 | 54.4 | 0.02 | % |
| XL Auto Group LLC dba Autos Wholesale | (#,^) | 28900 Mission Blvd, Hayward, CA 94544 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/3/2031 | 18.3 | 18.3 | 15.7 | 0.01 | % |
| JD Hunt Custom Homes Incorporated dba JD Hunt Construction | (#,^) | 5515 Parkcrest Dr, Austin, TX 78731 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/3/2031 | 906.9 | 906.9 | 776.2 | 0.25 | % |
| 4 Points Towing & Roadside Service LLC | (#,^) | 5425 Willow Grove Rd, Camden Wyoming, DE 19934 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 9/2/2031 | 34.7 | 34.7 | 31.7 | 0.01 | % |
| RGV Poke LLC dba Pokeworks | (#) | 5401 North 10 St. Unit 126, McAllen, TX 78504 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/2/2032 | 13.7 | 13.7 | 12.4 | — | % |
F-216
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sheryl's Candy Apple Creations, LLC | (#,^) | 131 Piney Green Rd, Ste 300, Jacksonville, NC 28546 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/2/2031 | 6.0 | 6.0 | 5.4 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 331 Foley Sound Inc | (#,^) | 19355 Business Center Dr, Unit #9, Northridge, CA 91324 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 1/2/2032 | 25.0 | 25.0 | 21.6 | 0.01 | % |
| Kenbenco, Inc.dba Benson Steel Fabricators | (#,^) | 437 Route 212, Saugerties, NY 12477 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/31/2031 | 161.1 | 161.1 | 158.2 | 0.05 | % |
| paws Boarding LLC dba paws DayCamp and Boarding | (#,^) | 2449 Breanna Way, Little Elm, TX 75068 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 2.7 | 2.7 | 2.3 | — | % |
| Tactical Integrated Systems Inc dba Techy | (#,^) | 2501 Citrus Blvd, Leesburg, FL 34748 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/31/2031 | 17.7 | 17.7 | 15.2 | — | % |
| Big Heart LLC dba Chick'n Cone | (#) | 1158 W San Marcos Blvd, San Marcos, CA 92078 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2031 | 23.3 | 23.3 | 20.4 | 0.01 | % |
| Rosy Rings, Inc | (#,^) | 2400 Industrial Lane, Ste 700, Broomfield, CO 80020 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 8/31/2031 | 164.1 | 164.1 | 140.5 | 0.05 | % |
| IT Quality Solutions, Inc | (#,^) | 6522 Creekview Circle, Duluth, GA 30097 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 7.9 | 7.9 | 6.7 | — | % |
| JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care | (#,^) | 10615 N Hayden Rd C100, Scottsdale, AZ 85260 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 163.3 | 163.3 | 146.2 | 0.05 | % |
| RM Interiors Inc.dba House of Moseley | (#,^) | 8200 Stockdale HWY D-6, Bakersfield, CA 93311 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 8/31/2031 | 29.5 | 29.5 | 25.3 | 0.01 | % |
| Shrijee LLC dba Econo Lodge | (#) | 908 Washington St., Manitowoc, WI 54220 | Accommodation | Term Loan | Prime plus | 2.75% | 12/31/2046 | 119.2 | 119.2 | 134.5 | 0.04 | % |
| Cadena Co. | (#,^) | 2133 Southend Dr. #301, Charlotte, NC 28213 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/31/2031 | 10.4 | 10.4 | 8.9 | — | % |
| K's Salon 1 LLC dba Gerard Anthony Salon | (#) | 580 Amsterdam Ave, New York, NY 10024 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/30/2031 | 22.0 | 22.0 | 18.8 | 0.01 | % |
| Kadence Consulting Inc | (#,^) | 13315 Bishops Ct, Roswell, GA 30075 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/30/2031 | 18.3 | 18.3 | 15.7 | 0.01 | % |
| Angela Barbara | (#,^) | 51 Bennington Square, Hackettstown, NJ 07840 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/30/2046 | 24.5 | 24.5 | 26.8 | 0.01 | % |
| 25 Dials LLC | (#,^) | 875 North High St., Ste 300, Columbus, OH 43215 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/27/2031 | 9.3 | 9.3 | 9.8 | — | % |
| Willow Falls Venue LLC | (#,^) | 23122 S North Carolina Hwy 109, Denton, NC 27239 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/27/2046 | 20.7 | 20.7 | 22.6 | 0.01 | % |
| Downtown Dance Academy Limited Liability Company | (#,^) | 1204 Hooper Ave, Toms River, NJ 08753 | Educational Services | Term Loan | Prime plus | 2.75% | 8/27/2031 | 5.4 | 5.4 | 4.6 | — | % |
| Debut Solutions LLC | (#,^) | 2000 Frankfort St, Laredo, TX 78040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/27/2031 | 271.3 | 271.3 | 237.3 | 0.08 | % |
| 3D Printed Tabletop, LLC | (#,^) | 2870 Sonata Court, St. Cloud, FL 34772 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/27/2031 | 3.0 | 3.0 | 2.5 | — | % |
| 7 BRANCHES CORPORATION dba Nikos | (#,^) | 410 Pearl St., Lake Wales, FL 33853 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/27/2031 | 7.1 | 7.1 | 6.1 | — | % |
| DebutSolutions, LLC dba Emerald Pacific Resources | (#,^) | 2000 Frankfurt St., Laredo, TX 78040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/27/2046 | 64.5 | 64.5 | 70.5 | 0.02 | % |
F-217
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Hair and Beauty Market Place, LLC dba LAOR | (#) | 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 5/26/2047 | 171.8 | 171.8 | 194.0 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Island Kaii & Company dba Island Kaii | (#,^) | 20140 Livemois, Detroit, MI 48221 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/26/2031 | 7.4 | 7.4 | 7.5 | — | % |
| Tapuya Brands Corporation | (#,^) | 23 Leroy St., New York, NY 10014 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/26/2031 | 65.9 | 65.9 | 56.4 | 0.02 | % |
| HHD Aviation, LLC dba Great Milwaukee Training and Testing Center | (#,^) | 2820 Bobmeyer Rd, Hanger C-7, Hamilton, OH 45015 | Real Estate | Term Loan | Prime plus | 2.75% | 8/26/2046 | 46.6 | 46.6 | 52.6 | 0.02 | % |
| Gralyn Fabrication & Machining LLC | (#,^) | 1119 Bluff Ridge Rd, Waynesburg, PA 15370 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/25/2031 | 8.9 | 8.9 | 7.6 | — | % |
| Christopher John Looney Agency Inc. | (#,^) | 426 South Atlanta St., Unit 110, Roswell, GA 30075 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/25/2031 | 2.7 | 2.7 | 2.3 | — | % |
| Premiere Inc | (#,^) | 615 N Landry Dr, New Iberia, LA 70563 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 8/25/2031 | 383.7 | 383.7 | 405.2 | 0.13 | % |
| Trinity Lumber and Building Supply, Inc | (#,^) | 1231 East Cypress Ave, Redding, CA 96002 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 8/25/2046 | 69.9 | 69.9 | 77.4 | 0.03 | % |
| Swick & Son Enterprises, Inc | (#,^) | 108 Mashell Ave North, Eatonville, WA 98328 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/25/2031 | 17.7 | 17.7 | 15.3 | — | % |
| Tiny's Gumbo Bar NYC LLC | (#) | 275 Church St., New York, NY 10013 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/25/2032 | 36.3 | 36.3 | 32.1 | 0.01 | % |
| Force3 Enterprises, LLLP | (#,^) | 240 Hathway Dr, Stratford, CT 06615 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/25/2046 | 195.3 | 195.3 | 212.0 | 0.07 | % |
| MA Allen LLC dba Premier Martial Arts | (#) | 380 East Bethany Dr, Allen, TX 75002 | Educational Services | Term Loan | Prime plus | 2.75% | 3/25/2031 | 9.3 | 9.3 | 7.9 | — | % |
| CJNR LLC dba Parkhurst Motel | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus | 2.75% | 8/24/2046 | 39.9 | 39.9 | 45.1 | 0.01 | % |
| Patoruzu, Inc. dba Sharkey's Cuts For Kids | (#,^) | 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/20/2031 | 9.8 | 9.8 | 8.4 | — | % |
| PCH Ventures, LLC dba Chop Stop | (#,^) | 18515 Brookhurst St., Fountain valley, CA 92618 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/20/2031 | 40.0 | 40.0 | 42.1 | 0.01 | % |
| Power Enterprise LLC | (#,^) | 119 East 710 South Circle, Ivins, UT 84738 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/20/2031 | 3.1 | 3.1 | 2.7 | — | % |
| The Jar Circle, Inc dba Frida's Mexican Grill | (#) | 3545 Merrick Rd, Seaford, NY 11783 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/20/2031 | 13.9 | 13.9 | 12.1 | — | % |
| Dallas MTV, LLC | (#,^) | 2911 Turtle Creek Blvd, Ste 300, Dallas, TX 75219 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/20/2031 | 18.4 | 18.4 | 15.7 | 0.01 | % |
| Royal Home Care and Staffing LLC | (#,^) | 453 Oakton Rd, Odenton, MD 21113 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/20/2031 | 31.8 | 31.8 | 33.6 | 0.01 | % |
| Kiwi Vision, LLC | (#,^) | 27518 Portsmouth Ave, Hayward, CA 94545 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/19/2031 | 9.8 | 9.8 | 8.4 | — | % |
| Elizabeth K. Little and dba Mrs. Little's Tea and Toys | (#,^) | 108 North Davis St., Hamilton, MO 64644 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/19/2031 | 2.7 | 2.7 | 2.8 | — | % |
| Vida Meat Company LLC | (#,^) | 1370 West Cheyenne Ave, North Las Vegas, NV 89030 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/19/2031 | 46.7 | 46.7 | 43.7 | 0.01 | % |
F-218
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Derheim, Inc dba My Aquatic Services | (#,^) | 601 Main Ave.W, West Fargo, ND 58078 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/19/2046 | 162.7 | 162.7 | 170.4 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Luxury Tree Services LLC | (#,^) | 5925 SW 69th St., Miami, FL 33413 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 8/18/2031 | 98.3 | 98.3 | 84.8 | 0.03 | % |
| Glorious Training Group Inc dba F45 Training Murabella | (#,^) | 185 Murabella Pkwy, St. Augustine, FL 32092 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/18/2031 | 14.8 | 14.8 | 13.4 | — | % |
| Cezary A. Lapa dba Globe Polska Ksiazka | (#,^) | 5747 West Irving Park Rd, Chicago, IL 60634 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 8/17/2031 | 6.9 | 6.9 | 5.9 | — | % |
| Hartwood Inn | (#,^) | 1312 GILBERT ST, CHARLES CITY, IA 50616 | Accommodation | Term Loan | Prime plus | 2.75% | 8/17/2046 | 39.9 | 39.9 | 45.1 | 0.01 | % |
| Transatlantic Translations Company, LLC | (#,^) | 411 Theodore Fremd Ave, Rye, NY 10580 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/16/2031 | 24.6 | 24.6 | 21.1 | 0.01 | % |
| Revive Aesthetics & Wellness, LLC | (#,^) | 175 Main St., East Greenwich, RI 02818 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/13/2031 | 27.1 | 27.1 | 24.1 | 0.01 | % |
| DTT ENTERPRISES, LLC | (#,^) | 6565 Austin Hope Ave, Las Vegas, NV 89118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/13/2031 | 34.4 | 34.4 | 29.5 | 0.01 | % |
| Baite Auto Sales LLC | (#,^) | 2865 Suwanee Rd, Columbus, OH 43224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/13/2046 | 11.5 | 11.5 | 13.0 | — | % |
| Montauk Donut Group, Inc dba Dunkin Donuts | (#) | 1669 Montauk Hwy, Bellport, NY 11713 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/12/2031 | 81.8 | 81.8 | 86.2 | 0.03 | % |
| Bird's Nest Florist & Gifts, LLC | (#,^) | 549-E College Park Rd, Ladson, SC 29456 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 8/12/2031 | 5.8 | 5.8 | 5.0 | — | % |
| Game Time Vending, LLC | (#,^) | 10105 Amberwood Rd Stes #1 and #5, Fort Myers, FL 33913 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/11/2031 | 1,229.0 | 1,229.0 | 1,142.3 | 0.37 | % |
| Lovely Moments Iowa Photography, LLC | (#,^) | 313 South Logan St., Roland, IA 50236 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/11/2031 | 3.0 | 3.0 | 2.5 | — | % |
| KBO Investment and Sterling HTS KBO Investments LLC | (#,^) | 748 West Big Beaver Rd, Troy, MI 48084 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/10/2031 | 45.3 | 45.3 | 39.5 | 0.01 | % |
| C4 Technologies Inc. | (#) | 171 C Ave, Ste C, Coronado, CA 92118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/6/2031 | 6.2 | 6.2 | 6.1 | — | % |
| The Hiccup Inc | (#,^) | 158 Humphrey St., Swampscott, MA 01907 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 8/6/2031 | 20.4 | 20.4 | 17.4 | 0.01 | % |
| Dara, Inc. | (#,^) | 29 Old Planters Rd, Beverly, MA 01915 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/5/2031 | 32.5 | 32.5 | 27.8 | 0.01 | % |
| Ronald L. McFarlain dba Cajun Connection | (#,^) | 2958 IL-178, North Utica, IL 61373 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/5/2046 | 33.4 | 33.4 | 36.2 | 0.01 | % |
| C&J General Engineering | (#,^) | 3060 Thorntree Dr #10, Chico, CA 95973 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/4/2046 | 27.4 | 27.4 | 26.6 | 0.01 | % |
| P.O.P Enterprises LLC | (#,^) | 860 Constellation Dr, Decatur, GA 30033 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/3/2031 | 4.4 | 4.4 | 3.8 | — | % |
| J &C May Properties, LLC. | (#,^) | 315 Sylamore Ave, Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 19.3 | 19.3 | 16.5 | 0.01 | % |
F-219
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| 100% Permanent Inc. | (#,^) | 1315 N. Larrabee St., Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/30/2046 | 32.8 | 32.8 | 35.5 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats, L | (#,^) | 308 South Old County Rd, Edgewater, FL 32132 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 7/30/2046 | 1,153.9 | 1,153.9 | 1,302.7 | 0.42 | % |
| GLH delivering services Inc and Paisley Logistics Inc | (#,^) | 121 Pine Rd, Easley, SC 29642 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 268.9 | 268.9 | 230.2 | 0.07 | % |
| Patriot Services Group Inc | (#,^) | 108 Phillips Circle, Columbiana, AL 35051 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/30/2031 | 22.0 | 22.0 | 18.8 | 0.01 | % |
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#) | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/30/2031 | 19.5 | 19.5 | 20.6 | 0.01 | % |
| Kings Autoshow Inc and Grand Auto Group LLC | (#,^) | 5815 Church Ave, Brooklyn, NY 11203 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 113.5 | 113.5 | 99.7 | 0.03 | % |
| Melissa S. Scharf | (#,^) | 14313 Califa St., Sherman Oaks, CA 91401 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/30/2031 | 8.8 | 8.8 | 7.5 | — | % |
| The Travel Society LLC;Religious Travel International LLC | (#,^) | 650 S Cherry St., Denver, CO 80246 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/30/2031 | 85.0 | 85.0 | 72.8 | 0.02 | % |
| AA Power Equipment, Inc | (#,^) | 999 Mansell Rd, Ste B, C, & D, Roswell, GA 30076 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/30/2031 | 78.0 | 78.0 | 66.8 | 0.02 | % |
| Charles P Carpenter dba All-Ways Pumping | (#,^) | 5701 Beckford Ave, Tarzana, CA 91356 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/30/2031 | 109.6 | 109.6 | 107.8 | 0.03 | % |
| CIRLABS, INC,Outcome Driven Innovation and Spracht Inc | (#,^) | 974 Commercial St., Palo Alto, CA 94043 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/30/2031 | 50.7 | 50.7 | 43.4 | 0.01 | % |
| Global Packaging Solutions, Inc | (#,^) | 6259 Progressive Ave, San Diego, CA 92154 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 7/29/2031 | 219.4 | 219.4 | 195.0 | 0.06 | % |
| GN Enterprises LLC | (#,^) | 4507 SE Ramona St., Portland, OR 97206 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 7/29/2046 | 85.0 | 85.0 | 93.6 | 0.03 | % |
| Kamboj Investments Inc dba Chicago's Pizza with Twist | (#) | 1156 South Main St., Manteca, CA 95337 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/29/2031 | 15.0 | 15.0 | 13.0 | — | % |
| On Spot Techs Ltd dba Wi-Fi Surveyors | (#,^) | 4732 Dixie Dr South, Dayton, OH 45439 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/29/2046 | 17.0 | 17.0 | 18.2 | 0.01 | % |
| Karson A Schepp | (#,^) | 8715 Hwy 14, Kramer, ND 58748 | Crop Production | Term Loan | Prime plus | 2.75% | 7/29/2031 | 34.1 | 34.1 | 30.7 | 0.01 | % |
| Rocky Mountain Concrete, Inc | (#,^) | 6674 MALTESE LN A, Bozeman, MT 59718 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/29/2031 | 244.2 | 244.2 | 226.2 | 0.07 | % |
| Tiny Tots Kingdom Inc | (#,^) | 4961 N Dixie Hwy Stes 2-6, Oakland Park, FL 33334 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/29/2031 | 19.5 | 19.5 | 16.7 | 0.01 | % |
| Cherich Enterprises dba Yogasix Pasadena | (#,^) | 277 W Green St. Ste 110, Pasadena, CA 91105 | Educational Services | Term Loan | Prime plus | 2.75% | 10/29/2031 | 52.0 | 52.0 | 45.0 | 0.01 | % |
| Dream Splash International LLC | (#,^) | 650 S Cherry St., Denver, CO 80246 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/29/2031 | 82.9 | 82.9 | 71.2 | 0.02 | % |
| Travis Construction Company, LLC | (#,^) | 11258 Bayou Bernard Rd, Gulfport, MS 39503 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/28/2031 | 29.3 | 29.3 | 25.9 | 0.01 | % |
F-220
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Five Rivers 1938 Enterprises, Inc dba The Hummus Republic | (#) | 3032 W Jack London Blvd, Livermore, CA 94551 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/28/2032 | 19.4 | 19.4 | 17.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Clinically Speaking, LLC | (#,^) | 207 N Davies Rd, Lake Stevens, WA 98258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/27/2031 | 351.1 | 351.1 | 300.5 | 0.10 | % |
| WLG Inc | (#,^) | 6257 West Ave J9, Lancaster, CA 93536 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/27/2046 | 180.9 | 180.9 | 193.1 | 0.06 | % |
| Jaime Gervasi & Associates LLC | (#,^) | 3243 Eastern Ave, Baltimore, MD 21224 | Real Estate | Term Loan | Prime plus | 2.75% | 7/27/2031 | 15.1 | 15.1 | 13.7 | — | % |
| K Wallace, LLC dba Fit Learning Columbus | (#,^) | 6631 Commerce Pkwy Ste G, Dublin, OH 43085 | Educational Services | Term Loan | Prime plus | 2.75% | 7/26/2031 | 3.3 | 3.3 | 2.9 | — | % |
| Tarun LLC, dba Signature Wine & Liquor | (#) | 325 South Limestone, Lexington, KY 40508 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 7/23/2031 | 6.1 | 6.1 | 6.1 | — | % |
| Mattress and Rug outlet LLC | (#,^) | 1818 State St., Schenectady, NY 12304 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/23/2031 | 58.5 | 58.5 | 60.8 | 0.02 | % |
| Premier Tech Security, LLC | (#,^) | 1616 Westgate Circle, Ste 111, Brentwood, TN 37027 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/23/2031 | 16.7 | 16.7 | 14.3 | — | % |
| GSK Industries Inc dba Quality One Pool Management | (#,^) | 3217 W Tompkins Ave, Las Vegas, NV 89103 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/23/2031 | 14.6 | 14.6 | 12.5 | — | % |
| 52 Tran, LLC | (#,^) | 773 South MacArthur Blvd, Ste 205, Coppell, TX 75019 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/23/2031 | 17.2 | 17.2 | 14.7 | — | % |
| L.A. Crescent LLC dba Aamco Car Care Center | (#,^) | 1010 East 6th Ave, Stillwater, OK 74074 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/23/2031 | 29.3 | 29.3 | 25.8 | 0.01 | % |
| Big Brand Management Ltd. Co. | (#,^) | 512 East 11th St., Houston, TX 77008 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 7/23/2046 | 79.8 | 79.8 | 90.1 | 0.03 | % |
| Delbello Enterprises LLC dba Il Portico | (#,^) | 273 West Route 130 South, Burlington, NJ 08016 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/23/2031 | 47.6 | 47.6 | 50.3 | 0.02 | % |
| All Regional Recyclers of Wood LLC and Superior Carting & Waste System | (#,^) | 104 Wooster St., Bethel, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 7/22/2031 | 53.5 | 53.5 | 50.4 | 0.02 | % |
| Ever Prosperous Realty Inc | (#,^) | 430 S Chandler Ave, Monterey Park, CA 91754 | Real Estate | Term Loan | Prime plus | 2.75% | 7/22/2031 | 14.3 | 14.3 | 12.2 | — | % |
| Basha Home Improvement LLC | (#) | 41 Van Houten Ave, Jersey City, NJ 07305 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 7/21/2031 | 2.5 | 2.5 | 2.5 | — | % |
| TDI Global Solutions Inc | (#,^) | 1 Riverfront Plaza, Ste 12, Lawrence, KS 66044 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 7/21/2031 | 195.0 | 195.0 | 174.5 | 0.06 | % |
| Profit Stewards LLC dba AAMCO Transmissions of Phoenixville | (#,^) | 458 Schuylkill Rd, Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/21/2031 | 5.2 | 5.2 | 4.5 | — | % |
| Jeragardens Wedding Rentals LLC, | (#) | 5842 South 1150 West, Ogden, UT 84405 | Rental and Leasing Services | Term Loan | Prime plus | 6.5% | 7/20/2031 | 6.1 | 6.1 | 6.1 | — | % |
| Sparta Athletic Campus, LLC | (#,^) | 115 Sparta Ave, Sparta, NJ 07871 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/20/2046 | 212.9 | 212.9 | 240.4 | 0.08 | % |
| 110 Enterprises, LLC dba Boomerang Bar and Grill | (#,^) | 110 Limekiln Rd, Unit 2, New Cumberland, PA 17070 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/20/2046 | 275.6 | 275.6 | 306.8 | 0.10 | % |
F-221
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Ecos Consulting, LLC | (#,^) | 1519 Roller Rd, Ocean Township, NJ 07712 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/20/2031 | 19.9 | 19.9 | 17.1 | 0.01 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| K-M-P Auto Group LLC | (#,^) | 1788 Austin Hwy, San Antonio, TX 78218 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 7/19/2046 | 32.1 | 32.1 | 36.0 | 0.01 | % | ||||||||||||||
| Colorado Travel Solutions LLC | (#,^) | 2895 Queen St, Colorado Springs, CO 80904 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 7/16/2031 | 66.7 | 66.7 | 57.1 | 0.02 | % | ||||||||||||||
| Monarch Construction and Roofing LLC | (#,^) | 700 Corporate Circle, Golden, CO 80401 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/16/2031 | 43.4 | 43.4 | 37.1 | 0.01 | % | ||||||||||||||
| Rymax Electronics Inc | (#,^) | 1805 5th Ave. Ste F, Bay Shore, NY 11706 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/8/2046 | 50.2 | 50.2 | 56.7 | 0.02 | % | ||||||||||||||
| Accommodating Financial & Tax Services, LLC | (#,^) | 5151 Monroe St., Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/8/2031 | 12.6 | 12.6 | 12.4 | — | % | ||||||||||||||
| The Iron Smith LLC dba Anytime Fitness Nevada | (#,^) | 1818 Fawcett Pkwy, Nevada, IA 50201 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/8/2031 | 28.8 | 28.8 | 24.7 | 0.01 | % | ||||||||||||||
| 156 W. Salon & Boutique, llc dba Shabby Shek Salon and Boutique | (#,^) | 156 West Tioga St., Tunkhannock, PA 18657 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/2/2046 | 39.9 | 39.9 | 40.8 | 0.01 | % | ||||||||||||||
| Jason M. Eberhart dba Stae Farm | (#,^) | 600 Allegheny St., Jersey Shore, PA 17740 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/2/2046 | 25.6 | 25.6 | 26.5 | 0.01 | % | ||||||||||||||
| Afrodisiac Enterprises LLC dba Afrodisiac Nola | (#,^) | 5363 Franklin Ave, New Orleans, LA 70122 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/1/2046 | 29.8 | 29.8 | 32.4 | 0.01 | % | ||||||||||||||
| Royal Restaurants, LLC | (#,^) | 138 Griffin Rd, Ruston, LA 71270 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/30/2031 | 241.8 | 241.8 | 229.6 | 0.07 | % | ||||||||||||||
| Ata&Ana LLC dba Ata Ana Home Health Agency | (#,^) | 8304 Old Courthouse Rd Unit D, Vienna, VA 22182 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/30/2031 | 54.9 | 54.9 | 54.5 | 0.02 | % | Craftwork Carpentry and Millwork Inc. | (#,^) | 2777 S Financial Ct., Sanford, FL 32773 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/30/2031 | 112.4 | 112.4 | 95.5 | 0.03 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Gene Properties LLC,4 Winnapaug Rd LLC and,144 Atlantic Ave LLC | (#,^) | 149 Atlantic Ave, Westerly, RI 02891 | Accommodation | Term Loan | Prime plus | 2.75% | 6/30/2046 | 1,116.8 | 1,116.8 | 1,260.8 | 0.41 | % | ||||||||||||||
| Zollner Enterprises, Inc | (#,^) | 221 Hulls Chapel Rd, Fredericksburg, VA 22406 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2031 | 48.4 | 48.4 | 41.0 | 0.01 | % | ||||||||||||||
| VILLELA CPA PLLC | (#,^) | 3877 SE 5th Ave, Ocala, FL 34480 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2031 | 14.5 | 14.5 | 12.3 | — | % | ||||||||||||||
| Tidal Commerce Inc | (#,^) | 2100 Clearwater Dr, Oak Brook, IL 60523 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 6/30/2031 | 317.3 | 317.3 | 268.4 | 0.09 | % | ||||||||||||||
| Sheldon T Banks LLC | (#,^) | 2340 W Carpenter Rd, Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/30/2046 | 57.4 | 57.4 | 64.8 | 0.02 | % | ||||||||||||||
| Holland Holdings LLC | (#,^) | 1102 Blackbriar Cir Ne, Hartselle, AL 35640 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/30/2031 | 193.8 | 193.8 | 170.1 | 0.05 | % | ||||||||||||||
| Martin C. Liu & Associates, PLLC | (#,^) | 135 Bowery St., New York, NY 10002 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2031 | 48.4 | 48.4 | 50.9 | 0.02 | % | ||||||||||||||
| Eagle's Eye Comfort Care Miramar LLC | (#,^) | 6308 SW 27th St, Miramar, FL 33023 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/30/2046 | 65.2 | 65.2 | 70.6 | 0.02 | % | ||||||||||||||
| New York Equestrian Center Ltd | (#,^) | 633 EAGLE AVE, WEST HEMPSTEAD, NY 11552 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/30/2046 | 1,240.9 | 1,240.9 | 1,400.9 | 0.45 | % |
F-222
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Neil Hoss, D.M.D., LLC. | (#,^) | 115 Hartford Turnpike, Tolland, CT 06084 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/30/2031 | 27.2 | 27.2 | 23.5 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Kings Autoshow Inc dba Brooklyn Mitsubishi and Grand Auto Group LLC | (#,^) | 5815 Church Ave, Brooklyn, NY 11203 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/30/2031 | 37.3 | 37.3 | 37.6 | 0.01 | % |
| Superior Coach Interiors, Inc | (#,^) | 211 Babb Dr, Lebanon, TN 37087 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2031 | 370.9 | 370.9 | 389.7 | 0.13 | % |
| 360 Concepts Group, LLC dba Bowl 360 Astoria | (#,^) | 19-45 49th St., Astoria, NY 11105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/29/2031 | 113.4 | 113.4 | 95.7 | 0.03 | % |
| Seema Aijaz Enterprises Inc dba Edible Arrangements | (#,^) | 1040 South Broadway, Unit 6, Hicksville, NY 11801 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/29/2031 | 28.0 | 28.0 | 24.3 | 0.01 | % |
| Yogi's Logistics Inc and 9371 Truck Yard LLC | (#,^) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/29/2046 | 141.0 | 141.0 | 159.1 | 0.05 | % |
| O.P.P. Presents LLC | (#,^) | 15927 Pioneer Blvd, Norwalk, CA 90650 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/29/2031 | 14.0 | 14.0 | 11.8 | — | % |
| CALTEL, INC. | (#,^) | 2309 Acie Ave, Conway, SC 29528 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 6/29/2031 | 87.6 | 87.6 | 83.3 | 0.03 | % |
| Little Imaginations Learning Center Inc | (#,^) | 189 toll Gate Rd,, Warwick, RI 02886 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/29/2046 | 113.6 | 113.6 | 118.1 | 0.04 | % |
| La Favorita Radio Network | (#,^) | 4043 Geer Rd, Hughson, CA 95326 | Broadcasting (except Internet) | Term Loan | Prime plus | 2.75% | 6/29/2046 | 178.7 | 178.7 | 200.3 | 0.06 | % |
| HTE Acquisition, LLC dba Hi Tech Engineering | (#,^) | 4600, Calle Quetza, Camarillo, CA 93012 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2031 | 51.2 | 51.2 | 46.0 | 0.01 | % |
| Troung Enterprises Inc | (#,^) | 1305 SW 107th Ave, Miami, FL 33174 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/28/2031 | 9.7 | 9.7 | 8.2 | — | % |
| KDKB Properties, LLC and US Press, LLC | (#,^) | 1628-A James P. Rodgers Dr, Valdosta, GA 31601 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 6/25/2031 | 691.8 | 691.8 | 607.3 | 0.20 | % |
| J & J Rocket Fizz General Partnership | (#,^) | 3155 Outlet Dr Space E020, Edinburgh, IN 46124 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/25/2031 | 14.5 | 14.5 | 12.3 | — | % |
| Nevada Adult Day healthcare Centers Inc | (#,^) | 2008 S Jones Blvd, Las Vegas, NV 89146 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/25/2031 | 43.6 | 43.6 | 45.7 | 0.01 | % |
| Kevin Head Agency, LLC | (#,^) | 941 Moores Ferry Rd, Villa Rica, GA 30180 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/25/2046 | 75.8 | 75.8 | 85.6 | 0.03 | % |
| CURVE MART C-STORE AND CAJUN DELI LLC dba Curve Mart | (#,^) | 44063 Hwy 431, Saint Amant, LA 70774 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 6/25/2046 | 183.7 | 183.7 | 198.2 | 0.06 | % |
| US Press, LLC | (#,^) | 1628-A James P. Rodgers Dr, Valdosta, GA 31601 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 6/25/2046 | 539.4 | 539.4 | 568.4 | 0.18 | % |
| T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's Itali | (#,^) | 4280 Lavon Dr, Garland, TX 75040 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/25/2031 | 28.1 | 28.1 | 23.7 | 0.01 | % |
| The Buckeye Health Group, LLC | (#,^) | 8120 Walcot Ln, Cincinnati, OH 45249 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/25/2031 | 48.4 | 48.4 | 41.7 | 0.01 | % |
| Alpha Variance Solutions, LLC | (#,^) | 48 Western Dr, Ardsley, NY 10502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/25/2031 | 72.7 | 72.7 | 62.3 | 0.02 | % |
F-223
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Northwest Evergreen Innovations, LLC and James Hamilton Gregersen | (#,^) | 6791 Bethel Rd SE, Port Orchard, WA 98367 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/24/2046 | 52.2 | 52.2 | 58.6 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DAVIS WINES LLC and BRICK & MORTAR WINES, LLC | (#,^) | 25 Healdsburg Ave Bld 20, Healdsburg, CA 95448 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2031 | 90.2 | 90.2 | 82.0 | 0.03 | % |
| Craftwork Carpentry and Millwork Inc | (#,^) | 2777 S Financial Ct., Sandford, FL 32773 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/24/2046 | 178.7 | 178.7 | 191.2 | 0.06 | % |
| JC's Tall Glass Inc | (#,^) | 2810 Hypoluxo Rd, Lantana, FL 33462 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/23/2046 | 208.3 | 208.3 | 227.6 | 0.07 | % |
| The AAC Speech Clinic, LLC and Red Rock Neurorehabilitation Center | (#,^) | 9260 West Sunset Rd, Ste 204, Las Vegas, NV 89148 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/23/2031 | 33.9 | 33.9 | 28.7 | 0.01 | % |
| Pampanguena Market Place Corp | (#,^) | 18623 SW 107th Ave, Miami, FL 33157 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/23/2046 | 48.2 | 48.2 | 48.5 | 0.02 | % |
| Vance Ewing LLC dba The Bow & Barrel Sportsmen Center | (#,^) | 22940 Harlan Lane, St Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/22/2046 | 49.6 | 49.6 | 54.8 | 0.02 | % |
| 2B St. Marks, Inc dba Duetto | (#,^) | 540 Greene St., Unit 1, Key West, FL 33040 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/22/2031 | 20.3 | 20.3 | 17.2 | 0.01 | % |
| Prestige Nationwide, LLC dba Eastern Standard | (#,^) | 1131 Burke St., Winston-Salem, NC 27101 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/22/2046 | 50.0 | 50.0 | 52.5 | 0.02 | % |
| Bluewater Laundry & Linen, llc | (#,^) | 2315 Main St., Loris, SC 29569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/21/2046 | 71.2 | 71.2 | 80.4 | 0.03 | % |
| Vancole Investments, Inc | (#,^) | 876 Virginia Ave, Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2031 | 69.2 | 69.2 | 58.4 | 0.02 | % |
| Butcher Block of Woodland Park, LLC | (#,^) | 320 S Baldwin St, Woodland Park, CO 80863 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/21/2031 | 14.5 | 14.5 | 12.3 | — | % |
| Ellerman Engineerting & Innovations, Inc and R & S Properties and Hold | (#,^) | 4444 Forest St., Leonard, MI 48367 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 6/21/2031 | 45.1 | 45.1 | 42.1 | 0.01 | % |
| Francis L Bailey Jr dba Carolina GPS Services | (#,^) | 1545 Langston Dr, Johns Island, SC 29455 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/21/2031 | 19.7 | 19.7 | 16.7 | 0.01 | % |
| Two Mean Beans, LLC dba Coffee and Crepes | (#,^) | 315 Crossroads Blvd, Floor G, Cary, NC 27518 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2031 | 11.2 | 11.2 | 9.9 | — | % |
| Bluewater Laundry & Linen, LLC | (#,^) | 2315 Main St., Loris, SC 29569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/21/2031 | 117.0 | 117.0 | 108.0 | 0.03 | % |
| K&R Enterprises III Inc dba The Frozen Cow | (#,^) | 6710 Post Rd, North Kingstown, RI 02852 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/18/2046 | 35.8 | 35.8 | 39.3 | 0.01 | % |
| Subhash Joshi LLC dba Mata Hardware | (#,^) | 6370 Mae Anne Ave, Stes 1 and 2, Reno, NV 89523 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/18/2031 | 33.3 | 33.3 | 28.5 | 0.01 | % |
| Bolton Construction, LLC and Meeker Stone Company, LLC | (#,^) | 73544 CO-64, Meeker, CO 81641 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/16/2031 | 144.9 | 144.9 | 126.5 | 0.04 | % |
| Semper Foods, LLC | (#,^) | 7000 W. Palmetto Park Rd,, Boca Raton, FL 33433 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 6/15/2031 | 48.4 | 48.4 | 40.9 | 0.01 | % |
F-224
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Integrated Rehabiilitation Inc | (#,^) | 10340 SE Division St., Portland, OR 97266 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/15/2031 | 145.3 | 145.3 | 135.5 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AAAK Investments LLC | (#,^) | 19595 15 Mile Rd, Clinton Twp, MI 48035 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/14/2046 | 40.9 | 40.9 | 45.7 | 0.01 | % |
| Edgar I Cordoba dba Edgar Cordoba Insurance Agency | (#,^) | 9201 Dyer St., El Paso, TX 79924 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/14/2031 | 15.5 | 15.5 | 13.1 | — | % |
| 360 Cloud Solutions, LLC and 360 Cloud Apps, LLC | (#,^) | 299 S Main St., Salt Lake City, UT 84111 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2031 | 342.4 | 342.4 | 289.1 | 0.09 | % |
| 21st Century Living LLC dba 21st Century Concierge | (#,^) | 33 Fitchett St., Poughkeepsie, NY 12601 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/11/2031 | 24.2 | 24.2 | 24.7 | 0.01 | % |
| BearWaters Brewing Company | (#,^) | 101 Park St., Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/11/2046 | 64.5 | 64.5 | 72.1 | 0.02 | % |
| The Ogden Group of Rochester, Inc | (#,^) | 78 Brunswick St, Rochester, NY 14607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/11/2031 | 10.7 | 10.7 | 9.1 | — | % |
| Dulceria NYC Inc | (#,^) | 2220 Frederick Douglass Blvd, New York, NY 10026 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/10/2031 | 9.7 | 9.7 | 8.4 | — | % |
| LVM Constructiion LLC | (#,^) | 194 N Grove St., East Orange, NJ 07017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/10/2031 | 14.5 | 14.5 | 12.5 | — | % |
| Halikamai Inc dba Neighborhood Beer and Wine | (#,^) | 510 Farm Market Rd 718, Unit A, Newark, TX 76071 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 6/10/2031 | 19.4 | 19.4 | 20.3 | 0.01 | % |
| 899 Toscanini, LLC | (#) | 899 Main St., Cambridge, MA 02139 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2031 | 30.0 | 30.0 | 29.8 | 0.01 | % |
| Tri-Span Construction LLC dba Lawrence County Sand and Stone | (#,^) | 136 Southland Dr, Louisa, KY 41230 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/8/2031 | 43.6 | 43.6 | 45.0 | 0.01 | % |
| Swantown Inn & Spa LLC | (#,^) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 6/8/2046 | 34.7 | 34.7 | 39.2 | 0.01 | % |
| Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake Recove | (#,^) | 6549 Rajol Dr, Sebring, FL 33875 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/3/2031 | 33.9 | 33.9 | 35.6 | 0.01 | % |
| La Taqueria, Inc. | (#,^) | 10 Greenwich Ave, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/3/2031 | 24.2 | 24.2 | 20.5 | 0.01 | % |
| Tec-Com Low Voltage Solutions Inc | (#,^) | 2045 Live Oak Blvd, Yuba City, CA 95991 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/2/2031 | 33.9 | 33.9 | 28.9 | 0.01 | % |
| Aeffect, Inc | (#,^) | 5600 N River Rd, Ste 800, Rosemont, IL 60018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/28/2031 | 38.5 | 38.5 | 32.5 | 0.01 | % |
| Amazing G, LLC and Victoria Armstrong-Mensah | (#,^) | 3030 N Saranac, Mesa, AZ 85207 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 5/28/2031 | 25.5 | 25.5 | 24.9 | 0.01 | % |
| Neuline Health Management LLC | (#,^) | 1402 S Custer Rd, McKinney, TX 75070 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/27/2031 | 77.5 | 77.5 | 65.4 | 0.02 | % |
| Shericka Newsome dba Little Sunshine's Academy | (#,^) | 474 N Chew Rd, Hammonton, NJ 08037 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/27/2031 | 4.8 | 4.8 | 4.1 | — | % |
| Compass Technical Services, Inc. | (#,^) | 2600 Gravel Dr, Building 7, Fort Worth, TX 76118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/27/2031 | 24.1 | 24.1 | 20.3 | 0.01 | % |
F-225
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Keystone Contracting, LLC dba Keystone Roofing and Siding, LLC | (#,^) | 205 Route 9 N, freehold, NJ 07728 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/27/2046 | 185.4 | 185.4 | 192.1 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Dr. Karissa Walton, PLLC dba The Mobile Health Doc | (#,^) | 140 N Granite St., Prescott, AZ 86301 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/26/2031 | 46.7 | 46.7 | 41.5 | 0.01 | % |
| Rachel Reyes-Bergano, D.O. Inc dba Contempo Aesthetics | (#,^) | 708 E Colorado Blvd, Pasadena, CA 91101 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/26/2031 | 64.5 | 64.5 | 54.5 | 0.02 | % |
| MPI Automotive Corp | (#,^) | 19925 Stevens Creek Blvd, Ste 100, Cupertino, CA 95014 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 5/26/2031 | 48.8 | 48.8 | 41.6 | 0.01 | % |
| Eckles Generation Heating & Air Service, Inc | (#,^) | 6000 Poplar Ave, Memphis, TN 38119 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/26/2031 | 13.1 | 13.1 | 11.7 | — | % |
| ELIOT'S ADULT NUT BUTTERS LLC | (#,^) | 1140 SE 7th, Ste 190, Portland, OR 97214 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/26/2031 | 10.9 | 10.9 | 9.2 | — | % |
| Hotel California Salon LLC dba Beverly Hills Lashes | (#,^) | 872 Huntley Dr, West Hollywood, CA 90069 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2031 | 26.5 | 26.5 | 22.4 | 0.01 | % |
| Bock Technologies Inc. | (#,^) | 11496 Luna Rd Ste 1200, Dallas, TX 75234 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/25/2031 | 33.7 | 33.7 | 28.4 | 0.01 | % |
| BGS Consulting LLC dba Your Digital Canvas | (#,^) | 5608 Malvey Ave, Fort Worth, TX 76107 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/25/2031 | 7.2 | 7.2 | 6.1 | — | % |
| Ecru Designs LLC | (#,^) | 275 North Wyoming Ave, South Orange, NJ 07079 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/24/2031 | 60.6 | 60.6 | 51.2 | 0.02 | % |
| Tropics LLC | (#,^) | 6453 Chupp Rd, Lithonia, GA 30058 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/24/2031 | 10.9 | 10.9 | 9.2 | — | % |
| LEX-MAR SERVICE INC | (#,^) | 12278 NW 106th Court, Medley, FL 33178 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/21/2046 | 19.8 | 19.8 | 21.5 | 0.01 | % |
| League One Logistics, LLC | (#,^) | 150 Hiram Industrial Dr, Hiram, GA 30141 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/21/2046 | 74.3 | 74.3 | 81.2 | 0.03 | % |
| JJBM LLC dba Alumni Grill | (#,^) | 3316 Pacific Ave, Wildwood, NJ 08260 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/21/2046 | 20.3 | 20.3 | 22.9 | 0.01 | % |
| Hankemeier Holdings LLC dba Grow Salon | (#,^) | 205 W 6th St., Ste 105 & 110, Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/20/2031 | 18.3 | 18.3 | 15.4 | — | % |
| Vernon Alexander dba Southern Ohio Hunting Preserve | (#,^) | 31625 Goosecreek Rd, McArthur, OH 45651 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 5/19/2031 | 22.6 | 22.6 | 23.7 | 0.01 | % |
| Foreclosure Excess Proceeds, LLC | (#,^) | 2415 E Camelback Rd, Ste 700, Phoenix, AZ 85016 | Real Estate | Term Loan | Prime plus | 2.75% | 5/19/2031 | 33.7 | 33.7 | 28.4 | 0.01 | % |
| Compass CFO Holdings, LLC | (#,^) | 4400 Rt 9 Ste 1000, Freehold, NJ 07728 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/19/2031 | 15.2 | 15.2 | 12.9 | — | % |
| Woodzzy LLC dba Dba Woodzzy Bar & Resturant | (#) | 1133 Clarkson Ave, Brooklyn, NY 11212 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/19/2046 | 179.7 | 179.7 | 199.2 | 0.06 | % |
| Motor Messenger NYC Inc | (#,^) | 81-36 Baxter Ave, Queens, NY 11373 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 5/18/2031 | 169.3 | 169.3 | 149.2 | 0.05 | % |
| THE LAW OFFICES OF LAWRENCE A. BECKENSTEIN P.C | (#,^) | 320 E 65th St., Ste #619, New York, NY 10065 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/17/2031 | 14.4 | 14.4 | 12.2 | — | % |
F-226
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Earth Analytical Sciences, Inc. | (#,^) | 4825 Ward Dr, Beaumont, TX 77705 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/17/2031 | 91.2 | 91.2 | 82.2 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rev Motorsports, LLC dba Speed Concept | (#,^) | 20745 SW Tualatin Valley Hwy, Ste 120, Aloha, OR 97003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 5/13/2031 | 24.7 | 24.7 | 20.9 | 0.01 | % |
| Abatement Pro n Demo, Inc | (#,^) | 468 North Canal St., Lawrence, MA 01841 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 5/12/2031 | 33.7 | 33.7 | 30.4 | 0.01 | % |
| Silverado Sales Inc dba Husker Sit N Sleep | (#,^) | 2120 Central Ave, Kearney, NE 68847 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 5/11/2031 | 18.3 | 18.3 | 15.4 | — | % |
| Clavismen LLC dba Katy Wines and Spirits | (#,^) | 5901 B Hwy Blvd, Katy, TX 77494 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 5/7/2031 | 8.2 | 8.2 | 7.0 | — | % |
| Foy Commerce LLC | (#) | 1725 Park Lane S, Ste 2,, Jupiter, FL 33458 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/5/2031 | 6.1 | 6.1 | 5.9 | — | % |
| Hank Thomas Performance | (#,^) | 917 Dixie Club Rd, Winston-Salem, NC 27107 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/5/2031 | 33.7 | 33.7 | 33.5 | 0.01 | % |
| Boyd's Cardinal Hollow Winery dba Boyd's Cardinal Hollow Winery | (#,^) | 1830 West Point Pike, West Point, PA 19486 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/4/2046 | 89.2 | 89.2 | 99.8 | 0.03 | % |
| Grover Jackson Engineering, LLC | (#,^) | 1880 Campbellsville Rd, Pulaski, TN 38478 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 4/30/2046 | 53.4 | 53.4 | 57.2 | 0.02 | % |
| 3G Graphix LLC dba Elemento Graphics | (#,^) | 7160 Zionsville Rd, Zionsville Rd, IN 46268 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2031 | 13.8 | 13.8 | 11.9 | — | % |
| NebulOS, Inc | (#,^) | 5428 Twilight Way, Parker, CO 80237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2031 | 57.4 | 57.4 | 50.2 | 0.02 | % |
| Thomas Wayne Belcher Jr dba Area 51 Tattoo Body Piercing & Supply | (#,^) | 230 Broadway St., Jackson, OH 45640 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/29/2046 | 11.9 | 11.9 | 13.0 | — | % |
| 5 Star Renovations, Inc. and Five Star Group, Inc. | (#,^) | 2997 US-29, Moreland, GA 30259 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2031 | 20.9 | 20.9 | 20.4 | 0.01 | % |
| 822 GROUP LLC | (#,^) | 136 Treehaven St., Gaitherburg, MD 20878 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/28/2031 | 47.8 | 47.8 | 40.4 | 0.01 | % |
| G.A.P. Mechanical Inc. | (#,^) | 2500 North Forsyth Rd, C29, Orlando, FL 32807 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/28/2031 | 21.5 | 21.5 | 18.5 | 0.01 | % |
| Cajun Made Charters, L.L.C | (#,^) | 27900 Hwy 1, Golden Meadow, LA 70357 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 4/28/2031 | 42.7 | 42.7 | 41.0 | 0.01 | % |
| Janie Lacy & Associates, LLC dba Life Counseling Solutions | (#,^) | 670 N Orlando Ave, #103, Maitland, FL 32751 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/26/2046 | 33.7 | 33.7 | 37.3 | 0.01 | % |
| Max Rosin & Associates, Inc | (#,^) | 37-43 West 14th St., Ste 304, New York, NY 10011 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/23/2031 | 54.9 | 54.9 | 46.4 | 0.01 | % |
| J-Tech Industries Inc | (#,^) | 232 Alexandria Dr, Mooresville, NC 28115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/23/2031 | 6.2 | 6.2 | 5.3 | — | % |
| Acra Cast, Inc. | (#,^) | 1837 First St., Bay City, MI 48708 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 4/22/2031 | 20.2 | 20.2 | 19.6 | 0.01 | % |
| Wells Cutting Edge, LLC | (#,^) | 4201 North Cochrane Lane, Erda, UT 84074 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/22/2031 | 33.5 | 33.5 | 28.9 | 0.01 | % |
F-227
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Twenty Ten Agency, LLC | (#,^) | 340 S Lemon Avnue, Walnut, CA 91789 | Educational Services | Term Loan | Prime plus | 2.75% | 4/21/2031 | 3.8 | 3.8 | 3.2 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Oregon Glass Repair, LLC dba SuperGlass Windshield Repair; SuperGla | (#,^) | 2972 SE 38th Court, Hillsboro, OR 97123 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2031 | 16.5 | 16.5 | 14.0 | — | % |
| AMERICAN CINEMA INSPIRES, INC and CEO Multimedia, Inc | (#,^) | 15363 Victory Blvd, Van Nuys, CA 91406 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 4/20/2031 | 33.5 | 33.5 | 28.3 | 0.01 | % |
| Tierra Corrosion Control, Incorporated | (#,^) | 1608 Schofield Lane, Farmington, NM 87401 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/16/2031 | 23.9 | 23.9 | 25.1 | 0.01 | % |
| Gateway Veterinary Services P.C. dba Liberty Animal Clinic | (#,^) | 9212 Liberty Ave, Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/15/2031 | 43.1 | 43.1 | 40.6 | 0.01 | % |
| RV Solar LLC | (#) | 3442 E Bulk Lane, Oak Creek, WI 53154 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 4/14/2031 | 6.0 | 6.0 | 5.8 | — | % |
| Stephanie Ann Doty | (#) | 82 Diggins Dr, Folsom, CA 95630 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 4/14/2031 | 3.6 | 3.6 | 3.5 | — | % |
| Lockett Trucking and Transport LLC | (#) | 612 Colebridge Dr, Blacklick, OH 43004 | Truck Transportation | Term Loan | Prime plus | 6.5% | 4/14/2031 | 6.0 | 6.0 | 5.8 | — | % |
| College Economy Inc | (#,^) | 679 Wedgewood Dr, Hanover Park, IL 60133 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/13/2031 | 33.5 | 33.5 | 28.3 | 0.01 | % |
| Gerald Scott Lyda dba Edneyville Wood Products | (#,^) | 3555 Chimney Rock Rd, Hendersonville, NC 28792 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/9/2046 | 32.5 | 32.5 | 36.7 | 0.01 | % |
| Motor City Bakery Inc dba Mexi bake | (#,^) | 8100 Radcliffe St., Detroit, MI 48210 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 4/7/2046 | 103.5 | 103.5 | 113.0 | 0.04 | % |
| Knight Settlement Sand & Gravel, LLC | (#,^) | 7291 Knight Settlement Rd, Bath, NY 14810 | Mining (except Oil and Gas) | Term Loan | Prime plus | 2.75% | 3/31/2031 | 157.8 | 157.8 | 137.5 | 0.04 | % |
| Barrett Enterprises, LLC dba Barrett and Sons Used Cars | (#,^) | 920 N Columbia St, Milledgeville, GA 31061 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 44.0 | 44.0 | 42.8 | 0.01 | % |
| Batteries in a Flash.com, Inc. | (#,^) | 720 W Cheyenne Ave, North Las Vegas, NV 89030 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 101.6 | 101.6 | 107.3 | 0.03 | % |
| Trailer Marketing Services Inc | (#,^) | 4560 State Route 233, Clinton, NY 13323 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 66.7 | 66.7 | 75.3 | 0.02 | % |
| Statewide Health Care, Inc | (#,^) | 102 Oglethorpe Professional Court, Savannah, GA 31406 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2031 | 58.9 | 58.9 | 50.0 | 0.02 | % |
| Thomson Holdings Enterprises LLC dba Volusia County Towing | (#,^) | 345 8th St., Daytona Beach, FL 32117 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 3/31/2046 | 109.3 | 109.3 | 110.2 | 0.04 | % |
| Tober Building Company, LLC | (#,^) | 3351 Brecksville Rd, Richfield, OH 44286 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/31/2031 | 610.4 | 610.4 | 534.5 | 0.17 | % |
| Triple B's, Inc dba Crews Door Company | (#,^) | 12189 Livingston Rd, Manassas, VA 20109 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/31/2046 | 91.8 | 91.8 | 96.0 | 0.03 | % |
| Barrett Enterprises, LLC | (#,^) | 920 N Columbia St, Milledgeville, GA 31061 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2031 | 20.0 | 20.0 | 16.9 | 0.01 | % |
| Quality Sound Communications, Inc dba Technology Source | (#,^) | 1551 North Tustin Ave, Ste 125, Santa Ana, CA 92705 | Telecommunications | Term Loan | Prime plus | 2.75% | 3/31/2031 | 127.4 | 127.4 | 107.6 | 0.03 | % |
F-228
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| TK Cleaning and Lawn Service LLC | (#,^) | 4449 Beechaven Dr, Rock Hill, SC 29732 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/31/2046 | 24.7 | 24.7 | 27.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| La Dolce Vita Water Sports LLC,LDV GOLF CART & BIKE RENTALS LLC | (#,^) | 408 Kelly Plantation Dr, Destin, FL 32541 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/31/2031 | 339.8 | 339.8 | 355.7 | 0.12 | % |
| Walking Urgent Care Inc | (#,^) | 10308 West Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2031 | 237.6 | 237.6 | 217.7 | 0.07 | % |
| Suncoast Premier Medical, LLC and Mario R Perez MD PA | (#,^) | 1239 US-27, Clermont, FL 34714 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2046 | 100.3 | 100.3 | 104.3 | 0.03 | % |
| TK Cleaning and Lawn Service LLC | (#,^) | 4449 Beechaven Dr, Rock Hill, SC 29732 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/31/2031 | 114.0 | 114.0 | 103.0 | 0.03 | % |
| Empire State Adjuster's Corp.DBA Frankie M’s Auto Body East | (#,^) | 419 West Main St., Smithtown, NY 11787 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2046 | 173.7 | 173.7 | 177.9 | 0.06 | % |
| Bojax Auto Collision, Inc. dba Bojax Auto Body Repair | (#,^) | 4712 Fernlee Ave, Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2031 | 36.3 | 36.3 | 33.6 | 0.01 | % |
| The Sign Company of Wilmington, Inc. | (#,^) | 428 Landmark Dr, Wilmington, NC 28412 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2046 | 101.4 | 101.4 | 111.7 | 0.04 | % |
| Bojax Auto Collision, Inc dba Bojax Auto Body Repair and Seman Real Es | (#,^) | 4712 Fernlee Ave, Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2046 | 23.5 | 23.5 | 24.3 | 0.01 | % |
| Underground Toys USA, LLC dba Seven 20 and Wozniak Distribution | (#,^) | 7626 Miramar Rd, San Diego, CA 92126 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/30/2031 | 275.9 | 275.9 | 232.6 | 0.08 | % |
| RH All Around Repair, LLC | (#,^) | 2008 Coahuila Rd, Odessa, TX 79763 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/30/2046 | 51.2 | 51.2 | 54.2 | 0.02 | % |
| Drake Dance Academy LLC | (#,^) | 5790 Marble Creek Stree, Dublin, OH 43016 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 7/30/2046 | 136.4 | 136.4 | 145.5 | 0.05 | % |
| Signet Media Inc | (#,^) | 630 S.1st St., San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/29/2031 | 76.1 | 76.1 | 74.2 | 0.02 | % |
| QXC Communications, Inc | (#,^) | 3785 North Federal Hwy, Ste 205, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus | 2.75% | 3/29/2031 | 99.8 | 99.8 | 88.2 | 0.03 | % |
| ALG-Health LLC and Axis LED Group, LLC | (#,^) | 520 West Mulberry St., Bryon, OH 43506 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/29/2031 | 1,098.3 | 1,098.3 | 993.0 | 0.32 | % |
| Kidz Choice Service Inc and Kidz Choice Holdings Inc | (#,^) | 14-34 110th St., Flushing, NY 11356 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/29/2031 | 199.7 | 199.7 | 168.3 | 0.05 | % |
| Jason Watt Pictures, LLC | (#,^) | 110 Broadway #507, Brooklyn, NY 11249 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/29/2031 | 17.6 | 17.6 | 14.8 | — | % |
| Markell Construction Inc | (#,^) | 6248 N Woodstock St., Philadelphia, PA 19138 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/29/2031 | 22.6 | 22.6 | 19.1 | 0.01 | % |
| Ground Breakers Construction, Inc. | (#,^) | 2292 a/k/a 2274 Hayride Rd, Lebec, CA 93243 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 3/26/2031 | 27.0 | 27.0 | 28.3 | 0.01 | % |
| Johnson Diversified, Inc dba Plumbing Solutions | (#,^) | 29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/26/2031 | 83.2 | 83.2 | 83.1 | 0.03 | % |
F-229
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| New Image Window & Doors Inc | (#,^) | 705 Hennis Rd, Winter Garden, FL 34787 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 25.1 | 25.1 | 26.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Diversified Electric, LLC | (#,^) | 1571 Mapledale St, Ferndale, MI 48220 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/26/2031 | 22.9 | 22.9 | 19.3 | 0.01 | % |
| Leo Marketing LLC | (#,^) | 1127 E Rio Grande Ave, El Paso, TX 79902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 14.3 | 14.3 | 13.3 | — | % |
| AUBURN ANALYTICAL LABS, INC | (#,^) | 210 Bay City Rd, Midland, MI 48642 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 23.8 | 23.8 | 20.0 | 0.01 | % |
| Zebra Enterprises, LLC dba Shanty | (#,^) | 213 3rd St., Eureka, CA 95501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/26/2046 | 33.6 | 33.6 | 38.0 | 0.01 | % |
| Rob Smith dba Laundry Land | (#,^) | 8913 Sierra Ave, Fontana, CA 92335 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/26/2031 | 18.6 | 18.6 | 15.9 | 0.01 | % |
| Companion Plus Care, LLC | (#,^) | 19849 Middlebelt Rd, Livonia, MI 48152 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 3/25/2046 | 130.6 | 130.6 | 131.8 | 0.04 | % |
| Millennium Family Practice LLC | (#,^) | 6310 Steven Forest Rd, Columbia, MD 21045 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/25/2031 | 91.3 | 91.3 | 95.7 | 0.03 | % |
| Allan Gilbert dba Allan Gilbert Builders | (#,^) | 50 Jodi Dr, Belmont, NH 03220 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/25/2031 | 23.8 | 23.8 | 20.4 | 0.01 | % |
| Party Town Chico LLC | (#,^) | 1937 East 20th St. #B6, Chico, CA 95928 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 3/25/2031 | 14.1 | 14.1 | 11.9 | — | % |
| Blasco Tire LLC | (#) | 960 Memorial Dr, Griffin, GA 30223 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 3/24/2031 | 6.0 | 6.0 | 5.8 | — | % |
| Oscar Rene Guzman and American United Construction LLC | (#,^) | 12520 Taylor Rd, Houston, TX 77041 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/24/2031 | 171.3 | 171.3 | 146.9 | 0.05 | % |
| Capco Swimming Pools LLC and. Capco Industries, LLC dba Premier Pools | (#,^) | 5115 Savannah Green, Voy Omy, TX 78073 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/24/2031 | 33.3 | 33.3 | 32.3 | 0.01 | % |
| Malik Dough L.L.C. and Steven L. Malik II | (#,^) | 3347 Riverside Dr, North Tazewell, VA 24630 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2031 | 10.0 | 10.0 | 8.6 | — | % |
| Linh Luong and Loc Luong | (#,^) | 1209 W Main St., Peroria, IL 61606 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2031 | 83.3 | 83.3 | 82.9 | 0.03 | % |
| Icebox Cafe, L.C and Icebox Pantry, LLC | (#,^) | 219 NE 3rd St., Hallandale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2031 | 140.1 | 140.1 | 121.4 | 0.04 | % |
| Sundown Audio, LLC | (#,^) | 514 W 21st St., Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/24/2031 | 95.2 | 95.2 | 80.5 | 0.03 | % |
| S.B. Southern Welding, L.L.C | (#,^) | 300 Howard Rd, Waxahachie, TX 75165 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 3/23/2031 | 268.0 | 268.0 | 235.3 | 0.08 | % |
| Spartan Technology Solutions, Inc. | (#,^) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/22/2031 | 47.6 | 47.6 | 40.1 | 0.01 | % |
| Clear Impact LLC and Clear Impact Inc | (#,^) | 11300 Rockville Pike, #1001, Rockville, MD 20852 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/22/2031 | 147.8 | 147.8 | 126.6 | 0.04 | % |
| Tripark LLC | (#,^) | 12630 Haynes Rd, Houston, TX 77066 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/19/2046 | 148.6 | 148.6 | 153.5 | 0.05 | % |
| JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods | (#,^) | 111 Sand Island Access Rd, Honolulu, HI 96819 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/19/2046 | 148.6 | 148.6 | 158.5 | 0.05 | % |
F-230
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Jemas, LLC Dba Medicine Shoppe St Charles | (#,^) | 488 S 5th St., St Charles, MO 63301 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 3/19/2031 | 85.7 | 85.7 | 72.4 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Natalie Dress Designers, LLC DBA Azaria Bridal | (#,^) | 3710 US Hwy 9, Space D218, Freehold, NJ 07728 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 3/19/2031 | 309.5 | 309.5 | 264.3 | 0.09 | % |
| Richard Keith Robison Jr. Enterprises, Inc. dba R & R Restoration | (#,^) | 1539 Apache Dr, Montgomery, TX 77316 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/19/2031 | 14.3 | 14.3 | 12.0 | — | % |
| David Edwin Harries | (#,^) | 5506 Riverside Dr, Chino, CA 91710 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/19/2031 | 14.3 | 14.3 | 12.0 | — | % |
| AZ Dropship LLC dba A-Z Trading Co | (#,^) | 735 Crofton St SE, Grand Rapids, MI 49507 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/18/2031 | 47.6 | 47.6 | 40.2 | 0.01 | % |
| Crystal H Thompson dba Advertise IT | (#,^) | 718 N Main St., Norwood, CT 28128 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/18/2031 | 30.5 | 30.5 | 27.3 | 0.01 | % |
| Zmetra Clear Span Structures, LLC | (#,^) | 2 Old Worcester Rd, Dudley, MA 01571 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/18/2031 | 119.1 | 119.1 | 116.2 | 0.04 | % |
| WSCL, Inc | (#,^) | 176 Rosa Court, Colton, CA 92324 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 3/18/2031 | 48.3 | 48.3 | 40.7 | 0.01 | % |
| Northern Services Inc | (#,^) | 2266 Central St., Ste6, Richmond, CA 94801 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/18/2031 | 47.6 | 47.6 | 40.1 | 0.01 | % |
| LT Johnson DDS PLLC dba Brueggen Dental Implant Center | (#,^) | 14626 Bellaire Blvd., Houston, TX 77083 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/18/2031 | 318.9 | 318.9 | 268.8 | 0.09 | % |
| Ryan Doyle Enterprises, LLC dba Earthworkers Landscaping | (#,^) | 802 Klinger Ln, Lebanon, PA 17042 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/17/2031 | 14.3 | 14.3 | 13.1 | — | % |
| Battle Forged Fitness, LLC dba CrossFit 1976 | (#,^) | 3251 East Stone Court, Eagle Mountain, UT 84005 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/17/2046 | 54.7 | 54.7 | 51.0 | 0.02 | % |
| EXAGEN SOLUTIONS INC | (#,^) | 32 Waverly Cir, Waverly, NY 12189 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/16/2031 | 50.5 | 50.5 | 42.6 | 0.01 | % |
| 274 Construction Group, Inc | (#,^) | 420 Raleigh St., Ste F, Wilmington, NC 28412 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 3/16/2031 | 176.3 | 176.3 | 160.1 | 0.05 | % |
| Crispeno Realty, Inc | (#,^) | 9812 235th Pl SW, Edmonds, WA 98020 | Real Estate | Term Loan | Prime plus | 2.75% | 3/16/2031 | 8.8 | 8.8 | 7.4 | — | % |
| Benevolent Family Services LLC, | (#) | 522 S Independence Blvd, Ste 201, Virginia Beach, VA 23452 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 6.0 | 6.0 | 5.8 | — | % |
| Pavesh, LLC | (#,^) | 9576 Potranco Rd, San Antonio, TX 78251 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/15/2046 | 166.0 | 166.0 | 175.9 | 0.06 | % |
| INB Enterprise LLC | (#) | 7761 Diamondback Dr, College Park, MD 20742 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 6.0 | 6.0 | 5.8 | — | % |
| DTJ Enterprises, Inc dba West Falmouth Market | (#,^) | 623 W Falmouth hwy, Falmouth, MA 02540 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/15/2046 | 178.4 | 178.4 | 187.4 | 0.06 | % |
| Hany and Associates LLC dba Integrity Tax Group | (#,^) | 2020 S Oneida St., Denver, CO 80224 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/12/2031 | 53.4 | 53.4 | 45.0 | 0.01 | % |
| Swick & Son Enterprises, Inc. | (#,^) | 108 Mashell Ave North, Eatonville, WA 98328 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/12/2031 | 68.9 | 68.9 | 58.7 | 0.02 | % |
F-231
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Torchlight Academy Schools, LLC | (#,^) | 116 County Farm Rd, Windsor, NC 27983 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/12/2046 | 223.1 | 223.1 | 251.9 | 0.08 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Kris-Leigh Catered Living at Severna Park LLC | (#,^) | 831 Ritchie Hwy, Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 3/12/2031 | 687.8 | 687.8 | 720.3 | 0.23 | % |
| Craftworks NW, LLC | (#,^) | 12421 NE 117th Ave, Vancouver, WA 98662 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/12/2031 | 14.3 | 14.3 | 12.8 | — | % |
| Clean Energyz LLC | (#,^) | 881 Alma Real Dr, Stes T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/11/2031 | 57.2 | 57.2 | 48.2 | 0.02 | % |
| Motus Inc. dba Stage Your Home San Diego | (#,^) | 7557 Convoy Ct, San Diego, CA 92111 | Real Estate | Term Loan | Prime plus | 2.75% | 3/11/2031 | 50.1 | 50.1 | 42.2 | 0.01 | % |
| Clean Energyz LLC | (#) | 881 Alma Real Dr Ste T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/11/2031 | 17.3 | 17.3 | 17.9 | 0.01 | % |
| INTERNETZONE I, INC. | (#,^) | 3131 Laurel Ave, Fullerton, CA 92835 | Other Information Services | Term Loan | Prime plus | 2.75% | 3/10/2031 | 9.5 | 9.5 | 8.0 | — | % |
| Monark, LLC | (#,^) | 26050 Acero, Ste 411, Mission Viejo, CA 92691 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/10/2031 | 33.4 | 33.4 | 28.1 | 0.01 | % |
| ACTIVE FACILITY MONITORING, LLC | (#,^) | 702 Ernest Dr, Port Orange, FL 32127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/9/2031 | 9.4 | 9.4 | 7.9 | — | % |
| True Electrical Services LLC dba True Breaker Services | (#,^) | 3773 Dinosaur St., Castle Rock, CO 80109 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/5/2031 | 5.7 | 5.7 | 4.8 | — | % |
| Charlie Chedda's LLC | (#,^) | 1867 Academy Blvd, Colorado Springs, CO 80916 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/5/2031 | 22.8 | 22.8 | 23.0 | 0.01 | % |
| 3 A Ideas, LLC dba Bizzy Kids Learning Center | (#,^) | 1401 Caplin Dr, Arlington, TX 76018 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/5/2046 | 118.6 | 118.6 | 129.4 | 0.04 | % |
| Nadal Company LLC | (#,^) | 5923 Robindale Rd, Catonsville, MD 21228 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/5/2031 | 4.8 | 4.8 | 4.0 | — | % |
| Giles Title and Escrow Services, LLC and Morgan Andrew Hoover | (#,^) | 203 North 1st St., Pulaski, TN 38478 | Real Estate | Term Loan | Prime plus | 2.75% | 3/4/2031 | 29.5 | 29.5 | 27.3 | 0.01 | % |
| Reginald L McClain dba McClain's Auto Detailing and Paint Refinish | (#,^) | 2753 N 29th St., Milwaukee, WI 53210 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/3/2046 | 7.1 | 7.1 | 8.0 | — | % |
| Ambrose Cubed LLC | (#,^) | 6780 Hudspeth Rd, Harrisburg, NC 28075 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 3/3/2046 | 197.7 | 197.7 | 223.2 | 0.07 | % |
| Metroguard Security & Risk Mgmt Inc. | (#,^) | 338 Commerce Dr, Fairfield, CT 06825 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/2/2031 | 196.5 | 196.5 | 165.6 | 0.05 | % |
| Miss Academy, LLC dba Miss Houston Pageant | (#,^) | 1111 Uptown Park Blvd #12, Houston, TX 77056 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/26/2031 | 9.4 | 9.4 | 8.0 | — | % |
| Goodsell/Wilkins, Inc | (#,^) | 28175 Bluebell Dr, Laguna Niguel, CA 92677 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/25/2031 | 94.4 | 94.4 | 79.6 | 0.03 | % |
| Anne M Prior LLC | (#,^) | 5933 NW Wins Sivers Dr, Portland, OR 97220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/25/2031 | 16.8 | 16.8 | 14.1 | — | % |
| Innovative Dental of Hannibal LLC | (#,^) | 515 Clinic Rd., Hannibal, MO 63401 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/24/2031 | 47.3 | 47.3 | 39.8 | 0.01 | % |
F-232
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Medissage Integrative Therapies, LLC | (#,^) | 103 Twinridge Lane, Richmond, VA 23235 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/23/2046 | 7.3 | 7.3 | 8.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| KOLOA KAI LLC and Stay Beach Cities, Inc | (#,^) | 2-2514 Kaumualii Hwy, Kalaheo, HI 96741 | Real Estate | Term Loan | Prime plus | 2.75% | 2/22/2031 | 7.1 | 7.1 | 6.0 | — | % |
| TELAVERGE COMMUNICATIONS, LLC | (#,^) | 8229 Foutain Ridge Dr, Plano, TX 75025 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/19/2031 | 33.1 | 33.1 | 27.9 | 0.01 | % |
| Eagle Creek Landscape & Design | (#,^) | 7574 Eagle Creek Rd, Cincinnati, OH 45247 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/19/2031 | 44.8 | 44.8 | 38.4 | 0.01 | % |
| Eddy Auto Service Inc | (#,^) | 901 NY-109, West Babylon, NY 11704 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/18/2046 | 86.3 | 86.3 | 97.5 | 0.03 | % |
| Ben Anderson 365 | (#,^) | 1567 E Valley Rd, Montecito, CA 93108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/18/2031 | 47.3 | 47.3 | 39.8 | 0.01 | % |
| Commonwealth Warehouse, Inc. | (#,^) | 400-500 Murray Rd, Cincinnati, OH 45217 | Warehousing and Storage | Term Loan | Prime plus | 2.75% | 2/17/2031 | 54.3 | 54.3 | 45.8 | 0.01 | % |
| ReenBoog Natural Hair Care, LLC | (#,^) | 4051 Stone Mountain Hwy, Ste E106, Lilburn, GA 30047 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 2/17/2031 | 18.9 | 18.9 | 16.2 | 0.01 | % |
| Surgeon & Associates, Inc | (#,^) | 733 Bargain St., Fayetteville, NC 28303 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/17/2031 | 28.4 | 28.4 | 28.1 | 0.01 | % |
| Alima Mandiang, dba Mandiang Hair Braiding | (#) | 242 E. Claremont Rd, Philadelphia, PA 19120 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 2/17/2031 | 2.4 | 2.4 | 2.3 | — | % |
| SBRnet, Inc | (#,^) | 10185 Spyglass Way, Boca Raton, FL 33498 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/17/2031 | 19.8 | 19.8 | 16.7 | 0.01 | % |
| White Pine Logistics Inc | (#,^) | 1281 Cobble Pond Way, Vienna, VA 22182 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/16/2031 | 55.1 | 55.1 | 46.4 | 0.02 | % |
| Design Moves LLC | (#,^) | 3235 North Dixie Hwy, Oakland, FL 33334 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/16/2046 | 83.9 | 83.9 | 91.2 | 0.03 | % |
| Ryan Spataro dba The Minty Goat | (#,^) | 6801 N Crystal Ave, Kansas City, MO 64119 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/16/2031 | 4.7 | 4.7 | 4.4 | — | % |
| Little Swimmers Inc. | (#,^) | 2395 Monument Blvd, Concord, CA 94520 | Educational Services | Term Loan | Prime plus | 2.75% | 2/11/2031 | 47.2 | 47.2 | 40.4 | 0.01 | % |
| UniGuide Media,LLC | (#) | 105 Pearl St., Sausalito, CA 94965 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 2/11/2031 | 6.0 | 6.0 | 5.8 | — | % |
| A-One Refrigeration and Heating, Inc. | (#,^) | 910 N 20th Ave, Pasco, WA 99301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/11/2046 | 286.2 | 286.2 | 307.5 | 0.10 | % |
| A-One Refrigeration and Heating, Inc | (#,^) | 910 N 20th Ave, Pasco, WA 99301 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/11/2031 | 156.2 | 156.2 | 137.9 | 0.04 | % |
| Hybrid Drive Batteries LLC | (#,^) | 22607 E La Palma Ave, Ste 406, Yorba Linda, CA 92887 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/10/2031 | 14.2 | 14.2 | 12.0 | — | % |
| Michael Miller dba Affordable Paint and Auto Body | (#,^) | 4738 Randleman Rd, Greensboro, NC 27406 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/9/2046 | 21.9 | 21.9 | 23.6 | 0.01 | % |
| Little Angels Daycare and Learning Center LLC | (#) | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 10/3/2046 | 86.0 | 86.0 | 85.7 | 0.03 | % |
| Davis Laboratories, Inc. | (#,^) | 611 Lunar Ave., Brea, CA 92821 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/1/2031 | 59.0 | 59.0 | 54.8 | 0.02 | % |
F-233
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| TC3, LLC | (#,^) | 1036 Country St. 2945, Tuttle, OK 73089 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/29/2031 | 5.0 | 5.0 | 4.8 | — | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Dexter Lillie dba Kreative Kutz Barber Shop | (#,^) | 865 Cassat Ave, Jacksonville, FL 32205 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/29/2046 | 17.7 | 17.7 | 20.0 | 0.01 | % | ||||||||||||||
| CULTIVA Solutions, LLC | (#,^) | 8000 Towers Crescent Dr,, Vienna, VA 22182 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/29/2031 | 3.8 | 3.8 | 3.2 | — | % | ||||||||||||||
| Jazma Deaungilae Wise | (#) | 110 Golden Pine Rd SW, Austell, GA 30168 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/28/2031 | 3.8 | 3.8 | 3.7 | — | % | ||||||||||||||
| Payne's Environmental Services LLC | (#,^) | 5617 Causeway Blvd., Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/28/2031 | 173.4 | 173.4 | 155.5 | 0.05 | % | ||||||||||||||
| Chrysalis MSP LLC | (#,^) | 14550 Torrey Chase Blvd, Ste 110, Houston, TX 77014 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/26/2031 | 10.8 | 10.8 | 9.1 | — | % | ||||||||||||||
| Inland Empire Spine and Disc Laser, Inc. | (#,^) | 802 Magnolia Ave, Ste 103, Corona, CA 92879 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/22/2031 | 46.9 | 46.9 | 41.4 | 0.01 | % | ||||||||||||||
| VIIXVII Sewing Studio, LLC | (#) | 277 E Girard Ave, Philadelphia, PA 19125 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 6.5% | 1/22/2031 | 4.4 | 4.4 | 4.3 | — | % | ||||||||||||||
| Skypie Studio & Crafts LLC | (#) | 933 Mary Ave, Opelousas, LA 70570 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 5.7 | 5.7 | 5.5 | — | % | WILD THING ACCOUNTING & TAX LLC | (#) | 805 NE 190th Ave, Portland, OR 97230 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 5.9 | 5.9 | 5.7 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Andrew's Spotless Cleaning, LLC | (#) | 1604 Marcella Dr, Covington, KY 41011 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 5.9 | 5.9 | 5.7 | — | % | ||||||||||||||
| Nex Computer LLC and Kosmaz Technologies LLC | (#,^) | 1201 Alta Vista Court, Walnut Creek, CA 94596 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/22/2031 | 32.8 | 32.8 | 27.7 | 0.01 | % | ||||||||||||||
| Greater Vision Healthcare Services, LLC | (#,^) | 788 Montgomery Ave, Ocoee, FL 34761 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/22/2046 | 911.2 | 911.2 | 981.2 | 0.32 | % | ||||||||||||||
| Wild Wellness LLC | (#) | 151 Lake St., Lancaster, OH 43130 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 2.6 | 2.6 | 2.5 | — | % | ||||||||||||||
| LONDERPASS, INC. | (#) | 108 N Fiore Pkwy, Vernon Hills, IL 60061 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/21/2031 | 5.9 | 5.9 | 5.7 | — | % | ||||||||||||||
| Centre for Autism Treatment LLC | (#) | 13090 Sundown Rd, Victorville, CA 92392 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/20/2031 | 5.9 | 5.9 | 5.7 | — | % | ||||||||||||||
| R & L Timber, Inc | (#,^) | 524 Callen Crabb Rd, Sagle, ID 83860 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 1/20/2031 | 223.0 | 223.0 | 199.1 | 0.06 | % | ||||||||||||||
| Valley Towing & Sons, Inc | (#,^) | 16 NY-6N, Mahopac, NY 10541 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 1/19/2031 | 11.0 | 11.0 | 9.3 | — | % | ||||||||||||||
| Diamond Ridge Professionals LLC, | (#) | 8629 Mesquite Circle, Magna, UT 84044 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 1/19/2031 | 5.9 | 5.9 | 5.7 | — | % | ||||||||||||||
| Austen Felder Holdings LLC dba Austin R Styling | (#) | 23642 Hwy 25, Franklinton, LA 70438 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/18/2031 | 11.9 | 11.9 | 11.4 | — | % | ||||||||||||||
| Retro Rangers LLC and Retro 1951, Inc | (#,^) | 750 International Pkwy #105, Richardson, TX 75081 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 1/15/2031 | 185.8 | 185.8 | 156.6 | 0.05 | % |
F-234
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Big Brand Management Ltd. Co and Food Civilization LLC | (#,^) | 68700 Dinah Shore Dr, Cathedral, CA 92234 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 1/14/2046 | 242.0 | 242.0 | 250.9 | 0.08 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash | (#,^) | 2 Center Rd, Old Saybrook, CT 06475 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 1/12/2031 | 121.9 | 121.9 | 112.6 | 0.04 | % |
| SAS Integrated, LLC | (#,^) | 4012 S Rainbow Blvd, Las Vegas, NV 89103 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/12/2031 | 21.1 | 21.1 | 17.8 | 0.01 | % |
| Silx LLC | (#,^) | 4120 3rd Ave, Timnath, CO 80525 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/12/2031 | 4.2 | 4.2 | 3.6 | — | % |
| White Pine Logistics, Inc. | (#,^) | 1281 Cobble Pond Way, Vienna, VA 22182 | Truck Transportation | Term Loan | Prime plus | 2.75% | 1/11/2031 | 371.9 | 371.9 | 318.2 | 0.10 | % |
| Westby Grocery LLC | (#,^) | 212 Main St., Westby, MT 59275 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/8/2046 | 43.1 | 43.1 | 43.4 | 0.01 | % |
| Athletic Performance Training Center, LLC | (#,^) | 12855 York-Delta Dr, North Royalton, OH 44133 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/8/2031 | 14.1 | 14.1 | 11.9 | — | % |
| TNJ Products, Inc. | (#,^) | 4912 N Lincoln Ave, Ste 101, Chicago, IL 60625 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/31/2030 | 200.2 | 200.2 | 168.7 | 0.05 | % |
| Moran Tax & Accounting LLC | (#,^) | 128 N Franklin St, Brazil, IN 47834 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/31/2045 | 17.2 | 17.2 | 18.7 | 0.01 | % |
| Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC | (#,^) | 1491 Hammond St., Bangor, ME 04401 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/31/2045 | 346.4 | 346.4 | 391.1 | 0.13 | % |
| LEILA ZAMIRI, DDS, INC. | (#,^) | 3317 East 10th St., Long Beach, CA 90804 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/31/2030 | 69.8 | 69.8 | 71.7 | 0.02 | % |
| Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Rete | (#,^) | 380 N Broadway, Jericho, NY 11753 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/31/2030 | 643.9 | 643.9 | 542.8 | 0.18 | % |
| The Spot Bar & Restaurant LLC | (#,^) | 10540 State Route 195, Killeen, TX 76542 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2045 | 86.1 | 86.1 | 90.5 | 0.03 | % |
| Hawthorne Food Company dba Eastern Standard Provis | (#,^) | 117 Beaver St., Waltham, MA 02452 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2030 | 814.7 | 814.7 | 687.9 | 0.22 | % |
| Seven C's Manufacturing, Inc | (#,^) | 3895 Corsair St., Reno, NV 89502 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2030 | 512.1 | 512.1 | 475.7 | 0.15 | % |
| M2 Lumber LLC | (#,^) | 110 Brick House Rd, Laurens, SC 29360 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2030 | 10.5 | 10.5 | 9.7 | — | % |
| Leila Zamiri, DDS, Inc | (#,^) | 3317 E 10th St., Long Beach, CA 90804 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/31/2045 | 153.7 | 153.7 | 173.5 | 0.06 | % |
| Performance Online, Inc | (#,^) | 1550 Melissa Ct, Corona, CA 92879 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/30/2030 | 244.7 | 244.7 | 207.0 | 0.07 | % |
| SDI Black 011, LLC | (#,^) | 1091 YONKERS AVE, YONKERS, NY 10704 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/30/2030 | 931.1 | 931.1 | 799.9 | 0.26 | % |
| Shlama Two LLC dba Village Park Daycare | (#,^) | 7440 Broadway, Merrillville, IN 46410 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/30/2045 | 245.9 | 245.9 | 266.0 | 0.09 | % |
| NDRS Construction Inc.dba Disaster | (#,^) | 18730 Cortez Blvd, Brooksville, FL 34601 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/30/2030 | 81.5 | 81.5 | 69.0 | 0.02 | % |
| Real Estate Personnel, Inc., Tara Matta and Sara Pierce | (#,^) | 1758 Emerson St., Denver, CO 80218 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 931.1 | 931.1 | 785.0 | 0.25 | % |
F-235
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Center of New England Primary Care Inc, North Providence Urgent Care I | (#,^) | 775 Centre of New England Blvd, Coventry, RI 02816 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2045 | 447.2 | 447.2 | 504.9 | 0.16 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Perfect Game Incorporated | (#,^) | 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/30/2030 | 1,163.9 | 1,163.9 | 1,088.3 | 0.35 | % |
| Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc, Pref | (#,^) | 501 N Wymore Rd, Winter Park, FL 32789 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 372.4 | 372.4 | 390.1 | 0.13 | % |
| George Family Cremation and Burial LLC | (#,^) | 1260 W Mission Ave, Escondido, CA 92029 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/30/2031 | 96.7 | 96.7 | 86.9 | 0.03 | % |
| Lightstat Inc. | (#,^) | 22 W West Hill Rd, Barkhamsted, CT 06063 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/30/2030 | 349.2 | 349.2 | 348.6 | 0.11 | % |
| Eppy's Tool & Equipment Warehouse, Inc | (#,^) | 809 East 42nd St., Brooklyn, NY 11210 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/30/2030 | 243.0 | 243.0 | 204.9 | 0.07 | % |
| Trident E&P, LLC | (#,^) | 320 Circle of Progress Dr, Pottstown, PA 19464 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 1,151.8 | 1,151.8 | 1,047.8 | 0.34 | % |
| Bourque Sales and Service Inc. | (#,^) | 9160 Linwood Ave, Shevport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/30/2045 | 140.7 | 140.7 | 158.8 | 0.05 | % |
| Educare Early Intervention, Corporation | (#,^) | 4557 S Calumet Ave, Chicago, IL 60653 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 41.2 | 41.2 | 34.7 | 0.01 | % |
| Bourque Sales and Service Inc | (#,^) | 9160 Linwood Ave, Shreveport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/30/2045 | 143.4 | 143.4 | 161.9 | 0.05 | % |
| Petroleum Equipment & Services, Inc. | (#,^) | 5631 Silverado Way, Anchorage, AK 99518 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 392.2 | 392.2 | 336.6 | 0.11 | % |
| Center of New England Primary Care Inc | (#,^) | 775 Center of New New England Blvd, Coventry, RI 02816 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2045 | 414.9 | 414.9 | 468.4 | 0.15 | % |
| United Security Specialists, Inc. | (#,^) | 275 Saratoga Ave. Ste 200, Santa Clara, CA 95050 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/30/2030 | 108.5 | 108.5 | 91.5 | 0.03 | % |
| Khangri Sourcing Inc. | (#,^) | 6021 129th. Ave SE, Bellevue, WA 98006 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/29/2030 | 173.3 | 173.3 | 145.9 | 0.05 | % |
| Bojax Auto Collision Inc | (#,^) | 4706 Fenlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2045 | 338.1 | 338.1 | 346.8 | 0.11 | % |
| Litchy Electric L.L.C. | (#,^) | 4035 E Post Rd, Las Vegas, NV 89120 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2030 | 93.1 | 93.1 | 80.1 | 0.03 | % |
| E R Kilpatrick, LLC dba Jefferson Street True Value | (#,^) | 212 Greenwood St., La Grande, OR 97850 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/28/2030 | 133.8 | 133.8 | 117.6 | 0.04 | % |
| Sondra Gayle Insurance Agency Inc. | (#,^) | 2107 Veterans Memorial Blvd, Metaire, LA 70002 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/24/2030 | 7.0 | 7.0 | 7.0 | — | % |
| Terry A. Humphreys dba Tiki Torch Liquors | (#) | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.3 | — | % |
| NetLevel5 LLC dba Moutain Air Duct | (#,^) | 4724 Poleplant Dr, Colorado Springs, CO 80918 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/23/2030 | 15.1 | 15.1 | 13.1 | — | % |
| Spectrum Dynamics, Inc dba Clean Water Works | (#) | 27727 Dalton Bluff Court, Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.3 | — | % |
F-236
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC | (#,^) | 1644 Main St. Ste 1, Columbia, SC 29201 | Educational Services | Term Loan | Prime plus | 2.75% | 12/23/2030 | 541.7 | 541.7 | 481.9 | 0.16 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| UBIF 86 CO dba UBREAKIFIX | (#,^) | 1539 Town Center Dr, Lakeland, FL 33803 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/23/2030 | 53.3 | 53.3 | 44.8 | 0.01 | % |
| Chris' Angels Cleaning Service LLC | (#) | 2090 Dunwoody Club Dr, Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.3 | — | % |
| KCL Business Service Inc. | (#) | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.3 | — | % |
| SLCP Transport, LLC | (#,^) | 111 Brentwood Dr, College Station, TX 77840 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/23/2030 | 56.9 | 56.9 | 49.7 | 0.02 | % |
| Title2Land,LLC | (#,^) | 11851 Wentling Ave, Baton Rouge, LA 70816 | Real Estate | Term Loan | Prime plus | 2.75% | 12/23/2045 | 110.7 | 110.7 | 124.9 | 0.04 | % |
| Summerfield Farm, Inc | (#,^) | 24 Baker Rd, Pittstown, NJ 08867 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 12/23/2045 | 57.8 | 57.8 | 65.2 | 0.02 | % |
| US Dedicated LLC | (#,^) | 13410 SE 26th Cir, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/22/2030 | 203.7 | 203.7 | 171.3 | 0.06 | % |
| ASIL Ventures, LLC | (#) | 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/22/2030 | 4.0 | 4.0 | 3.8 | — | % |
| N.W.F.F., Inc. and Environmental Contracting Solutions, Inc. | (#,^) | 687 E Central Ave, Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2030 | 721.6 | 721.6 | 638.9 | 0.21 | % |
| Lynch Mining LLC | (#,^) | 7262 West Hunt Hwy, Queen Creek, AZ 85142 | Mining (except Oil and Gas) | Term Loan | Prime plus | 2.75% | 12/21/2045 | 358.5 | 358.5 | 380.7 | 0.12 | % |
| Price Educational Services, LLC dba Mathnasium of South OKC | (#,^) | 10740 S May Ave, Oklahoma City, OK 73170 | Educational Services | Term Loan | Prime plus | 2.75% | 12/21/2030 | 7.8 | 7.8 | 6.9 | — | % |
| N.W.F.F., Inc. | (#,^) | 687 E. Central Ave, Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2045 | 43.0 | 43.0 | 47.6 | 0.02 | % |
| AccountPics, LLC | (#,^) | 903 S WW White Rd, San Antonio, TX 78220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2045 | 78.7 | 78.7 | 87.1 | 0.03 | % |
| RJL Texas International Corporation | (#,^) | 17401 Triton,, Schertz, TX 78154 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/18/2030 | 253.1 | 253.1 | 229.0 | 0.07 | % |
| Neeld Rentals Inc dba Mills True Value Hardware | (#,^) | 205 Clinton Blvd, Clinton, MS 39056 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/18/2030 | 11.2 | 11.2 | 9.4 | — | % |
| Horne Chiropractic Center, P.A | (#,^) | 3820 Mountain Rd, Stes B & C, Pasadena, MD 21122 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 93.1 | 93.1 | 78.3 | 0.03 | % |
| Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery Ser | (#,^) | 3100 Delaware Ave, Des Moines, IA 50313 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/18/2045 | 221.3 | 221.3 | 240.0 | 0.08 | % |
| REST Enterprises Inc dba Upstyled Properties | (#,^) | 1440 W Taylor St Unit 595, Chicago, IL 60607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 14.0 | 14.0 | 14.6 | — | % |
| Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC | (#,^) | 1145 13th Ave East, Palmetto, FL 34221 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/18/2030 | 199.2 | 199.2 | 167.6 | 0.05 | % |
F-237
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Tahzoo LLC | (#,^) | 1015 7th St. NW, Washington, DC 20001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 722.5 | 722.5 | 609.3 | 0.20 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Splashlight Photographic & Digital Studios LLC ,Splashlight Technologi | (#,^) | 75 Varick St, 3rd Floor, New York, NY 10013 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 1,163.9 | 1,163.9 | 979.0 | 0.32 | % |
| Last Touch LLC | (#,^) | 927 E 10th St, Fairmont, MN 56031 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/18/2045 | 50.9 | 50.9 | 57.5 | 0.02 | % |
| People United of Louisiana LLC | (#,^) | 1401 Hudson Lane, Monroe, LA 71201 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 139.7 | 139.7 | 124.0 | 0.04 | % |
| Yinlink International Inc | (#,^) | 2 Corporate Dr, Suiite A, East Windsor, NJ 08512 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/18/2030 | 66.4 | 66.4 | 64.2 | 0.02 | % |
| Pumpkin Patch Child Care and Early Education Center, LLC | (#,^) | 310 Grove Beach Rd N, Westbrook, CT 06498 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/18/2045 | 113.1 | 113.1 | 122.3 | 0.04 | % |
| Giant Development Inc and Crabtree Development Corp | (#,^) | 509 Pylon Dr, Ste 110, Raleigh, NC 27606 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/18/2030 | 1,163.9 | 1,163.9 | 1,027.8 | 0.33 | % |
| Katie Cox & Co. LLC | (#,^) | 6605 Longshore ST, Ste 240, Dublin, OH 43017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2030 | 7.0 | 7.0 | 5.9 | — | % |
| Code 3 Apps LLC. | (#,^) | 843 Tempted Ways Dr, Longmont, CO 80504 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 12/18/2030 | 7.0 | 7.0 | 5.9 | — | % |
| Carolina Roofing Siding Painting LLC | (#,^) | 204 Depot St., Camponbello, SC 29322 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/17/2045 | 14.8 | 14.8 | 15.7 | 0.01 | % |
| Anthony Connelly Holdings LLC | (#,^) | 7260 Dean Martin Dr, Ste 800, Las Vegas, NV 89118 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/17/2030 | 232.8 | 232.8 | 195.8 | 0.06 | % |
| Savannah Area Language & Culture Exchange, LLC | (#) | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.8 | 11.8 | 11.3 | — | % |
| David M. Benson LLC | (#) | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.8 | 11.8 | 11.3 | — | % |
| Highstar Travel Group, LLC | (#,^) | 2869 Wilshire Dr, Ste 204, Orlando, FL 32835 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/16/2030 | 20.9 | 20.9 | 17.6 | 0.01 | % |
| Vege Investments, LLC dba Sunoco Homestead | (#) | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.8 | 11.8 | 11.3 | — | % |
| McFarlin, LLP | (#,^) | 4 Park Plz Ste 1025, Irvine, CA 92614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2030 | 162.9 | 162.9 | 137.1 | 0.04 | % |
| Signature Graphic LLC | (#,^) | 14425 N 79th St, Ste B, Scottsdale, AZ 85260 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2030 | 79.1 | 79.1 | 66.6 | 0.02 | % |
| Last Minute Effects Inc. | (#,^) | 1016 Hamline Place, Burbank, CA 91504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 12/15/2030 | 14.0 | 14.0 | 12.2 | — | % |
| Vector Utilities LLC | (#,^) | 8501 San Gabriel Dr, Laredo, TX 78045 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/14/2030 | 349.2 | 349.2 | 336.4 | 0.11 | % |
| Corple Enterprisees Inc | (#,^) | 17887 US Hwy 380 West, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/14/2030 | 58.2 | 58.2 | 49.0 | 0.02 | % |
| Efficient, Fast & Good Cleaning Services Inc | (#,^) | 2444 NW 177th Terrace, Miami Gardens, FL 33056 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/14/2030 | 7.0 | 7.0 | 6.2 | — | % |
| Accommodating Financial & Tax Services, LLC | (#,^) | 1642 Ralston Circle, Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2045 | 41.6 | 41.6 | 46.3 | 0.01 | % |
F-238
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Aeromax Industries Inc | (#,^) | 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2030 | 162.9 | 162.9 | 137.1 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Droplette Marketing Co | (#,^) | 6481 Orangethorpe Ave, Buena Park, CA 90620 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/14/2030 | 6.3 | 6.3 | 5.7 | — | % |
| Donald W. Harris dba Bowman Creek Mini Storage | (#) | 1625 US-59 N, Linden, TX 75563 | Warehousing and Storage | Term Loan | Prime plus | 6.5% | 12/11/2030 | 11.8 | 11.8 | 11.3 | — | % |
| Shattered Prism LLC | (#,^) | 3333 Broadway, New York, NY 10031 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 12/11/2030 | 7.0 | 7.0 | 7.3 | — | % |
| TJ Pant LLC and Tailored Cartage LLC | (#,^) | 25993 US 12, Sturgis, MI 49091 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/11/2030 | 80.3 | 80.3 | 79.0 | 0.03 | % |
| Jamali LLC dba Saahten | (#) | 2741 Raceway Fairfield West, Pensacola, FL 32503 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 12/11/2030 | 11.8 | 11.8 | 11.3 | — | % |
| Premium Marketing Co. Inc. dba Vera Moore Cosmetics | (#,^) | 4 Shadow Lane, Woodbury, NY 11797 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 12/11/2030 | 20.9 | 20.9 | 18.1 | 0.01 | % |
| LTD Broadband, LLC | (#,^) | 69 Teahouse St, Las Vegas, NV 89138 | Telecommunications | Term Loan | Prime plus | 2.75% | 12/10/2030 | 1,126.2 | 1,126.2 | 1,033.1 | 0.33 | % |
| M-Den, Inc | (#,^) | 315 Main St., Ann Arbor, MI 48104 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 12/10/2030 | 1,071.2 | 1,071.2 | 1,038.5 | 0.34 | % |
| Just In Time Refrigeration LLC | (#,^) | 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/10/2045 | 229.2 | 229.2 | 238.4 | 0.08 | % |
| Inner Beauty Salon and Suite LLC | (#,^) | 825 Beecher St SW, Atlanta, GA 30310 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/10/2045 | 63.9 | 63.9 | 72.2 | 0.02 | % |
| HWH Unlimited, Inc. | (#,^) | 43386 Business Park Dr, Temecula, CA 92590 | Real Estate | Term Loan | Prime plus | 2.75% | 12/9/2030 | 69.8 | 69.8 | 73.0 | 0.02 | % |
| LBR Partners LLC dba Techy | (#,^) | 16430 Good Hearth Blouvard, Clermont, FL 34711 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/9/2030 | 41.9 | 41.9 | 35.3 | 0.01 | % |
| Zebra House Coffee, LLC | (#,^) | 1001 S El Camino Real, San Clemente, CA 92672 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/9/2030 | 41.9 | 41.9 | 35.2 | 0.01 | % |
| Tortuga Backpacks LLC | (#,^) | 340 South Lemon Ave, Walnut, CA 91789 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/8/2030 | 46.6 | 46.6 | 39.2 | 0.01 | % |
| CashLine Solutions, LLC | (#,^) | 467741 E 1050 Rd, Sallisaw, OK 74955 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/7/2030 | 11.2 | 11.2 | 9.4 | — | % |
| Northeast Coverages Inc. and Southeast Coverages Inc. | (#,^) | 910 Franklin Ave, Ste 210, Garden City, NY 11530 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/7/2030 | 158.3 | 158.3 | 165.5 | 0.05 | % |
| Travel with Love, LLC dba Style & The Storyteller | (#) | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/4/2030 | 4.7 | 4.7 | 4.5 | — | % |
| Indecon Builders Inc | (#,^) | 1382 Valencia Ave, Tustin, CA 92780 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/4/2030 | 46.6 | 46.6 | 39.2 | 0.01 | % |
| Perez Law Office, PLLC | (#,^) | 80 N McClintock Dr, Chandler,, AZ 85226 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/4/2045 | 66.4 | 66.4 | 75.0 | 0.02 | % |
| Combs Creative LLC | (#) | 157 Antler Ridge Circle,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/4/2030 | 5.2 | 5.2 | 5.0 | — | % |
F-239
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Paradise RV Sales and Rentals LLC | (#,^) | 7960 Dorchester Rd, North Charleston, SC 29418 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/4/2030 | 6.4 | 6.4 | 5.4 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pacific Contours Corp | (#,^) | 5340 E Hunter Ave, Anaheim, CA 92807 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/4/2030 | 665.1 | 665.1 | 695.4 | 0.22 | % |
| SME Business Services LLC | (#,^) | 930 Chesaco Ave, Rosedale, MD 21237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2030 | 20.9 | 20.9 | 17.6 | 0.01 | % |
| Moxie Marketing, LLC | (#,^) | 51 Lee Dr, Palm Coast, FL 32137 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2030 | 116.9 | 116.9 | 98.3 | 0.03 | % |
| Staffhink Limited dba Barn Owl Drone Services | (#,^) | 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 12/3/2030 | 4.9 | 4.9 | 4.6 | — | % |
| Tina D. Coker DBA Diane's Accounting Service | (#) | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/3/2030 | 11.8 | 11.8 | 11.3 | — | % |
| American Retail Properties, Inc. | (#,^) | 125 Main St. 2nd Floor, Reading, MA 01867 | Real Estate | Term Loan | Prime plus | 2.75% | 11/30/2030 | 20.8 | 20.8 | 17.6 | 0.01 | % |
| Jonathan J Klaczik LLC dba Veterans Fence Company | (#,^) | 7417 Dover Lane, Parma, OH 44130 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/27/2030 | 20.8 | 20.8 | 18.7 | 0.01 | % |
| Segreti Law Office, A Professional Corporation | (#,^) | 350 10th Ave,Ste 1000, San Diego, CA 92101 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/27/2030 | 17.3 | 17.3 | 14.7 | — | % |
| Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea | (#,^) | 14a Craig Rd, Acton, MA 01720 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/27/2030 | 37.0 | 37.0 | 31.4 | 0.01 | % |
| LIAISON STAINLESS INC | (#,^) | 630 James Lee Dr NW, Suwanee, GA 30024 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/25/2030 | 69.3 | 69.3 | 58.3 | 0.02 | % |
| The Alder SmokeHouse LLC | (#,^) | 1055 Virginia Ave, North Bend, OR 97459 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/25/2030 | 10.4 | 10.4 | 10.9 | — | % |
| Flex Beauty Labs, LLC | (#) | 7512 Dr. Phillip Blvd, Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 6.5% | 11/24/2030 | 11.7 | 11.7 | 11.2 | — | % |
| Next Level Detailing, LLC | (#,^) | 3235 Odeon Way, Ste 201-203, Acworth, GA 30102 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/24/2030 | 6.9 | 6.9 | 5.8 | — | % |
| Dearly LOved Counseling, L.L.C | (#) | 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/24/2030 | 11.7 | 11.7 | 11.2 | — | % |
| Ellis Apex LLC dba Inage360 Marietta | (#,^) | 2060 Franklin Way SE, Ste 150, Marietta, GA 30067 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 11/24/2030 | 85.7 | 85.7 | 72.6 | 0.02 | % |
| Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT | (#,^) | 14543 SW 5th St., Pembroke Pines, FL 33027 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 11/20/2030 | 13.6 | 13.6 | 11.4 | — | % |
| Green Farm Inc dba Farmers Outlet | (#) | 1018 W SR 424 Ste 100, Longwood, FL 32750 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 11/19/2030 | 11.7 | 11.7 | 11.2 | — | % |
| Prosperity Tool, Inc | (#,^) | 2006 National Guard Dr, Plant City, FL 33563 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/19/2045 | 294.6 | 294.6 | 332.6 | 0.11 | % |
| The Number Masters | (#,^) | 3325 Highland St., Grove City, OH 43123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/18/2030 | 16.1 | 16.1 | 13.5 | — | % |
| Italian Heritage Tile and Stone Inc | (#,^) | 4725 Morgan Territory Rd, Clayton, CA 94517 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/18/2030 | 72.8 | 72.8 | 61.3 | 0.02 | % |
F-240
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| T.S.I.-VA, LLC and Alpha Business Services Inc. | (#,^) | 2525 Pointe Center Court, Ste 200, Dumfries, VA 22026 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/17/2030 | 101.2 | 101.2 | 85.2 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Master Printing and Signs Corp & Artishirt Co. | (#,^) | 386 Squire Rd, Revere, MA 02151 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 11/10/2045 | 197.3 | 197.3 | 216.9 | 0.07 | % |
| Modutech Marine Inc | (#,^) | 2218 Marine View Dr, Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 11/9/2030 | 369.9 | 369.9 | 386.7 | 0.13 | % |
| GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys | (#,^) | 1071 Serpentine Lane, Pleasanton, CA 94566 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/4/2030 | 192.2 | 192.2 | 200.9 | 0.06 | % |
| Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC | (#,^) | 8712 60th Terrace South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/4/2030 | 48.6 | 48.6 | 42.7 | 0.01 | % |
| Supersonic Cleaning Services Inc | (#,^) | 36 Seitz Terrace, Arlington, NY 12603 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/29/2030 | 35.6 | 35.6 | 30.5 | 0.01 | % |
| Marcus Horn dba Versatile Styles and Cuts | (#,^) | 2018 24th Ave, Meridian, MS 39301 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/15/2045 | 10.3 | 10.3 | 11.1 | — | % |
| Shades of U, Inc. dba Diva by Cindy | (#,^) | 15212 Hanover Pike, Upperco, MD 21155 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 10/9/2045 | 88.3 | 88.3 | 95.7 | 0.03 | % |
| VIP Lawn Care Services LLC dba VIP Services | (#,^) | 3875 Fay Blvd, Cocoa, FL 32927 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/8/2030 | 17.5 | 17.5 | 14.9 | — | % |
| KTF Consulting Corp | (#,^) | 2471 N Geneva Terrace, Chicago, IL 60614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/6/2030 | 68.9 | 68.9 | 72.0 | 0.02 | % |
| The Hall at the Yard LLC dba The Hall on the Yard | (#) | 1412 Alden Rd, Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/2/2031 | 671.1 | 671.1 | 572.6 | 0.19 | % |
| South Park Hardware, LLC | (#,^) | 16074 South Park Ave, South Holland, IL 60473 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/25/2045 | 73.4 | 73.4 | 82.9 | 0.03 | % |
| Hazleton Oil & Environmental, Inc | (#,^) | 300 Tamaqua St., Hazleton, PA 18201 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/25/2045 | 1,063.8 | 1,063.8 | 1,195.8 | 0.39 | % |
| Babys on Broadway LLC | (#,^) | 47 East Broadway, Little Falls, MN 56345 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 9/25/2030 | 68.4 | 68.4 | 59.0 | 0.02 | % |
| 7PSolutions, LLC | (#,^) | 136 North Van Buren St., Nashville, IN 47448 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/25/2030 | 45.6 | 45.6 | 38.6 | 0.01 | % |
| Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC | (#,^) | 200 North Branford Rd, Branford, CT 06405 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/24/2030 | 341.9 | 341.9 | 333.8 | 0.11 | % |
| BulkMore LLC | (#,^) | 12741 Ocean Gateway, Ocean City, MD 21842 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/18/2030 | 137.8 | 137.8 | 120.5 | 0.04 | % |
| Mister Dexters LTD dba Shuga's | (#,^) | 702 S. Cascade Ave, Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/28/2045 | 56.2 | 56.2 | 60.5 | 0.02 | % |
| Mister Dexters LTD dba Shuga's | (#,^) | 702 S Cascade Ave, Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/28/2030 | 166.3 | 166.3 | 139.6 | 0.05 | % |
| Heriz Gallery Inc dba Pineville Rug Gallery | (#,^) | 312 Main St., Pineville, NC 28134 | Textile Product Mills | Term Loan | Prime plus | 2.75% | 4/6/2045 | 95.7 | 95.7 | 108.1 | 0.03 | % |
| Alliance Heating & Air Conditioning, Inc. | (#,^) | 10 Brookfield Ave, Bridgeport, CT 06610 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/6/2030 | 658.5 | 658.5 | 605.5 | 0.20 | % |
F-241
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet | (#,^) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 4/3/2045 | 815.0 | 815.0 | 899.9 | 0.29 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Terry and Tammy Jacobsen, Inc dba Appliance Recycling | (#,^) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 4/3/2030 | 295.5 | 295.5 | 270.7 | 0.09 | % |
| Profit Stewards, LLC | (#,^) | 458 Schuylkill Rd, Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/2/2030 | 38.0 | 38.0 | 35.5 | 0.01 | % |
| Caplan Home Care, LLC | (#,^) | 6029 Berkshire Lane, Dallas, TX 75225 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/1/2045 | 856.3 | 856.3 | 954.0 | 0.31 | % |
| Montana Custom Log Homes, Inc. | (#,^) | 2036 US Hwy 93 North, Victor, MT 59875 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/31/2045 | 354.8 | 354.8 | 400.5 | 0.13 | % |
| Blackwater Diving LLC | (#,^) | 112 Forrest Rd, Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 3/30/2030 | 326.6 | 326.6 | 311.2 | 0.10 | % |
| Suburban Transmission of Northern Illinois, Inc. | (#,^) | 1714 E Oakton St, Des Plaines, IL 60018 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/27/2045 | 145.3 | 145.3 | 164.0 | 0.05 | % |
| Tomco Inc. dba Rental City dba Tomco Equiptment Sales | (#,^) | 6470 State St., Saginaw, MI 48603 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/27/2030 | 19.6 | 19.6 | 17.9 | 0.01 | % |
| Dunaway and Hart, Inc | (#,^) | 575 Harkrider St., Conway, AR 72032 | Real Estate | Term Loan | Prime plus | 2.75% | 3/26/2030 | 43.6 | 43.6 | 39.8 | 0.01 | % |
| Patoruzu Inc dba Sharkey's Cuts for Kids | (#,^) | 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/20/2030 | 11.8 | 11.8 | 10.8 | — | % |
| Kris-Leigh Catered Living at Severna Park,LLC | (#,^) | 831 Richie Hwy, Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 3/20/2030 | 464.6 | 464.6 | 490.0 | 0.16 | % |
| Firefly Developement LLC dba Firefly Earthworks | (#,^) | 4810 Vicksburg St., Dallas, TX 75207 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/19/2045 | 291.0 | 291.0 | 318.1 | 0.10 | % |
| Coffeestamp LLC | (#,^) | 2511 S Jefferson Ave, St. Louis, MO 63104 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/17/2030 | 3.9 | 3.9 | 3.8 | — | % |
| Mid Ohio Hospitality, LLC dba Bucks Bar and Grill | (#,^) | 192 E Main St, Mansfield, OH 44904 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/17/2045 | 222.3 | 222.3 | 250.9 | 0.08 | % |
| Forest Scientific Corporation | (#,^) | 668 Elm St., Tionesta, PA 16353 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/17/2030 | 65.3 | 65.3 | 68.9 | 0.02 | % |
| Kanga Lean, Inc. dba F45 Training Trinity | (#,^) | 8900 Strengh Ave, New Port Richie, FL 34655 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/16/2030 | 50.1 | 50.1 | 47.5 | 0.02 | % |
| Integrated Equipment Inc; Intergrated Elastomers Inc | (#,^) | 5701 Brittmoore Rd, Houston, TX 77041 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/13/2045 | 1,235.0 | 1,235.0 | 1,394.4 | 0.45 | % |
| Mark Allen Taylor dba Taylor Auction | (#,^) | 20 & 68 Westfield Rd, Nicholls, GA 31554 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/13/2030 | 121.1 | 121.1 | 115.6 | 0.04 | % |
| Stretch of NW Georgia, LLC dba Stretch Zone | (#,^) | 1430 Towne Lake Pkwy, Ste 26100, Woodstock, GA 30189 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/13/2030 | 12.8 | 12.8 | 11.7 | — | % |
| Rapid Trucking and | (#,^) | 4225 W Capitol Ave, West Sacramento, CA 95691 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/13/2045 | 738.6 | 738.6 | 833.9 | 0.27 | % |
| Native Fields Landscaping LLC and My Two Girls LLC | (#,^) | 73 Taylor Rd, Wharton, NJ 07885 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/13/2045 | 512.9 | 512.9 | 568.2 | 0.18 | % |
| Signet Media dba Signet Media inc. | (#,^) | 630 S 1st St, San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/13/2030 | 313.2 | 313.2 | 330.4 | 0.11 | % |
F-242
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Astoria-Pacific Inc | (#,^) | 15130 SE 82nd Dr, Clackamas, OR 97015 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/13/2030 | 108.9 | 108.9 | 114.8 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GQ Investments LLC | (#,^) | 5772 Miami Lakes Dr, Miami Lakes, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus | 2.75% | 3/12/2030 | 130.7 | 130.7 | 119.5 | 0.04 | % |
| C3 Capital, Inc | (#,^) | 10010 North Hampton Cove Lane, Indianapolis, IN 46236 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/11/2030 | 493.3 | 493.3 | 508.0 | 0.16 | % |
| Quarles Service Systems, Inc. | (#,^) | 1740 September Ave, Memphis, TN 38116 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/10/2045 | 93.1 | 93.1 | 104.1 | 0.03 | % |
| Blue Dot Trading Inc | (#,^) | 3100 NW 72nd Ave, Miami, FL 33122 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/10/2030 | 49.0 | 49.0 | 44.8 | 0.01 | % |
| The Ugly Mug's Coffee and Tea Inc. | (#,^) | 1390 Broadway Ste C, Placerville, CA 95667 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/9/2030 | 31.9 | 31.9 | 29.2 | 0.01 | % |
| Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan | (#,^) | 2342 NY- 37, Port Covington, NY 12937 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/6/2030 | 122.0 | 122.0 | 124.9 | 0.04 | % |
| KR Enterprises, Inc. dba Carriage Inn | (#,^) | 1065 Tower Hill Rd, North Kingstown, RI 02852 | Accommodation | Term Loan | Prime plus | 2.75% | 3/6/2045 | 310.0 | 310.0 | 344.1 | 0.11 | % |
| Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security | (#,^) | 974 Commercial St, Palo Alto, CA 94303 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/6/2030 | 337.5 | 337.5 | 308.5 | 0.10 | % |
| Advans IT Services, Inc. | (#,^) | 65 Boston Post Rd W Ste 390, Marlborough, MA 01752 | Other Information Services | Term Loan | Prime plus | 2.75% | 3/6/2030 | 108.9 | 108.9 | 99.5 | 0.03 | % |
| Big Brand Management LTD. CO. dba Ivox Media | (#,^) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus | 2.75% | 3/6/2030 | 57.8 | 57.8 | 57.6 | 0.02 | % |
| Minifox Inc. dba Pho Hoa and Jazen Tea | (#,^) | 10624 South Eastern Ave Stes R & S, Hendersen, NV 89502 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/5/2030 | 65.3 | 65.3 | 60.4 | 0.02 | % |
| Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn | (#) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/4/2030 | 20.2 | 20.2 | 21.4 | 0.01 | % |
| Chet Lemon Enterprises, Inc. dba All American Sports | (#,^) | 1544 Lane Park Cut off, Tavares, FL 32778 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/3/2031 | 257.9 | 257.9 | 274.1 | 0.09 | % |
| 14th State Learning, LLC dba Sylvan Learning, LLC | (#,^) | 1 Market Pl #10, Essex Junction, VA 05452 | Educational Services | Term Loan | Prime plus | 2.75% | 3/2/2030 | 44.9 | 44.9 | 41.3 | 0.01 | % |
| Toju Bay Inc. dba Fiesta Americana Restaurand and Club | (#,^) | 1622-1624 N. Mannheim Rd, Stone Park, IL 60165 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2045 | 441.0 | 441.0 | 497.9 | 0.16 | % |
| LCSM Logistics Inc | (#,^) | 15735 Spectrum Dr, Addison, TX 75001 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 2/28/2030 | 73.2 | 73.2 | 67.0 | 0.02 | % |
| Breakers Electric, LLC dba Merrill Sports | (#,^) | 13600 Mustang Dr, Mead, CO 80542 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/27/2030 | 9.1 | 9.1 | 8.3 | — | % |
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#,^) | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/27/2045 | 78.3 | 78.3 | 88.3 | 0.03 | % |
| GRSC, Inc. | (#,^) | 1643 NW Dove Ct, Stuart, FL 34994 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 2/27/2030 | 17.9 | 17.9 | 17.3 | 0.01 | % |
F-243
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Feras Alshadaida dba Allura Dairy | (#,^) | 8809 N Grove Ave, Rancho Cucamonga, CA 91730 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/26/2030 | 52.2 | 52.2 | 49.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| M & L ENTERPRIZES, LLC | (#,^) | 2401 Wrightsville Ave, Wilmington, NC 28403 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/26/2030 | 43.1 | 43.1 | 45.5 | 0.01 | % |
| Abe Chahrour Investment, LLC | (#,^) | 4001 S Wayne Rd, Wayne, MI 48154 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/25/2045 | 21.5 | 21.5 | 24.2 | 0.01 | % |
| Bora Enterprises, LLC | (#,^) | 44255-B Fremont Blvd,, Fremont, CA 94538 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/21/2030 | 11.0 | 11.0 | 10.1 | — | % |
| Skimino Enterprises LLC | (#,^) | 197 Ewell Rd, Williamsburg, VA 23188 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 2/21/2030 | 64.7 | 64.7 | 59.2 | 0.02 | % |
| Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC | (#,^) | 7215 Waelti Dr, Melbourne, FL 32940 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/21/2045 | 374.1 | 374.1 | 406.7 | 0.13 | % |
| Sherwood Sporthorses Inc. | (#,^) | 20502 Forestview, Magnolia, TX 77355 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/21/2046 | 393.6 | 393.6 | 439.0 | 0.14 | % |
| Alex Roit Chiropractic, P. C | (#,^) | 55 Northern Blvd, Ste 103, Great Neck, NY 11021 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/19/2030 | 17.2 | 17.2 | 15.7 | 0.01 | % |
| Little Feet Academy of Jacksonville, LLC | (#,^) | 10265 Normandy Blvd, Jacksonville, FL 32221 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/17/2045 | 45.7 | 45.7 | 50.3 | 0.02 | % |
| Romo Medical Equiptment LLC | (#,^) | 3453 North Panam Expressway, San Antonio, TX 78219 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 2/14/2030 | 431.2 | 431.2 | 394.2 | 0.13 | % |
| All Modes Transportation & Logistics LLC | (#) | 4313 Collingtree Dr, Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 2/14/2030 | 11.0 | 11.0 | 11.4 | — | % |
| Shaw, Ltd dba Fitness 1440 North Coventry | (#,^) | 54-58 Glocker Way, Pottstown, PA 19465 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/13/2030 | 52.4 | 52.4 | 49.8 | 0.02 | % |
| Red Rock Government Serviice, LLC | (#,^) | 45240 Business Court, Sterling, VA 20166 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/13/2030 | 22.5 | 22.5 | 23.7 | 0.01 | % |
| Damiano Global Corp. | (#,^) | 333 Birch Hills Dr, Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/10/2030 | 43.1 | 43.1 | 39.4 | 0.01 | % |
| Fortson Janitorial Inc | (#,^) | 462-482 Chattahoochee St., Cornelia, GA 30531 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/5/2045 | 103.9 | 103.9 | 117.3 | 0.04 | % |
| 2'N1 Home and lawn LLC dba N1 Home an Lawn LLC | (#) | 1300 Ridenour Blvd, Kennesaw, GA 30152 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 2/3/2030 | 11.1 | 11.1 | 11.5 | — | % |
| A1 Radon Services, LLC | (#,^) | 9980 Dell Rd, Eden Prairie, MN 55347 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 1/31/2030 | 76.8 | 76.8 | 70.2 | 0.02 | % |
| Daftarnow Inc dba Venture X Parsippany | (#,^) | 8 Campus Dr. Ste 105, Parsippany, NJ 07054 | Real Estate | Term Loan | Prime plus | 2.75% | 7/30/2030 | 166.0 | 166.0 | 152.4 | 0.05 | % |
| Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc | (#,^) | 6967 Hancock Dr, Port St Lucie, FL 34952 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 1/30/2045 | 305.9 | 305.9 | 334.9 | 0.11 | % |
| Adorable Home Heath Care LLC | (#,^) | 6110 W Capitol Dr, Milwaukee, WI 53216 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/30/2030 | 36.0 | 36.0 | 32.9 | 0.01 | % |
| 3 Fat Labs Inc. and Energy Conservation Solution Inc. | (#,^) | 2001 S County Rd 400 W, Greencastle, IN 46135 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 1/30/2045 | 269.6 | 269.6 | 298.9 | 0.10 | % |
| Codame Enterprises LLC dba Firehouse Subs | (#,^) | 1547 Main St., Dunedin, FL 34698 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/29/2030 | 90.5 | 90.5 | 82.8 | 0.03 | % |
F-244
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Havana Knights LLC | (#,^) | 65 Lindsey Lane, Havana, FL 32333 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/27/2030 | 33.8 | 33.8 | 32.7 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Amina Financial Solutions LLC dba Expat Tax Solutions | (#,^) | 1433 Chestnut St., Macon, GA 31201 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/24/2030 | 18.0 | 18.0 | 16.4 | 0.01 | % |
| Affinity Integrated Solutions Inc. | (#,^) | 115 Pomona Dr, Greensboro, NC 27402 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/23/2045 | 289.5 | 289.5 | 320.7 | 0.10 | % |
| Affinity Integrated Solutions Inc | (#,^) | 115 Pomona Dr, Greensboro, NC 27407 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/23/2030 | 192.6 | 192.6 | 176.1 | 0.06 | % |
| Align Sports Management, LLC | (#,^) | 15822 Caminito Cantaras, Del Mar, CA 92014 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 1/22/2030 | 19.3 | 19.3 | 17.7 | 0.01 | % |
| Emmalina LLC | (#,^) | 3602 Rock Bay Dr, Louisville, KY 40245 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/21/2030 | 8.0 | 8.0 | 7.8 | — | % |
| Motorsport Imagery, Inc | (#,^) | 16362 Cherokee Rd, Brooksville, FL 34601 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 1/17/2030 | 19.3 | 19.3 | 18.4 | 0.01 | % |
| Lyon Cubs LLC dba Dayton Valley Learning Center | (#,^) | 357 Dayton Valley Rd, Dayton, NV 89403 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/16/2045 | 162.0 | 162.0 | 179.8 | 0.06 | % |
| Luster Custom Homes LLC | (#,^) | 18801 North Thompson Peak Pkwy, Ste 240, Scottsdale, AZ 85255 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/10/2030 | 31.3 | 31.3 | 28.6 | 0.01 | % |
| VetMed LLC | (#,^) | 908 4th Ave, Decatur, AL 35601 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/10/2030 | 74.9 | 74.9 | 68.5 | 0.02 | % |
| Jordi X Kellogg, M.D.,P.C | (#,^) | 9200 SE 91st Ave STE 340, Happy Valley, OR 97086 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 1/10/2030 | 53.5 | 53.5 | 48.9 | 0.02 | % |
| CV Flores LLC dba A All Animal Control | (#,^) | 2140 E Southlake Blvd L-503, Southlake, TX 76092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/9/2030 | 4.1 | 4.1 | 3.9 | — | % |
| Global Information Technology, Inc | (#,^) | 1 Cragwood Rd, Ste 101, South Plainfield, NJ 07080 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/31/2029 | 482.1 | 482.1 | 440.7 | 0.14 | % |
| Bearwaters Brewing Company | (#,^) | 101 Park St, Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2044 | 247.8 | 247.8 | 279.7 | 0.09 | % |
| Nick's Country Kitchen, LLC | (#,^) | 3 Flanders Rd, Bethlehem, CT 06751 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2044 | 277.1 | 277.1 | 310.5 | 0.10 | % |
| Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress | (#,^) | 8780 Pershall Rd, Hazelwood, MO 63042 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/30/2029 | 109.4 | 109.4 | 115.4 | 0.04 | % |
| Larry J. Frick dba L & S Trucking | (#,^) | 157571 E Wausau Ave, Wausau, WI 54403 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/30/2029 | 42.0 | 42.0 | 40.5 | 0.01 | % |
| Kiddie Garden Child Development Center, LLC | (#,^) | 2809 W. Atkinson Ave, Milwaukee, WI 53209 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/30/2044 | 41.4 | 41.4 | 46.8 | 0.02 | % |
| Spinnaker Vero Inc. | (#,^) | 983 12th St., Vero Beach, FL 32960 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 12/30/2044 | 760.1 | 760.1 | 826.4 | 0.27 | % |
| Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design | (#,^) | 524 Sackett St., Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/30/2029 | 221.1 | 221.1 | 220.4 | 0.07 | % |
| Dilpreet Hundal dba Kwik Stop | (#,^) | 1001 Sacramento Ave, West Sacramento, CA 95605 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/30/2044 | 233.2 | 233.2 | 257.4 | 0.08 | % |
F-245
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Vance Ewing LLC | (#,^) | 22940 Harlan Ln, St. Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/30/2029 | 95.6 | 95.6 | 100.8 | 0.03 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC | (#,^) | 7302 Kirby Ave, Lubbock, TX 79424 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/27/2029 | 116.8 | 116.8 | 115.6 | 0.04 | % | ||||||||||||||
| Irony LLC dba Mulberry’s Garment Care | (#,^) | 2579 Fairview Ave North, Roseville, MN 55113 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 956.9 | 956.9 | 877.9 | 0.28 | % | ||||||||||||||
| Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation | (#,^) | 8712 60th Terrace South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 158.2 | 158.2 | 149.7 | 0.05 | % | ||||||||||||||
| American Landscaping Company | (#,^) | 6151 S St., Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 261.4 | 261.4 | 266.4 | 0.09 | % | 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge | (#,^) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 216.7 | 216.7 | 244.7 | 0.08 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge | (#,^) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 137.6 | 137.6 | 132.3 | 0.04 | % | ||||||||||||||
| American Landscaping Company and Ground Effects Landscaping, LLC | (#,^) | 6151 A St., Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 623.2 | 623.2 | 703.6 | 0.23 | % | ||||||||||||||
| K&S Hardware LLC dba Gopher Ace | (#,^) | 1865 Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/27/2029 | 53.1 | 53.1 | 53.6 | 0.02 | % | ||||||||||||||
| A Family Member Homecare Group Inc, A Family Member Homecare Holdings | (#,^) | 11788 Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 117.0 | 117.0 | 129.2 | 0.04 | % | ||||||||||||||
| Watearth Inc | (#,^) | 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/27/2029 | 39.7 | 39.7 | 36.2 | 0.01 | % | ||||||||||||||
| Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation | (#,^) | 8712 60TH TER South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 137.3 | 137.3 | 155.0 | 0.05 | % | ||||||||||||||
| Tatoo Tony's Under My Skin LLC | (#,^) | 73 Memorial Pkwy, Atlantic Highlands, NJ 07716 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/27/2044 | 96.4 | 96.4 | 108.8 | 0.04 | % | ||||||||||||||
| QXC Communications, Inc | (#,^) | 4541 N Dixie Hwy, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus | 2.75% | 12/27/2029 | 445.2 | 445.2 | 406.1 | 0.13 | % | ||||||||||||||
| Icebox Cafe L.C. and Icebox Pantry, LLC | (#,^) | 219 NE 3rd St., Hallendale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/26/2030 | 404.7 | 404.7 | 383.0 | 0.12 | % | ||||||||||||||
| Bhatti LLC 2, Bhatti LLC | (#,^) | 1451 Coral Ridge Ave, Coralville, IA 52241 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/26/2029 | 95.7 | 95.7 | 89.0 | 0.03 | % | ||||||||||||||
| Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport | (#,^) | 2564 Branch St., Middleton, WI 53562 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/24/2029 | 225.7 | 225.7 | 221.8 | 0.07 | % | ||||||||||||||
| Synergistic-Designs, LLC | (#,^) | 493 Wilson Mill Rd, New Wilmington, PA 16142 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/24/2029 | 6.4 | 6.4 | 5.8 | — | % | ||||||||||||||
| Ink! Coffee Company | (#,^) | 2851 Larimer St., Denver, CO 80205 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/24/2029 | 470.5 | 470.5 | 429.2 | 0.14 | % |
F-246
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. | (#,^) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus | 2.75% | 12/23/2029 | 416.7 | 416.7 | 393.9 | 0.13 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 512 E 11th Street LLC and Big Brand Management Ltd. Co. | (#,^) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus | 2.75% | 12/23/2044 | 322.3 | 322.3 | 363.9 | 0.12 | % |
| The Lamkin Group LLC and National Championship Enterprises LLC | (#,^) | 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/23/2029 | 567.7 | 567.7 | 518.5 | 0.17 | % |
| Chris Farley DVM PA. dba Farley Veterinary Clinic | (#,^) | 6487 Taft St., Hollywood, FL 33024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2029 | 11.5 | 11.5 | 12.1 | — | % |
| Shaddai Aesthetics Inc | (#,^) | 706 W. 34th St., Austin, TX 78705 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/20/2029 | 16.1 | 16.1 | 14.6 | — | % |
| Romain Tower Inc. | (#,^) | 215 S Persimmon St, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/20/2044 | 888.1 | 888.1 | 959.9 | 0.31 | % |
| ACC International LLC | (#,^) | 200 N Furnace St, Birdsboro, PA 19508 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/20/2044 | 310.8 | 310.8 | 339.2 | 0.11 | % |
| La Tradicion Cubana Inc | (#) | 9357 S.W. 40th St., Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 12/20/2029 | 11.0 | 11.0 | 11.3 | — | % |
| Macon Arts Center LLC | (#,^) | 4570 Pio Nono Ave, Macon, GA 31206 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/20/2044 | 617.8 | 617.8 | 697.5 | 0.23 | % |
| Kuros, LLC | (#,^) | 21221 Baron Lake Dr, Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus | 2.75% | 11/19/2045 | 83.8 | 83.8 | 94.6 | 0.03 | % |
| Kuros, LLC | (#,^) | 21221 Baron Lake Dr, Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus | 2.75% | 12/19/2044 | 383.6 | 383.6 | 433.1 | 0.14 | % |
| Nebulos, LLC | (#,^) | 5428 Twilight Way, Parker, CO 80134 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/19/2029 | 53.1 | 53.1 | 52.3 | 0.02 | % |
| GDIM Enterprises Inc dba AAMCO | (#) | 1657 Whiskey Rd., Aiken, SC 29803 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/19/2029 | 17.9 | 17.9 | 17.3 | 0.01 | % |
| United Capital Group LLC | (#,^) | 23022 La Cadena Dr, Laguna Hills, CA 92653 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/19/2029 | 273.8 | 273.8 | 259.6 | 0.08 | % |
| Skyfall LLC dba EZ Self Storage | (#,^) | 2705 US Hwy 45 North, Henderson, TN 38340 | Real Estate | Term Loan | Prime plus | 2.75% | 12/18/2044 | 140.9 | 140.9 | 159.1 | 0.05 | % |
| Premier Gaming Solutions Inc | (#,^) | 17 South Grand Ave, Pasadena, CA 91105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/18/2029 | 9.6 | 9.6 | 10.1 | — | % |
| The Burlington Academy of Learning LLC | (#,^) | 10 Covey Rd, Burlington, CT 06013 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/18/2029 | 45.4 | 45.4 | 47.8 | 0.02 | % |
| HADD Corp | (#) | 364 Rugby Rd, Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/17/2029 | 10.9 | 10.9 | 11.2 | — | % |
| J and K Project Management Consultants LLC | (#,^) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/16/2044 | 302.0 | 302.0 | 340.9 | 0.11 | % |
| Signco America LP & Sparkle corporation Inc. | (#,^) | 7938 Wright Rd, Houston, TX 77041 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/16/2044 | 1,146.8 | 1,146.8 | 1,294.8 | 0.42 | % |
| J and K Project Management Consultants dba A. C. T. Construction | (#,^) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/16/2029 | 176.5 | 176.5 | 185.8 | 0.06 | % |
F-247
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Farain Saremi dba USA Produce | (#,^) | 461 G St., Los Banos, CA 93635 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/16/2044 | 457.7 | 457.7 | 514.4 | 0.17 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nulane Entertainment LLC | (#,^) | 4100 W. Alameda Ave # 300, Burbank, CA 91505 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 6.5 | 6.5 | 5.9 | — | % |
| Jen Macias LLC dba Duende | (#,^) | 2301 NW Thurman St., Portland, OR 97210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 6.9 | 6.9 | 6.3 | — | % |
| Math Enrichment, LLC | (#,^) | 1009 E Capitol Expressway, San Jose, CA 95121 | Educational Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 182.4 | 182.4 | 166.4 | 0.05 | % |
| WURA LLC dba Dickey's Barbecue Pit | (#,^) | 4325 E. University Dr, Ste 40, Prosper, TX 75078 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/13/2029 | 81.3 | 81.3 | 75.9 | 0.02 | % |
| The Crane Guys, LLC | (#,^) | 14480 Alondra Blvd, La Mirada, CA 90638 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 1,153.5 | 1,153.5 | 1,111.0 | 0.36 | % |
| Dr Steven J Seidel | (#,^) | 42 Campeau Place, Bergenfield, NJ 07621 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/13/2029 | 69.0 | 69.0 | 63.1 | 0.02 | % |
| Essex Indoor Golf Center LLC | (#,^) | 23 Saybrook Rd, Essex, CT 06426 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/13/2029 | 66.9 | 66.9 | 64.5 | 0.02 | % |
| The Floor Covering Warehouse, Inc | (#,^) | 112 Orchard St., Stamford, CT 06902 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/13/2044 | 231.3 | 231.3 | 261.1 | 0.08 | % |
| Joyner5, Inc.dba British Swim School | (#,^) | 1000 Settlers Landing Court, Wake Forest, NC 27587 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/12/2029 | 19.1 | 19.1 | 17.4 | 0.01 | % |
| Stockton TRI Industries, LLC | (#,^) | 2141 E Anderson St, Stockton, CA 95205 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/12/2044 | 1,067.5 | 1,067.5 | 1,203.3 | 0.39 | % |
| Belle Properties Northwest, Inc. | (#,^) | 223 Ave B, Snohomish, WA 98290 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/12/2044 | 126.5 | 126.5 | 142.8 | 0.05 | % |
| Abylex, Inc and Worpex LLC | (#) | 7473 Reese Rd #2, Sacramento, CA 95828 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/12/2044 | 92.8 | 92.8 | 95.0 | 0.03 | % |
| Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab | (#,^) | 10904 Baltimore St NE, Blaine, MN 55449 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/11/2029 | 35.2 | 35.2 | 32.2 | 0.01 | % |
| Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC | (#,^) | 5801 Cleveland Ave, Riverdale, MD 20737 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/11/2044 | 289.1 | 289.1 | 326.4 | 0.11 | % |
| CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca | (#,^) | 175 W Borgfeld Dr, San Antonio, TX 78260 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/11/2044 | 108.4 | 108.4 | 121.7 | 0.04 | % |
| Ciel Du Mel LLC dba Lala's Creamery | (#,^) | 134 Petaluma Blvd North, Petalumaca, CA 94952 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/10/2029 | 14.0 | 14.0 | 13.2 | — | % |
| SLCP Transport, LLC dba Aamco | (#,^) | 1407 Lomaland Dr, El Paso, TX 79935 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/10/2029 | 53.1 | 53.1 | 52.3 | 0.02 | % |
| Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care | (#,^) | 10 Tremont Rd, Tremont, PA 17981 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/10/2044 | 37.6 | 37.6 | 42.4 | 0.01 | % |
| Elita 7, LLC and Behavioral Nutrition Inc. | (#,^) | 16 Marble St., Worchester, MA 01603 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 12/9/2029 | 275.8 | 275.8 | 273.9 | 0.09 | % |
| Scott's Hardware, Inc., dba Medford Inc | (#) | 200 Tuckerton Rd, Medford, NJ 08055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 12/6/2029 | 10.9 | 10.9 | 11.2 | — | % |
F-248
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Bay Area Metal Fabricarion LLC | (#,^) | 510 -512 Stone Rd, Benicia, CA 94510 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/6/2029 | 116.2 | 116.2 | 111.5 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/6/2044 | 151.5 | 151.5 | 171.0 | 0.06 | % |
| The Stout Group LLC | (#,^) | 10850 NW 138th St, Hialeah Gardens, FL 33018 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/6/2029 | 198.9 | 198.9 | 190.4 | 0.06 | % |
| Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC | (#,^) | 560 56th St SW, Grand Rapids, MI 49548 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/6/2029 | 935.5 | 935.5 | 864.6 | 0.28 | % |
| Glen Lamb dba Lambs Tree And Plant Health Care | (#,^) | 413 Pond Meadow Rd, Westbrook, CT 06498 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/6/2029 | 15.9 | 15.9 | 15.3 | — | % |
| Wolf Pack, LLC | (#,^) | 939 South 25th East, Ste. 115, Ammon, ID 83406 | Management of Companies and Enterprises | Term Loan | Prime plus | 2.75% | 3/6/2030 | 193.9 | 193.9 | 184.0 | 0.06 | % |
| Mazhar Family, Inc dba Edible Arrangements | (#,^) | 601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/6/2029 | 57.3 | 57.3 | 52.7 | 0.02 | % |
| Natalie Enterprise Inc | (#,^) | 2500 Grand Ave, Billings, MT 59102 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/6/2029 | 17.2 | 17.2 | 18.1 | 0.01 | % |
| Standard Capital Corp | (#) | 2349 Wessington Dr, Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 12/5/2029 | 11.0 | 11.0 | 11.3 | — | % |
| Clearwater Engineering Inc | (#,^) | 301 N River St., Derby, KS 67037 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/5/2029 | 501.2 | 501.2 | 480.8 | 0.16 | % |
| Used Tire Express 1, Corp | (#,^) | 437 N. Battlefield, Chesapeake, VA 23320 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/5/2029 | 73.3 | 73.3 | 69.1 | 0.02 | % |
| Hook Line and Schooner Vinings LLC | (#,^) | 400 West Village Way #3009, Smyrna, GA 30008 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/4/2029 | 19.1 | 19.1 | 18.5 | 0.01 | % |
| Soto Injury Law Firm, PA and My Attorney Inc | (#,^) | 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/3/2029 | 53.4 | 53.4 | 48.8 | 0.02 | % |
| Mega Sales Detergent Distributor, LLC | (#,^) | 1 Ackerman Ave, Clifton, NJ 07011 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/29/2029 | 42.1 | 42.1 | 38.5 | 0.01 | % |
| Codorado, Inc. dba Dentalmart | (#,^) | 10 Glorieta Rd, Sante Fe, NM 87508 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/27/2029 | 8.9 | 8.9 | 8.1 | — | % |
| American Bio Source, LLC dba Dieselgreen Fuels | (#,^) | 2522 N Hwy 287, Decatur, TX 76234 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 42.1 | 42.1 | 44.3 | 0.01 | % |
| Alice's Tea Cup, ATC !! LLC and ATC 111, LLC | (#,^) | 102 W 73rd St., New York, NY 10023 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/27/2029 | 248.7 | 248.7 | 229.5 | 0.07 | % |
| Loading Arms Plus Inc | (#,^) | 5401 Mitchelldale St., Ste B4, Houston, TX 77092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 66.8 | 66.8 | 61.8 | 0.02 | % |
| Behind the Scenes Chicago, LLC dba Paramount Events | (#,^) | 2744 W. Roscoe St., Chicago, IL 60618 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/27/2029 | 292.3 | 292.3 | 281.2 | 0.09 | % |
| Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports | (#,^) | 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/27/2029 | 142.4 | 142.4 | 131.2 | 0.04 | % |
| Roots'n Shoots, LLC | (#,^) | 86 Boston Rd, Chelmsford, MA 01824 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 9.0 | 9.0 | 8.2 | — | % |
| Haversack Holdings LLC | (#,^) | 7930 W Kenton Circle, Ste 260, Huntersville, NC 28078 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/27/2029 | 105.4 | 105.4 | 96.1 | 0.03 | % |
F-249
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Fullmer's Landscaping, Inc. | (#,^) | 9547 W Third St., Dayton, OH 45417 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/26/2029 | 160.9 | 160.9 | 151.8 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ultra Flow Dispense, LLC | (#,^) | 820 Prospect Hill Rd, Windsor, CT 06095 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/26/2029 | 89.8 | 89.8 | 82.4 | 0.03 | % |
| Ford Custom Renovation LLC | (#,^) | 405 Broadway St., Muncy, PA 17756 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 11/26/2029 | 7.0 | 7.0 | 6.4 | — | % |
| Hurricane Group, Inc.dba Crate Club Group | (#,^) | 101 San Patricio Ave, Ste 860, Guaynabo, PR 00968 | Other Information Services | Term Loan | Prime plus | 2.75% | 11/25/2029 | 46.6 | 46.6 | 42.5 | 0.01 | % |
| B.S Carrier LLC and United Truck & Trailer Repair LLC | (#,^) | 3716 Garman Rd, Salem, VA 24153 | Truck Transportation | Term Loan | Prime plus | 2.75% | 11/25/2029 | 199.2 | 199.2 | 201.5 | 0.07 | % |
| S&C Cookies, Inc | (#,^) | 1969 Jericho Turnpike, East Northport, NY 11731 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 11/22/2029 | 47.4 | 47.4 | 43.4 | 0.01 | % |
| Best Choice Meats, Inc, | (#,^) | 12646 S Springfield Ave, Alsip, IL 60803 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/22/2044 | 1,294.1 | 1,294.1 | 1,461.0 | 0.47 | % |
| ZUMI LLC dba Allstate Insurance | (#,^) | 1537 W 79th St, Chicago, IL 60620 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 11/22/2029 | 10.1 | 10.1 | 10.6 | — | % |
| Cum Laude Enterprises, LLC | (#,^) | 15218 Penn Hills Lane, Houston, TX 77062 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 11/22/2029 | 16.2 | 16.2 | 16.0 | 0.01 | % |
| A&N Design Studios Inc dba Door3 Business Application | (#,^) | 370 Lexington Ave Ste 1806, Manhattan, NY 10007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/22/2029 | 75.9 | 75.9 | 73.5 | 0.02 | % |
| Place Vendome Holding Co. Inc.dba R&F Marketing | (#) | 308 Glenwood Rd, Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/22/2044 | 425.8 | 425.8 | 448.5 | 0.15 | % |
| Place Vendome Holding Co Inc.dba R&F Marketing | (#) | 610 East Main St., Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/22/2029 | 205.4 | 205.4 | 201.7 | 0.07 | % |
| Peanut Butter & Co Inc | (#,^) | 119 West 57th St., Ste 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/22/2029 | 158.1 | 158.1 | 144.2 | 0.05 | % |
| Coral Springs Family Wellness LLC | (#,^) | 2902 North University Dr, Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/21/2030 | 107.6 | 107.6 | 98.9 | 0.03 | % |
| Weeping Willow Kennel Inc | (#,^) | 6041 Hammond School Rd, Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/21/2029 | 3.8 | 3.8 | 4.0 | — | % |
| The Rollin' Trapp LLC | (#,^) | 1731 Prevatt Rd, Dothan, AL 36301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2029 | 6.8 | 6.8 | 6.6 | — | % |
| Cobb Roofing LLC | (#,^) | 8101 NW 10th St, Oklahoma City, OK 73127 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/21/2029 | 49.0 | 49.0 | 44.7 | 0.01 | % |
| AMH Construction, Inc. | (#,^) | 30 South Ivey Lane, Orlando, FL 32811 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 11/20/2044 | 264.6 | 264.6 | 298.8 | 0.10 | % |
| AMH Construction, Inc. | (#,^) | 30 South Ivey Lane, Orlando, FL 32811 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 11/20/2029 | 63.2 | 63.2 | 64.1 | 0.02 | % |
| Cable Management LLC | (#,^) | 290 Pratt St., Meriden, CT 06450 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/20/2029 | 115.9 | 115.9 | 110.7 | 0.04 | % |
| AD Learning Group, LLC dba The Learning Experience & AD Learning NH | (#,^) | 181 Shunpike Rd, Cromwell, CT 06416 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/18/2029 | 115.9 | 115.9 | 105.7 | 0.03 | % |
| Ryan & Selena LLC dba Head of the Class Learning Center | (#,^) | 1836 Kathleen Rd, Lakeland, FL 33805 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/18/2044 | 429.6 | 429.6 | 480.6 | 0.16 | % |
F-250
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Lindsley Excavating LLC | (#,^) | 92 Town Line Rd, Fulton, NY 13069 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/15/2029 | 162.3 | 162.3 | 161.9 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Champions Of Diversity Media Inc dba Champions of Diversity | (#,^) | 5100 Transamerica Dr, Columbus, OH 43228 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/15/2044 | 69.8 | 69.8 | 78.8 | 0.03 | % |
| MToxins Venom Lab LLC | (#,^) | 717 Oregon St., Oshkosh, WI 54902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/15/2044 | 97.5 | 97.5 | 107.3 | 0.03 | % |
| SSH Princeton LLC dba Stumpy's Hatchet House of Princeton | (#,^) | 745 Alexander Rd, Ste 1-3, Princeton, NJ 08540 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/15/2030 | 37.6 | 37.6 | 34.4 | 0.01 | % |
| Ninth Avenue, LLC | (#,^) | Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/14/2030 | 57.8 | 57.8 | 54.1 | 0.02 | % |
| Sean McNamara | (#) | 5639 Wood Lane, Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 11/14/2029 | 10.8 | 10.8 | 11.1 | — | % |
| Rockin Robin Music Lessons LLC | (#,^) | 9029 Hwy 6, Ste 160, Missouri City, TX 77459 | Educational Services | Term Loan | Prime plus | 2.75% | 11/14/2029 | 6.7 | 6.7 | 6.1 | — | % |
| Winning Sales Plan Inc | (#,^) | 17811 Fairhaven Gateway, Cypress, TX 77433 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/14/2029 | 42.2 | 42.2 | 44.4 | 0.01 | % |
| The Pinnacle Development Group Inc dba The Goddard School | (#) | 105 Springside Dr, Akron, OH 44333 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/14/2029 | 10.8 | 10.8 | 11.1 | — | % |
| Ameen Enterprises, LLC dba Bargain Town | (#,^) | 1111 E Washington St, Stephenville, TX 76401 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/12/2029 | 105.4 | 105.4 | 110.5 | 0.04 | % |
| Potomac Nail Spa Corporation | (#,^) | 14901 Potomac Town Place,, Woodbridge, VA 22191 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/12/2029 | 46.9 | 46.9 | 43.0 | 0.01 | % |
| Two Roses Salon 1, Inc.dba National Fluid Power Institute | (#,^) | 908 S Jefferson St., Amarillo, TX 79101 | Educational Services | Term Loan | Prime plus | 2.75% | 11/12/2029 | 326.0 | 326.0 | 316.4 | 0.10 | % |
| Adrienne's Gourmet Foods, Imagine Baking Inc | (#,^) | 1034 Hancock St., Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/12/2044 | 390.9 | 390.9 | 441.3 | 0.14 | % |
| Steven French dba French Woodworking | (#,^) | 1101 Horizon Dr Ste 101, Fairfield, CA 94533 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/12/2044 | 60.1 | 60.1 | 67.9 | 0.02 | % |
| HH Wireless Connect LLC | (#,^) | 48267 Deer Trail Dr, Canton, MI 48187 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 11/12/2029 | 7.0 | 7.0 | 6.3 | — | % |
| James Richard Farkas Jr. dba Lil Black Bear Inn | (#,^) | 8072 State Rd 46 East, Nashville, TN 47448 | Accommodation | Term Loan | Prime plus | 2.75% | 11/12/2044 | 105.1 | 105.1 | 116.4 | 0.04 | % |
| NJ Floats, Inc | (#,^) | 327 Route 202/206, Bedminster Township, NJ 07921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/12/2046 | 274.0 | 274.0 | 309.3 | 0.10 | % |
| SSD Designs LLC | (#,^) | 486 Vance St, Forest City, NC 28043 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 1/12/2030 | 319.1 | 319.1 | 309.8 | 0.10 | % |
| Adrienne's Gourmet Foods, Imagine Baking, Inc | (#,^) | 1034 Hancock St., Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 11/12/2029 | 446.3 | 446.3 | 453.9 | 0.15 | % |
| East River Plumbing, LLC | (#,^) | 997 E Loop, Priest River, ID 83856 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/8/2044 | 48.1 | 48.1 | 54.3 | 0.02 | % |
| Integrated Vascular Services LLC | (#,^) | 1452 Franklin Ave, Salem, OR 44460 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/8/2029 | 66.5 | 66.5 | 61.1 | 0.02 | % |
F-251
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Link Recreational, Inc | (#,^) | 304 Business Hwy 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/7/2029 | 721.9 | 721.9 | 666.7 | 0.22 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Link Recreational, Inc | (#,^) | 304 Business Hwy 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/7/2044 | 378.9 | 378.9 | 427.8 | 0.14 | % |
| Fave Realty, Inc. | (#,^) | 217-84 Hempstead Ave, Jamaica, NY 11429 | Real Estate | Term Loan | Prime plus | 2.75% | 10/31/2044 | 112.5 | 112.5 | 127.0 | 0.04 | % |
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr, Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 10/31/2044 | 223.6 | 223.6 | 252.4 | 0.08 | % |
| C&P Trading and Sales Inc | (#,^) | 950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/31/2029 | 209.4 | 209.4 | 191.1 | 0.06 | % |
| 11900 Marshfield Station Inc | (#,^) | 11900 S Marshfield Ave, Calumet Park, IL 60827 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 10/31/2044 | 1,229.9 | 1,229.9 | 1,388.5 | 0.45 | % |
| Kerzner Contracting Corp | (#,^) | 1620 Ocean Ave, Bohemia, NY 11716 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/31/2029 | 94.1 | 94.1 | 85.9 | 0.03 | % |
| L& F Gullo Service Corp | (#,^) | 520 Main St, Westbury, NY 11590 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/31/2029 | 146.4 | 146.4 | 133.6 | 0.04 | % |
| The Committed Pig LLC | (#,^) | 28 West Park Place, Morristown, NJ 07090 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/31/2029 | 249.4 | 249.4 | 262.5 | 0.08 | % |
| Guru Kirpa, Inc | (#,^) | 3006 New Castle Ave, New Castle, DE 19720 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 10/31/2044 | 187.9 | 187.9 | 207.6 | 0.07 | % |
| Maine Service Corp | (#,^) | 59-24 55th St., Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/31/2029 | 104.6 | 104.6 | 110.1 | 0.04 | % |
| Mariscos El Oceano, Inc. | (#,^) | 5960 S Archer Ave, Chicago, IL 60638 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/31/2044 | 122.4 | 122.4 | 138.2 | 0.04 | % |
| MJ Group, Inc | (#,^) | 26691 Loma Verde, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/31/2029 | 17.8 | 17.8 | 16.3 | 0.01 | % |
| D & H Construction Services, Inc. | (#,^) | 711 Hospital St., Richmond, VA 23219 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 10/31/2029 | 117.1 | 117.1 | 110.7 | 0.04 | % |
| Automotive Solutions, LLC | (#,^) | 1910 W. Dupont Rd, Fort Wayne, IN 46818 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/31/2044 | 290.9 | 290.9 | 328.1 | 0.11 | % |
| Automotive Standard, LLC | (#,^) | 4028 Coldwater Rd, Fort Wayne, IN 46805 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/31/2044 | 134.4 | 134.4 | 151.8 | 0.05 | % |
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr, Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus | 2.75% | 10/31/2029 | 56.5 | 56.5 | 59.4 | 0.02 | % |
| BGB Leasing Inc and BGB Leasing Co. | (#,^) | 50 Industrial Park Rd, Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus | 2.75% | 10/30/2029 | 970.5 | 970.5 | 939.6 | 0.30 | % |
| Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant | (#,^) | 905 Savoy Rd, Youngsville, LA 70592 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/30/2029 | 60.9 | 60.9 | 56.4 | 0.02 | % |
| Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet | (#,^) | 9912 Arizona Dr, Mohave Valley, AZ 86440 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/30/2029 | 54.4 | 54.4 | 50.4 | 0.02 | % |
| Plastic Depot, Inc | (#,^) | 363 East Alondra Blvd, Gardena, CA 90248 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 10/30/2029 | 132.4 | 132.4 | 120.9 | 0.04 | % |
| BGB Leasing Co. | (#,^) | 50 Industrial Park Rd, Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus | 2.75% | 10/30/2044 | 86.5 | 86.5 | 97.7 | 0.03 | % |
F-252
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Paul Wintner dba P & R Props | (#,^) | 23901 Calabasas Rd, Calabasas, CA 91302 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/30/2029 | 47.1 | 47.1 | 42.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Corple Enterprises, Inc | (#,^) | 17887 US-380, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/28/2029 | 140.2 | 140.2 | 143.7 | 0.05 | % |
| Proximo Consulting Services Inc | (#,^) | 2500 Plaza 5, Jersey City, NJ 07311 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/28/2029 | 62.7 | 62.7 | 57.2 | 0.02 | % |
| OWL Inc, | (#,^) | 5300 S Orange Blossom Trail, Orlando, FL 32839 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 10/28/2029 | 177.8 | 177.8 | 162.2 | 0.05 | % |
| Perisseia Physicians LLC | (#,^) | 1644 Lebanon Rd, Lawrenceville, GA 30043 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/28/2044 | 384.5 | 384.5 | 423.0 | 0.14 | % |
| Marnon Vending LLC dba Naturals 2 Go San Antonio | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 10/28/2029 | 6.6 | 6.6 | 6.5 | — | % |
| Diamond Solutions LLC | (#,^) | 7845 East Evans Rd . Ste A, Scottsdale, AZ 85260 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 10/25/2029 | 10.7 | 10.7 | 9.7 | — | % |
| Landmark Ventures USA, Inc | (#,^) | 475 Park Ave S, 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 10/25/2029 | 87.8 | 87.8 | 80.1 | 0.03 | % |
| Jbang LLC, WM Bang LLC, Bang Investments LLC | (#,^) | 125 Westchester Ave, White Plains, NY 10601 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/25/2029 | 58.7 | 58.7 | 61.0 | 0.02 | % |
| Four Ace Electrical Services Corporation | (#,^) | 3723 Far Niente Way, Sacramento, CA 95834 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/25/2029 | 10.0 | 10.0 | 9.3 | — | % |
| Sultan's Palace L.L.C. | (#,^) | 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/24/2029 | 17.7 | 17.7 | 16.7 | 0.01 | % |
| Fimac Inc dba American Educational Services | (#,^) | 26300 La Alameda, Ste 200, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/23/2029 | 18.8 | 18.8 | 17.3 | 0.01 | % |
| James Clark and Company, Inc. | (#) | 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/22/2029 | 10.7 | 10.7 | 11.1 | — | % |
| Pyle Garage Doors OKC, INC dba Precision Door Service OKC | (#,^) | 8860 S Sunnylane Rd, Oklahoma City, OK 73135 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/22/2029 | 12.3 | 12.3 | 11.2 | — | % |
| Todd's Car Wash, LLC | (#,^) | 5505 Johnston St., Lafayette, LA 70506 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/18/2044 | 330.4 | 330.4 | 373.0 | 0.12 | % |
| Roughcut LLC | (#,^) | 41540 National Rd, Belmont, OH 43718 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/17/2029 | 398.0 | 398.0 | 418.9 | 0.14 | % |
| Owens Family and Cosmetic Dentistry PLLC | (#,^) | 403 E College St., Pulaski, TN 38478 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/17/2029 | 225.5 | 225.5 | 212.3 | 0.07 | % |
| UNIQUE PAVER INSTALLATIONS, INC. | (#,^) | 4930 Mars Hill Rd, Bogart, GA 30622 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/17/2029 | 19.5 | 19.5 | 18.6 | 0.01 | % |
| Pine Mountain Residential LLC | (#) | 10240 Cosmopolitan Circle, Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/16/2029 | 10.7 | 10.7 | 11.1 | — | % |
| Powerlift Dumbwaiters, Inc | (#) | 2444 Georgia Slide Rd, Georgetown, CA 95634 | Machinery Manufacturing | Term Loan | Prime plus | 6.5% | 10/16/2029 | 10.4 | 10.4 | 10.7 | — | % |
| The Cow Harbor Beer Company LLC dba Sand City Brewing Co. | (#,^) | 19 Scudder Ave, Northport, NY 11768 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/11/2031 | 283.8 | 283.8 | 270.1 | 0.09 | % |
F-253
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Glenda D Brewer dba Bargain Store | (#) | 107 Tabernacle Church Rd, Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus | 6.5% | 10/11/2029 | 10.7 | 10.7 | 11.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail | (#,^) | 5604 Slide Rd, Lubbock, TX 79414 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/11/2029 | 141.5 | 141.5 | 130.8 | 0.04 | % |
| Q2 Ventures, LLC | (#,^) | 2805 W Arimo Rd, Arimo, ID 83214 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/8/2029 | 148.5 | 148.5 | 153.6 | 0.05 | % |
| Paketo LLC dba West Loop UPS Store | (#,^) | 623 W Lake St., Chicago, IL 60661 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 10/4/2029 | 13.8 | 13.8 | 12.8 | — | % |
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St., Gainsville, FL 32605 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/30/2029 | 169.7 | 169.7 | 155.3 | 0.05 | % |
| Heart and Vascular Associates of Tampa, LLC | (#,^) | 17 David Blvd, Tampa, FL 33606 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2044 | 743.4 | 743.4 | 809.6 | 0.26 | % |
| Joseph P Fusco DDS PC | (#,^) | 77 N Centre Ave, Rockville Centre, NY 11570 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 55.1 | 55.1 | 50.3 | 0.02 | % |
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St., Gainesville, FL 32605 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/30/2044 | 177.3 | 177.3 | 199.8 | 0.06 | % |
| AV Strategy, Inc | (#,^) | 9468 American Eagle Way Ste 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 233.8 | 233.8 | 225.9 | 0.07 | % |
| In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC | (#,^) | 2301 W. Buckeye Rd, Phoenix, AZ 85009 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/30/2044 | 599.7 | 599.7 | 661.9 | 0.21 | % |
| International Protection Group, LLC | (#,^) | 481 8th Ave Ste 1130, New York, NY 10001 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 68.5 | 68.5 | 69.6 | 0.02 | % |
| 50 Taps, LLC dba Colorado Taproom & Grill | (#,^) | 19539 Hess Rd Ste Ste #101, Parker, CO 80134 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2029 | 64.3 | 64.3 | 59.4 | 0.02 | % |
| Crown Waste Corp | (#,^) | 1 Plainview Rd, Bethpage, NY 11714 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 9/30/2029 | 41.5 | 41.5 | 40.0 | 0.01 | % |
| Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro | (#,^) | 725 Atlantic Blvd, Atlantic Beach, FL 32233 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2029 | 7.3 | 7.3 | 6.7 | — | % |
| Meldi Maa, Inc dba The River Complex | (#,^) | 74 S Main St., Woonsocket, RI 02895 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2044 | 407.2 | 407.2 | 459.8 | 0.15 | % |
| Wagner & Sons Inc | (#,^) | 22365 Alydar Dr, Lexington Park, MO 20653 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/27/2029 | 15.6 | 15.6 | 14.3 | — | % |
| Zima Dining Inc. dba Country Kitchen | (#,^) | 1497 N Mt. Vernon Ave, Colton, CA 92324 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/27/2029 | 52.3 | 52.3 | 54.9 | 0.02 | % |
| Hoagie Barmichaels Inc | (#,^) | 1101 River Rd, New Windsor, NY 12553 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/27/2044 | 108.4 | 108.4 | 117.2 | 0.04 | % |
| Universe Appliance Repairs Inc. | (#,^) | 3790 Merrick Rd, Seaford, NY 11783 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2044 | 563.8 | 563.8 | 611.1 | 0.20 | % |
| Aztec Machine & Repair Inc, Cranrd & Material | (#,^) | 1715 N 1st St, Bloomfield, NM 87413 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2044 | 683.7 | 683.7 | 751.0 | 0.24 | % |
| Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma | (#,^) | 3721 North 162nd St., Garber, OK 73701 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/27/2029 | 952.5 | 952.5 | 917.7 | 0.30 | % |
F-254
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Titan Laser Screed Concrete Services, LLC | (#,^) | 8908 Wildlife Lane, Sanford, FL 32771 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2029 | 41.5 | 41.5 | 38.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Universe Appliance Repairs Inc. | (#,^) | 3790 Merrick Rd, Seaford, NY 11783 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2029 | 549.9 | 549.9 | 525.8 | 0.17 | % |
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave Unit 342, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2029 | 166.2 | 166.2 | 151.8 | 0.05 | % |
| Zmetra Clearspan Structures LLC | (#,^) | 2 Old Worcester Rd, Webster, MA 01571 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 9/27/2044 | 419.9 | 419.9 | 474.1 | 0.15 | % |
| Cherry and Candlewood Inc dba Aamco | (#,^) | 3029 South St., Long beach, CA 90805 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/27/2044 | 415.3 | 415.3 | 468.8 | 0.15 | % |
| Santa Fe Flooring LLC | (#,^) | 3711 Paseo Del Norte NE, Albuquerque, NM 87113 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/26/2029 | 424.9 | 424.9 | 400.0 | 0.13 | % |
| Adam's Construction & General Contracting LLC | (#,^) | 7808 N Custer Rd, Freesoil, MI 49411 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 9/26/2029 | 61.0 | 61.0 | 57.5 | 0.02 | % |
| Byler, Wolfe, Lutsch and Kampfer CPAs, Inc | (#,^) | 360 East State St., Salem, OH 44460 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/25/2044 | 51.0 | 51.0 | 54.6 | 0.02 | % |
| Anderson's Outdoor Adventures, LLC | (#,^) | 4060 SW County Rd 232, Bell, FL 32619 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/25/2029 | 18.7 | 18.7 | 19.5 | 0.01 | % |
| Quality Machine of Iowa, Inc | (#,^) | 1040 4th Ave, Audubon, IA 50025 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/25/2029 | 56.5 | 56.5 | 59.4 | 0.02 | % |
| Flamingo Bowl, Inc | (#,^) | 3301 N 23rd St., McAllen, TX 78501 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/24/2029 | 183.2 | 183.2 | 177.7 | 0.06 | % |
| Unified Utility Services LLC | (#,^) | 206 Frankie Lane, Ladson, SC 29456 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 9/20/2044 | 151.6 | 151.6 | 171.2 | 0.06 | % |
| Standard Real Estate Services LLC | (#) | 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus | 6.5% | 9/19/2029 | 10.7 | 10.7 | 10.9 | — | % |
| Host Marketing, LLC | (#) | 206 Bell Lane, Ste B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/18/2029 | 10.7 | 10.7 | 10.9 | — | % |
| Payne's Enviromental Service, LLC dba Bamaco | (#,^) | 5617 Causeway Blvd, Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/18/2044 | 500.9 | 500.9 | 549.6 | 0.18 | % |
| Vancole Investments, Inc. dba Smoothie King #913 | (#,^) | 876 Virginia Ave, Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/17/2029 | 9.9 | 9.9 | 9.0 | — | % |
| Natalie Hart LLC dba Lady of Luxury & dba Country Sugar Events | (#,^) | 1702 Fawn Gate St, San Antonio, TX 78248 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/17/2029 | 51.0 | 51.0 | 50.0 | 0.02 | % |
| Win Health Institute, LLC | (#,^) | 711 E Valley Rd, Basalt, CO 81621 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/17/2029 | 6.2 | 6.2 | 5.9 | — | % |
| Game Station, Inc. | (#,^) | 2917 1st Ave SE, Cedar Rapids, IA 52402 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/16/2029 | 16.8 | 16.8 | 16.4 | 0.01 | % |
| Bay Bowl Inc dba Shasta Lanes | (#,^) | 11093 Black Marble Way, Redding, CA 96003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/13/2044 | 515.8 | 515.8 | 582.3 | 0.19 | % |
| The Steel Method LLC dba Sneeze It | (#,^) | 250 Passaic Ave Ste 200, Fairfield, NJ 07004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/12/2029 | 140.1 | 140.1 | 127.9 | 0.04 | % |
| Oak Park Social LLC | (#,^) | 14691 W 11 Mile Rd, Oak Park, MI 48237 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/12/2045 | 129.4 | 129.4 | 143.1 | 0.05 | % |
F-255
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| ACSS CPA, LLC | (#,^) | 1016 S Texas Blvd, Weslaco, TX 78599 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/12/2044 | 38.4 | 38.4 | 42.8 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Prime Precision Machining, LLC | (#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Real Estate | Term Loan | Prime plus | 2.75% | 9/11/2044 | 267.9 | 267.9 | 296.9 | 0.10 | % |
| Covert Recordings LLC | (#,^) | 31-65 138th St. Apartment 3K, Flushing, NY 11354 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/11/2029 | 9.8 | 9.8 | 10.2 | — | % |
| Prime Precision Machining, LLC | (#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/11/2029 | 200.8 | 200.8 | 189.7 | 0.06 | % |
| Miami Squeeze Inc dba Miami Squeeze, LLC | (#,^) | 18315 W. Dixie Hwy, North Miami Beach, FL 33160 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/11/2029 | 95.9 | 95.9 | 92.0 | 0.03 | % |
| Body on Cue Health and Fitness LLC | (#,^) | 129 A Orpha Dr, Middlebury, IN 46840 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/6/2029 | 37.4 | 37.4 | 34.5 | 0.01 | % |
| Philly Games Inc.dba Queen & Rock Game Cafe | (#,^) | 607-609 S 2nd St., Philadelphia, PA 19147 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/5/2029 | 51.7 | 51.7 | 47.4 | 0.02 | % |
| Eco Electric LLC | (#,^) | 5380 Cameron St, Las Vegas, NV 89118 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/5/2029 | 54.5 | 54.5 | 49.7 | 0.02 | % |
| SVT Masonry Limited Liability Company | (#,^) | 1208 Houghton Lane, Bennington, VT 05201 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/5/2029 | 61.6 | 61.6 | 62.8 | 0.02 | % |
| Dog House Sportfishing Charters Inc | (#) | 83413 Overseas Hwy, Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 6.5% | 8/30/2029 | 10.6 | 10.6 | 10.9 | — | % |
| No Push Backs, LLC | (#) | 5405 Neshaminy Blvd, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/30/2029 | 10.3 | 10.3 | 10.5 | — | % |
| Camror LTD dba Jersey Mike's | (#,^) | 5946 Meijer Dr, Cincinnati, OH 45150 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/29/2030 | 74.4 | 74.4 | 78.5 | 0.03 | % |
| 3C Consumer Network & Designs LLC | (#,^) | 7676 Hillmont St., Ste 109, Houston, TX 77040 | Real Estate | Term Loan | Prime plus | 2.75% | 8/29/2029 | 12.4 | 12.4 | 11.7 | — | % |
| Double Scoop Ice Cream, LLC | (#,^) | 2970 Stonecrest Pass, Lithonia, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/29/2044 | 92.7 | 92.7 | 103.2 | 0.03 | % |
| Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC | (#,^) | 361 Troy Ave, Brooklyn, NY 11213 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/29/2029 | 32.9 | 32.9 | 34.6 | 0.01 | % |
| Esquire Mini Mart LLC & Morgan Store Building LLC | (#,^) | 12595 S Somerton Ave, Yuma, AZ 85365 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/29/2029 | 42.2 | 42.2 | 42.3 | 0.01 | % |
| Groton Bowling Center and Entertainment Inc | (#,^) | 27 Kings Hwy, Groton, CT 06340 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/29/2044 | 930.1 | 930.1 | 1,038.5 | 0.34 | % |
| Linsey Schwertdfeger,, Inc. | (#,^) | 740 Dennery Rd, San Diego, CA 92154 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/28/2029 | 58.4 | 58.4 | 54.0 | 0.02 | % |
| Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle | (#,^) | 377 Boston Post Rd, Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 8/28/2029 | 402.8 | 402.8 | 380.4 | 0.12 | % |
| Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC | (#,^) | 190 Minerva St., Tonawanda, NY 14150 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/28/2044 | 57.6 | 57.6 | 65.0 | 0.02 | % |
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/28/2029 | 78.2 | 78.2 | 82.1 | 0.03 | % |
| HRS2, LLC | (#,^) | 5410 Pipers Creek Court, Sugar Land, TX 77479 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/28/2029 | 190.7 | 190.7 | 193.6 | 0.06 | % |
F-256
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| The Hometown Welcome Program, Inc & Fredric Anthony | (#,^) | 107 S Nottawa St, Sturgis, MI 49091 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/27/2029 | 80.2 | 80.2 | 77.8 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maryland Urgent Care, Inc. | (#,^) | 9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/27/2044 | 44.2 | 44.2 | 49.9 | 0.02 | % |
| ADA Internacional Inc | (#,^) | 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/26/2029 | 18.5 | 18.5 | 16.9 | 0.01 | % |
| Crystal S. Prado dba Crystal Clear Accounting | (#) | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/26/2029 | 2.8 | 2.8 | 2.8 | — | % |
| Elite Motors LLC | (#,^) | 1046-1050 Orange Ave, West Haven, CT 06516 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/23/2029 | 73.2 | 73.2 | 76.9 | 0.02 | % |
| SRJ construction Corp | (#,^) | 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/23/2029 | 9.3 | 9.3 | 8.6 | — | % |
| PJT Logistics, Inc. | (#,^) | 2-4 Commerce Way, Auburn, NY 13021 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/23/2029 | 42.3 | 42.3 | 44.4 | 0.01 | % |
| The Roux Southern Kitchen, LLC | (#,^) | 252 FM 3162, Sandia, TX 78383 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/22/2029 | 14.9 | 14.9 | 15.7 | 0.01 | % |
| MS Integrated Psychotherapy & Counseling, LLC | (#,^) | 1157 Main St., Clifton, NJ 07011 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/22/2029 | 61.2 | 61.2 | 59.4 | 0.02 | % |
| Metro R Services Inc. and Metal & Roof Supplies, Inc. | (#,^) | 20 Universal Place, Carlstadt, NJ 07072 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/21/2029 | 159.6 | 159.6 | 159.7 | 0.05 | % |
| MB Nursery LLC dba The Garden Center | (#,^) | 15562 HWY-South, Whitehouse, TX 75791 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/21/2029 | 77.5 | 77.5 | 81.4 | 0.03 | % |
| William Martinez dba Bad Ass Coffee of Hawaii | (#,^) | 14101 Main St., Ste 4101, Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/20/2029 | 19.0 | 19.0 | 17.7 | 0.01 | % |
| Auto Unique LLC | (#,^) | 305 W Main St., Mayo, FL 32066 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/20/2044 | 11.8 | 11.8 | 13.3 | — | % |
| Signature Rooms, Inc. | (#,^) | 2066 Route 112, Medford, NY 11763 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 8/19/2029 | 139.0 | 139.0 | 146.0 | 0.05 | % |
| Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City | (#,^) | 7748 Troost Ave, Kansas City, MO 64131 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/15/2029 | 84.5 | 84.5 | 84.0 | 0.03 | % |
| AJN Innovations LLC dba Burgerim | (#,^) | 6704 Main St., Miami Lakes, FL 33014 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/15/2031 | 111.4 | 111.4 | 103.5 | 0.03 | % |
| American Healthy Vending, Inc | (#,^) | 5420 NW 161 St., Palmetto Lakes, FL 33014 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 8/15/2029 | 87.5 | 87.5 | 83.5 | 0.03 | % |
| Accelerate Educational Solutions, LLC dba Tutor My Success | (#,^) | 135 Clove Branch Rd, Hopewell Junction, NY 12533 | Educational Services | Term Loan | Prime plus | 2.75% | 8/14/2029 | 14.2 | 14.2 | 13.0 | — | % |
| Ranson Excavating, Inc | (#,^) | 8343 Kaula Dr, Fair Oaks, CA 95628 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/13/2029 | 12.1 | 12.1 | 11.0 | — | % |
| Love Playing LLC | (#,^) | 2200 Eastridge Loop, San Jose, CA 95122 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/9/2030 | 149.5 | 149.5 | 142.5 | 0.05 | % |
| Elixir Enterprises, LLC dba Guilford Renee's | (#,^) | 637 Boston Post Rd, Guilford, CT 06437 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/8/2029 | 16.2 | 16.2 | 14.8 | — | % |
F-257
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| A & S Services LLC dba Kona Ice of Troy | (#) | 3888 Lightner Rd, Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 8/7/2029 | 10.6 | 10.6 | 10.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Accord Law, APC | (#,^) | 82555 Grass Flat Lane, Indio, CA 92203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/2/2029 | 6.2 | 6.2 | 5.6 | — | % |
| Leader Engineering-Fabrication, Inc. | (#,^) | 695 Independence DrIive, Napoleon, OH 43545 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/2/2029 | 103.2 | 103.2 | 108.4 | 0.04 | % |
| East Coast Flight Services, Inc and Aviation Consulting Enterprise | (#,^) | 27603 Pkwy Rd, Easton, MD 21601 | Air Transportation | Term Loan | Prime plus | 2.75% | 7/31/2029 | 447.4 | 447.4 | 424.9 | 0.14 | % |
| Billy Auto Inc | (#,^) | 632 N Broadway, Amityville, NY 11701 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/31/2044 | 311.1 | 311.1 | 338.2 | 0.11 | % |
| Canyon Lake Kids Academy, LLC | (#,^) | 130 Charter Oak Dr, Canyon Lake, TX 78133 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/31/2044 | 94.0 | 94.0 | 105.6 | 0.03 | % |
| Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad | (#,^) | 28940 Golden Lantern, Laguna Niguel, CA 92677 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/31/2029 | 9.3 | 9.3 | 8.9 | — | % |
| Gray Rock Quarry, LLC and William E Dailey III | (#,^) | 54 West Milton Rd, Milton, VT 05468 | Mining (except Oil and Gas) | Term Loan | Prime plus | 2.75% | 7/31/2044 | 431.4 | 431.4 | 446.8 | 0.14 | % |
| La Mount Group LLC | (#,^) | 3111 Princeton Rd, Hamilton, OH 45011 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/31/2029 | 208.4 | 208.4 | 189.7 | 0.06 | % |
| St. Francis Home Health Inc | (#,^) | 5246 SW 8th St 103B, Coral Gables, FL 33134 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/31/2029 | 61.3 | 61.3 | 55.8 | 0.02 | % |
| Genecco Produce, Inc. & Leo Genecco & Sons, Inc. | (#,^) | 1850 Rochester Rd, Canadaigua, NY 14424 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 7/31/2029 | 659.8 | 659.8 | 655.8 | 0.21 | % |
| Living Spring Home Health Inc. | (#,^) | 18350 Kedzie Ave Ste 204, Homewood, IL 60430 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/31/2029 | 110.4 | 110.4 | 107.1 | 0.03 | % |
| Dant A Sandras, D.D.S. LLC | (#,^) | 13373 Hwy 3235, Larose, LA 70373 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/30/2029 | 195.7 | 195.7 | 182.2 | 0.06 | % |
| Jbelis Stop N' Go, LLC dba Planet Smoothie | (#,^) | 2565 E 17th St, Ammons, ID 83406 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/30/2029 | 15.9 | 15.9 | 14.7 | — | % |
| Aeromax Industries, Inc, HITM, Inc and TMCB LLC | (#,^) | 9027 Canoga Ave, Canoga Park, CA 91301 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 7/30/2044 | 754.7 | 754.7 | 819.7 | 0.27 | % |
| Grad Street LLC | (#) | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 7/30/2029 | 6.1 | 6.1 | 6.3 | — | % |
| Micheal Birch and Tracy M. Pierce | (#,^) | E 2947 H-44, Traunik, MI 49891 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 7/29/2044 | 52.0 | 52.0 | 58.8 | 0.02 | % |
| Sou's LLC | (#,^) | 739 NE MLK Blvd, Portland, OR 97221 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/26/2029 | 4.9 | 4.9 | 4.8 | — | % |
| Power Associates Inc. | (#,^) | 2766 West Good CT, Boise, ID 83702 | Real Estate | Term Loan | Prime plus | 2.75% | 7/26/2029 | 12.3 | 12.3 | 11.2 | — | % |
| Dan Dahlin Inc. | (#,^) | 16465 MN-65, Ham Lake, MN 55304 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/26/2044 | 391.4 | 391.4 | 441.9 | 0.14 | % |
| Moore Chiropractic Center, P.A. | (#,^) | 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/26/2029 | 7.5 | 7.5 | 7.8 | — | % |
| Franklin Care Pharmacy Incorporated | (#,^) | 520 N Franklintown Rd, Baltimore, MD 21223 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 7/25/2029 | 44.3 | 44.3 | 46.6 | 0.02 | % |
F-258
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| A&W ALF, LLC dba A & W Assisted Living Facility | (#,^) | 6600 Liberty Rd, Gwynn Oak, MD 21207 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 7/24/2044 | 95.7 | 95.7 | 108.1 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hardrock Alpha Enterprises, LLC | (#,^) | 5101 Stine Rd, Bakersfield, CA 93313 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/19/2029 | 12.9 | 12.9 | 12.0 | — | % |
| 700 Services Inc.dba 700 Credit Repair | (#,^) | 1201 N Goliad St., Rockwall, TX 75087 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 7/19/2029 | 6.1 | 6.1 | 5.6 | — | % |
| Lawrence Adeyemo & Co LLC | (#) | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2029 | 8.5 | 8.5 | 8.7 | — | % |
| JDM2 Water Station LLC | (#,^) | 125 Chestnut Hill Dr, York, PA 17408 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/18/2029 | 171.0 | 171.0 | 167.6 | 0.05 | % |
| Bonfire Hot Yoga LLC | (#,^) | 3665 SW Hall Blvd, Beaverton, OR 97005 | Educational Services | Term Loan | Prime plus | 2.75% | 7/18/2029 | 6.7 | 6.7 | 6.3 | — | % |
| Ameritube, LLC | (#,^) | 1000 North Hwy 77, Hillsboro, TX 76645 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 7/18/2029 | 102.2 | 102.2 | 107.3 | 0.03 | % |
| Baton Rouge Cargo Services Inc | (#,^) | 6013 McRaven Rd, Jackson, MS 39209 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 7/17/2044 | 280.4 | 280.4 | 310.5 | 0.10 | % |
| Garage Floor Coating of MN.com,LLC | (#,^) | 6701 West 23rd St., St. Louis Park, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/16/2044 | 955.1 | 955.1 | 1,044.7 | 0.34 | % |
| Adam Family Bowl Inc | (#,^) | 1504 Chestnut St., Mishawaka, IN 46545 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/16/2044 | 127.3 | 127.3 | 143.1 | 0.05 | % |
| Bouquet Canyon Kennels | (#,^) | 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/16/2044 | 288.3 | 288.3 | 312.2 | 0.10 | % |
| Beacon Metal Fabricators, Inc. | (#,^) | 5425-D Hamilton Ave, Cleveland, OH 44114 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 7/12/2029 | 57.2 | 57.2 | 56.5 | 0.02 | % |
| Last Touch, LLC | (#,^) | 1612 Jackson St., Spirit Lake, IA 51360 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/11/2044 | 97.3 | 97.3 | 106.8 | 0.03 | % |
| Menskha Inc | (#) | 88 High St., Mountclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 7/10/2029 | 10.5 | 10.5 | 10.8 | — | % |
| D DeGregoria LLC dba The UPS Store 4235 Massapequa | (#,^) | 4940 Merrick Rd, Massapequa Park, NY 11762 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 7/10/2029 | 64.8 | 64.8 | 60.1 | 0.02 | % |
| Nash-Delphia LLC | (#,^) | 2135 Gallatin Pike N, Store 4, Madison, TN 37115 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 7/2/2029 | 12.1 | 12.1 | 12.1 | — | % |
| Good News Cafe, LLC | (#,^) | 694 Main St. South, Woodbury, CT 06798 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/28/2044 | 239.0 | 239.0 | 269.8 | 0.09 | % |
| 5161 LLC | (#,^) | 1478 E Mountain Dr, Santa Barbara, CA 93108 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/28/2029 | 513.7 | 513.7 | 546.3 | 0.18 | % |
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shoppers Lane, Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/28/2029 | 251.7 | 251.7 | 250.1 | 0.08 | % |
| Sundown Audio, LLC | (#,^) | 514 West 21St St., Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2044 | 868.7 | 868.7 | 980.7 | 0.32 | % |
| Balboa Fashion LLC | (#,^) | 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2029 | 6.1 | 6.1 | 6.0 | — | % |
| Nevada Recycling and Salvage LTD, AMCB LLC | (#,^) | 1085 Telegraph St, Reno, NV 89502 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/28/2044 | 1,190.5 | 1,190.5 | 1,344.0 | 0.43 | % |
F-259
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Crestview Ridge Farms LLC | (#,^) | 1172 Co Rd 956, Ashland, OH 44805 | Crop Production | Term Loan | Prime plus | 2.75% | 6/28/2044 | 514.9 | 514.9 | 581.4 | 0.19 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Richmond Street Partners, LLC | (#,^) | 200 E Chestnut St, Chicago, IL 60611 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 6/28/2029 | 84.0 | 84.0 | 83.7 | 0.03 | % |
| K & K Restaurant LLC | (#,^) | 6607 S Central Ave, Phoenix, AZ 85042 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/28/2044 | 121.4 | 121.4 | 137.0 | 0.04 | % |
| Southern Specialties Transportation LLC | (#,^) | 116 Toledo Dr, Lafayette, LA 70506 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/28/2029 | 23.0 | 23.0 | 24.5 | 0.01 | % |
| Jian Yang and Kanger House LLC | (#,^) | 48 Horse Hill Rd, Cedar Knolls, NJ 07927 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/27/2029 | 97.4 | 97.4 | 96.9 | 0.03 | % |
| Kim Howard Corp dba NPN Machine Tools | (#,^) | 9130 Wayfarer Ln, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2029 | 197.2 | 197.2 | 210.1 | 0.07 | % |
| Port Huron Ophthalmology, PLLC dba Black River Optical | (#,^) | 1033 River St., Port Huron, MI 48060 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/28/2029 | 12.2 | 12.2 | 12.1 | — | % |
| Advance Transit LLC | (#,^) | 574-614 Tonnelle Ave, Jersey City, NJ 07307 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 6/28/2044 | 746.0 | 746.0 | 842.2 | 0.27 | % |
| NJ Floats Inc | (#,^) | 1 Robertson Rd, Ste 13, Bedminster, NJ 07921 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/28/2044 | 172.3 | 172.3 | 194.6 | 0.06 | % |
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shopping Lane, Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/28/2044 | 343.5 | 343.5 | 387.8 | 0.13 | % |
| Crescent Event Productions, Inc | (#,^) | 1327 Wood Branch Dr, Charlotte, NC 28273 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/27/2029 | 283.8 | 283.8 | 286.1 | 0.09 | % |
| S & T Hardware Inc | (#,^) | 2300 Nooseneck Hill, Coventry, RI 02816 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/27/2044 | 192.6 | 192.6 | 217.4 | 0.07 | % |
| Ailky Corporation & Wyspen | (#,^) | 352 Bedford St., Lakeville, MA 02347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/27/2029 | 39.5 | 39.5 | 39.3 | 0.01 | % |
| Pawfection Pet Services LLC | (#,^) | 177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/27/2029 | 8.4 | 8.4 | 8.4 | — | % |
| All-City Towing LLC, Jeffrey James Piller | (#,^) | 1213 W Mallory Ave, Milwaukee, WI 53221 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 6/26/2029 | 327.8 | 327.8 | 339.7 | 0.11 | % |
| Lynx Inspection Technologies LLC | (#,^) | 8101 Miller Rd 2, Houston, TX 77049 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 6/26/2044 | 553.6 | 553.6 | 625.0 | 0.20 | % |
| Child Care Ventures LLC dba Childcare Adventures ELC | (#,^) | 3542 Glendale Ave, Toledo, OH 43614 | Social Assistance | Term Loan | Prime plus | 2.75% | 6/26/2044 | 141.0 | 141.0 | 159.2 | 0.05 | % |
| Soft Touch Tissue & Paper LLC | (#,^) | 1491 Hammond St., Bangor, ME 04401 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 6/26/2044 | 226.2 | 226.2 | 255.4 | 0.08 | % |
| Selective Automotive & Accessories Group, Inc | (#,^) | 2221 Pelham Pkwy, Pelham, AL 35124 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/26/2029 | 202.6 | 202.6 | 207.2 | 0.07 | % |
| Tekoa Enterpises, Inc | (#,^) | 1033 Cannon Bridge Rd, Cordova, SC 29039 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/26/2029 | 46.6 | 46.6 | 47.4 | 0.02 | % |
| Soft Touch Tissue & Paper LLC | (#,^) | 1491 Hammond, Bangor, MA 04401 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 12/26/2029 | 96.9 | 96.9 | 103.7 | 0.03 | % |
F-260
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/25/2029 | 35.3 | 35.3 | 36.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Paradise Towing & Recovery Inc | (#,^) | 1115 S. Horner Blvd, Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2044 | 70.1 | 70.1 | 79.2 | 0.03 | % |
| Paradise Towing & Recovery Inc | (#,^) | 1115 S Homer Blvd, Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2029 | 88.0 | 88.0 | 91.5 | 0.03 | % |
| Spartan Technology Solutions, Inc | (#,^) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/25/2044 | 467.0 | 467.0 | 527.2 | 0.17 | % |
| Professional Tire Limited Liability Company | (#,^) | 6655 Country Rd 32, Norwich, NY 13815 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2044 | 133.3 | 133.3 | 150.5 | 0.05 | % |
| Sweets By Karla LLC | (#,^) | 3273 South John Young Pkwy, Kissimmee, FL 34746 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2029 | 10.4 | 10.4 | 10.3 | — | % |
| Krsto, LLC dba Italian Butter Breadsticks | (#,^) | 34683 Nova Dr, Clinton Twp, MI 48035 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/24/2044 | 182.3 | 182.3 | 205.9 | 0.07 | % |
| Scissor Kids Inc | (#,^) | 63 Hebron Ave, Ste F, Glastonbury, CT 06033 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/24/2029 | 8.4 | 8.4 | 8.4 | — | % |
| Port Diesel L.L.C. | (#) | 3212 Alex Trask Dr, Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 6/21/2029 | 10.5 | 10.5 | 11.7 | — | % |
| Peninsula Self Defense LLC | (#,^) | 2766 Bay Rd, Redwood City, CA 94063 | Educational Services | Term Loan | Prime plus | 2.75% | 6/21/2029 | 4.3 | 4.3 | 4.3 | — | % |
| Campuscuts LLC | (#) | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/21/2029 | 6.3 | 6.3 | 7.1 | — | % |
| William Rose Inc | (#,^) | 1 Grace Cove Rd, New Shoreham, RI 02807 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/21/2044 | 83.6 | 83.6 | 94.0 | 0.03 | % |
| LuLuBelle's Mountain Banana Bread LLC | (#,^) | 31621 Pleasant Dr., Running Springs, CA 92382 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/21/2045 | 247.5 | 247.5 | 279.4 | 0.09 | % |
| Small Batch Creations Inc. dba The Office Bar & Grill | (#,^) | 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/21/2029 | 50.5 | 50.5 | 50.2 | 0.02 | % |
| Central Texas Hygiene, LLC. | (#,^) | 10201 McKalla Place, Austin, TX 78758 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/20/2029 | 70.1 | 70.1 | 69.6 | 0.02 | % |
| International Institute for Learning Inc. | (#,^) | 110 E 59th St ,31st floor, New York, NY 10022 | Educational Services | Term Loan | Prime plus | 2.75% | 6/19/2029 | 5.6 | 5.6 | 5.6 | — | % |
| Zion Motors Inc | (#,^) | 6949 Wall Triana Hwy, Madison, AL 35757 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/19/2044 | 58.1 | 58.1 | 65.6 | 0.02 | % |
| Bader Furniture Company Inc. | (#,^) | 704 N Liberty St., Shamokin, PA 17872 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 6/19/2029 | 6.1 | 6.1 | 6.5 | — | % |
| Beck's Pub & Grill LLC | (#,^) | N6630 WI-49, Weyauwega, WI 54983 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/19/2044 | 66.9 | 66.9 | 75.5 | 0.02 | % |
| American Demolition, Inc | (#,^) | 401 N Kuner Rd, Brighton, CO 80601 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/17/2029 | 174.0 | 174.0 | 185.4 | 0.06 | % |
| Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC | (#,^) | 501 Jackson St, Camden, NJ 08104 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/14/2029 | 251.5 | 251.5 | 257.8 | 0.08 | % |
| Kego 2 LLC dba Jon Smith Subs 80025 | (#,^) | 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/14/2029 | 87.5 | 87.5 | 88.4 | 0.03 | % |
F-261
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| A & S Services LLC dba Kona Ice of Troy | (#,^) | 3888 Lightner Rd, Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/14/2044 | 43.0 | 43.0 | 48.6 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Law Office of Paula Padilla PLLC | (#) | 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/13/2029 | 4.2 | 4.2 | 4.7 | — | % |
| Ivesters Transportation, Inc | (#,^) | 4299 South 2675 West, Roy, UT 84067 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/11/2029 | 200.6 | 200.6 | 202.2 | 0.07 | % |
| Archer Cleaners Inc | (#) | 1514 W. 33rd St., Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/10/2029 | 10.5 | 10.5 | 11.7 | — | % |
| J&A Elliott Company | (#,^) | 1118 Thornberry Dr, Clarksville, TN 37043 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/7/2029 | 8.5 | 8.5 | 9.1 | — | % |
| Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing | (#,^) | 15825-15827 Hawthorne Blve, Lawndale, CA 90260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/7/2044 | 231.6 | 231.6 | 261.5 | 0.08 | % |
| Throop Family Holding Inc dba Klamath Basin Metals and Supply | (#,^) | 7130 Crater Lake Hwy, White City, OR 97503 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/7/2029 | 32.4 | 32.4 | 33.1 | 0.01 | % |
| Allison K. Chipak dba Still Photography | (#) | 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/6/2029 | 10.5 | 10.5 | 11.7 | — | % |
| Skin Beauty Bar Inc | (#,^) | 749 8th St., Washington, DC 20003 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/6/2029 | 4.3 | 4.3 | 4.2 | — | % |
| Jamestown Quick Stop LLC | (#,^) | 3097 24th Ave, Hudsonville, MI 49426 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/5/2044 | 66.2 | 66.2 | 74.7 | 0.02 | % |
| Preferred Manufacturing Services Inc | (#,^) | 4261 Business Dr, Cameron Park, CA 95682 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/5/2029 | 385.1 | 385.1 | 410.3 | 0.13 | % |
| Oasis Senior Advisors Franchise Systems, LLC | (#,^) | 24870 Burnt Pine Dr, Bonita Springs, FL 34134 | Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) | Term Loan | Prime plus | 2.75% | 6/4/2029 | 245.9 | 245.9 | 261.9 | 0.08 | % |
| Evoke Growth Advisory LLC | (#,^) | 2600 Brookwood Way Dr, Unit 311, Rolling Meadows, IL 60008 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/3/2029 | 6.1 | 6.1 | 6.0 | — | % |
| G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodelin | (#,^) | 1450 Oakbrook Dr, Norcross, GA 30093 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/31/2029 | 93.9 | 93.9 | 94.4 | 0.03 | % |
| V & M Transportation LLC | (#,^) | 1307 27th St. Apt B, North Bergen, NJ 07047 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/31/2029 | 10.5 | 10.5 | 10.5 | — | % |
| Morey Publishing LLC | (#,^) | 575 Underhill Blvd, Ste 216, Syosset, NY 11791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/31/2029 | 50.3 | 50.3 | 50.1 | 0.02 | % |
| Martin Inventory Management, LLC | (#,^) | 304 1/2 Main St., Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/31/2029 | 40.2 | 40.2 | 42.8 | 0.01 | % |
| SSD Designs, LLC | (#,^) | 486 Vance St., Forest City, NC 28043 | Chemical Manufacturing | Term Loan | Prime plus | 2.75% | 5/30/2044 | 412.8 | 412.8 | 466.1 | 0.15 | % |
| Inside & Out Maintenance LLC | (#,^) | 1698 SW Pancoast St., Port St Lucie, FL 34987 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/30/2029 | 80.5 | 80.5 | 80.2 | 0.03 | % |
| Aspen Welding LLC | (#,^) | 28803 US-6, Rifle, CO 81650 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/30/2044 | 390.9 | 390.9 | 441.4 | 0.14 | % |
| AGR, Inc | (#,^) | 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2044 | 770.8 | 770.8 | 870.2 | 0.28 | % |
F-262
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Brooklyn Breakfast Shop LLC | (#,^) | 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2029 | 4.0 | 4.0 | 4.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Canela Media Inc | (#,^) | 2715 Palomino Circle, La Jolla, CA 92037 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/29/2029 | 95.5 | 95.5 | 96.6 | 0.03 | % |
| PD Financial LLC | (#,^) | 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 5/28/2044 | 34.2 | 34.2 | 38.6 | 0.01 | % |
| SV Enterprise LLC dba Haagen-Dazs | (#,^) | 1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/24/2029 | 74.9 | 74.9 | 74.6 | 0.02 | % |
| Clowers Trucking By Faith LLC | (#) | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus | 6.5% | 5/23/2029 | 10.6 | 10.6 | 11.9 | — | % |
| 2820 US HWY 98 N LLC dba Total Package Car Wash | (#,^) | 2820 US Hwy 98 N, Lakeland, FL 33805 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/23/2029 | 107.1 | 107.1 | 114.1 | 0.04 | % |
| Top Notch Roofing, Inc | (#,^) | 46 Cherry St., Milton, VT 05468 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/23/2029 | 97.0 | 97.0 | 97.7 | 0.03 | % |
| MCM Design LLC | (#) | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/23/2029 | 8.1 | 8.1 | 9.0 | — | % |
| McGuckin & Pyle Inc | (#,^) | 120 Corporate Ln, New Bern, NC 28562 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 5/23/2044 | 294.6 | 294.6 | 332.6 | 0.11 | % |
| ES&A, INC., A LAW CORPORATION | (#,^) | 1003 Bishop St., Honolulu, HI 96813 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/22/2029 | 90.5 | 90.5 | 90.3 | 0.03 | % |
| Anchor Up Fitness and Nutrition, LLC | (#,^) | 2464 US-29, Pensacola, FL 32505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/21/2029 | 16.3 | 16.3 | 16.7 | 0.01 | % |
| BD Branson Victorian LLC dba Branson Surrey Inn | (#,^) | 430 a/k/a 450 South Hwy 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus | 2.75% | 5/17/2029 | 205.4 | 205.4 | 218.8 | 0.07 | % |
| Kappa Investments LLC dba Buddy's Home Furnishings | (#,^) | 365 Lowe's Dr, Ste H, Danville, VA 24540 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 5/17/2029 | 348.9 | 348.9 | 347.2 | 0.11 | % |
| Covalent Holding LLC | (#,^) | 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 5/17/2029 | 212.3 | 212.3 | 218.7 | 0.07 | % |
| AMP Trucking Inc | (#,^) | 1030 Gettysburg Ave, Clovis, CA 93161 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/16/2029 | 209.8 | 209.8 | 208.4 | 0.07 | % |
| CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus | 2.75% | 5/16/2029 | 15.1 | 15.1 | 16.1 | 0.01 | % |
| Cut To The Chase 502 LLC | (#,^) | 6903 Lakegreen Ct, Louisville, KY 40291 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/16/2029 | 2.7 | 2.7 | 2.8 | — | % |
| Two Pie Lovers LLC dba Pizza Outpost | (#,^) | 302 E. Millitary Hwy U1122, Brackettville, TX 78832 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/10/2044 | 41.7 | 41.7 | 47.1 | 0.02 | % |
| The Lobster Pot Inc | (#,^) | 119 Hope St., Bristol, RI 02809 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/10/2044 | 353.3 | 353.3 | 398.9 | 0.13 | % |
| Aloha To Go LLC | (#,^) | 5903 Seminole Blvd, Seminole, FL 33772 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2029 | 12.4 | 12.4 | 12.4 | — | % |
| NYM Solutions Inc.dba NYM Solutions, Inc | (#) | 12150 SW 128th St. CT Ste 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 5/6/2029 | 10.4 | 10.4 | 11.6 | — | % |
F-263
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Folklore Music Exchange LLC | (#,^) | 617 Tennessee Ave, Charleston, WV 25302 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/6/2029 | 4.1 | 4.1 | 4.0 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EPIFAB,LLC | (#,^) | 1341 Brooks St. Unit D, Ontario, CA 91762 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/3/2029 | 17.1 | 17.1 | 17.4 | 0.01 | % |
| Global Enterprises LLC dba Verdi Pizza | (#,^) | 3111 S Valley View Blvd, Las Vegas, NV 89102 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/3/2029 | 16.8 | 16.8 | 16.7 | 0.01 | % |
| Life View Prenatal Imagery, LLC | (#,^) | 312 79th Ave North, Myrtle Beach, SC 29572 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/3/2029 | 4.9 | 4.9 | 4.9 | — | % |
| Mark Garvin dba Tipsy Canyon Winery | (#,^) | 150 Upper Joe Creek Rd, Manson, WA 98831 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/3/2044 | 101.4 | 101.4 | 114.5 | 0.04 | % |
| Art Amore Studios, LLC | (#,^) | 6507 Jester Blvd, Ste #107, Austin, TX 78750 | Educational Services | Term Loan | Prime plus | 2.75% | 5/3/2029 | 4.5 | 4.5 | 4.4 | — | % |
| Modern Trousseau, LLC | (#,^) | 125 Bradley Rd, Woodbridge, CT 06525 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 5/1/2029 | 251.3 | 251.3 | 263.9 | 0.09 | % |
| DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry | (#,^) | 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2029 | 51.8 | 51.8 | 54.8 | 0.02 | % |
| Midlothian Hardware, Inc dba Grills True Value | (#,^) | 475 West 147th St, Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 4/29/2029 | 31.9 | 31.9 | 34.0 | 0.01 | % |
| Sona USA, Inc | (#,^) | 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 | Telecommunications | Term Loan | Prime plus | 2.75% | 4/26/2029 | 131.7 | 131.7 | 134.4 | 0.04 | % |
| Pellegrin Marine Transportation, LLC | (#,^) | 117 Country Village Dr, Raceland, LA 70394 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 4/26/2029 | 116.8 | 116.8 | 118.5 | 0.04 | % |
| La Dolce Vita LLC. | (#,^) | 196 N. Holiday Rd, Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/25/2044 | 449.3 | 449.3 | 507.3 | 0.16 | % |
| La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart | (#,^) | 196 N. Holiday Rd, Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/25/2029 | 398.9 | 398.9 | 405.8 | 0.13 | % |
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/25/2029 | 121.9 | 121.9 | 129.8 | 0.04 | % |
| All My Best Inc. | (#,^) | 4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 4/19/2029 | 49.9 | 49.9 | 50.4 | 0.02 | % |
| ER & DC McPherson Holdings, LLC | (#,^) | 6957 W Broward Blvd., Plantation, FL 33317 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/19/2029 | 39.0 | 39.0 | 39.0 | 0.01 | % |
| 2Choice2Friends dba 2 N 1 Salad Bar and Grill | (#) | 901 W Braker Lane, Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 4/17/2029 | 10.3 | 10.3 | 11.5 | — | % |
| Expert Building Services LLC | (#,^) | 74 Roosevelt St., Pequannock Township, NJ 07440 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/17/2029 | 16.3 | 16.3 | 16.2 | 0.01 | % |
| Modern Demo & Services LLC | (#,^) | 10161 W Park Run Dr, Las Vegas, NV 89145 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2029 | 99.7 | 99.7 | 99.7 | 0.03 | % |
| Rello, Inc. dba ID Salon | (#) | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 4/17/2029 | 5.0 | 5.0 | 5.5 | — | % |
| Pranamji Inc dba Ohara's Beverage Spot | (#,^) | 2300 Levit Rd, Lorain, OH 44052 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/16/2044 | 45.0 | 45.0 | 50.9 | 0.02 | % |
F-264
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Bill Berger LLC | (#,^) | 8728 Tireman Ave, Detroit, MI 48204 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 4/12/2029 | 7.2 | 7.2 | 7.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic | (#,^) | 3563 South River Terrace, Edgewater, MD 21037 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/12/2029 | 35.1 | 35.1 | 35.4 | 0.01 | % |
| Samco Food Corp dba C-Town Supermarket | (#,^) | 1761 Nostrand Ave, Brooklyn, NY 11226 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/12/2029 | 79.8 | 79.8 | 79.3 | 0.03 | % |
| Gilpin Enterprises, LLC dba Jon Smith Subs | (#,^) | 17790 State Rd 54, Lutz, FL 33458 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/12/2029 | 63.9 | 63.9 | 64.3 | 0.02 | % |
| Southern Gulf Construction, Inc. | (#,^) | 367 Pine Island Rd, North Fort Myers, FL 33903 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/12/2029 | 88.7 | 88.7 | 92.6 | 0.03 | % |
| J.T. ONeill Company, LLC | (#,^) | 19972 Willowin Farm Lane, Purceville, VA 20132 | Real Estate | Term Loan | Prime plus | 2.75% | 4/12/2029 | 7.8 | 7.8 | 7.7 | — | % |
| Maxiflex LLC | (#,^) | 512 Verret St., New Orleans, LA 70114 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/11/2029 | 49.9 | 49.9 | 53.1 | 0.02 | % |
| VRGE Strategies LLC | (#,^) | 1155 15th St NW, Washington, DC 20005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/10/2029 | 50.6 | 50.6 | 50.3 | 0.02 | % |
| Georgetown Milling Co, LLC | (#,^) | 9001 Wentworth Springs Rd, Georgetown, CA 95634 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/9/2029 | 10.2 | 10.2 | 10.3 | — | % |
| FRAJOVI Urban Air, LLC dba Urban Air Trampoline & Adventure Park | (#,^) | 1256 Indian Head Rd, Toms River, NJ 08755 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 1/8/2030 | 488.7 | 488.7 | 522.7 | 0.17 | % |
| Bose and Avinder, Inc.and Carmel and Preet Inc | (#,^) | 28201 Date Palm Dr, Cathedral City, CA 92234 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 4/5/2029 | 49.2 | 49.2 | 52.4 | 0.02 | % |
| Marnon Enterprise LLC | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 4/5/2029 | 3.8 | 3.8 | 3.8 | — | % |
| Ren Investment Group Inc dba True Positon Manufacturing | (#,^) | 40 Sandra Dr, South Windsor, CT 06074 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 3/29/2029 | 633.6 | 633.6 | 633.3 | 0.20 | % |
| J Brothers Enterprises, LLC | (#,^) | 1101 NW 12TH Ave, Ava, MO 65608 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/29/2044 | 613.8 | 613.8 | 693.0 | 0.22 | % |
| EJ & James Transport LLC | (#,^) | 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/29/2029 | 7.5 | 7.5 | 7.6 | — | % |
| Outtasight Careers, LLC dba Gecko Hospitality | (#,^) | 109 W Fern St., Tampa, FL 33604 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/29/2029 | 41.1 | 41.1 | 40.8 | 0.01 | % |
| Turtle Shirts, LLC | (#,^) | 10241 Metro Pkwy# 108, Ft Myers, FL 33966 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/29/2029 | 44.1 | 44.1 | 44.1 | 0.01 | % |
| Complete Care IT LLC | (#,^) | 4801 South University Dr Ste 125, Davie, FL 33328 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/29/2029 | 41.5 | 41.5 | 41.2 | 0.01 | % |
| Royalty Freight Inc. | (#,^) | 3728 W McKinley Ave, Fresno, CA 93772 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/29/2029 | 338.9 | 338.9 | 346.8 | 0.11 | % |
| Pizzaplex L3C | (#,^) | 4458 West Vernor Hwy, Detroit, MI 48209 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2029 | 35.4 | 35.4 | 35.4 | 0.01 | % |
| Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 | (#,^) | 7219 Silver Mist Ave, North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2029 | 130.6 | 130.6 | 129.4 | 0.04 | % |
F-265
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Reliable Power Group Inc. dba Batteries & bulbs Pensacola | (#,^) | 6895 N. 9th Ave Ste B, Pensacola, FL 32504 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/29/2029 | 79.1 | 79.1 | 78.5 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Bright Freight Solution, LLC | (#,^) | 1112 N Main St, Manteca, CA 95336 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/29/2029 | 752.5 | 752.5 | 767.9 | 0.25 | % |
| Key HR Associates, Inc dba Parents Choice for Kids | (#,^) | 3150 West Park Dr, Burnsville, MN 55306 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/29/2044 | 443.8 | 443.8 | 501.1 | 0.16 | % |
| Hamsons Inc. | (#,^) | 4900 Hopyard Rd, Pleasanton, CA 94588 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/29/2029 | 148.3 | 148.3 | 147.0 | 0.05 | % |
| Bayco Enterprises, Inc | (#,^) | 128 Cowesett Ave, West Warwick, RI 02893 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/29/2044 | 189.2 | 189.2 | 213.6 | 0.07 | % |
| NuBe Business Group LLC | (#,^) | 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/29/2044 | 39.0 | 39.0 | 44.1 | 0.01 | % |
| Stillwater Ventures, LLC | (#,^) | 8272 W. Sunset Blvd, Los Angeles, CA 90048 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/29/2029 | 303.5 | 303.5 | 313.7 | 0.10 | % |
| Raven's Place LLC | (#,^) | 13031 S Western Ave, Blue Island, IL 60406 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/29/2044 | 672.4 | 672.4 | 759.2 | 0.25 | % |
| J.C. Pallet Company, Inc. | (#,^) | 18427 New Kent Hwy, Barhamsville, VA 23011 | Wood Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2029 | 356.0 | 356.0 | 369.1 | 0.12 | % |
| GS Bath Inc | (#,^) | 5335 E. Kaviland Ave, Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/28/2029 | 250.8 | 250.8 | 255.8 | 0.08 | % |
| Custom Vinyl Products LLC | (#,^) | 260 Enterprise Dr, Newport News, VA 23603 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2044 | 964.0 | 964.0 | 1,088.4 | 0.35 | % |
| Skaggs RV Outlet ,LLC | (#,^) | 301 Commerce Dr, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/28/2029 | 197.1 | 197.1 | 209.5 | 0.07 | % |
| Cocomo Joe's LLC | (#,^) | 3949 New Rd, Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/28/2029 | 2.8 | 2.8 | 2.8 | — | % |
| PA Sobol Partners LLC dba Sobal | (#,^) | 206 Rohrerstown Rd, Lancaster, PA 17603 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/28/2029 | 41.0 | 41.0 | 41.3 | 0.01 | % |
| DC AG, LLC dba Big B Sales | (#,^) | 674 LA- 8, Sicily Island, LA 71368 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/27/2044 | 559.7 | 559.7 | 631.9 | 0.20 | % |
| Ocean Trans LLC and Dehal Trucking LLC | (#,^) | 1415 W Anderson St., Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/27/2029 | 60.1 | 60.1 | 63.9 | 0.02 | % |
| Cinco Fit LLC dba Cinco Fit | (#,^) | 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/27/2029 | 130.5 | 130.5 | 129.4 | 0.04 | % |
| Danielle Vance LPC, LLC dba Danielle Vance MA, LPC | (#,^) | 1127 Auraria Pkwy, Ste 201, Denver, CO 80204 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/27/2029 | 4.5 | 4.5 | 4.5 | — | % |
| Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC | (#,^) | 2880 Carol Rd, East York, PA 17402 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/26/2044 | 1,220.5 | 1,220.5 | 1,377.9 | 0.45 | % |
| District 5 Boutique LLC | (#,^) | 317 N Farview Ave, Paramus, NJ 07652 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/26/2029 | 98.9 | 98.9 | 98.0 | 0.03 | % |
| J & C May Properties, LLC | (#,^) | 315 Sylamore Ave, Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/22/2044 | 1,081.8 | 1,081.8 | 1,221.3 | 0.39 | % |
F-266
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 N East Side Hwy,, Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/22/2044 | 290.0 | 290.0 | 327.4 | 0.11 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Gary Krause dba Gary Krause Landscaping & Design | (#,^) | 489 Hamilton Rd, Jacksonville, OR 97530 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/22/2029 | 4.7 | 4.7 | 4.9 | — | % |
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 North East Side Hwy, Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/22/2029 | 233.4 | 233.4 | 248.1 | 0.08 | % |
| American Trails Transport, LLC | (#,^) | 8704 Grand Ave, Billings, MT 59106 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/21/2029 | 44.0 | 44.0 | 44.8 | 0.01 | % |
| Michigan Neurosurgical Institute P.C. | (#,^) | 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/20/2029 | 143.4 | 143.4 | 142.4 | 0.05 | % |
| Mega Trucking LLC and Olyimpian Industries LLC | (#,^) | 5979 NW 151st St, Miami Lakes, FL 33014 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/20/2029 | 316.2 | 316.2 | 325.1 | 0.11 | % |
| Michigan Neurosurgical Institute, P.C., Optical Spine,LLC | (#,^) | 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/20/2044 | 338.0 | 338.0 | 381.6 | 0.12 | % |
| Sound Manufacturing Inc | (#,^) | 1 Williams Lane, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/20/2029 | 39.5 | 39.5 | 39.2 | 0.01 | % |
| Game Station, Inc. | (#,^) | 2917 1st Ave SE, Cedar Rapids, IA 52402 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/19/2029 | 207.7 | 207.7 | 211.1 | 0.07 | % |
| Marvellous Print & Ship LLC | (#,^) | 605 W Main St, Oxford, KS 67119 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/19/2029 | 2.7 | 2.7 | 2.6 | — | % |
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/15/2029 | 69.0 | 69.0 | 68.4 | 0.02 | % |
| B & W Towing LLC | (#,^) | 701 Addison Rd, Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 3/15/2029 | 45.5 | 45.5 | 48.4 | 0.02 | % |
| Panetcarne Inc.dba Jersey Mike's Subs Greenfield | (#,^) | 23077 Greenfield Rd, Southfield, MI 48075 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 74.0 | 74.0 | 74.3 | 0.02 | % |
| Screening Services Group, LLC | (#,^) | 8670 Wilshire Blvd, Beverly Hills, CA 90211 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/14/2029 | 235.5 | 235.5 | 236.1 | 0.08 | % |
| Mill Creek Early Childhood Program LLC | (#,^) | 510 South Batavia Ave, Batavia, IL 60510 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/11/2029 | 50.9 | 50.9 | 50.7 | 0.02 | % |
| Alpine Remediation, Inc, T & M Holdings, LLC | (#,^) | 14252 W 44th Ave Unit F, Golden, CO 80403 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/8/2029 | 69.3 | 69.3 | 70.9 | 0.02 | % |
| Precise Air Systems, Inc | (#,^) | 5467 W San Fernando Rd, Los Angeles, CA 90039 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/8/2029 | 224.6 | 224.6 | 223.8 | 0.07 | % |
| Wildflour Bakery & Cafe LLC | (#,^) | 5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/8/2029 | 69.3 | 69.3 | 68.6 | 0.02 | % |
| D & S Village Hardware LLC dba Cedar Mountain Country Store | (#,^) | 76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/8/2044 | 191.9 | 191.9 | 216.7 | 0.07 | % |
| Seeds of Knowledge Creative Learning Center LLC | (#,^) | 15101 West McNichols Rd, Detroit, MI 48235 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/7/2044 | 21.4 | 21.4 | 24.2 | 0.01 | % |
F-267
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC | (#,^) | 487 Elizabeth Lake Rd, Waterford, MI 48328 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/4/2029 | 124.5 | 124.5 | 123.4 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Monkey Bones LLC | (#,^) | 3361 Dayton Xenia Rd, Beavercreek, OH 45432 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2044 | 17.9 | 17.9 | 20.2 | 0.01 | % |
| Wooter Apparel, Inc | (#,^) | 727 Page Ave., Staten Island, NY 10307 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 2/28/2029 | 39.2 | 39.2 | 39.2 | 0.01 | % |
| NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC | (#,^) | 20 Silver Fox Lane, Sussex, NJ 07461 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 2/28/2029 | 3.9 | 3.9 | 4.1 | — | % |
| Shah Medical Center SC & Heeena Shyamani | (#,^) | 484 Summit St, Elgin, IL 60120 | Hospitals | Term Loan | Prime plus | 2.75% | 2/28/2044 | 216.0 | 216.0 | 243.9 | 0.08 | % |
| Woodard Electric Services, Inc. | (#,^) | 1600 Carter Cove Rd, Hayesville, NC 28904 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/28/2029 | 17.0 | 17.0 | 16.9 | 0.01 | % |
| Matrix Z LLC | (#) | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 6.5% | 2/27/2029 | 10.2 | 10.2 | 11.3 | — | % |
| Harbor Management Company Inc dba Jamba Juice | (#,^) | 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/22/2029 | 117.7 | 117.7 | 117.3 | 0.04 | % |
| Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ | (#,^) | 3633 B Hill Rd, Parsippany, NJ 07054 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 2/21/2029 | 32.4 | 32.4 | 32.5 | 0.01 | % |
| Rob Barletta's Hockey School, Inc | (#,^) | 2130 Providence Hwy, Walpole, MA 02081 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 2/19/2029 | 85.4 | 85.4 | 90.7 | 0.03 | % |
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Far Rockaway, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2029 | 109.4 | 109.4 | 108.7 | 0.04 | % |
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Ozone Park, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2029 | 127.6 | 127.6 | 130.7 | 0.04 | % |
| Outler Transportation Services,LLC | (#,^) | 3775 Carriage Downs CT SW, Snellville, GA 30039 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 2/19/2029 | 37.4 | 37.4 | 37.3 | 0.01 | % |
| Integris Roofing, Inc | (#,^) | 1174 Yellostone Dr, Lake Arrowhead, CA 92532 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/15/2029 | 17.6 | 17.6 | 17.5 | 0.01 | % |
| M & M Burgers Inc dba Checkers | (#,^) | 530 Willis Ave, Bronx, NY 10455 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 91.4 | 91.4 | 91.8 | 0.03 | % |
| Par-Man, Inc. dba Rockstar Tattoo | (#,^) | 450 Fremont St #109 and 113, Las Vegas, NV 89101 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 2/14/2029 | 49.1 | 49.1 | 48.9 | 0.02 | % |
| KHSE Parks, Inc. | (#,^) | 600 West Charles St., Matthews, NC 28105 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/14/2029 | 62.8 | 62.8 | 62.2 | 0.02 | % |
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Dr, Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 2/14/2029 | 11.8 | 11.8 | 12.5 | — | % |
| Gateway Veterinary Services, P.C. dba Liberty Animal Clinic | (#,^) | 9212 Liberty Ave, Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/14/2044 | 131.5 | 131.5 | 148.5 | 0.05 | % |
| Precedence Enterprises LLC dba Spartan Junk Removal | (#,^) | 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 2/8/2029 | 10.8 | 10.8 | 11.1 | — | % |
| Shepherd Fitness, LLC dba Workout Anytime Ooltewah | (#,^) | 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/8/2029 | 133.3 | 133.3 | 135.6 | 0.04 | % |
F-268
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| EJGR Corp dba Brite Energy Solutions | (#,^) | 87 Main St. Upper Level, Hastings-on-Hudson, NY 10706 | Utilities | Term Loan | Prime plus | 2.75% | 2/8/2029 | 37.0 | 37.0 | 36.7 | 0.01 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78249 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/8/2029 | 2.9 | 2.9 | 3.0 | — | % | ||||||||||||||
| Creative Counseling Nashville PLLC | (#,^) | 4119 Gallatin Pike, Nashville, TN 37216 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/7/2029 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||
| Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc | (#,^) | 4291 Shoal Line Blvd, Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus | 2.75% | 2/1/2029 | 11.8 | 11.8 | 12.5 | — | % | ||||||||||||||
| Jesus and Son's Landscape Contractors, LLC | (#,^) | 4371 Durham Court, Denver, CO 80239 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 2/1/2029 | 45.1 | 45.1 | 45.3 | 0.01 | % | ||||||||||||||
| Employer Resource Services LLC dba Data Pool | (#,^) | 500 Research Rd, Richmond, VA 23236 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/31/2029 | 28.0 | 28.0 | 27.8 | 0.01 | % | ||||||||||||||
| MYC Motors Inc | (#,^) | 3808 Vegas Dr, Las Vegas, NV 89108 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 1/30/2044 | 71.3 | 71.3 | 80.5 | 0.03 | % | ||||||||||||||
| FNF LLC dba AK Wine Grotto | (#,^) | 11109 Old Seward Hwy, Anchorage, AK 99515 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/22/2029 | 192.6 | 192.6 | 191.0 | 0.06 | % | ||||||||||||||
| IGWT Coffee, LLC dba PJ's Coffee of New Orleans | (#,^) | 414 Union St, Nashville, TN 37219 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/18/2029 | 64.2 | 64.2 | 63.6 | 0.02 | % | ||||||||||||||
| MMC Investors, LLC dba Clean Juice | (#,^) | 2879 W 95th St. Ste 195, Naperville, IL 60564 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/18/2029 | 69.5 | 69.5 | 69.6 | 0.02 | % | ||||||||||||||
| Hilco Athletics & Graphics Inc | (#,^) | 55 Green Hill St., West Warwick, RI 02816 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 1/16/2044 | 65.4 | 65.4 | 73.9 | 0.02 | % | ||||||||||||||
| Fluid Connections LLC dba BurgerIM | (#,^) | 174 El Cerrito Plaza, El Cerrito, CA 94530 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/11/2029 | 48.7 | 48.7 | 49.6 | 0.02 | % | ||||||||||||||
| CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster | (#,^) | 309 Coronado Dr, Clearwater Beach, FL 33767 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/11/2029 | 70.8 | 70.8 | 70.8 | 0.02 | % | ||||||||||||||
| HSR Tacos LLC dba California Tortilla | (#,^) | 11694 Sudley Manor Dr, Manassas, VA 20109 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/11/2029 | 43.7 | 43.7 | 43.4 | 0.01 | % | ||||||||||||||
| Rashed and Shabila LLC | (#,^) | 14865 Hwy 92, Woodstock, GA 30188 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 1/4/2029 | 17.5 | 17.5 | 17.9 | 0.01 | % | ||||||||||||||
| Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC | (#,^) | 215 S Persimmon St,, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/31/2028 | 204.8 | 204.8 | 203.0 | 0.07 | % | ||||||||||||||
| The Chop House Inc. | (#,^) | 191 Old Tower Hill Rd., South Kingstown, RI 02879 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/31/2043 | 529.8 | 529.8 | 598.1 | 0.19 | % | Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Ct, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/28/2028 | 99.6 | 99.6 | 100.6 | 0.03 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Nix and Nix Funeral Home North Inc, | (#,^) | 1621 W. Dauphin St., Philadelphia, PA 08065 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/28/2043 | 552.6 | 552.6 | 623.8 | 0.20 | % | ||||||||||||||
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Court, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/28/2043 | 497.4 | 497.4 | 561.6 | 0.18 | % | ||||||||||||||
| Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut | (#,^) | 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/28/2043 | 17.8 | 17.8 | 20.1 | 0.01 | % |
F-269
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Omega Funeral and Cremation Services,LLC | (#,^) | 9503 Kenwood Rd, Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/28/2043 | 324.1 | 324.1 | 365.9 | 0.12 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| American Rewinding of NC Inc dba MTS | (#,^) | 1825 N Rocky River Rd, Monroe, NC 28110 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/28/2028 | 370.9 | 370.9 | 374.8 | 0.12 | % |
| East Breeze LLC dba Historic Springdale Pub and Eatery | (#,^) | 32302 East Historic Columbia River Hwy, Corbett, OR 97019 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/27/2043 | 121.8 | 121.8 | 137.5 | 0.04 | % |
| Medworxs Inc. | (#,^) | 6857 Timbers Dr, Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/27/2028 | 8.1 | 8.1 | 8.0 | — | % |
| Fave Realty Inc. | (#,^) | 74 Larkfield Rd, East Northport, NY 11731 | Real Estate | Term Loan | Prime plus | 2.75% | 12/27/2043 | 117.3 | 117.3 | 132.4 | 0.04 | % |
| Green Valley Landscape Management Inc. dba Apopka Mower and Equipment | (#,^) | 2975 W Orange Blossom Trail, Apopka, FL 32712 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2043 | 440.8 | 440.8 | 497.7 | 0.16 | % |
| Reservations Unlimited LLC | (#,^) | 312 W Main St., Red River, NM 87558 | Real Estate | Term Loan | Prime plus | 2.75% | 12/26/2043 | 85.5 | 85.5 | 96.5 | 0.03 | % |
| BD Branson Victorian LLC dba Branson Victorian Inn | (#,^) | 450 South Hwy 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus | 2.75% | 12/24/2043 | 472.8 | 472.8 | 533.8 | 0.17 | % |
| RM Hawkins LLC | (#,^) | 5141 Topaz Dr, Colorado Springs, CO 80918 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/24/2028 | 231.5 | 231.5 | 235.6 | 0.08 | % |
| Timios Enterprises Corp dba Palm Court | (#,^) | 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/24/2043 | 683.7 | 683.7 | 771.9 | 0.25 | % |
| Fifth Wheel Truck Stop 001, Inc. | (#,^) | 3767 South Golden State Blvd, Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/21/2028 | 79.5 | 79.5 | 78.6 | 0.03 | % |
| Diamond Estates LLC | (#,^) | 110 Court St Ste 1, Cromwell, CT 06416 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/21/2028 | 57.9 | 57.9 | 57.2 | 0.02 | % |
| Burgess and Dudley, Incorporated | (#,^) | 24462 NW 9th Place, Newberry, FL 32669 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/21/2028 | 183.5 | 183.5 | 185.3 | 0.06 | % |
| The Law Office of Jared E. Shapiro, P.A | (#,^) | 7777 Glades Rd, Ste 100, Boca Raton, FL 33434 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 8.7 | 8.7 | 8.6 | — | % |
| Royalty Freight Inc | (#,^) | 3728 W McKinley Ave, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/21/2028 | 75.5 | 75.5 | 74.6 | 0.02 | % |
| LP Industries, Inc and Playground Packages, LLC | (#,^) | 2040 Norwood, Lenoir, NC 28645 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/21/2028 | 81.2 | 81.2 | 80.4 | 0.03 | % |
| Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool | (#,^) | 4500 S Country Rd, Odessa, TX 79768 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/21/2044 | 165.9 | 165.9 | 187.3 | 0.06 | % |
| Cammarata Associates LLC | (#,^) | 5 Greentree Center, Marlton, NJ 08053 | Credit Intermediation and Related Activities | Term Loan | Prime plus | 2.75% | 12/21/2028 | 57.9 | 57.9 | 57.2 | 0.02 | % |
| C&D Trucking & Equipment Service, Inc. | (#,^) | 4015 Jennings Rd, Cleveland, OH 44109 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/21/2043 | 111.1 | 111.1 | 125.5 | 0.04 | % |
| Precision Bytes LLC dba Tower Connect | (#,^) | 607 West Magnolia Ave, Fort Worth, TX 76104 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 100.3 | 100.3 | 99.2 | 0.03 | % |
| Baseline Health, LLC & Baseline Health Management, LLC | (#,^) | 1101 Stewart Ave Ste 104, Garden City, NY 11530 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 91.8 | 91.8 | 91.7 | 0.03 | % |
F-270
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Sesolinc GRP, Inc. | (#,^) | 806 Randy Lowery Rd, Statesboro, GA 30461 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/21/2028 | 289.5 | 289.5 | 296.4 | 0.10 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ETS Tree Service Inc and Eastern Tree Service, Inc | (#,^) | 4813 Pinson Valley Pkwy, Birmingham, AL 35215 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 183.4 | 183.4 | 186.8 | 0.06 | % |
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr, Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 232.1 | 232.1 | 237.7 | 0.08 | % |
| Graff Excavating, Inc | (#,^) | 803 E State St., Toledo, IA 52342 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/20/2028 | 150.9 | 150.9 | 150.3 | 0.05 | % |
| Local Liberty Inc dba The Wardsboro Country Store | (#,^) | 23 Main St., Wardsboro, VT 05355 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/20/2043 | 147.4 | 147.4 | 166.5 | 0.05 | % |
| Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC | (#,^) | 2043 Coteau Rd, Houma, LA 70364 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 304.6 | 304.6 | 323.0 | 0.10 | % |
| Flashii App, Inc. | (#,^) | 3031 Tisch Way, 1st Floor, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 48.2 | 48.2 | 51.2 | 0.02 | % |
| Healthy and Fresco LLC | (#,^) | 1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/20/2029 | 35.6 | 35.6 | 35.9 | 0.01 | % |
| Roots N Shoots, LLC & Yardplus LLC | (#,^) | 86 Boston Rd, Chelmsford, MA 01824 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 41.7 | 41.7 | 41.6 | 0.01 | % |
| CK Green Partners, LLC dba Reis and Irvy"s Columbus | (#,^) | 5010 Augusta Dr, Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/20/2029 | 148.5 | 148.5 | 152.8 | 0.05 | % |
| Hotel Compete, LLC | (#,^) | 223 W Jackson Blvd, Chicago, IL 60606 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2028 | 48.2 | 48.2 | 47.7 | 0.02 | % |
| Accent Comfort Services, LLC | (#,^) | 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/19/2028 | 53.1 | 53.1 | 52.7 | 0.02 | % |
| Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll | (#,^) | G-2340 West Carpenter Rd, Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/19/2044 | 403.6 | 403.6 | 455.6 | 0.15 | % |
| JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo | (#,^) | 316 NW 24th St., Miami, FL 33180 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/19/2029 | 58.2 | 58.2 | 59.5 | 0.02 | % |
| The Cromer Company | (#,^) | 9800 NW 78th Ave, Hialeah Gardens, FL 33016 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 12/19/2028 | 420.9 | 420.9 | 416.8 | 0.13 | % |
| Ventures TBD LLC dba The Bottle Tree | (#,^) | 102 Davis St., Belmont, NC 28012 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/14/2043 | 93.8 | 93.8 | 105.9 | 0.03 | % |
| Peanut Butter & Co., Inc. | (#,^) | 119 West 57th St., Ste 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/14/2028 | 193.0 | 193.0 | 190.8 | 0.06 | % |
| Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 | (#,^) | 196-15 Northern Blvd, Flushing, NY 11318 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/14/2028 | 12.2 | 12.2 | 12.1 | — | % |
| Alpha Landscape Contractors, Inc | (#,^) | 2823 Fllintstone Rd, Millers, MD 21102 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/14/2029 | 250.6 | 250.6 | 254.6 | 0.08 | % |
| Alpha Omega Trucking LLC | (#,^) | 14432-14452 Stateline Rd, Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/14/2028 | 54.1 | 54.1 | 57.3 | 0.02 | % |
F-271
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena | (#,^) | 4477 E 11th Ave, Hialeah, FL 33013 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2028 | 245.1 | 245.1 | 247.8 | 0.08 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Healthy Human, LLC | (#,^) | 1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/14/2028 | 96.4 | 96.4 | 95.3 | 0.03 | % |
| Fitness Orlando LLC & Fitness Orlando Oviedo, LLC | (#,^) | 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/14/2028 | 212.4 | 212.4 | 214.4 | 0.07 | % |
| L&M Services, LLC | (#,^) | 560 Main St., Milford, UT 84751 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/14/2043 | 190.0 | 190.0 | 214.5 | 0.07 | % |
| Sound Contracting LLC | (#,^) | 148 Holmgren Place, Girdwood, AK 99587 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/14/2028 | 33.3 | 33.3 | 34.0 | 0.01 | % |
| Sound Contracting LLC | (#,^) | 148 Holmgren Place, Girdwood, AK 99587 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2043 | 187.7 | 187.7 | 212.0 | 0.07 | % |
| OC Helicopters LLC | (#,^) | 19711 Campus Dr Ste 260, Santa Ana, CA 92707 | Air Transportation | Term Loan | Prime plus | 2.75% | 12/13/2028 | 68.0 | 68.0 | 72.1 | 0.02 | % |
| The Miller Center for Esthetic Excellence, | (#,^) | 22 Old Short Hills Rd,, Livingston, NJ 07039 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/13/2043 | 378.2 | 378.2 | 427.0 | 0.14 | % |
| Plan B Burger LLC | (#,^) | 484 Farmington Ave, Hartford, CT 06105 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/13/2029 | 812.9 | 812.9 | 823.8 | 0.27 | % |
| Burton Realty Co., Inc dba Anchor Realty, Northeast | (#,^) | 2200 Michener St, Ste 12, Philadelphia, PA 19115 | Real Estate | Term Loan | Prime plus | 2.75% | 12/13/2028 | 173.5 | 173.5 | 171.5 | 0.06 | % |
| Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash | (#,^) | 2 Center Rd,, Old Saybrook, CT 06475 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/13/2043 | 928.0 | 928.0 | 1,047.8 | 0.34 | % |
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Lane, Bakersfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/12/2043 | 114.0 | 114.0 | 128.7 | 0.04 | % |
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd, Ste 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/12/2029 | 8.2 | 8.2 | 8.1 | — | % |
| Airstrike Firefighters LLC | (#,^) | 18115 62nd Ave NE, Kenmore, WA 98028 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 12/12/2028 | 987.3 | 987.3 | 1,015.3 | 0.33 | % |
| Ashwood Food Services Inc. dba Jake Rooney's | (#,^) | 119 Brooks Rd, Harwich Port, MA 02646 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/12/2043 | 205.0 | 205.0 | 231.4 | 0.07 | % |
| Behind The Scenes Chicago, LLC dba Paramount Events | (#,^) | 2744 W. Roscoe St., Chicago, IL 60618 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/12/2029 | 124.0 | 124.0 | 131.8 | 0.04 | % |
| Ashwood Food Services, Incorporated dba Jake Rooney's | (#,^) | 119 Brooks Rd, Harwich Port, MA 02646 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/12/2029 | 52.5 | 52.5 | 53.3 | 0.02 | % |
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Lane, Bakerfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 1/12/2029 | 46.4 | 46.4 | 46.0 | 0.01 | % |
| Googlyoogly, LLC dba Bi-Rite Supermarket | (#,^) | 10867 W Jefferson Ave, River Rouge, MI 46218 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/11/2043 | 192.8 | 192.8 | 217.7 | 0.07 | % |
| Hilltop Wine Shop, Inc dba Hiltop Wine Shop | (#,^) | 7505 Highland Rd, White Lake, MI 48383 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/11/2043 | 121.6 | 121.6 | 137.3 | 0.04 | % |
| Oregon Medical Training Private Career School Inc. | (#,^) | 1126 Gateway Loop, Ste 108, Springfield, OR 97702 | Educational Services | Term Loan | Prime plus | 2.75% | 1/11/2029 | 31.0 | 31.0 | 30.7 | 0.01 | % |
F-272
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| TFE Resources ,LTD | (#,^) | 11 Easter Court Ste G, Owings Mills, MD 21117 | Utilities | Term Loan | Prime plus | 2.75% | 1/11/2029 | 449.8 | 449.8 | 452.8 | 0.15 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Duck's Nuts Inc dba Pet Place Market | (#,^) | 212 Bendigo Blvd. N, North Bend, WA 98045 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 1/11/2029 | 33.6 | 33.6 | 34.3 | 0.01 | % |
| EMES Supply, LLC | (#,^) | 35622 Vine St., EastLake, OH 44095 | General Merchandise Stores | Term Loan | Prime plus | 2.75% | 1/11/2029 | 97.0 | 97.0 | 97.2 | 0.03 | % |
| White Wilson & Associates LLC | (#,^) | 16238 Louis Ave., South Holland, IL 60473 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/11/2043 | 40.4 | 40.4 | 45.6 | 0.01 | % |
| Team Henry, LLC dba Kelly Automotive of Deltona | (#,^) | 1290 Doyle Rd, Deltona, FL 32725 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/10/2043 | 371.6 | 371.6 | 419.5 | 0.14 | % |
| ZLM Services LLC | (#,^) | 51343 Oro Rd, Shelby Township, MI 33444 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/10/2029 | 31.0 | 31.0 | 30.7 | 0.01 | % |
| Food Service Industry Consultants Inc. | (#,^) | 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/7/2029 | 55.4 | 55.4 | 55.0 | 0.02 | % |
| CET Inc | (#,^) | 4709 N El Capitan Ave. Ste 205, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus | 2.75% | 1/6/2029 | 900.4 | 900.4 | 910.3 | 0.29 | % |
| Metro R Services Inc. and Metal & Roof Supplies Inc. | (#,^) | 20 Universal Place, Carlstadt, NJ 07072 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/6/2029 | 160.6 | 160.6 | 170.7 | 0.06 | % |
| Unique Home Solutions Inc. and Unique Home Solutions of Ohio | (#,^) | 5550 Progress Rd, Indianapolis, IN 46241 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 1/5/2029 | 197.5 | 197.5 | 210.0 | 0.07 | % |
| Levine Daycare Inc dba Kids R Kids | (#,^) | 415 Woodbury Rd, Orlando, FL 32828 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/5/2029 | 209.0 | 209.0 | 212.7 | 0.07 | % |
| The Altitude Group LLC | (#,^) | 949 A Clint Moore Rd, Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/4/2029 | 108.8 | 108.8 | 108.1 | 0.03 | % |
| Access Staffing, LLC | (#,^) | 360 Lexington Ave 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/4/2029 | 150.4 | 150.4 | 149.0 | 0.05 | % |
| York Concrete Corp | (#,^) | 1 Plumb CT., Huntington Station, NY 11746 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/3/2043 | 187.5 | 187.5 | 211.6 | 0.07 | % |
| Swantown Inn and Spa, LLC | (#,^) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 1/3/2029 | 10.5 | 10.5 | 11.1 | — | % |
| Cabrera's Auto Services LLC | (#,^) | 2206 N Central Ave, Chicago, IL 60639 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/30/2043 | 76.9 | 76.9 | 86.8 | 0.03 | % |
| Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. | (#,^) | 4291 Shoal Line Blvd, Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus | 2.75% | 11/30/2043 | 213.4 | 213.4 | 240.9 | 0.08 | % |
| Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors | (#,^) | 13762 W State Rd 84, Davie, FL 33325 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/30/2028 | 96.0 | 96.0 | 100.9 | 0.03 | % |
| Microplex Co, Third Market LLC | (#,^) | 244 Spokane Ave, Whitefish, MT 59937 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/30/2028 | 126.6 | 126.6 | 125.5 | 0.04 | % |
| Water Station Holdings LLC | (#,^) | 1104 N Keystone Ave, Indianapolis, IN 46201 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/30/2028 | 506.5 | 506.5 | 523.4 | 0.17 | % |
| Tammy's Place LLC | (#,^) | 235 North Mosby Ave, Littleton, NC 27850 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/30/2044 | 421.3 | 421.3 | 475.7 | 0.15 | % |
| Albert M. Quashie, DDS, PC | (#,^) | 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/29/2043 | 61.7 | 61.7 | 69.7 | 0.02 | % |
F-273
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Albert M Quashie, DDS, PC | (#,^) | 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2028 | 67.2 | 67.2 | 69.2 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JJB Production LLC | (#,^) | 458 N 7th St., Newark, NJ 07107 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/29/2028 | 5.6 | 5.6 | 5.6 | — | % |
| Level Up Gaming, Inc | (#,^) | 1132 Creighton Rd, Pensacola, FL 32504 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 11/28/2043 | 85.4 | 85.4 | 96.4 | 0.03 | % |
| True Love Christian Academy LLC | (#,^) | 466 E Raines Rd, Memphis, TN 38109 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/28/2043 | 39.8 | 39.8 | 45.0 | 0.01 | % |
| Extreme Granite Corp | (#,^) | 251 NW 1st St., Deerfield Beach, FL 33441 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/28/2043 | 177.9 | 177.9 | 200.8 | 0.06 | % |
| Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up | (#,^) | 3626 CR 203, Liverpool, TX 77577 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/28/2043 | 419.9 | 419.9 | 474.0 | 0.15 | % |
| Thames Aquatic Club, LLC | (#,^) | 14 Iron St., Ledyard, CT 06339 | Educational Services | Term Loan | Prime plus | 2.75% | 10/21/2029 | 36.1 | 36.1 | 38.6 | 0.01 | % |
| Best Global Alternative North, LLC | (#,^) | 69 Lewis Ave, Atlantic Beach, NY 11509 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/21/2028 | 29.7 | 29.7 | 29.3 | 0.01 | % |
| BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC | (#,^) | 12930 Worldgate Dr, Herndon, VA 20170 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/21/2028 | 977.5 | 977.5 | 1,036.6 | 0.34 | % |
| M.A.W. Enterprises LLC dbaY-Not Pizza | (#,^) | 45 E Main St., New Palestine, IN 46163 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/21/2028 | 17.3 | 17.3 | 17.6 | 0.01 | % |
| On Call Electrical of Georgia LLC | (#,^) | 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/20/2043 | 623.3 | 623.3 | 703.7 | 0.23 | % |
| Commonwealth Warehouse Inc | (#,^) | 11013 Kenwood Rd., Cincinnati, OH 45242 | Warehousing and Storage | Term Loan | Prime plus | 2.75% | 12/20/2028 | 324.7 | 324.7 | 332.8 | 0.11 | % |
| K & A Automotive Inc | (#,^) | 2070 Nooseneck Hill Rd, Coventry, RI 02816 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/19/2043 | 115.9 | 115.9 | 130.8 | 0.04 | % |
| High Desert Transport, Inc. | (#,^) | 2973 Via Meridiana, Henderson, NV 89012 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/19/2028 | 57.3 | 57.3 | 57.7 | 0.02 | % |
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave, Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2028 | 48.0 | 48.0 | 47.5 | 0.02 | % |
| Cocomo Joe's LLC | (#,^) | 3949 New Rd, Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2028 | 0.5 | 0.5 | 0.5 | — | % |
| Saunders Management LLC dba Northern Light Espresso Bar and Cafe | (#,^) | 536 Spruce St, Scranton, PA 18503 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/16/2028 | 31.0 | 31.0 | 32.9 | 0.01 | % |
| Beau & HB Inc dba Beau's Billiard, Bowling & Arcade | (#,^) | 100 Village Rd, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/16/2029 | 33.1 | 33.1 | 34.8 | 0.01 | % |
| Beau & HB Inc dba Beau's Billard, Bowling & Arcade | (#,^) | 100 Village RD, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/16/2043 | 66.5 | 66.5 | 75.0 | 0.02 | % |
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 11/14/2028 | 41.2 | 41.2 | 43.7 | 0.01 | % |
| US Dedicated LLC | (#,^) | 13410 SE 26th Circle, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/9/2028 | 360.8 | 360.8 | 359.5 | 0.12 | % |
F-274
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Salon Femi LLC | (#,^) | 1107 Broad St., Bloomfield, NJ 07003 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/9/2028 | 5.8 | 5.8 | 6.0 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| McNeill Stokes | (#,^) | 5372 Whitehall Pl SE, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/8/2028 | 5.3 | 5.3 | 5.2 | — | % |
| Vancole Investments, Inc. dba Smoothie King #913 | (#,^) | 876 Virginia Ave, Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/7/2044 | 397.1 | 397.1 | 448.3 | 0.14 | % |
| Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC | (#,^) | 460 Park Ave, Floor 16, New York, NY 10022 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/1/2028 | 249.4 | 249.4 | 246.5 | 0.08 | % |
| Modutech Marine Inc | (#,^) | 2218 Marine View Dr, Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/1/2028 | 287.9 | 287.9 | 305.4 | 0.10 | % |
| Abington Caregivers, LLC | (#,^) | 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/30/2043 | 119.5 | 119.5 | 134.9 | 0.04 | % |
| Steele Security, LLC dba Signal 88 Security of San Antonio | (#,^) | 11230 West Ave, Ste 2210, San Antonio, TX 78213 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/31/2028 | 83.6 | 83.6 | 83.2 | 0.03 | % |
| C.A.T.I. Armor, LLC | (#,^) | 435 Packard Hwy, Charlotte, MI 48813 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 10/30/2043 | 199.4 | 199.4 | 225.1 | 0.07 | % |
| UK, LLC dba Pita Pit | (#,^) | 20038 West Valley HWY, Kent, WA 98032 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/30/2029 | 48.0 | 48.0 | 48.2 | 0.02 | % |
| Organic Juice Bar Wexford LLC dba The OJB The Organic Juice Bar | (#,^) | 1500 Village Run Rd, Wexford, PA 15090 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/30/2029 | 63.0 | 63.0 | 63.0 | 0.02 | % |
| Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer | (#,^) | 3970 Everhard Rd, NW, Canton, OH 44709 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 10/26/2028 | 111.6 | 111.6 | 118.3 | 0.04 | % |
| The Face Place, LLC dba Classic Aesthetics | (#,^) | 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/25/2028 | 7.6 | 7.6 | 7.6 | — | % |
| Bellas Sports Pub, Inc dba Brewmasters Tavern | (#,^) | 1152 Main St., Coventry, RI 02816 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/24/2043 | 65.7 | 65.7 | 74.2 | 0.02 | % |
| Shovels and Whiskey LLC | (#,^) | 446 SE Washington St, Hillsboro, OR 97123 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 10/16/2043 | 72.5 | 72.5 | 81.9 | 0.03 | % |
| Hackstaff Restaurants LLC | (#,^) | 248 W 1st. St. Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 134.1 | 134.1 | 134.6 | 0.04 | % |
| Cater To You Agency, LLC, dba Cater To You | (#,^) | 1319 Sherrick Rd SE, Canton, OH 44707 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/11/2043 | 21.3 | 21.3 | 24.1 | 0.01 | % |
| Faydon, Inc | (#,^) | 1905 W Baker St., Ste A, Plant City, FL 33567 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 10/10/2028 | 57.0 | 57.0 | 60.5 | 0.02 | % |
| MB Click It Photography, LLC | (#,^) | 100 Manchester Ranch Place, Aynor, SC 29511 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/10/2043 | 36.3 | 36.3 | 41.0 | 0.01 | % |
| Wellfleet Consulting Inc. | (#,^) | 2275 Research Blvd Ste # 500, Rockville, MD 20850 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/9/2028 | 11.4 | 11.4 | 11.2 | — | % |
| Apps Inc and Market Share Inc. | (#,^) | 80 Main St., Old Saybrook, CT 06475 | Telecommunications | Term Loan | Prime plus | 2.75% | 10/5/2028 | 69.9 | 69.9 | 69.1 | 0.02 | % |
| Moore Care LLC | (#,^) | 8550 United Plaza Blvd., Baton Rouge, LA 79809 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/4/2028 | 39.4 | 39.4 | 39.0 | 0.01 | % |
F-275
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| SwabCo Inc. | (#,^) | 2341 East Ellis St., Leveland, TX 79336 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/28/2043 | 908.2 | 908.2 | 1,025.3 | 0.33 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge | (#,^) | 4646 SE 11th Place, Cape Coral, FL 33904 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/28/2043 | 313.0 | 313.0 | 353.3 | 0.11 | % |
| Throop Family Holdings, Inc | (#,^) | 7130 Crater Lake, White City, OR 97603 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/28/2043 | 607.7 | 607.7 | 686.1 | 0.22 | % |
| Burd Brothers Inc. | (#,^) | 4005 Borman Dr, Batavia, OH 45103 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/28/2028 | 385.1 | 385.1 | 397.8 | 0.13 | % |
| A-1 Van Sevices, Inc. | (#,^) | 154 Sandy Creek Rd, Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/28/2028 | 80.1 | 80.1 | 83.4 | 0.03 | % |
| JAM Media Solutions LLC | (#,^) | 11 Netherwood Terrace, East Orange, NJ 07017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/28/2028 | 768.2 | 768.2 | 768.2 | 0.25 | % |
| Rami Technology USA, LLC | (#,^) | 10400 NW 33rd St., Miami, FL 33172 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/28/2028 | 135.3 | 135.3 | 134.1 | 0.04 | % |
| Blackwater Diving, LLC | (#,^) | 112 Forrest Rd, Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 9/27/2028 | 599.8 | 599.8 | 600.2 | 0.19 | % |
| Blue Seven, LLC | (#,^) | 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/27/2029 | 43.8 | 43.8 | 44.3 | 0.01 | % |
| TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc. | (#,^) | 777 South Flagler Dr Ste 800W, West Palm Beach, FL 33401 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/27/2028 | 93.7 | 93.7 | 95.9 | 0.03 | % |
| Quality Electric & Data | (#,^) | 85 Franklin Rd Unit 9B, Dover, NJ 07801 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2028 | 74.6 | 74.6 | 77.1 | 0.02 | % |
| LG Law Center, Inc | (#,^) | 15452 Amar Rd, La Puente, CA 91744 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/27/2028 | 11.2 | 11.2 | 11.3 | — | % |
| Quality Electric & Data Inc. | (#,^) | 85 Franklin RD Unit 9B, Dover, NJ 07801 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/27/2043 | 122.5 | 122.5 | 138.3 | 0.04 | % |
| Action Barricade Company, LLC and Barricade Holding LLC | (#,^) | 1802 N 27th Ave, Phoenix, AZ 85009 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/27/2028 | 228.8 | 228.8 | 236.8 | 0.08 | % |
| Dentistry By Design, P.C | (#,^) | 315 Walt Whitman Rd Ste 204-205, South Huntington, NY 11746 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/26/2028 | 11.2 | 11.2 | 11.2 | — | % |
| US Shipping Trans Inc, Esteem Trucking Inc | (#,^) | 16102 Sweetwater Court, Lathrop, CA 95330 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/26/2028 | 610.4 | 610.4 | 638.7 | 0.21 | % |
| Ace Auto Recovery, Inc. | (#,^) | 1209 North Lane Ave, Jacksonville, FL 32254 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/26/2043 | 150.8 | 150.8 | 170.3 | 0.06 | % |
| Above and Beyond Preschool LLC | (#,^) | 672-678 Camellia Dr, Royal Palm Beach, FL 33411 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/26/2043 | 521.9 | 521.9 | 589.3 | 0.19 | % |
| LTS School, Inc. | (#,^) | 3731 NW 9th Ave, Deerfield Beach, FL 33064 | Educational Services | Term Loan | Prime plus | 2.75% | 9/26/2043 | 95.5 | 95.5 | 107.8 | 0.03 | % |
| Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes | (#,^) | 7219 Silver Mist Ave, North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/25/2028 | 93.7 | 93.7 | 94.2 | 0.03 | % |
| Phillip Ramos Upholstery Inc. | (#,^) | 3835 Elm St., Denver, CO 80207 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/24/2028 | 11.6 | 11.6 | 11.5 | — | % |
F-276
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| DC Lofty, LLC, | (#,^) | 301 I St. NW, Washington, DC 20001 | Accommodation | Term Loan | Prime plus | 2.75% | 9/21/2028 | 16.9 | 16.9 | 16.7 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Garden Club, LLC | (#,^) | 125 South DuBuque St., Iowa City, IA 52240 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/21/2028 | 5.0 | 5.0 | 4.9 | — | % |
| MillClem Corporation & Monticello Corporation | (#,^) | 16660 Oak St., Dillwyn, VA 22936 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/21/2043 | 312.4 | 312.4 | 352.7 | 0.11 | % |
| Southern Services and Equipment, Inc. | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2043 | 200.3 | 200.3 | 226.1 | 0.07 | % |
| Southern Services and Equipment, Inc | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2028 | 325.7 | 325.7 | 335.0 | 0.11 | % |
| Watearth Inc | (#,^) | 445 South Figuerora Ste 3128, Los Angeles, CA 90071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/19/2028 | 16.9 | 16.9 | 16.7 | 0.01 | % |
| Dash Point Distributing LLC, Dash Point Logistics LLC and Sara | (#,^) | 35000 Pacific Hwy, Federal Way, WA 98003 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/19/2028 | 406.5 | 406.5 | 401.0 | 0.13 | % |
| Super Station Inc | (#,^) | 8855 N Country Rd 25A, Pique, OH 45356 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 9/19/2043 | 197.6 | 197.6 | 223.1 | 0.07 | % |
| M&P RV LLC dba M&P RV | (#,^) | 10 Century Lane, Dillsburg, PA 17019 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 9/19/2043 | 100.1 | 100.1 | 113.1 | 0.04 | % |
| C3 Capital, Inc | (#,^) | 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 9/19/2028 | 475.0 | 475.0 | 493.8 | 0.16 | % |
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/18/2043 | 147.2 | 147.2 | 166.2 | 0.05 | % |
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St., Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/18/2028 | 4.5 | 4.5 | 4.4 | — | % |
| Pastel de Feira LLC dba Original Pastel De Feira | (#,^) | 4244 Pine Ridge CT, Weston, FL 33331 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/17/2028 | 4.6 | 4.6 | 4.6 | — | % |
| Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko | (#,^) | 65 Glendale St., Easthampton, MA 01027 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/17/2043 | 165.1 | 165.1 | 186.4 | 0.06 | % |
| Culmination Motorsports, Inc. | (#,^) | 160 W 91st Ave, Unit B, Anchorage, AK 99515 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/17/2043 | 527.8 | 527.8 | 595.9 | 0.19 | % |
| Baby's on Broadway LLC | (#,^) | 47 East Broadway, Little Falls, MN 56345 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 9/14/2028 | 37.5 | 37.5 | 38.3 | 0.01 | % |
| L&M Equipment, Inc | (#,^) | Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/14/2043 | 1,179.2 | 1,179.2 | 1,331.3 | 0.43 | % |
| QBS, LLC dba Sterling Optical Exton | (#,^) | 211 W Lincoln Hwy, Exton, PA 19341 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/14/2028 | 60.9 | 60.9 | 60.4 | 0.02 | % |
| J & C Garcia LLC | (#,^) | 26 Broad St., Alexander City, AL 35010 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/14/2028 | 55.5 | 55.5 | 55.4 | 0.02 | % |
| Innovim LLC | (#,^) | 6401 Golden Triangle Dr Ste 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/14/2028 | 82.5 | 82.5 | 81.3 | 0.03 | % |
| Underground Productions LLC dba 31 Escape | (#,^) | 1731 Decatur Hwy, Fultandale, AL 35068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/13/2043 | 93.2 | 93.2 | 105.2 | 0.03 | % |
| Innovative Network Solutions Inc | (#,^) | 31567 West 10 Mile Rd, Farmington Hills, MI 48336 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/13/2028 | 94.2 | 94.2 | 94.3 | 0.03 | % |
F-277
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Rancho Paving, Inc | (#,^) | 339 Cypress Lane, El Cajon, CA 92020 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/10/2028 | 146.2 | 146.2 | 153.0 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asheville Spine and Nerve Institute PC | (#,^) | 190 Broadway St Ste 205, Asheville, NC 28801 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/7/2043 | 84.7 | 84.7 | 95.6 | 0.03 | % |
| MurlinComputerCompany LLC dba Murlin Computer, | (#,^) | 1014 Thompson Blvd Ste 38B, Sedalia, MO 65301 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/7/2028 | 11.7 | 11.7 | 11.7 | — | % |
| Pelican Executives Suites, LLC | (#,^) | 2200 Colorado Ave Sutie 131, Santa Monica, CA 90404 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/7/2028 | 262.6 | 262.6 | 259.1 | 0.08 | % |
| Pool Guard of LA | (#,^) | 10866 Washington Blvd, Apartment #24, Culver City, CA 90232 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/7/2028 | 16.8 | 16.8 | 16.7 | 0.01 | % |
| Living Centers Inc. dba Veranda House Senior Living | (#,^) | 5129 E 5th St, Katy, TX 77493 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 8/31/2043 | 397.6 | 397.6 | 448.9 | 0.15 | % |
| XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl | (#,^) | 825 Courtland St., Orlando, FL 32804 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/30/2043 | 423.8 | 423.8 | 478.5 | 0.15 | % |
| Extreme Engineering, Inc. | (#,^) | 598 Oliver Dr, Troy, MI 48084 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/29/2028 | 92.8 | 92.8 | 91.9 | 0.03 | % |
| Kotyark LLC dba Gibsonton Motel | (#,^) | 11545 US Hwy 41S, Gibsonton, FL 33534 | Accommodation | Term Loan | Prime plus | 2.75% | 8/29/2043 | 77.7 | 77.7 | 87.7 | 0.03 | % |
| Greenfield Hill Wines & Spirits, LLC | (#,^) | 65 Hillside Rd, Fairfield, CT 06824 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 8/29/2028 | 68.3 | 68.3 | 67.8 | 0.02 | % |
| ARVAmethod LLC | (#,^) | 516 N Ogden Ave # 150, Chicago, IL 60642 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/29/2028 | 1.8 | 1.8 | 1.8 | — | % |
| Graphish Studio, Inc. | (#,^) | 231 Main St., Stamford, CT 06901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/28/2028 | 5.6 | 5.6 | 5.5 | — | % |
| Atlas Geo-Constructors LLC | (#,^) | 3466 Thomasville Rd Winston, Winston-Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/24/2028 | 60.0 | 60.0 | 62.9 | 0.02 | % |
| Finn & Emma LLC | (#,^) | 1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 07004 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 8/24/2028 | 92.6 | 92.6 | 91.3 | 0.03 | % |
| Montana Life Group, LLC | (#,^) | 8 N 9th Ave, Bozeman, MT 59715 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/24/2028 | 5.6 | 5.6 | 5.5 | — | % |
| Wearware Inc dba FlyWire Cameras | (#,^) | 2204 Blackmoor Park Lane, Lexington, KY 40509 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/24/2028 | 16.7 | 16.7 | 16.6 | 0.01 | % |
| Zash LLC dba Papa Murphy's take 'N' Bake Pizza | (#,^) | 2303 White Bear Ave, Maplewood, MN 55025 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/23/2028 | 31.3 | 31.3 | 31.8 | 0.01 | % |
| Buffalo Biodiesel Inc. | (#,^) | 225 Sawyer Ave, Tonawanda, NY 14150 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 8/21/2028 | 994.6 | 994.6 | 1,040.7 | 0.34 | % |
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Dr, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/17/2044 | 120.4 | 120.4 | 135.9 | 0.04 | % |
| ATI Jet, Inc. | (#,^) | 7007 Boeing Dr, El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus | 2.75% | 8/16/2028 | 148.7 | 148.7 | 154.0 | 0.05 | % |
| Lewins Law, P.C. | (#,^) | 7920 Belt Line Rd Ste 650, Dallas, TX 75254 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/16/2028 | 13.4 | 13.4 | 13.2 | — | % |
F-278
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| GS Bath Inc | (#,^) | 5335 E Kaviland Ave, Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/15/2028 | 423.2 | 423.2 | 444.8 | 0.14 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78257 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/14/2028 | 33.8 | 33.8 | 34.2 | 0.01 | % |
| David D. Sullivan dba DMS Construction | (#,^) | 6400 Charwood Place, Bakersfield, CA 93306 | Specialty Trade Contractors | Term Loan | Fixed | 6% | 8/9/2028 | 10.3 | 10.3 | 9.4 | — | % |
| Crystal Shores Inc. dba Shorewood Laundromat | (#,^) | 700 West Jefferson St., Shorewood, IL 60404 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/9/2028 | 16.6 | 16.6 | 16.7 | 0.01 | % |
| Palanuk & Associates, Inc.dba Wolfpk | (#,^) | 28110 SE Fern Dr, Boring, OR 97009 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/8/2028 | 76.1 | 76.1 | 75.4 | 0.02 | % |
| Mercedes Cab Company, Inc | (#,^) | 35 Alden St., Province Town, MA 02657 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 8/7/2028 | 95.2 | 95.2 | 95.5 | 0.03 | % |
| CJNR, LLC | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus | 2.75% | 8/7/2043 | 114.7 | 114.7 | 129.5 | 0.04 | % |
| Ron's Pool and Spa Services LLC | (#,^) | 1419 NE 30th St., Pompano, FL 33064 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/3/2028 | 2.8 | 2.8 | 2.7 | — | % |
| Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC | (#,^) | 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 8/3/2028 | 44.7 | 44.7 | 44.5 | 0.01 | % |
| 20th Century Lanes, Inc dba West Seattle Bowl | (#,^) | 4505 39 Ave SW, Seattle, WA 98116 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/3/2028 | 87.1 | 87.1 | 90.7 | 0.03 | % |
| Millwork Unlimited, Incorporated | (#,^) | 8264 Pine Cay Rd, Wellington, FL 33414 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus | 2.75% | 8/2/2028 | 5.6 | 5.6 | 5.5 | — | % |
| Accel Compression Inc., Accel Workover Services, Inc | (#,^) | 4500 S Country Rd, Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/1/2043 | 287.8 | 287.8 | 324.9 | 0.11 | % |
| Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool | (#,^) | 4500 S. Country Rd 1310, Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/1/2028 | 359.7 | 359.7 | 372.9 | 0.12 | % |
| Samy Optical LLC dba Site for Sore Eyes | (#,^) | 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/1/2028 | 72.2 | 72.2 | 71.2 | 0.02 | % |
| CSL Services Inc | (#,^) | 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/27/2028 | 402.7 | 402.7 | 409.8 | 0.13 | % |
| Nunez Enterprises Corporation dba La Casa | (#,^) | 3330 Piedmont RD NE, Atlanta, GA 30305 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 7/26/2028 | 5.0 | 5.0 | 4.9 | — | % |
| Relevant Elephant ,LLC | (#,^) | ON320 Woodvale St, Winfield, IL 60190 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/25/2028 | 4.0 | 4.0 | 4.0 | — | % |
| TR Nails, LLC dba Simple Nails | (#,^) | 158 Great Rd, Bedford, MA 01730 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 7/20/2028 | 45.9 | 45.9 | 45.3 | 0.01 | % |
| 674 Club LLC | (#,^) | 674 N Orleans, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/17/2043 | 253.2 | 253.2 | 285.9 | 0.09 | % |
| ZA Trucking LLC | (#,^) | 5945 York Way, East Lansing, MI 48823 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/17/2028 | 3.8 | 3.8 | 4.1 | — | % |
| Smart-tel Communications LLC | (#,^) | 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/13/2028 | 15.5 | 15.5 | 16.4 | 0.01 | % |
F-279
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Mother's Cantina LLC dba Mother's Cantina | (#,^) | 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/13/2028 | 50.6 | 50.6 | 50.3 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HQTRONICS LLC | (#,^) | 10135 South Roberts Rd Ste 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/13/2028 | 46.0 | 46.0 | 45.3 | 0.01 | % |
| Smoove Move Productions, LLC dba Smoove Move Productions | (#,^) | 3932 North 16th St., Omaha, NE 68110 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 7/12/2028 | 7.8 | 7.8 | 8.3 | — | % |
| Vital Inspection Professionals, Inc. dba VIP | (#,^) | 180 Airpark Industrial Rd, Alabaster, AL 35007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/3/2028 | 228.9 | 228.9 | 237.3 | 0.08 | % |
| US Cargo Express, LLC | (#,^) | 4735 22 Mile Rd, Utica, MI 48317 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 7/2/2043 | 79.4 | 79.4 | 89.6 | 0.03 | % |
| M J Losito Electrical Contractor's, Inc | (#,^) | 98 Wooster St., Bethel, CT 06801 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/29/2028 | 16.7 | 16.7 | 17.4 | 0.01 | % |
| Bio-Haz Solutions, Inc. | (#,^) | 23 Tonoli Rd, Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 5/29/2044 | 350.6 | 350.6 | 395.8 | 0.13 | % |
| Bio-Haz Solutions, Inc | (#,^) | 23 Tonolli Rd, Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/29/2029 | 196.0 | 196.0 | 209.0 | 0.07 | % |
| Critter Cabana, LLC dba Critter Cabana | (#,^) | 516 East Main St., Newberg, OR 97132 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/28/2028 | 49.0 | 49.0 | 50.4 | 0.02 | % |
| Corptek Solutions LLC | (#,^) | 2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/28/2028 | 34.6 | 34.6 | 35.5 | 0.01 | % |
| Nick's Country Kitchen, LLC | (#,^) | 3 Flanders RD, Building #1, Bethlehem, CT 06751 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/27/2028 | 16.4 | 16.4 | 16.9 | 0.01 | % |
| Bengals, Inc. dba Royal Liquor Mart | (#,^) | 3714 E State St., Rockford, IL 61108 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/26/2043 | 99.8 | 99.8 | 112.6 | 0.04 | % |
| Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, | (#,^) | 460 Park Ave, Floor 16, New York, NY 10022 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 6/26/2028 | 673.8 | 673.8 | 697.6 | 0.23 | % |
| Sun Pools, Inc | (#,^) | 130 Holiday LN, Albany, KY 42602 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 6/25/2043 | 287.3 | 287.3 | 324.4 | 0.10 | % |
| Sun Pools, Inc dba Sun Fiberglass Pools | (#,^) | 130 Holiday Lane, Albany, KY 42602 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 6/25/2028 | 569.2 | 569.2 | 590.3 | 0.19 | % |
| DPF Filters Inc. | (#,^) | 2832 Golden State Blvd., Madera, CA 93637 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/25/2028 | 49.6 | 49.6 | 51.3 | 0.02 | % |
| Martha Beauty Supply And Braiding, Inc. | (#,^) | 538 E Boughton Rd, Bolingbrook, IL 60440 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/22/2043 | 130.7 | 130.7 | 147.6 | 0.05 | % |
| Sushi Prime, LLC and Vasilia Investments | (#,^) | 32 SE 2nd Ave, Delray Beach, FL 33444 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/22/2028 | 201.8 | 201.8 | 210.5 | 0.07 | % |
| The Desert House Assisted Living ,LLC | (#,^) | 11055 E Grove St, Mesa, AZ 85208 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 6/22/2043 | 73.9 | 73.9 | 83.4 | 0.03 | % |
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy, Elliot, ME 03903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/21/2043 | 228.6 | 228.6 | 258.1 | 0.08 | % |
| Independent Life LLC | (#,^) | 4955 S Durango Dr, Ste124, Las Vegas, NV 89113 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/21/2028 | 13.5 | 13.5 | 13.9 | — | % |
F-280
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy, Eliot, ME 03903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/21/2028 | 103.8 | 103.8 | 109.6 | 0.04 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Colovic Hackettstown Dairy LLC | (#,^) | 22 Route 57, Hackettstown, NJ 07840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/19/2043 | 258.0 | 258.0 | 291.3 | 0.09 | % | ||||||||||||||
| Mid America Motorworks, Inc and Yager Holdings L.P | (#,^) | 2900 North 3rd St., Effingham, IL 62401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/19/2043 | 266.9 | 266.9 | 301.3 | 0.10 | % | ||||||||||||||
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/19/2028 | 345.5 | 345.5 | 367.6 | 0.12 | % | ||||||||||||||
| Allen Theatre and Back Stage Cafe LLC | (#,^) | 36 East. Main St., Annville, PA 17003 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 6/18/2043 | 118.3 | 118.3 | 133.6 | 0.04 | % | ||||||||||||||
| Schumacker Recreation, LLC | (#,^) | 5325 S University Dr, Davie, FL 33328 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/18/2028 | 109.4 | 109.4 | 116.4 | 0.04 | % | ||||||||||||||
| Softrol Systems Inc dba Softrol Systems | (#,^) | 1100 Northpoint Pkwy SE, Acworth, GA 30102 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/15/2028 | 642.2 | 642.2 | 662.1 | 0.21 | % | ||||||||||||||
| Dianne Williams and Louis Williams dba Sweetlips Store | (#,^) | 3870 Sweet Lips Rd, Henderson, TN 38340 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/15/2043 | 43.4 | 43.4 | 49.0 | 0.02 | % | ||||||||||||||
| Oil Palace Inc. | (#,^) | 10408 Hwy 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/15/2043 | 136.6 | 136.6 | 154.2 | 0.05 | % | ||||||||||||||
| Venzix Ventures Inc. dba Venzix | (#,^) | 750 Legend Oak Dr, Fountain, CO 80817 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 6/15/2028 | 8.1 | 8.1 | 8.6 | — | % | ||||||||||||||
| Tele Tax Express Inc | (#,^) | 166 Getty Ave, Paterson, NJ 07503 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2028 | 16.4 | 16.4 | 17.3 | 0.01 | % | ||||||||||||||
| E & J Sims Co. LLC | (#,^) | 28 Broad St., Bloomfield, NJ 07003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/14/2028 | 36.4 | 36.4 | 37.7 | 0.01 | % | ||||||||||||||
| Team Sandy Blanton Realty, Inc | (#,^) | 1225 West Gregory St, Pensacola, FL 32502 | Real Estate | Term Loan | Prime plus | 2.75% | 6/14/2043 | 91.5 | 91.5 | 103.3 | 0.03 | % | ||||||||||||||
| Mastiff Studios LLC | (#,^) | 2919 West Colorado Ave, Colorado Springs, CO 80904 | Educational Services | Term Loan | Prime plus | 2.75% | 6/13/2043 | 40.1 | 40.1 | 45.3 | 0.01 | % | Camp K-9 Pet Resort & Spa, Inc. | (#,^) | 18501 Le Claire Ave, Tinley Park, IL 60478 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/8/2028 | 6.0 | 6.0 | 6.2 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC | (#,^) | 1855 Purdy Ave, Miami Beach, FL 33139 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/8/2028 | 631.9 | 631.9 | 652.2 | 0.21 | % | ||||||||||||||
| Beyond Grooming LLC and Michelle McWatters | (#,^) | 1200 Old Martindale Rd, San Marcos, TX 78666 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/8/2043 | 40.4 | 40.4 | 45.6 | 0.01 | % | ||||||||||||||
| Hardway Inc and A F C Leasing, Inc | (#,^) | 12533 S. 73rd East Place, Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 6/6/2028 | 234.2 | 234.2 | 240.5 | 0.08 | % | ||||||||||||||
| Sowells Consulting Engineers, LLC | (#,^) | 13430 Northwest Freeway #260, Houston, TX 77040 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/6/2028 | 16.7 | 16.7 | 17.2 | 0.01 | % | ||||||||||||||
| Funtime ,LLC dba Indoor Playgrounds International | (#,^) | 13200 West Foxfire Dr Ste 144, Surprise, AZ 85378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/5/2028 | 206.6 | 206.6 | 212.2 | 0.07 | % | ||||||||||||||
| SSD Designs LLC | (#,^) | 10840 Bay Hill Club Dr, Charlotte, NC 28277 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 6/5/2028 | 59.1 | 59.1 | 60.8 | 0.02 | % |
F-281
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Mastrocinque Restaurant Management Company LLC dba Santionii's | (#,^) | 3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/1/2028 | 45.6 | 45.6 | 48.5 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire | (#,^) | 943 South Main St., Cheshire, CT 06410 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/1/2028 | 32.9 | 32.9 | 33.8 | 0.01 | % |
| Awan Business Management Group LLC, Awan Sign Company LLC | (#,^) | 14429 South Wallin Dr, Plainfield, IL 60544 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/31/2043 | 258.8 | 258.8 | 292.1 | 0.09 | % |
| Crowley Ventures, LLC | (#,^) | 665 Worthington Rd, Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2028 | 53.8 | 53.8 | 55.5 | 0.02 | % |
| Starship, LLC dba Tint World Smyrna | (#,^) | 2274 S Atlanta Rd SE, Smyrna, GA 30080 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/25/2043 | 92.4 | 92.4 | 104.3 | 0.03 | % |
| Adow Pools LLC | (#,^) | 393 Glenbrook Rd, Stamford, CT 06906 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2028 | 125.4 | 125.4 | 129.7 | 0.04 | % |
| Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze | (#,^) | 3 Williams Ave, Mystic, CT 06355 | Accommodation | Term Loan | Prime plus | 2.75% | 5/25/2043 | 1,245.1 | 1,245.1 | 1,405.7 | 0.45 | % |
| Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery | (#,^) | 59 West Main St, Broadalbin, NY 12025 | Accommodation | Term Loan | Prime plus | 2.75% | 10/25/2043 | 191.2 | 191.2 | 215.9 | 0.07 | % |
| Dream Spa LLC and Dream Spa Greenwich LLC | (#,^) | 1220 Post Rd East, Westport, CT 06880 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2028 | 78.2 | 78.2 | 80.6 | 0.03 | % |
| DMA Equipment LLC | (#,^) | 700 Lee St., Elk Grove Village, IL 60007 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/24/2043 | 251.5 | 251.5 | 284.0 | 0.09 | % |
| Chem-Flotronics, Inc. | (#,^) | 195 Paterson Ave, Little Falls, NJ 07424 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/22/2028 | 72.1 | 72.1 | 74.5 | 0.02 | % |
| Mark A Espinoza, DDS PLLC dba Central Dental Care | (#,^) | 9315 N Central Ave, Phoenix, AZ 85020 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/18/2028 | 45.5 | 45.5 | 46.7 | 0.02 | % |
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 5/16/2028 | 107.9 | 107.9 | 112.6 | 0.04 | % |
| Joshua One Limited Liability Company dba Genesis Personal Fitness | (#,^) | 28 North State St. Unit 100, Newtown, PA 18940 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/16/2043 | 301.0 | 301.0 | 339.8 | 0.11 | % |
| James T. Hendel dba Autotexx Mobile Auto Repair | (#,^) | 5857 Hwy101 North, Rockmart, GA 30153 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/15/2028 | 5.4 | 5.4 | 5.8 | — | % |
| Fireplace Outlet Inc | (#,^) | 8216 Main St., Williamsville, NY 14221 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 5/15/2028 | 13.1 | 13.1 | 13.9 | — | % |
| Daniel Woodward, DC PLLC dba Doc's Body Shop | (#,^) | 3084 N Goliad St., Ste 114, Rockwall, TX 75087 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/11/2028 | 24.5 | 24.5 | 25.1 | 0.01 | % |
| Circle and Square, Inc dba Stamford Kumon | (#,^) | 50 Forest St. Ste 902, Stamford, CT 06901 | Educational Services | Term Loan | Prime plus | 2.75% | 5/11/2028 | 33.2 | 33.2 | 34.1 | 0.01 | % |
| Baby Gentry's Childcare & Learning Academy | (#,^) | 4203 Shenandoah Dr, Dayton, OH 45417 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/10/2028 | 8.1 | 8.1 | 8.3 | — | % |
| Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC | (#,^) | 310 Arlington Ave Unit 329, Charlotte, NC 28203 | Educational Services | Term Loan | Prime plus | 2.75% | 5/9/2043 | 680.4 | 680.4 | 768.2 | 0.25 | % |
F-282
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Schmaltz Operations LLC dba Companion Camp | (#,^) | 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/7/2028 | 43.3 | 43.3 | 45.5 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Container Shipping, LLC | (#,^) | 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 5/4/2028 | 36.1 | 36.1 | 37.0 | 0.01 | % |
| Wilbur Standford Jr Trucking and Excavating, LLC | (#,^) | 7505 North Chases Lake Rd, Watson, NY 13343 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/3/2028 | 173.1 | 173.1 | 183.1 | 0.06 | % |
| Olmsted LLC and 626 Van LLC dba Maison Yaki | (#,^) | 659 Vanderbilt Ave, Brooklyn, NY 11238 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/1/2029 | 182.0 | 182.0 | 189.6 | 0.06 | % |
| Brenden Kehren Development LLC | (#,^) | 14689 Gemara Rd, Sparta, WI 54656 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2028 | 2.1 | 2.1 | 2.2 | — | % |
| Metropolitan Solutions Inc. | (#,^) | 1420 Chestnut St., Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2043 | 165.9 | 165.9 | 187.3 | 0.06 | % |
| Corona Dance, LLC dba Huracan Dance Studio | (#,^) | 480 West Main St., Stamford, CT 06902 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 4/30/2028 | 8.4 | 8.4 | 8.6 | — | % |
| Saltamontes Tire Company, LLC | (#,^) | 1955 Boston Ave, Brodgeport, CT 06604 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/30/2043 | 95.9 | 95.9 | 108.3 | 0.04 | % |
| Sunlinc Inc | (#,^) | 170 Canterbury Court, East Windsor, NJ 08520 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/30/2028 | 7.0 | 7.0 | 7.1 | — | % |
| Little Angels Daycare and Learning Center LLC | (#,^) | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/27/2043 | 150.4 | 150.4 | 169.8 | 0.05 | % |
| Rory James Contracting LLC | (#,^) | 33 Bennett Place, Amityville, NY 11701 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 4/27/2028 | 11.5 | 11.5 | 11.8 | — | % |
| Kastoria Inc. dba Bantam Pizza | (#,^) | 768 Bantam Rd, Bantam, CT 06750 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2028 | 10.7 | 10.7 | 11.0 | — | % |
| RWT Corporation dba Welding Works | (#,^) | 32 New Rd, Madison, CT 06443 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/26/2043 | 199.3 | 199.3 | 225.0 | 0.07 | % |
| LMH Optics LLC dba Sterling Optical | (#,^) | 1272 Smallwood Dr West, Waldorf, MD 20603 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/26/2028 | 35.7 | 35.7 | 36.7 | 0.01 | % |
| K&S Hardware LLC | (#,^) | 1865 W Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 4/26/2028 | 16.1 | 16.1 | 16.5 | 0.01 | % |
| Pledge 4 Hope LLC | (#,^) | 53 Bayberry Loop South, Purvis, MS 39475 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 4/26/2028 | 10.1 | 10.1 | 10.3 | — | % |
| RWT Corporation dba Welding Works | (#,^) | 32 New Rd, Madison, CT 06443 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/26/2028 | 304.8 | 304.8 | 317.8 | 0.10 | % |
| Matrix Z, LLC | (#,^) | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 4/26/2028 | 65.3 | 65.3 | 69.0 | 0.02 | % |
| Joe & Sons Service, Inc | (#,^) | 855 Atwood Ave, Cranston, RI 02920 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/24/2028 | 73.8 | 73.8 | 78.5 | 0.03 | % |
| Spitnale's Garage LLC | (#,^) | 3761 Mahoning Ave, Youngstown, OH 44515 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2043 | 56.5 | 56.5 | 63.8 | 0.02 | % |
| Just for Boats LLC | (#,^) | 459 Dupre Rd, McClellanville, SC 29458 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2043 | 16.5 | 16.5 | 18.6 | 0.01 | % |
| Rosemarie Products Company LLC | (#,^) | 5400 Crooked Tree Dr, Mason, OH 45040 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 4/18/2028 | 10.7 | 10.7 | 11.0 | — | % |
F-283
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Veterinary Preventive Care, LLC | (#,^) | 945 Riverview Ct, Xenia, OH 45385 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/18/2028 | 33.4 | 33.4 | 34.7 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| A New Dawn Psychotherapy Associates, LLC | (#,^) | 308 E Broad St, Bethlehem, PA 18018 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 4/18/2043 | 81.9 | 81.9 | 92.5 | 0.03 | % |
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AZ 71701 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2043 | 21.1 | 21.1 | 23.8 | 0.01 | % |
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AR 71701 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2028 | 28.2 | 28.2 | 29.6 | 0.01 | % |
| Southern Oaks Athletic Club, LLC | (#,^) | 15253 Shenandoah Ave, BATON ROUGE, LA 70817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/17/2043 | 343.3 | 343.3 | 387.6 | 0.13 | % |
| Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza | (#,^) | 35 E Main St., Pekin, IN 47165 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/13/2043 | 39.1 | 39.1 | 44.2 | 0.01 | % |
| Precision Components Group Inc | (#,^) | 190 Doty Circle, West Springfield, MA 01089 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 4/11/2028 | 16.0 | 16.0 | 16.9 | 0.01 | % |
| Sexy Nails Center LLC | (#,^) | 57 Passaic St., Garfield, NJ 07026 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/10/2043 | 189.5 | 189.5 | 214.0 | 0.07 | % |
| Mark Baker | (#,^) | 1653 Evalie Dr, Fairfield, OH 45014 | Truck Transportation | Term Loan | Prime plus | 2.75% | 4/9/2028 | 7.0 | 7.0 | 7.3 | — | % |
| Innovation Transport LLC | (#,^) | 1 International Blvd, Ste 400, Mahwah, NJ 07495 | Truck Transportation | Term Loan | Prime plus | 2.75% | 4/6/2028 | 37.1 | 37.1 | 39.0 | 0.01 | % |
| Shree Lakshminarayyn Grocery Stores LLC | (#,^) | 3307 Charles St., Rockford, IL 61108 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 4/5/2043 | 112.3 | 112.3 | 126.8 | 0.04 | % |
| Newsome Mobile Notary LLC | (#,^) | 8153 12th Ave SW, Seattle, WA 98106 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/5/2028 | 3.7 | 3.7 | 3.8 | — | % |
| Master Roofing and Siding Inc. | (#,^) | 1 Paragon Dr # 122, Montvale, NJ 07645 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/30/2028 | 187.2 | 187.2 | 191.8 | 0.06 | % |
| Romancing the Stone | (#,^) | 140 Centre of New England Blvd, Coventry, RI 02816 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/30/2043 | 325.9 | 325.9 | 368.0 | 0.12 | % |
| Alaska Industrial Paint LLC | (#,^) | 229 Whitney Rd, Unit B, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2028 | 88.1 | 88.1 | 93.6 | 0.03 | % |
| Fifth Wheel Truck Stop 001 | (#,^) | 3767 S Golden State Blvd, Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/30/2043 | 1,074.2 | 1,074.2 | 1,212.8 | 0.39 | % |
| Michael S Brown Physical Therapy, P.C | (#,^) | 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/30/2028 | 68.7 | 68.7 | 70.4 | 0.02 | % |
| America's Little Leaders Academy, Inc | (#,^) | 2570 NW 152nd Terrace, Opa-Locka, FL 33054 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/30/2043 | 21.0 | 21.0 | 23.7 | 0.01 | % |
| Payne's Environmental Services LLC | (#,^) | 5617 Causeway Blvd, Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/30/2028 | 160.1 | 160.1 | 167.7 | 0.05 | % |
| Technical Ordnance Solutions,LLC | (#,^) | 9950 Business Circle, Ste 13, Naples, FL 34112 | Fabricated Metal Product Manufacturing | Term Loan | Fixed | 7.75% | 3/30/2028 | 972.8 | 972.8 | 923.5 | 0.30 | % |
| Alaska Industrial Paint LLC | (#,^) | 229 Whitney Rd Unit B, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/30/2043 | 208.4 | 208.4 | 235.2 | 0.08 | % |
| GQ Investments,LLC | (#,^) | 5772 Miami Lakes Dr East, Miami, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2028 | 148.7 | 148.7 | 153.3 | 0.05 | % |
F-284
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Kaz Wellness, LLC dba Grounded Wellness Center | (#,^) | 104 Clover Court, Bartlett, IL 60103 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/29/2028 | 11.2 | 11.2 | 11.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lou & Choo Enterprises Inc. | (#,^) | 2101 West Hunting Park Ave, Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/28/2044 | 101.9 | 101.9 | 115.0 | 0.04 | % |
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2028 | 119.6 | 119.6 | 125.0 | 0.04 | % |
| Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley | (#,^) | 111 E. Laurel St., Willows, CA 95988 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/28/2028 | 61.8 | 61.8 | 65.6 | 0.02 | % |
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2043 | 205.2 | 205.2 | 231.7 | 0.07 | % |
| Montage Mountain Resorts, LP | (#,^) | 1000 Montage Mountain Rd, Scranton, PA 18505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/28/2043 | 1,167.9 | 1,167.9 | 1,318.5 | 0.43 | % |
| Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co | (#,^) | 1376 Broadway, El Cajon, CA 92021 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/28/2028 | 157.7 | 157.7 | 165.1 | 0.05 | % |
| K.C. Communications, Inc. | (#,^) | 2715 Saturn St., Brea, CA 92821 | Telecommunications | Term Loan | Prime plus | 2.75% | 3/27/2028 | 44.1 | 44.1 | 46.9 | 0.02 | % |
| Aque Investment Group LLC | (#,^) | 3838 N. Sam Houston Pkwy E, Houston, TX 77032 | Real Estate | Term Loan | Prime plus | 2.75% | 3/23/2028 | 187.6 | 187.6 | 199.1 | 0.06 | % |
| Cable Management, LLC | (#,^) | 200 Pratt St., Meriden, CT 06450 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 56.8 | 56.8 | 59.9 | 0.02 | % |
| All Regional Recyclers of Wood LLC dba ARROW | (#,^) | 104 Wooster St., Bethal, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 92.7 | 92.7 | 97.3 | 0.03 | % |
| Denton BioFuels LLC and Amercian BioSource, LLC | (#,^) | 624 W. University Dr.#359, Denton, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 68.2 | 68.2 | 71.0 | 0.02 | % |
| Sunshine Tents and Event Rentals LLC | (#,^) | 2322 SW 58th Terrace, West Park, FL 33023 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 3/23/2028 | 43.9 | 43.9 | 46.6 | 0.02 | % |
| Shweiki Media Inc dba Study Breaks Magazine | (#,^) | 4954 Space Center Dr, San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 3/23/2028 | 52.1 | 52.1 | 55.3 | 0.02 | % |
| Kajun Martial Arts LLC | (#,^) | 36546 Mission St., Prairieville, LA 70769 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/23/2028 | 15.9 | 15.9 | 16.4 | 0.01 | % |
| New York Label & Box Corp | (#,^) | 50 Oval Dr, Islandia, NY 11749 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/23/2043 | 1,197.8 | 1,197.8 | 1,352.3 | 0.44 | % |
| Sofasco, Inc | (#,^) | 182 Garber Lane, Winchester, VA 22602 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 3/23/2043 | 93.4 | 93.4 | 105.5 | 0.03 | % |
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Dr, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/21/2043 | 607.2 | 607.2 | 685.5 | 0.22 | % |
| RTSP Union LLC | (#,^) | 2438 Route 22 East, Union, NJ 07083 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/20/2028 | 902.6 | 902.6 | 945.1 | 0.31 | % |
| Rexco Foods LLC dba Papa John's | (#,^) | 18640 Fm 1488 Ste C, Magnolia, TX 77354 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/20/2028 | 30.0 | 30.0 | 30.8 | 0.01 | % |
| Cest Chic Concepts, LLC dba Salon Cest Chic | (#,^) | 15231 Hall Station Rd Unit 104, Bowie, MD 20721 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/19/2028 | 7.9 | 7.9 | 8.2 | — | % |
| Petroleum Equipment & Services, Inc | (#,^) | 5631 Silverado Way Unit G, Anchorage, AK 99518 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 3/16/2028 | 176.9 | 176.9 | 187.7 | 0.06 | % |
F-285
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Camerabots Media, LLC | (#,^) | 4501 Ford Ave Ste 207, Alexandria, VA 22302 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 2.75% | 3/16/2028 | 10.6 | 10.6 | 10.9 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CTD Operations Inc | (#,^) | 219 Saint Nazaire Rd STE G, Broussard, LA 70518 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2028 | 47.6 | 47.6 | 49.2 | 0.02 | % |
| Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd, Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/15/2043 | 484.9 | 484.9 | 547.4 | 0.18 | % |
| Rojenco II,Inc. | (#,^) | 4357 Shore Dr, Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/15/2043 | 72.2 | 72.2 | 81.5 | 0.03 | % |
| Rojenco II, Inc. | (#,^) | 4357 Shore Dr, Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/15/2043 | 376.0 | 376.0 | 424.5 | 0.14 | % |
| Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd, Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/15/2043 | 72.2 | 72.2 | 81.5 | 0.03 | % |
| Summit Insights Group LLC | (#,^) | 19 Briant Pkwy, Summit, NJ 07901 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 3/14/2028 | 6.9 | 6.9 | 7.0 | — | % |
| 2b Mom Inc dba Mom's the Word Maternity | (#,^) | 3150 18th St., Ste 435, San Francisco, CA 94110 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 3/9/2028 | 23.4 | 23.4 | 24.0 | 0.01 | % |
| Dante Ultimate Cleaning Service LLC | (#,^) | 16969 River Park Dr, Covington, LA 70345 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/9/2028 | 7.2 | 7.2 | 7.5 | — | % |
| SRG Waterfront LLC | (#,^) | 88 District Square SW, Washington, DC 20005 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/9/2028 | 205.4 | 205.4 | 211.3 | 0.07 | % |
| Unpainted Arizona, LLC dba Westside Bowl | (#,^) | 2617 Mahoning Ave, Youngstown, OH 44509 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/7/2043 | 98.0 | 98.0 | 110.7 | 0.04 | % |
| BC Bishop Enterprises LLC dba 9Round Pooler | (#,^) | 105-107 Grand Central Blvd, Pooler, GA 31322 | Educational Services | Term Loan | Prime plus | 2.75% | 3/2/2028 | 5.6 | 5.6 | 5.8 | — | % |
| Merciful Heavenly Homes, LLC | (#,^) | 401 Dillar's Mill Rd, Tyner, NC 27980 | Nursing and Residential Care Facilities | Term Loan | Fixed | 8% | 2/28/2043 | 62.1 | 62.1 | 60.7 | 0.02 | % |
| Urban Fitness Group LLC dba Crunch Fitness Group LLC | (#,^) | 2800 S IH-35, Ste 220, Round Rock, TX 78681 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/28/2028 | 156.6 | 156.6 | 166.2 | 0.05 | % |
| Connie Engelbrecht | (#,^) | 20640 Raven Dr, Eagle River, AK 99577 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/28/2028 | 2.1 | 2.1 | 2.2 | — | % |
| The Law Offices of Samuel R Miller LLC | (#,^) | 7405 Lake Worth Rd, Lake Worth, FL 33467 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/28/2043 | 111.0 | 111.0 | 125.3 | 0.04 | % |
| Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. | (#,^) | 94-33 Corona Ave, Corona, NY 11373 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/26/2043 | 330.5 | 330.5 | 373.2 | 0.12 | % |
| Jackpine Technologies Corporation | (#,^) | 1 Mill & Main Pl., Ste 330, Maynard, MA 01754 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 2/22/2028 | 25.9 | 25.9 | 27.5 | 0.01 | % |
| Crossfit iQ LLC | (#,^) | 346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/21/2028 | 29.7 | 29.7 | 30.7 | 0.01 | % |
| Wellfleet Consulting Inc. | (#,^) | 2275 Research Blvd Ste 500, Rockville, MD 20850 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/21/2028 | 10.5 | 10.5 | 10.7 | — | % |
| Town & Country Transportation Co. | (#,^) | 191-193 Arch St., New Britain, CT 06051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 2/16/2028 | 46.1 | 46.1 | 48.9 | 0.02 | % |
F-286
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Lulinjett LLC dba All American Printing & Design | (#,^) | 4621 Bayshore Rd, Fort Myers, FL 33917 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 2/14/2043 | 99.2 | 99.2 | 112.0 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Margab Inc dba Smoothie King | (#,^) | 14200 SW 8th St Unit #102, Miami, FL 33184 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/13/2028 | 2.9 | 2.9 | 3.0 | — | % |
| JumboMarkets, Inc. | (#,^) | 15500 SW Trail Dr, Indiantown, FL 34956 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/13/2028 | 145.1 | 145.1 | 150.1 | 0.05 | % |
| Tony Herring & Associates, Inc. | (#,^) | 211 West Camellia Dr, Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 2/9/2028 | 5.8 | 5.8 | 6.1 | — | % |
| Start UP Dreams, Inc dba SDC Concrete | (#,^) | 30521 134th St SE, Sultan, WA 98294 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/9/2028 | 51.4 | 51.4 | 53.6 | 0.02 | % |
| Quality Machine of Iowa, Inc | (#,^) | 1040 4th Ave, Audubon, IA 50025 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/9/2028 | 1,002.4 | 1,002.4 | 1,050.5 | 0.34 | % |
| Apps Inc., Market Share, and Singular Leaseholdings LLC | (#,^) | 800 Village Walk #159, Guilford, CT 06437 | Telecommunications | Term Loan | Prime plus | 2.75% | 2/8/2028 | 378.3 | 378.3 | 387.5 | 0.13 | % |
| De La Vega LLC dba De La Vega Deland and De La Vega Oviedo | (#,^) | 128 North Woodland Blvd, Deland, FL 32720 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/7/2028 | 35.8 | 35.8 | 37.3 | 0.01 | % |
| Macrotech Integrated Management Solutions dba Extreme Lawn Care | (#,^) | 2425 Durrance LN, Ormond Beach, FL 32174 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/5/2028 | 8.4 | 8.4 | 8.9 | — | % |
| Midlothian Hardware Inc dba Grills True Value | (#,^) | 4751 West 147th St., Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 2/2/2028 | 10.5 | 10.5 | 11.1 | — | % |
| Rocco'sLandscaping LLC | (#,^) | 151 Kitts Lane, Newington, CT 06111 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 1/31/2043 | 69.8 | 69.8 | 78.8 | 0.03 | % |
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Terrace, Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 1/31/2028 | 10.4 | 10.4 | 10.7 | — | % |
| WydeBodi, LLC dba Wyde Bodi Auto Tags | (#,^) | 706 North 37th St., Philadelphia, PA 19104 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 1/30/2043 | 44.2 | 44.2 | 49.9 | 0.02 | % |
| New Phaze Packaging Inc | (#,^) | 9533 Irondale Ave, Los Angeles, CA 91311 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 1/26/2043 | 893.1 | 893.1 | 1,008.4 | 0.33 | % |
| Concrete Services LLC and James Ward | (#,^) | 24 County Rd 901, Jemison, AL 35085 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/25/2028 | 69.1 | 69.1 | 72.1 | 0.02 | % |
| Flair Interiors, Inc dba Giant Don's Flooring America | (#,^) | 7725 Old Seward Hwy, Anchorage, AK 99502 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 1/24/2028 | 95.1 | 95.1 | 100.9 | 0.03 | % |
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd, Juliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/23/2028 | 5.4 | 5.4 | 5.5 | — | % |
| Lavish Specs Inc | (#,^) | 262 Glen St., Glen Cove, NY 11542 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 1/19/2028 | 5.2 | 5.2 | 5.3 | — | % |
| Weeping Willow Kennels, Inc. | (#,^) | 6041 Hammond School Rd, Salisbury,, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/19/2028 | 7.3 | 7.3 | 7.7 | — | % |
| Lou & Choo Enterprises Inc dba Lou & Choo Lounge | (#,^) | 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/18/2043 | 107.3 | 107.3 | 121.2 | 0.04 | % |
| MedWorxs Inc. | (#,^) | 6857 Timbers Dr., Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/18/2028 | 54.5 | 54.5 | 55.8 | 0.02 | % |
F-287
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Specialized Dairy Processors LLC and Nathaly Zapata | (#,^) | 2200 N Commerce Pkwy, Weston, FL 33326 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/16/2028 | 45.0 | 45.0 | 46.1 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Work of Heart Inc dba Little Nest Portraits | (#) | 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 7.5% | 1/10/2028 | 4.0 | 4.0 | 3.8 | — | % |
| Human Resource Time Manager LLC | (#,^) | 2737 Humphrey St., East Elmhurst, NY 11369 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/8/2028 | 10.7 | 10.7 | 11.3 | — | % |
| Sandfree Systems LLC | (#,^) | 116 Cricket Ave Ste B, Ardmore, PA 19003 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/5/2028 | 5.2 | 5.2 | 5.5 | — | % |
| Crad Holding LLC dba Neighborhood Laundry of Bloomfield | (#,^) | 60 Dodd St., Bloomfield, NJ 07003 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/5/2028 | 42.5 | 42.5 | 43.6 | 0.01 | % |
| Social Link LLC | (#,^) | 41Peabody St., Nashville, TN 37210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2027 | 7.7 | 7.7 | 7.9 | — | % |
| Farec, Inc | (#) | 30250 W Nine Mile Rd, Farmington, MI 48336 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 7.5% | 12/29/2042 | 242.4 | 242.4 | 234.8 | 0.08 | % |
| Anderson Farms Inc | (#) | 271 West Hwy 30, Burley, ID 83318 | Truck Transportation | Term Loan | Fixed | 7.5% | 12/22/2027 | 4,208.4 | 4,208.4 | 4,001.5 | 1.29 | % |
| Muckamuck Trucks, Inc. | (#,^) | 510 S Spring St., Ukiah, CA 95482 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/22/2027 | 9.4 | 9.4 | 9.8 | — | % |
| Medical Plaza of Boro Park PC | (#,^) | 1266 51St 1st Floor, Brooklyn, NY 11219 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/22/2027 | 13.5 | 13.5 | 13.8 | — | % |
| O'Rourke's Diner, LLC | (#,^) | 728 Main St., Middleton, CT 06457 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/22/2027 | 2.6 | 2.6 | 2.8 | — | % |
| Landmark Ventures USA Inc | (#,^) | 475 Park Ave South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 12/22/2027 | 42.8 | 42.8 | 43.7 | 0.01 | % |
| Salida Family Chiropractic-PPLC dba Salida Sport and Spine | (#,^) | 203 G St., Salida, CO 81201 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/22/2027 | 8.2 | 8.2 | 8.4 | — | % |
| Blue Lagoon Resort, LLC dba Hill View Cottages | (#,^) | 3670 Lake Shore Dr, Lake George, NY 12845 | Accommodation | Term Loan | Prime plus | 2.75% | 12/21/2042 | 175.3 | 175.3 | 198.0 | 0.06 | % |
| CT Auto Spa LLC | (#,^) | 39 Albany Turnpike, West Simsbury, CT 06092 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/21/2027 | 149.6 | 149.6 | 158.4 | 0.05 | % |
| DHD Enterprise LLC dba Edible Arrangements #1699 | (#,^) | 828 Washington Ave, Miami Beach, FL 33139 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 12/21/2027 | 15.9 | 15.9 | 16.5 | 0.01 | % |
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St.- Units 1F/1P, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/20/2027 | 54.3 | 54.3 | 56.9 | 0.02 | % |
| Auto Excellance of Fort Myers Inc. | (#,^) | 3105 Fowler St., Fort Myers, FL 33901 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/19/2042 | 98.8 | 98.8 | 111.5 | 0.04 | % |
| 1-0 Granny's Helpful Hands, LLC | (#,^) | 705 East Lake St., Minneapolis, MN 55407 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 12/15/2027 | 15.4 | 15.4 | 15.8 | 0.01 | % |
| Legion Bowl, Inc & Legion Pub Inc | (#,^) | 661 Park St., Cranston, RI 02910 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/15/2042 | 307.5 | 307.5 | 347.2 | 0.11 | % |
| Ocean Trans LLC & Dehal Trucking LLC | (#,^) | 1415 W. Anderson St., Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/15/2042 | 583.9 | 583.9 | 659.2 | 0.21 | % |
F-288
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Peanut Butter & Co., Inc | (#,^) | 119 West 57th St., Ste 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/15/2027 | 153.9 | 153.9 | 157.3 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| KR Calvert & Co, LLC | (#,^) | 1620 Westgate Circle Ste 100, Brentwood, TN 37027 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/14/2027 | 357.7 | 357.7 | 365.9 | 0.12 | % |
| Royalty Freight Inc | (#,^) | 3728 W Mckinley Ave, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/14/2027 | 454.8 | 454.8 | 464.7 | 0.15 | % |
| Atlas Geo-Constructors, LLC | (#,^) | 3466 Thomasville Rd, Winston Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/14/2027 | 229.0 | 229.0 | 240.2 | 0.08 | % |
| AADJ Empire Inc and AADJ Galaxy Inc. | (#,^) | 1599 Post Rd, Warwick, RI 02888 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/14/2042 | 168.5 | 168.5 | 190.2 | 0.06 | % |
| Heung Kyun Im | (#,^) | 6235 Conlan Bay Dr, Houston, TX 77041 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 12/14/2027 | 10.6 | 10.6 | 10.8 | — | % |
| LP Industries Inc. dba Childforms | (#,^) | 2040 Norwood St. SW, Lenoir, NC 28645 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 12/14/2027 | 58.3 | 58.3 | 61.2 | 0.02 | % |
| Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Dr, Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/13/2042 | 81.3 | 81.3 | 91.8 | 0.03 | % |
| Hardway Inc & AFC Leasing Inc | (#,^) | 12533 S. 73rd E. Place, Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/13/2027 | 524.9 | 524.9 | 536.3 | 0.17 | % |
| LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay | (#,^) | 498 Wilderness View, Chatsworth, GA 30705 | Real Estate | Term Loan | Prime plus | 2.75% | 12/12/2042 | 31.2 | 31.2 | 35.2 | 0.01 | % |
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 12/12/2027 | 315.1 | 315.1 | 330.5 | 0.11 | % |
| A-1 Van Services Inc | (#,^) | 154 Sandy Creek Rd, Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/12/2027 | 502.5 | 502.5 | 528.1 | 0.17 | % |
| Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC | (#,^) | 1120 Wren School Rd, Piedmont, SC 29673 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/12/2027 | 33.7 | 33.7 | 34.4 | 0.01 | % |
| AV Strategy Inc | (#,^) | 9468 American Eagle Way Ste 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 12/8/2027 | 333.7 | 333.7 | 347.2 | 0.11 | % |
| Clear Sound Communications, Inc | (#,^) | 680 Old Medford Ave, Medford, NY 11763 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/8/2027 | 2.6 | 2.6 | 2.6 | — | % |
| Kim Howard Corp dba NPN Machine Tools | (#,^) | 9130 Wayfarer Lane, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/7/2042 | 562.5 | 562.5 | 635.0 | 0.21 | % |
| ODS Inc | (#,^) | 626 N Delsea Dr, Glassboro, NJ 08028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/6/2027 | 33.6 | 33.6 | 34.9 | 0.01 | % |
| Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightstar | (#,^) | 5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/4/2027 | 10.3 | 10.3 | 10.5 | — | % |
| Oil Palace, Inc. | (#,^) | 10408 Hwy 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/4/2042 | 945.4 | 945.4 | 1,067.3 | 0.35 | % |
| PS Camping Inc. | (#,^) | 43595 US Hwy 50, Canon City, CO 81212 | Accommodation | Term Loan | Fixed | 8.25% | 12/1/2027 | 17.3 | 17.3 | 17.0 | 0.01 | % |
| Utara LLC | (#,^) | 214 Pine St, Sandpoint, ID 83864 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/1/2027 | 15.9 | 15.9 | 16.5 | 0.01 | % |
F-289
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Square1 Partners, LLC | (#,^) | 1088 Greenbriar Lane, Northbrook, IL 60062 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 12/1/2027 | 42.6 | 42.6 | 43.6 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Linda Jean Howard Riley dba The Rusty Bolt | (#,^) | 22345 W. Rt 66, Seligman, AZ 86337 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 12/1/2042 | 19.5 | 19.5 | 22.0 | 0.01 | % |
| Salud Bar & Grill LLC | (#,^) | 1413 Bushwick Ave, Brooklyn, NY 11207 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/1/2027 | 38.5 | 38.5 | 39.4 | 0.01 | % |
| WTI Distribution Inc | (#,^) | 5491 E Francis St, Ontario, CA 91761 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 11/30/2027 | 27.1 | 27.1 | 28.3 | 0.01 | % |
| J. Venture Holdings, LLC | (#,^) | 2285 St. Andrews Ave, Zachary, LA 70791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/30/2027 | 8.4 | 8.4 | 8.9 | — | % |
| OPH Lexington, Inc | (#,^) | 235 Walton Ave, Lexington, KY 40502 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/29/2042 | 176.9 | 176.9 | 199.8 | 0.06 | % |
| Our Playhouse Preschool, LLC | (#,^) | 3501 NC Hwy 54 W, Chapel hill, NC 27516 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/29/2042 | 217.5 | 217.5 | 245.6 | 0.08 | % |
| Beacon Brewing LLC and C' Sons, LLC | (#,^) | 700 Lincoln St., Lagrange, GA 30204 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/27/2042 | 117.8 | 117.8 | 133.0 | 0.04 | % |
| Webtez Inc dba Mod Vans | (#,^) | 920 Graves Ave, Oxnard, CA 93003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/22/2027 | 47.3 | 47.3 | 48.5 | 0.02 | % |
| Step Up Academy of the Arts, LLC | (#,^) | 2258A Wigwam Pkwy, Henderson, NV 89074 | Educational Services | Term Loan | Prime plus | 2.75% | 11/22/2027 | 10.7 | 10.7 | 10.9 | — | % |
| JMD Corporation dba Dart's True Value | (#,^) | 121 South Main St., Payette, ID 83661 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/22/2027 | 12.6 | 12.6 | 13.2 | — | % |
| Grumpy's Restaurant Company, LLC | (#,^) | 834 Kingsley Ave, Orange Park, FL 32073 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2027 | 48.1 | 48.1 | 49.2 | 0.02 | % |
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave, Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/21/2027 | 15.2 | 15.2 | 15.9 | 0.01 | % |
| PB Market LLC dba Pure Barre | (#,^) | 164-C Market St, Charleston, SC 29401 | Educational Services | Term Loan | Prime plus | 2.75% | 11/21/2027 | 73.4 | 73.4 | 75.0 | 0.02 | % |
| B Lam LLC | (#,^) | 9419 Kenwood Rd, Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/20/2042 | 168.2 | 168.2 | 189.9 | 0.06 | % |
| Maya Motel, LLC dba Town House Motel | (#,^) | 1701 Washington Ave, Waco, TX 76701 | Accommodation | Term Loan | Prime plus | 2.75% | 11/17/2042 | 52.9 | 52.9 | 59.7 | 0.02 | % |
| Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. | (#,^) | 1990 Flippen Rd, Stockbridge, GA 30281 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 11/17/2027 | 35.8 | 35.8 | 36.7 | 0.01 | % |
| H & H Hotshot Services, Inc. | (#,^) | 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 11/16/2027 | 47.3 | 47.3 | 49.0 | 0.02 | % |
| Auto Rx LLC,J&P Auto Repair Inc | (#,^) | 91 & 95 Woodbury Rd, Hicksville, NY 11801 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/15/2042 | 182.1 | 182.1 | 205.6 | 0.07 | % |
| J R Wholesale Tires & Auto Center, LLC | (#,^) | 822 Cameron Lane, Lugoff, SC 29078 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/15/2042 | 12.5 | 12.5 | 14.1 | — | % |
| Marcaco LLC | (#,^) | 124 Lincoln Ave, Colonie, NY 12205 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 11/15/2042 | 498.6 | 498.6 | 562.9 | 0.18 | % |
| Paramount Dance Studios Inc. and Homestead Dance Supply | (#,^) | 112 N Krome Ave, Homestead, FL 33030 | Educational Services | Term Loan | Prime plus | 2.75% | 10/14/2043 | 438.6 | 438.6 | 495.1 | 0.16 | % |
F-290
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Wing King at the Gardens LLC | (#,^) | 4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/10/2027 | 6.6 | 6.6 | 6.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| JNP Delivery Inc | (#,^) | 4500 North Providence # 7, Appleton, WI 54913 | Couriers and Messengers | Term Loan | Fixed | 6% | 11/7/2027 | 6.5 | 6.5 | 6.4 | — | % |
| His Loving Hands Christian Academy, Inc. | (#,^) | 15020 Harrison St., Miami, FL 33176 | Social Assistance | Term Loan | Prime plus | 2.75% | 11/6/2042 | 85.1 | 85.1 | 96.1 | 0.03 | % |
| Sterling Campbell Insurance Agency, Inc | (#,^) | 36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 11/3/2027 | 5.1 | 5.1 | 5.2 | — | % |
| S & S Auto Body Shop Inc. | (#,^) | 5001 W. Clay St., Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/3/2042 | 69.9 | 69.9 | 78.9 | 0.03 | % |
| Top Quality Dent Service LLC | (#,^) | 1541 Vapor Trail, Colorado Springs, CO 80905 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/2/2027 | 4.1 | 4.1 | 4.2 | — | % |
| Rachael Reel dba Rachel Reel Insurance Age | (#,^) | 208 Bank St., Lenoir, TN 37771 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 10/31/2027 | 5.0 | 5.0 | 5.1 | — | % |
| Die Hard Used Car Sales | (#,^) | 1668 West Grand Ave, Phoenix, AZ 85007 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/30/2042 | 52.3 | 52.3 | 59.1 | 0.02 | % |
| The Five Lakes LLC | (#,^) | 13705 Holmes Rd, Kansas City, MO 64154 | Educational Services | Term Loan | Prime plus | 2.75% | 10/30/2042 | 440.0 | 440.0 | 496.7 | 0.16 | % |
| Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle | (#,^) | 377 Boston Post Rd Unit B, Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 10/27/2027 | 27.7 | 27.7 | 28.5 | 0.01 | % |
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave, Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 10/27/2027 | 6.7 | 6.7 | 6.9 | — | % |
| Ashore Ventures Inc dba PuroClean Professional Restoration | (#,^) | 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/27/2027 | 9.7 | 9.7 | 10.0 | — | % |
| Suzie LLC dba Tony D's Restaurant | (#,^) | 92 Huntington St., New London, CT 06320 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/25/2042 | 81.0 | 81.0 | 91.5 | 0.03 | % |
| Grand Blanc Lanes, Inc. | (#,^) | 5301 S. Saginaw Rd, Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/25/2027 | 10.0 | 10.0 | 10.6 | — | % |
| Schafer Fisheries Inc | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 10/25/2027 | 25.7 | 25.7 | 27.3 | 0.01 | % |
| The Jig, LLC | (#,^) | 3115 Camp Phillips Rd, Wausau, WI 54403 | Food Services and Drinking Places | Term Loan | Fixed | 8.25% | 10/24/2042 | 23.4 | 23.4 | 22.8 | 0.01 | % |
| Island Refrigeration & AC Inc | (#,^) | 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/18/2042 | 122.7 | 122.7 | 138.6 | 0.04 | % |
| Blueridge Armor LLC | (#,^) | 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 10/17/2027 | 5.5 | 5.5 | 5.8 | — | % |
| H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry | (#,^) | 1227 Burnside Ave, East Hartford, CT 06108 | Electronics and Appliance Stores | Term Loan | Fixed | 7.5% | 10/17/2042 | 60.0 | 60.0 | 58.6 | 0.02 | % |
| Cortez Landscaping, LLC | (#,^) | 4 Powder Rd, Norwalk, CT 06854 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/13/2027 | 12.8 | 12.8 | 13.3 | — | % |
| On Call Services LLC | (#,^) | 15060 281St Ave NW, Zimmerman, MN 55398 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 10/13/2027 | 12.2 | 12.2 | 12.9 | — | % |
F-291
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Pro Anderson, LLC | (#,^) | 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 10/11/2027 | 36.2 | 36.2 | 37.1 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Becky Lou Corp dba Rent A Center | (#,^) | 3578 Route 611, Ste 210, Bartonsville, PA 18321 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 10/2/2027 | 60.7 | 60.7 | 63.3 | 0.02 | % |
| Ains Holding Company LLC | (#,^) | 122 W. 26th St., New York, NY 10001 | Management of Companies and Enterprises | Term Loan | Prime plus | 2.75% | 10/2/2027 | 67.6 | 67.6 | 69.5 | 0.02 | % |
| Dan Cline Transport Inc. | (#,^) | 501 State Dr, Mount Vernon, MO 65712 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/29/2030 | 758.8 | 758.8 | 803.6 | 0.26 | % |
| Harco Metal Products Inc | (#,^) | 7895 East Acoma Dr Ste 102, Scottsdale, AZ 85260 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 9/29/2042 | 455.4 | 455.4 | 514.2 | 0.17 | % |
| Sashshel Corporation | (#,^) | 676 Franklin Blvd, Somerset, NJ 08873 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/29/2042 | 196.6 | 196.6 | 221.9 | 0.07 | % |
| Threads of Time LLC | (#,^) | 207 S Buchanan St., Danville, IL 61832 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 9/29/2042 | 127.1 | 127.1 | 143.5 | 0.05 | % |
| Pets A Go Go LLC | (#,^) | 589 North State Rd, Briarcliff Manor, NY 10510 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/28/2042 | 183.5 | 183.5 | 207.2 | 0.07 | % |
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd, Warwick, RI 02886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/28/2042 | 519.7 | 519.7 | 586.7 | 0.19 | % |
| Nicholson Lumber Co Inc. | (#,^) | 377 Main St., Nicholson, PA 18446 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/28/2030 | 164.8 | 164.8 | 178.8 | 0.06 | % |
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd, Warwick, RI 02886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/28/2042 | 361.9 | 361.9 | 408.5 | 0.13 | % |
| Complete Care IT LLC | (#,^) | 4801 South University Dr, Ste 125, Davie, FL 33328 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/27/2027 | 9.7 | 9.7 | 9.9 | — | % |
| Technologist Inc | (#,^) | 3120 Farview Dr, Ste 610, Falls Church, VA 22042 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 9/27/2027 | 163.7 | 163.7 | 172.8 | 0.06 | % |
| Inspirations Food Design, Inc | (#,^) | 1338 Memorial Ave, West Springfield, MA 01089 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/26/2042 | 430.1 | 430.1 | 485.5 | 0.16 | % |
| KB Waterjet Cutting LLC | (#,^) | 4330 Parker Lane, Addis, LA 70710 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/22/2027 | 6.7 | 6.7 | 7.0 | — | % |
| JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn | (#,^) | 4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/22/2027 | 14.8 | 14.8 | 15.2 | — | % |
| Sallee Pro-Custom Fabrication Shop LLC | (#,^) | 8865 North County Rd 600 W, Scipio, IN 47273 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/21/2027 | 5.9 | 5.9 | 6.3 | — | % |
| NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York | (#,^) | 1401 Lakeland Ave, Bohemia, NY 11716 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/20/2027 | 679.4 | 679.4 | 714.5 | 0.23 | % |
| Imagine By Carleen, Inc. | (#,^) | 1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/20/2027 | 5.0 | 5.0 | 5.2 | — | % |
| Insight Diagnostic Technologist Services | (#,^) | 2030 Forest Ave, Ste 110, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/20/2027 | 218.7 | 218.7 | 225.5 | 0.07 | % |
| Sound Manufacturing, Inc. & Monster Power Equipment, Inc. | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/20/2027 | 131.6 | 131.6 | 138.1 | 0.04 | % |
F-292
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| CR Park Incorporated dba Define Body and Mind | (#,^) | 49 W. Allandale Ave, Allendale, NJ 07401 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/20/2027 | 25.3 | 25.3 | 26.5 | 0.01 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Montessori Community School | (#,^) | 123 South Navarra Dr, Scotts Valley, CA 95066 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/20/2042 | 252.2 | 252.2 | 284.7 | 0.09 | % | ||||||||||||||
| Stone's Construction and Remodeling, LLC | (#,^) | 5210 Kaylin Dr, Akron, OH 44319 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 9/19/2027 | 3.4 | 3.4 | 3.5 | — | % | ||||||||||||||
| Li Family Spokane LLC | (#,^) | 21 E. Lincoln Rd, Spokane, WA 99208 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2042 | 355.5 | 355.5 | 401.4 | 0.13 | % | ||||||||||||||
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr, Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 9/13/2027 | 221.1 | 221.1 | 225.3 | 0.07 | % | ||||||||||||||
| Nails By Mercede LLC | (#,^) | 2994 and 2996 Edgewater Dr, Orlando, FL 32804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/13/2027 | 9.4 | 9.4 | 9.9 | — | % | ||||||||||||||
| Rajbai Maa Inc. dba Nara Lounge | (#,^) | 244-252 Atwells Ave, Providence, RI 02903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/12/2042 | 358.7 | 358.7 | 405.0 | 0.13 | % | ||||||||||||||
| Town & Country Transportation Co. and Popco, LLC. | (#,^) | 191 Arch St., New Britain, CT 06051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/12/2042 | 155.9 | 155.9 | 176.0 | 0.06 | % | ||||||||||||||
| Health & Performance Center, LLC | (#,^) | 1862 Craigshire Rd, Saint Louis, MO 63146 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/11/2027 | 13.5 | 13.5 | 13.7 | — | % | Morgan Lynn Kerstetter dba Catherine School of Dance | (#,^) | 315 Mill St. 3rd Floor, Danville, PA 17821 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/11/2027 | 5.0 | 5.0 | 5.2 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Foxtail, LLC and Tottly New Services Corp | (#,^) | 1481 Highland Ave, Cheshire, CT 06410 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/8/2042 | 269.3 | 269.3 | 304.0 | 0.10 | % | ||||||||||||||
| Crazy Beatz Productions LLC | (#,^) | 20014 NE 138th St., Kearney, MO 64060 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 3.75% | 9/7/2027 | 3.6 | 3.6 | 3.8 | — | % | ||||||||||||||
| South Fulton Landscape & Nursery, Inc. | (#,^) | 3415 Enon Rd, College Park, GA 30349 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 9/7/2042 | 92.5 | 92.5 | 104.4 | 0.03 | % | ||||||||||||||
| Dreaming Big Learning Center Inc | (#,^) | 3301 W Oak St, Kissimmee, FL 34741 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/5/2042 | 351.3 | 351.3 | 396.6 | 0.13 | % | ||||||||||||||
| Big Coop's Trucking LLC | (#,^) | 3066 Misty Creek Dr., Swartz, MI 48473 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/1/2027 | 66.1 | 66.1 | 69.1 | 0.02 | % | ||||||||||||||
| Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle | (#,^) | 377 Boston Post Rd, Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 8/31/2027 | 277.3 | 277.3 | 284.9 | 0.09 | % | ||||||||||||||
| Lake County Tow LLC | (#,^) | 15409 Country Rd 565A, Clermont, FL 34711 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 8/25/2042 | 80.7 | 80.7 | 91.2 | 0.03 | % | ||||||||||||||
| Parlay Disributors LLC | (#,^) | 20 Medford Ave, Ste 104, Patchogue, NY 11772 | Educational Services | Term Loan | Prime plus | 2.75% | 8/25/2027 | 72.5 | 72.5 | 74.3 | 0.02 | % | ||||||||||||||
| Genuine Ventures LLC and Seaweed Ventures LLC | (#,^) | 432 S Franklin St, Juneau, AK 99801 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/24/2030 | 457.2 | 457.2 | 488.7 | 0.16 | % | ||||||||||||||
| Delicias de Minas Restaurant, LLC | (#,^) | 168-170 McWhorter St., Newark, NJ 07105 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/22/2027 | 129.7 | 129.7 | 136.9 | 0.04 | % | ||||||||||||||
| L&V Auto Sales, Inc. | (#,^) | 1504 West Franklin Blvd., Gastonia, NC 28052 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 8/21/2027 | 11.8 | 11.8 | 12.4 | — | % |
F-293
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Damiano Global Corp | (#,^) | 333 Birch Hills Dr, Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/21/2027 | 14.7 | 14.7 | 15.4 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/18/2027 | 12.7 | 12.7 | 13.1 | — | % |
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Dr, Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 8/17/2027 | 4.9 | 4.9 | 5.0 | — | % |
| Chester's World Enterprise LLC | (#,^) | 140 W Alameda Dr, Ste 104, Tempe, AZ 85282 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 8/16/2027 | 14.7 | 14.7 | 15.2 | — | % |
| D'Amato & Sons Construction, Inc. | (#,^) | 117 Oak St., Amityville, NY 11701 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 8/11/2027 | 5.4 | 5.4 | 5.6 | — | % |
| Roundhay Partners LLC and Roundhay Farming LLC | (#,^) | 6160 Granite Spring Rd, Somerset, CA 95684 | Crop Production | Term Loan | Fixed | 8.25% | 8/8/2042 | 831.4 | 831.4 | 783.2 | 0.25 | % |
| L & J Corporate Services Inc | (#,^) | 866 NW 110th Ave, Coral Springs, FL 33071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 8/4/2027 | 3.7 | 3.7 | 3.7 | — | % |
| Work of Heart Inc dba Little Nest Portraits | (#,^) | 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 7.5% | 7/28/2027 | 33.0 | 33.0 | 31.4 | 0.01 | % |
| Sharon G McMillen, MA Psychologist, Inc. | (#,^) | 216 West Main St, Kingwood, WV 26537 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 7/28/2027 | 12.0 | 12.0 | 12.2 | — | % |
| HQTRONIC LLC | (#,^) | 10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 7/27/2027 | 14.5 | 14.5 | 14.8 | — | % |
| Oberon IT, Inc. | (#,^) | 1404 W. Walnut Hill Lane, Irving, TX 75038 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/26/2027 | 141.2 | 141.2 | 146.6 | 0.05 | % |
| Gilles Peress Studio LLC | (#,^) | 76 Lafayette Ave, Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/25/2027 | 39.8 | 39.8 | 40.6 | 0.01 | % |
| Obok LLC | (#,^) | 2720 S. Havana St., Unit H, Aurora, CO 80014 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 7/21/2027 | 7.7 | 7.7 | 8.1 | — | % |
| Lil Tots' Learning Center LLC | (#,^) | 3042 S 78th St, Tampa, FL 33619 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/21/2042 | 25.5 | 25.5 | 28.8 | 0.01 | % |
| Ocean Trans LLC | (#,^) | 1415 W Andersonr Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/21/2027 | 25.6 | 25.6 | 26.1 | 0.01 | % |
| Matrix Z LLC | (#,^) | 800 SW 21st Terrace, Fort Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 3.75% | 7/19/2027 | 5.5 | 5.5 | 5.9 | — | % |
| Aitheras Aviation Group, LLC , Aitheras Aviation Group, LLC | (#,^) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus | 2.75% | 7/18/2027 | 532.3 | 532.3 | 543.6 | 0.18 | % |
| Wildflour Bakery & Cafe, LLC | (#,^) | 5137 Clareton Dr, Ste 100,110 & 120, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/17/2027 | 14.5 | 14.5 | 15.3 | — | % |
| Koep Companies dba Pipestone True value | (#,^) | 207 East Main St., Pipestone, MN 56164 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 7/14/2042 | 300.8 | 300.8 | 339.6 | 0.11 | % |
| McCord Holdings, Inc. dba Fast Signs 176101 | (#,^) | 7640 N. Wickham Rd, Melbourne, FL 32940 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 7/7/2027 | 9.5 | 9.5 | 9.8 | — | % |
| Thrifty Market Inc dba Thrifty Foods | (#,^) | 702 10th St., Wheatland, WY 82201 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 7/6/2027 | 69.4 | 69.4 | 71.7 | 0.02 | % |
F-294
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Hamilton & Associates Real Estate and Investments Firm LLC | (#,^) | 11776 West Sample Rd, Coral Springs, FL 33065 | Real Estate | Term Loan | Prime plus | 2.75% | 6/30/2042 | 49.7 | 49.7 | 56.1 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J. T. O'Neill Company, L.L.C | (#,^) | 19972 Willowin Farm Lane, Purcellville, VA 20132 | Real Estate | Term Loan | Prime plus | 2.75% | 6/30/2027 | 9.6 | 9.6 | 10.0 | — | % |
| J&M Civil Construction Services LLC | (#,^) | 1221 County Rd 4371, Decatur, TX 76234 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/30/2027 | 68.4 | 68.4 | 71.2 | 0.02 | % |
| BQRS, Inc. DBA Gresham Meineke Car Care Center | (#,^) | 18081 SE Division St., Portland, OR 97236 | Repair and Maintenance | Term Loan | Fixed | 0% | 6/30/2027 | 50.3 | 50.3 | 48.9 | 0.02 | % |
| New Chicago Wholesale Bakery Inc. | (#,^) | 795 Touhy Ave, Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 6/30/2027 | 10.6 | 10.6 | 11.2 | — | % |
| Best Bees Company | (#,^) | 839 Albany St., Boston, MA 02119 | Animal Production and Aquaculture | Term Loan | Prime plus | 2.75% | 6/29/2027 | 14.3 | 14.3 | 14.9 | — | % |
| Oakhill Farms, LLC | (#,^) | 15 Carl St., Johnston, RI 02919 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/29/2030 | 75.1 | 75.1 | 82.1 | 0.03 | % |
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/29/2027 | 196.5 | 196.5 | 208.1 | 0.07 | % |
| Intellixion LLC | (#,^) | 7447 Egan Dr, Ste 110 A, Savage, MN 55378 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/29/2027 | 2.4 | 2.4 | 2.5 | — | % |
| Ocean Trans LLC and Dehal Trucking LLC | (#,^) | 760 W. Charter Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/29/2027 | 383.0 | 383.0 | 399.0 | 0.13 | % |
| Foxhop Fitness, LLC | (#,^) | 4211 NW Federal Hwy, Jensen Beach, FL 34957 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/28/2027 | 57.9 | 57.9 | 60.4 | 0.02 | % |
| Old Dominion Transportation Group, Inc. | (#,^) | 2510 Hunters Place, Ste 202, Woodbridge, VA 22192 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 6/28/2027 | 765.1 | 765.1 | 799.4 | 0.26 | % |
| Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC | (#,^) | 211 East 25th St., Norfolk, VA 23504 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 6/27/2030 | 184.6 | 184.6 | 201.8 | 0.07 | % |
| Ains Holding Company, LLC | (#,^) | 122 West 26th St., New York, NY 10001 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/26/2027 | 818.3 | 818.3 | 855.0 | 0.28 | % |
| Northern Industries, LLC | (#,^) | W 5585 Dehart Dr, Tomahawk, WI 54484 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/23/2042 | 53.6 | 53.6 | 60.6 | 0.02 | % |
| Vella Construction Enterprises, Inc. dba Vella Construction | (#,^) | 318 28th Ave, San Mateo, CA 94403 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 6/23/2027 | 14.3 | 14.3 | 14.9 | — | % |
| Birches Group, LLC | (#,^) | 228 East 45th St. 12th FL South, New York, NY 10017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/22/2027 | 31.9 | 31.9 | 33.2 | 0.01 | % |
| Scarlet Spartan Inc.dba FastSigns of Brighton | (#,^) | 533 W. Grand River Ave, Brighton, MI 48116 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/19/2027 | 10.0 | 10.0 | 10.6 | — | % |
| Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC | (#,^) | 11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/16/2042 | 369.9 | 369.9 | 417.6 | 0.14 | % |
| JAM Media Solutions, LLC | (#,^) | 4744 Tackawanna St., Philadelphia, PA 19124 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/15/2027 | 23.3 | 23.3 | 24.3 | 0.01 | % |
| All Regional Recyclers of Wood LLC dba ARROW, Superior Carting, LLC | (#,^) | 104 Wooster St., Bethel, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 6/15/2042 | 285.5 | 285.5 | 322.3 | 0.10 | % |
F-295
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| ESA 365 Corp and Lucathor Realty LLC | (#,^) | 2420 Grand Ave, Baldwin, NY 11520 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/14/2042 | 20.7 | 20.7 | 23.3 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Susan Hughes dba Aloha Junction B and B | (#,^) | 19-4037 Olapalapa Rd, Volcano, HI 96785 | Accommodation | Term Loan | Prime plus | 2.75% | 6/14/2042 | 56.7 | 56.7 | 64.0 | 0.02 | % |
| Hull's Kitchen, LLC and HK Too, LLC | (#,^) | 19 Hull Shore Dr, Hull, MA 02045 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/14/2042 | 91.3 | 91.3 | 103.1 | 0.03 | % |
| Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero | (#,^) | 577 Main Ave, Paterson, NJ 07055 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2042 | 85.0 | 85.0 | 96.0 | 0.03 | % |
| Refoleen Inc dba Spice and Tea Exchange | (#,^) | 849 E Commerce St. Ste 121, San Antonio, TX 78205 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/8/2027 | 2.2 | 2.2 | 2.3 | — | % |
| Skydive California, LLC | (#,^) | 25001 S Kasson Rd, Tracy, CA 95301 | Educational Services | Term Loan | Prime plus | 2.75% | 6/2/2027 | 34.9 | 34.9 | 37.0 | 0.01 | % |
| SCW, LLC dba Arthur Murray Dance Studio | (#,^) | 2383 Old Dixwell Ave, Hamden, CT 06518 | Educational Services | Term Loan | Prime plus | 2.75% | 6/2/2042 | 134.2 | 134.2 | 151.5 | 0.05 | % |
| Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder | (#,^) | 246 East Belt Blvd, Richmond, VA 23224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 6/1/2042 | 41.9 | 41.9 | 47.4 | 0.02 | % |
| Funtime, LLC and Universal Entertainment Group LLC | (#,^) | 13200 W. Foxfire Dr #144, Surprise, AZ 85387 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/31/2027 | 48.3 | 48.3 | 50.5 | 0.02 | % |
| Ricnet III, Inc. dba Edible Arrangements | (#,^) | 716 Foxcroft Ave, Martinsburg, WV 25401 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 5/31/2027 | 9.5 | 9.5 | 9.9 | — | % |
| Haroon Baig,Inc.dba US1 Petrol | (#,^) | 1280-1290 Dixwell Ave, Hamden, CT 06514 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 5/31/2042 | 242.2 | 242.2 | 273.5 | 0.09 | % |
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave, Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 5/31/2027 | 14.2 | 14.2 | 14.8 | — | % |
| Chet Lemon Enterprises LLC dba All American Sports | (#,^) | 1544 Lane Park Cutoff, Tavares, FL 32778 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/26/2042 | 728.3 | 728.3 | 822.2 | 0.27 | % |
| Swantown Inn & Spa LLC | (#,^) | 1431 11th Ave SE, Olympia, WI 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 5/26/2042 | 116.6 | 116.6 | 131.7 | 0.04 | % |
| Eagle Wood Works LLC | (#,^) | 1448 Horsehead Rd, Lugoff, SC 29078 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 5/26/2027 | 7.5 | 7.5 | 7.9 | — | % |
| Hurricane Group, Inc. | (#,^) | 312 West Fourth St., Carson City, NV 89703 | Other Information Services | Term Loan | Prime plus | 2.75% | 5/26/2027 | 54.5 | 54.5 | 56.7 | 0.02 | % |
| Beyond Waves A Unique Salon LLC and Lori Ann Carlson | (#,^) | 2290 Foxon Rd Route 80, North Branford, CT 06471 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/25/2027 | 2.9 | 2.9 | 3.0 | — | % |
| Locavore LLC dba Paloma Restaurant | (#,^) | 401 S. Guadalupe St., Santa Fe, NM 87501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/25/2027 | 31.4 | 31.4 | 32.9 | 0.01 | % |
| Abdul Naushad MD PC dba Advanced Pain Centers | (#,^) | 2865 James Blvd, Poplar Bluff, MO 63901 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/25/2042 | 372.3 | 372.3 | 420.4 | 0.14 | % |
| Innovim, LLC | (#,^) | 6401 Golden Triangle Dr Ste 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/24/2027 | 182.5 | 182.5 | 190.1 | 0.06 | % |
| Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. | (#,^) | 132 North Wellwood Ave, Lindenhurst, NY 11757 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/19/2042 | 534.5 | 534.5 | 603.4 | 0.20 | % |
F-296
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Tres K Deli,Grocery,Fruit and Meat Inc. | (#,^) | 125 West Tremont Ave, Bronx, NY 10453 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 5/19/2027 | 5.2 | 5.2 | 5.5 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hayden Trucking LLC | (#,^) | 11540 Eagle Vista Dr, Fort Worth, TX 76179 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/19/2027 | 92.5 | 92.5 | 98.0 | 0.03 | % |
| PS Camping, Inc. dba Prospectors RV Resort | (#,^) | 43659&43595 US Hwy 50, Canon City, CO 81212 | Accommodation | Term Loan | Fixed | 8.25% | 5/19/2042 | 891.0 | 891.0 | 871.8 | 0.28 | % |
| Mr. B's Bicycles & Mopeds, Inc. | (#,^) | 1870 S. 4th Ave, Yuma, AZ 85364 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/18/2042 | 134.6 | 134.6 | 152.0 | 0.05 | % |
| Waterford Plumbing Co, Inc. | (#,^) | 2425 W. Cuyler Ave, Chicago, IL 60618 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/18/2027 | 31.5 | 31.5 | 32.9 | 0.01 | % |
| Bay Car Wash LLC | (#,^) | 952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/18/2042 | 111.7 | 111.7 | 126.1 | 0.04 | % |
| Computech Computers Inc. | (#,^) | 40-24 76th St., Office #2B, Elmhurst, NY 11373 | Educational Services | Term Loan | Prime plus | 2.75% | 5/17/2027 | 31.5 | 31.5 | 32.8 | 0.01 | % |
| Arco Electrical Contractors Inc. dba Arco Construction Group | (#,^) | 22-24 South Seventh St., Elizabeth, NJ 07202 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 5/16/2027 | 231.3 | 231.3 | 243.3 | 0.08 | % |
| 5 Stars Learning Center Inc | (#,^) | 14 Paine Ave, Irvington, NJ 07111 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/16/2042 | 56.7 | 56.7 | 64.0 | 0.02 | % |
| Sanderson Distribution Inc. | (#,^) | 100 Daniel Dr, Alamo, CA 94507 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/12/2027 | 6.6 | 6.6 | 6.9 | — | % |
| B G F Bobby Q's Inc | (#,^) | 447 N. Main St., Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/11/2027 | 4.7 | 4.7 | 5.0 | — | % |
| Estelle Finkel Educational Associates,LLC | (#,^) | 125 West Mount Pleasant Ave, Livingston, NJ 07039 | Educational Services | Term Loan | Prime plus | 2.75% | 5/11/2027 | 76.7 | 76.7 | 79.9 | 0.03 | % |
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/9/2027 | 55.7 | 55.7 | 58.4 | 0.02 | % |
| Innovation Transport, LLC | (#,^) | 1 International Blvd, Mahwah, NJ 07495 | Truck Transportation | Term Loan | Prime plus | 2.75% | 5/9/2027 | 49.3 | 49.3 | 52.1 | 0.02 | % |
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/9/2042 | 20.1 | 20.1 | 22.7 | 0.01 | % |
| Benchmark Building, Inc. | (#,^) | 1439 Stargazer Terrace, Sanford, FL 32771 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/5/2027 | 14.2 | 14.2 | 14.8 | — | % |
| Cable Management LLC | (#,^) | 290 Pratt St., Meriden, CT 06450 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 5/3/2027 | 36.1 | 36.1 | 38.1 | 0.01 | % |
| Fine Arts Center of Easley, Inc. dba Midtown Music | (#,^) | 117 S. Pendleton St., Easley, SC 29640 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 5/2/2042 | 109.5 | 109.5 | 123.7 | 0.04 | % |
| Love and Glory Learning Center, Inc. | (#,^) | 4911 N. 42nd St., Tampa, FL 33610 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/28/2042 | 71.4 | 71.4 | 80.6 | 0.03 | % |
| Sneads Ferry Foods, Inc. dba DQ Grill & Chill | (#,^) | 920 Hwy 210, Sneads Ferry, NC 28460 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2042 | 598.3 | 598.3 | 675.5 | 0.22 | % |
| JMA Inc. dba Primecut and Mezzo; Primecut at Marquee | (#,^) | 393 Charles St., Providence, RI 02904 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2042 | 203.1 | 203.1 | 229.3 | 0.07 | % |
F-297
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ralph's Hair Salon, Inc. | (#,^) | 175 NW 14th St., Homestead, FL 33030 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 4/21/2042 | 45.8 | 45.8 | 51.7 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Getting Even LLC dba The Zoo Health Club | (#,^) | 377 South Willow St., Ste B 2-1, Manchester, NH 03103 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/21/2027 | 4.7 | 4.7 | 4.9 | — | % |
| Condron Brothers LLC DBA Luv 2 Play | (#,^) | 4790 La Sierra Ave, Riverside, CA 92505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/19/2027 | 74.4 | 74.4 | 78.0 | 0.03 | % |
| The Altitude Group, LLC and Core Home Security, LLC | (#,^) | 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/31/2027 | 26.9 | 26.9 | 27.9 | 0.01 | % |
| Citizens Lanes, LLC | (#,^) | 5100 Goodson Connector Rd, Union City, GA 30291 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25% | 3/31/2042 | 602.2 | 602.2 | 589.3 | 0.19 | % |
| Landmark Ventures USA, Inc. | (#,^) | 475 Park Ave South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 3/31/2027 | 115.3 | 115.3 | 119.7 | 0.04 | % |
| Golden Hen Inc. dba Cafe | (#,^) | 468 W. Cheltenham Ave, Philadelphia, PA 19126 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/31/2027 | 39.8 | 39.8 | 41.4 | 0.01 | % |
| Bear Trail Lodge LLC | (#,^) | Mile 1 Bear Trail Rd, King Salmon, AK 99613 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/31/2042 | 506.4 | 506.4 | 571.8 | 0.18 | % |
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2042 | 233.9 | 233.9 | 264.1 | 0.09 | % |
| Sea Smoke Barbeque, Corp and Danwen LLC | (#,^) | 20 Island Farm Rd, Oak Bluffs, MA 02557 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/30/2042 | 216.7 | 216.7 | 244.7 | 0.08 | % |
| Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham | (#,^) | 1221 Kentucky Mills Dr, Louisville, KY 40299 | Accommodation | Term Loan | Prime plus | 2.75% | 3/29/2042 | 968.2 | 968.2 | 1,093.1 | 0.35 | % |
| Discount Price, LLC dba Robert's Market | (#,^) | 2 Hill Rd, Franklin, NH 03235 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/29/2042 | 189.0 | 189.0 | 213.4 | 0.07 | % |
| Douglas K. Soderblom . dba Loma Linda Optometry | (#,^) | 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/29/2027 | 61.5 | 61.5 | 64.3 | 0.02 | % |
| H and H Hotshot Services, Inc. dba AA Hotshot & Logistics | (#,^) | 5455 N 51st St., # 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 3/29/2030 | 58.3 | 58.3 | 62.5 | 0.02 | % |
| New England Country Day School, Inc. and Thomas D. Walker | (#,^) | 27 Kenosia Ave, Danbury, CT 06810 | Social Assistance | Term Loan | Prime plus | 2.75% | 3/28/2042 | 345.9 | 345.9 | 390.5 | 0.13 | % |
| Heil & Hornik LLC dba Elysium Tennis | (#,^) | 7637 C. Commerce Place, Plain City, OH 43064 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/27/2042 | 851.2 | 851.2 | 961.0 | 0.31 | % |
| Color Graphic Press, Inc. | (#,^) | 42 Main St., Nyack, NY 10960 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 3/23/2027 | 73.8 | 73.8 | 77.9 | 0.03 | % |
| JBK Truck Trailer and Bus Inc. | (#,^) | 8669 South State Rd 67, Camby, IN 46113 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/23/2042 | 81.3 | 81.3 | 91.8 | 0.03 | % |
| Denton Bio Fuels LLC and American Bio Source LLC | (#,^) | 624 W. University Dr. Ste 359, TX, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 3/23/2027 | 40.0 | 40.0 | 41.9 | 0.01 | % |
| Executive Fitness & Nutrition Inc. | (#,^) | 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/23/2027 | 12.4 | 12.4 | 13.1 | — | % |
F-298
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Baton Rouge Cargo Services Inc. and 6507 Westport, LLC | (#,^) | 6507 Westport Ave, Shreveport, LA 71129 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/22/2042 | 585.2 | 585.2 | 660.6 | 0.21 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Purple Cow House of Pancake Inc | (#,^) | 6 & 10 Skowhegan Rd, Fairfield, ME 04937 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/16/2042 | 65.2 | 65.2 | 73.6 | 0.02 | % |
| Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. | (#,^) | 5880 US Hwy6, Portage, IN 46368 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/16/2027 | 203.6 | 203.6 | 215.0 | 0.07 | % |
| 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa | (#,^) | 6510 North Broadway, Saint Louis, MO 63147 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/13/2027 | 385.2 | 385.2 | 400.1 | 0.13 | % |
| Dwayne Bernard Tate | (#,^) | 1238 Woodcliff Court SW, Lilburn, GA 30047 | Truck Transportation | Term Loan | Prime plus | 2.75% | 3/10/2027 | 6.4 | 6.4 | 6.8 | — | % |
| Elegant Occasions, LLC dba E Productions | (#,^) | 3650 Coral Ridge Dr Units 103-104, Coral Springs, FL 33065 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/10/2042 | 555.1 | 555.1 | 626.7 | 0.20 | % |
| Anthony LLC dba Star of Woodward Market | (#,^) | 5730 Woodward Ave, Detroit, MI 48202 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/9/2042 | 105.7 | 105.7 | 119.3 | 0.04 | % |
| Podium Auto Sales Inc and RRS Property, LLC | (#,^) | 246 S. Dixie Hwy, Pompano Beach, FL 33060 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/3/2042 | 83.2 | 83.2 | 93.9 | 0.03 | % |
| Weeping Willow Kennels, Inc and Aileen N Black | (#,^) | 6041 Hammond School Rd, Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2042 | 128.1 | 128.1 | 144.6 | 0.05 | % |
| Getting Even LLC dba The Zoo Health Club | (#,^) | 377 South Willow St. Unit B2-1, Manchester, NH 03103 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/28/2027 | 58.4 | 58.4 | 61.1 | 0.02 | % |
| McNally Enterprises Inc. | (#,^) | 1010 N. Grove St., Anaheim, CA 92806 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/27/2027 | 39.1 | 39.1 | 40.8 | 0.01 | % |
| Teracore Inc. | (#,^) | 3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/27/2027 | 99.3 | 99.3 | 103.2 | 0.03 | % |
| B & J Bicycle Shop Inc. | (#,^) | 1620 E. Sample Rd, Pompano Beach, FL 33064 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 2/24/2027 | 3.8 | 3.8 | 4.0 | — | % |
| 3W Enterprises LLC | (#,^) | 2727 Industrial Pkwy, Elkhart, IN 46516 | Textile Product Mills | Term Loan | Prime plus | 2.75% | 2/24/2042 | 59.3 | 59.3 | 66.9 | 0.02 | % |
| TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant | (#,^) | 2235 S. Power Rd Ste 118, Mesa, AZ 85209 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/24/2027 | 45.6 | 45.6 | 48.2 | 0.02 | % |
| Ameritube, LLC and Ravone Properties, LLC | (#,^) | 1000 North State. Hwy 77, Hillsboro, TX 76645 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 2/14/2042 | 171.2 | 171.2 | 193.3 | 0.06 | % |
| Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC | (#,^) | 2808 Court St., Port Allen, LA 70767 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/10/2042 | 226.8 | 226.8 | 256.0 | 0.08 | % |
| Marvic Enterprises Inc dba Jordan's Liquor | (#,^) | 199 Taunton Ave, East Providence, RI 02914 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/10/2042 | 200.4 | 200.4 | 226.2 | 0.07 | % |
| Maximo Canot dba Wash and Dry Laundrymat | (#,^) | 34 Morningside Ave, Yonkers, NY 10703 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/10/2042 | 126.0 | 126.0 | 142.2 | 0.05 | % |
| Harrison Logging Company LLC | (#,^) | 127 Legate Rd, Indian Mound, TN 37079 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 2/9/2027 | 65.8 | 65.8 | 68.9 | 0.02 | % |
F-299
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. | (#,^) | 174-176 Mountain Ave, Springfield, NJ 07081 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 2/7/2042 | 299.8 | 299.8 | 338.5 | 0.11 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St. Units 1F/1P, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/1/2042 | 172.3 | 172.3 | 194.6 | 0.06 | % |
| Chidlren's House Learning, Inc and Tarps Investment Group | (#,^) | 720 Wilbraham Rd, Springfield, MA 01109 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/31/2042 | 293.4 | 293.4 | 331.3 | 0.11 | % |
| Fave Realty Inc. | (#,^) | 1875 Grand Ave, Baldwin, NY 11510 | Real Estate | Term Loan | Prime plus | 2.75% | 1/30/2042 | 49.8 | 49.8 | 56.2 | 0.02 | % |
| SRC Publishing LLC | (#,^) | 8690 Waterford Bend St., Las Vegas, NV 89123 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 1/27/2027 | 13.5 | 13.5 | 14.0 | — | % |
| Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. | (#,^) | 5245 Bucks Bar Rd, Placerville, CA 95667 | Beverage and Tobacco Product Manufacturing | Term Loan | Fixed | 8.25% | 1/19/2030 | 203.5 | 203.5 | 198.5 | 0.06 | % |
| Jolibe LLC and Jolibe Atelier LLC | (#,^) | 357 w 36th #401, New York, NY 10018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 1/18/2027 | 6.3 | 6.3 | 6.6 | — | % |
| Eickmann Management Group LLC dba Jimmy Johns of Dundee | (#,^) | 568 Techumseh St., Dundee, MI 48131 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/17/2027 | 59.6 | 59.6 | 63.0 | 0.02 | % |
| Fullbro Trust dba Menemsha Blues | (#,^) | 2 Basin Rd, Chilmark, MA 02535 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 1/13/2027 | 13.5 | 13.5 | 14.2 | — | % |
| Echelon Enterprises, Inc | (#,^) | 16701 E. Iliff Ave, Aurora, CO 80013 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 1/10/2027 | 29.3 | 29.3 | 30.9 | 0.01 | % |
| Metropolitan Solutions Group Inc. | (#,^) | 1420 Chestnut St., Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/19/2041 | 250.4 | 250.4 | 282.7 | 0.09 | % |
| Techni-Pro Institute LLC | (#,^) | 414 NW 35th St., Boca Raton, FL 33431 | Educational Services | Term Loan | Prime plus | 2.75% | 12/15/2026 | 111.9 | 111.9 | 116.4 | 0.04 | % |
| Sempco, Inc. | (#,^) | 51 -55 Lake St. Unit #2-6, Nashua, NH 03060 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/15/2041 | 38.2 | 38.2 | 43.2 | 0.01 | % |
| New Chicago Wholesale Bakery, Inc. | (#,^) | 795 Touhy Ave, Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/15/2041 | 426.1 | 426.1 | 481.0 | 0.16 | % |
| Allied Welding Inc. | (#,^) | 1820 N. Santa Fe Ave, Chillicothe, IL 61523 | Fabricated Metal Product Manufacturing | Term Loan | Fixed | 5.25% | 12/15/2041 | 711.0 | 711.0 | 690.8 | 0.22 | % |
| Elita 7, LLC | (#,^) | 16 Marble St., Worcester, MA 01603 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 12/15/2041 | 669.9 | 669.9 | 756.4 | 0.24 | % |
| Trison Enterprises Inc.dba Lee's Automotive | (#,^) | 13281 Aurora Ave N, Seattle, WA 98311 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/14/2041 | 371.1 | 371.1 | 418.9 | 0.14 | % |
| Wayfarer Bicycle LLC | (#,^) | 118-120 Ocean Ave, New London, CT 06320 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 12/13/2041 | 84.2 | 84.2 | 95.1 | 0.03 | % |
| Roast Beef Levittown LLC dba Arby's | (#,^) | 2080 Hempstead Turnpike, East Meadow, NY 11554 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/13/2026 | 125.2 | 125.2 | 131.8 | 0.04 | % |
F-300
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Mack Team Enterprises Inc.dba The UPS Store #6815 | (#,^) | 38200 Ave of the States, Fort Gordon, GA 30905 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 12/9/2026 | 12.0 | 12.0 | 12.6 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| eCommerce Direct, LLC | (#,^) | 3440 Gannett Ave, Des Moines, IA 50321 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/9/2026 | 457.5 | 457.5 | 477.0 | 0.15 | % |
| Recycling Revolution,LLC | (#,^) | 4190 Collins Rd, Unadilla, GA 31091 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/9/2041 | 81.9 | 81.9 | 92.4 | 0.03 | % |
| New Life Hospital LLC | (#) | 17400 Red Oak Dr, Houston, TX 77090 | Hospitals | Term Loan | Prime plus | 2.75% | 12/8/2041 | 1,110.7 | 1,110.7 | 1,254.0 | 0.41 | % |
| Hanson's Greeks LLC | (#,^) | 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/8/2026 | 6.6 | 6.6 | 7.0 | — | % |
| The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites | (#) | 29291 Amerihost Dr, Dowagiac, MI 49047 | Accommodation | Term Loan | Fixed | 8.25% | 12/5/2041 | 329.5 | 329.5 | 322.0 | 0.10 | % |
| Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC | (#) | 1 Pebble Wood Lane, Palm Coast, FL 32164 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 11/30/2041 | 63.4 | 63.4 | 71.6 | 0.02 | % |
| Quick Ship, LLC | (#) | 448 W. 19th St, Houston, TX 77008 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 11/30/2026 | 6.1 | 6.1 | 6.3 | — | % |
| Imaginarium Foods LLC, | (#,^) | 751 N. Cable Rd, Lima, OH 45805 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2042 | 340.1 | 340.1 | 384.0 | 0.12 | % |
| Access Staffing, LLC | (#,^) | 360 Lexington Ave 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/29/2026 | 717.8 | 717.8 | 743.6 | 0.24 | % |
| Usman Jalil, LLC dba Food Mart | (#) | 147 N Washington St., Plainville, CT 06062 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/29/2041 | 212.3 | 212.3 | 239.7 | 0.08 | % |
| WPN Recycling Company LLC | (#,^) | 5101 Andard Ave, Baltimore, MD 21226 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 11/23/2026 | 13.1 | 13.1 | 13.8 | — | % |
| CRK Mens, LLC dba Spiff for Men | (#,^) | 750 Third Ave, New York, NY 10017 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/23/2026 | 61.6 | 61.6 | 64.0 | 0.02 | % |
| Broms Asset Management LLC | (#,^) | 215 East 79th St. Apt 9E, New York, NY 10075 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 11/22/2026 | 72.5 | 72.5 | 75.1 | 0.02 | % |
| JBK Truck Trailer and Bus Inc. | (#) | 8669 S. State Rd 67, Camby, IN 46113 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/22/2041 | 377.4 | 377.4 | 426.1 | 0.14 | % |
| Bouquet Restaurant LLC | (#,^) | 519 Main St., Covington, KY 41011 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/22/2041 | 88.2 | 88.2 | 99.5 | 0.03 | % |
| Skaggs RV Outlet LLC | (#,^) | 301 Commerce Dr, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 11/21/2026 | 58.2 | 58.2 | 61.3 | 0.02 | % |
| Catherine Christine Morin dba Purr-Fect Pets | (#,^) | 1915 North Austin Ave, Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/17/2026 | 10.9 | 10.9 | 11.3 | — | % |
| Hoosier Health Plus, LLC | (#,^) | 520 East 8th St., Anderson, IN 46012 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/15/2026 | 50.8 | 50.8 | 53.5 | 0.02 | % |
| MIK LLC dba Firehouse Subs | (#,^) | 17250 Royalton Rd, Strongsville, OH 44136 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2026 | 129.7 | 129.7 | 134.6 | 0.04 | % |
| Dyer Properties, LLC and Bayview Pharmacy, Inc. | (#) | 3844 Post Rd, Warwick, RI 02886 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 11/9/2041 | 218.8 | 218.8 | 247.0 | 0.08 | % |
F-301
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Fine Line Interiors, Inc. | (#) | 2530 SW 30th Ave, Hallandale Beach, FL 33009 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/4/2041 | 56.7 | 56.7 | 64.0 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero | (#,^) | 13215 Miles Ave, Cleveland, OH 44105 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/3/2041 | 104.0 | 104.0 | 117.4 | 0.04 | % |
| Veracruz Shabo, LLC Waterfalls Quick Lube LLC | (#) | 1325 Broad St., Central Falls, RI 02863 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/1/2041 | 107.9 | 107.9 | 121.8 | 0.04 | % |
| Glocecol LLC | (#,^) | 10302 NW South River Dr, Bay #18, Miami, FL 33178 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 11/1/2026 | 43.6 | 43.6 | 45.9 | 0.01 | % |
| Moolchan Enterprises LLC dba Staying Green | (#) | 2650 S.W. 154 Ave, Davie, FL 33331 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/31/2026 | 6.3 | 6.3 | 6.6 | — | % |
| Woodstock Enterprises Corp dba True Scent Candle Co | (#) | 191 2nd Ave, Warwick, RI 02888 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 10/31/2041 | 80.5 | 80.5 | 90.9 | 0.03 | % |
| Elite Structures Inc | (#,^) | 401 Old Quitman Rd, Abel, GA 31620 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/27/2029 | 160.8 | 160.8 | 174.7 | 0.06 | % |
| Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC | (#,^) | 200 North Branford Rd, Branford, CT 06405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 10/24/2026 | 243.8 | 243.8 | 256.7 | 0.08 | % |
| Worldwide Estate, Inc. dba Washington Heights Manor | (#,^) | 10620 W. Greenwood Terrace, Milwaukee, WI 53224 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 10/21/2041 | 203.5 | 203.5 | 229.8 | 0.07 | % |
| Gold Wind Logistics LLC | (#) | 2830 Beech Daly Rd, Inkster, MI 48141 | Truck Transportation | Term Loan | Prime plus | 2.75% | 10/20/2041 | 161.6 | 161.6 | 182.4 | 0.06 | % |
| Speaker City, Inc. dba Rollin Thunder | (#) | 246 East Belt Blvd, Richmond, VA 23224 | Electronics and Appliance Stores | Term Loan | Prime plus | 2.75% | 10/14/2041 | 113.4 | 113.4 | 128.0 | 0.04 | % |
| Maine Service Corp | (#) | 59-22 55th St., Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 10/13/2026 | 94.1 | 94.1 | 99.1 | 0.03 | % |
| Justin Partlow | (#) | 100 Independence Place, Ste 414, Tyler, TX 75703 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 10/13/2026 | 11.2 | 11.2 | 11.6 | — | % |
| Reliable Recovery Services LLC | (#) | 2401 West Mcdowell Rd, Phoenix, AZ 85009 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 10/7/2026 | 64.5 | 64.5 | 67.5 | 0.02 | % |
| Wyspen Corporation dba Charlestown Ace | (#) | 5 Austin St., Charlestown, MA 02129 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 10/3/2026 | 20.6 | 20.6 | 21.4 | 0.01 | % |
| Ailky Corporation | (#) | 352 Beford St., Lakeville, MA 02347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 10/3/2026 | 135.9 | 135.9 | 141.4 | 0.05 | % |
| JJA Transportation Management Inc. | (#) | 15 Church St., Upland, PA 19015 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 9/30/2026 | 26.8 | 26.8 | 27.8 | 0.01 | % |
| Seaway LLC and Reklaw LLC dba Allure Lounge | (#) | 415 -417 Halsey Dr, Newark, NJ 07102 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2041 | 124.1 | 124.1 | 140.1 | 0.05 | % |
| CNC Precision Machine, Inc. | (#) | 18360 Industrial Circle, Burton, OH 44021 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/28/2041 | 1,157.4 | 1,157.4 | 1,306.7 | 0.42 | % |
| CD Game Exchange Inc. | (#) | 3719 N Mississippi, Portland, OR 97227 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 8.25% | 9/28/2026 | 3.5 | 3.5 | 3.4 | — | % |
| Beadon Inc | (#) | 2601 Old Ocean City Rd, Salisbury, MD 21804 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 9/28/2026 | 12.7 | 12.7 | 13.3 | — | % |
F-302
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch | (#) | 24201 North Hwy 1, Fort Bragg, CA 95437 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 9/26/2026 | 5.1 | 5.1 | 5.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TPFC,LLC dbaThe Picture Frame Company | (#) | 5957 Glenway Ave, Cincinnati, OH 45238 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/26/2041 | 53.0 | 53.0 | 59.9 | 0.02 | % |
| Cuppiecakes LLC | (#) | 313 S Main St., McGregor, TX 76557 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/21/2041 | 20.3 | 20.3 | 22.9 | 0.01 | % |
| Wrecking Crew Media LLC | (#) | 229 Commercial Ave, Pittsburgh, PA 15212 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 9/21/2026 | 16.0 | 16.0 | 16.6 | 0.01 | % |
| Metropet Dog Center, Inc | (#) | 2057 West Shore Rd, Warwick, RI 02889 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/13/2041 | 98.6 | 98.6 | 111.3 | 0.04 | % |
| Animal Intrusion Prevention Systems Holding Company, LLC dba Critter | (#) | 1362-1366 W. Carrier Pkwy, Grand Prairie, TX 75050 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/30/2026 | 76.0 | 76.0 | 78.8 | 0.03 | % |
| Raem Corporation dba Dryclean Express | (#) | 557 West Whitney Rd, Fairport, NY 14450 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 8/29/2041 | 65.3 | 65.3 | 73.7 | 0.02 | % |
| Warren Dale Warrington dba Custom Paint and Body | (#) | 705 S Market Ave, Fort Pierce, FL 34982 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/26/2041 | 91.2 | 91.2 | 103.0 | 0.03 | % |
| TR Companies LLC dba Liberty Rental 4 U | (#) | 410 N Church Rd, Liberty, MO 64068 | Rental and Leasing Services | Term Loan | Prime plus | 2.75% | 8/25/2026 | 27.5 | 27.5 | 28.4 | 0.01 | % |
| Rosmel Pools Inc | (#) | 9300 NW 25th St. Ste 103, Miami, FL 33172 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/25/2026 | 11.7 | 11.7 | 12.1 | — | % |
| Avery Management Inc. dba Whetstone Upholstery | (#) | 1122 N Bloulevard, Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/25/2026 | 5.7 | 5.7 | 5.9 | — | % |
| 2 Cool Beans LLC dba Menchies's Frozen Yogurt | (#) | 11331 Thienes Ave, South El Monte, CA 91733 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/11/2026 | 39.9 | 39.9 | 41.2 | 0.01 | % |
| Grayson O Company | (#) | 6509 Newell Ave, Kannapolis, NC 28082 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 8/10/2041 | 563.0 | 563.0 | 635.6 | 0.21 | % |
| Paul Belanger dba Paul Belanger Landscaping | (#) | 2595 Military Ave, Los Angeles, CA 90064 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 8/9/2026 | 8.3 | 8.3 | 8.6 | — | % |
| The Hungry Rhino LLC | (#) | 47 South Main St., Windsor Locks, CT 06096 | Real Estate | Term Loan | Prime plus | 2.75% | 7/29/2041 | 68.5 | 68.5 | 77.4 | 0.03 | % |
| USA General Investment LLC dba Braniff Paint and Body Shop | (#) | 2290 NW 21st Terrace, Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/29/2026 | 12.3 | 12.3 | 12.8 | — | % |
| Little Tree Huggers Child Care LLC | (#) | 38620 9 Mile Rd, Farmington Hills, MI 48335 | Social Assistance | Term Loan | Prime plus | 2.75% | 7/29/2041 | 125.8 | 125.8 | 142.1 | 0.05 | % |
| 303 Tower Drive LLC | (#) | 303 Tower Dr, Ste A, Middletown, NY 10941 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 7/29/2041 | 359.8 | 359.8 | 406.2 | 0.13 | % |
| 676 Club LP dba The Green Door Tavern/The Drifter | (#) | 676 and 678 North Orleans ST, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/28/2041 | 622.6 | 622.6 | 702.9 | 0.23 | % |
| Intrepid Trinity LLC | (#) | 680 Douglas Ave, Providence, RI 02908 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 7/28/2041 | 56.2 | 56.2 | 63.4 | 0.02 | % |
| EPEC Juice LLC dba Jamba Juice | (#) | 810 Ninth St., Ste 128, Durham, NC 27705 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/27/2026 | 45.7 | 45.7 | 47.2 | 0.02 | % |
F-303
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar | (#) | 1 West Main St., Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/27/2026 | 72.8 | 72.8 | 75.2 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| My Sainath Inc dba Motel 6 | (#) | 1008 E Crest Dr, Waco, TX 76705 | Accommodation | Term Loan | Prime plus | 2.75% | 7/22/2041 | 282.9 | 282.9 | 319.4 | 0.10 | % |
| Robert G Larson State Farm Insurance | (#) | 7922 Jamaica Ave, Woodhaven, NY 11421 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 7/22/2026 | 12.3 | 12.3 | 12.7 | — | % |
| Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop | (#) | 1502 Hwy 157, Mansfield, TX 76063 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 7/18/2026 | 8.6 | 8.6 | 8.9 | — | % |
| Franklin Firm LLC dba Luv 2 Play | (#,^) | 1310 East Stan Schleuter Loop, Killeen, TX 76542 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/15/2041 | 41.2 | 41.2 | 46.5 | 0.02 | % |
| Martin Inventory Management LLC | (#) | 304 1/2 Main St., Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 6/30/2026 | 13.3 | 13.3 | 14.0 | — | % |
| P L H Pharmaco Inc dba Farmacia San Jose | (#) | 149 48th St., Union City, NJ 07087 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 6/30/2026 | 86.2 | 86.2 | 90.5 | 0.03 | % |
| Desert Tacos LLC | (#) | 245 East Bell Rd Ste A-2, Phoenix, AZ 85022 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/30/2026 | 54.6 | 54.6 | 57.3 | 0.02 | % |
| VMA Technologies LLC | (#) | 120 South Serenata Dr Unit 332, Ponte Vedra Beach, FL 32082 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/30/2026 | 12.1 | 12.1 | 12.6 | — | % |
| Corning Lumber Company Inc and Frank R Close and Son Inc | (#) | 1314 Sixth St., Orland, CA 95963 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/30/2029 | 133.6 | 133.6 | 145.4 | 0.05 | % |
| WGI, LLC dba Williams Grant Inn | (#) | 154 High St., Bristol, RI 02809 | Accommodation | Term Loan | Prime plus | 2.75% | 6/29/2041 | 110.3 | 110.3 | 124.6 | 0.04 | % |
| O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc | (#) | 626 Delsea Dr N, Glassboro, NJ 08028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/29/2026 | 75.5 | 75.5 | 78.8 | 0.03 | % |
| Island Time Investments, LLC dba Swantown Inn Bed & Breakfast | (#) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus | 2.75% | 6/24/2041 | 90.8 | 90.8 | 102.5 | 0.03 | % |
| Visual Advantage LLC dba Signs Now Perryberg | (#) | 23248 Dunbridge Rd, Perrysburg, OH 43443 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/23/2041 | 81.8 | 81.8 | 92.4 | 0.03 | % |
| Long Island Comedy LLC dba Governors and New York Comedy, LLC | (#) | 90 A Division Ave, Levittown, NY 11756 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/23/2041 | 173.5 | 173.5 | 195.9 | 0.06 | % |
| Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy | (#,^) | 27 Main St., Monroe, CT 06468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/23/2041 | 447.0 | 447.0 | 504.6 | 0.16 | % |
| Bagelicious, LLC | (#) | 945 S Main St, Cheshire, CT 06410 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/17/2026 | 29.4 | 29.4 | 30.6 | 0.01 | % |
| Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle | (#) | 377 Boston Post Rd, Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 6/16/2026 | 273.7 | 273.7 | 285.3 | 0.09 | % |
| Jai-Alexia Consulting, Inc. | (#) | 14660 Paddock Dr, Wellington, FL 33414 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 6/15/2026 | 6.4 | 6.4 | 6.6 | — | % |
F-304
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares | (#) | 1137 West St., Southington, CT 06489 | Social Assistance | Term Loan | Prime plus | 2% | 6/15/2041 | 457.4 | 457.4 | 516.3 | 0.17 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Luv 2 Play AZ LLC | (#) | 15495 Bell Rd, Surprise, AZ 85374 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/10/2026 | 40.0 | 40.0 | 42.0 | 0.01 | % | ||||||||||||||
| Refoleen Inc dba Spice and Tea Exchange | (#) | 849 East Commerce St., Ste 121, San Antonio, TX 78205 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/10/2026 | 46.5 | 46.5 | 48.5 | 0.02 | % | ||||||||||||||
| Larry H. Patterson and Rainbow Movers, Inc | (#) | 2325 Hollers Ave, Bronx, NY 10475 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/6/2026 | 12.1 | 12.1 | 12.6 | — | % | ||||||||||||||
| AP5 LLC dba Krauser's Food Store | (#) | 5 Pond Point Rd, Milford, CT 06460 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/2/2041 | 173.8 | 173.8 | 196.2 | 0.06 | % | ||||||||||||||
| ATI Jet Inc | (#) | 7007 Boeing Dr, El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus | 2.75% | 5/31/2026 | 307.3 | 307.3 | 321.3 | 0.10 | % | ||||||||||||||
| Angelo Faia dba AVF Construction | (#,^) | 55 Arbour Lane, Sewell, NJ 08080 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/27/2041 | 89.8 | 89.8 | 101.4 | 0.03 | % | ||||||||||||||
| Premier Athletic Center of Ohio, Inc | (#) | 8957 Kingsridge Dr, Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/27/2026 | 46.4 | 46.4 | 48.7 | 0.02 | % | ||||||||||||||
| Southwest Division Inc | (#) | 2103 NE 3rd Terrace, Cape Coral, FL 33909 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 5/26/2026 | 4.4 | 4.4 | 4.6 | — | % | ||||||||||||||
| Jack Frost Firewood Inc. and David Dubinsky | (#) | 3168 Holland Rd, Virginia Beach, VA 23453 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/26/2041 | 184.6 | 184.6 | 208.4 | 0.07 | % | ||||||||||||||
| International Kitchen Supply LLC | (#) | 3466 North Hwy 11, West Union, SC 29696 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 5/25/2026 | 119.9 | 119.9 | 125.4 | 0.04 | % | ||||||||||||||
| Island Life Graphics Inc dba FASTSIGNS #576 | (#) | 1410 E. Oak St., Fernandina Beach, FL 32034 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 5/24/2026 | 11.9 | 11.9 | 12.4 | — | % | ||||||||||||||
| Powerspec Inc | (#) | 1 Linsley Place, Metuchen, NJ 08840 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/24/2026 | 46.1 | 46.1 | 48.0 | 0.02 | % | Horseshoe Barbecue, LLC | (#) | 6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/23/2029 | 5.1 | 5.1 | 5.5 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Elderfriend Inc dba Granny Nannies dba GN Live Scan | (#) | 1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/20/2026 | 6.8 | 6.8 | 7.0 | — | % | ||||||||||||||
| HBA LLC dba Palmetto Twist-Vista | (#) | 1225-1229 Lincoln St., Columbia, SC 29201 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/18/2026 | 10.3 | 10.3 | 10.7 | — | % | ||||||||||||||
| Dedicated Incorporated | (#) | 2916 North 39th St., Phoenix, AZ 85019 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 5/18/2041 | 41.6 | 41.6 | 47.0 | 0.02 | % | ||||||||||||||
| FJN Catering Inc | (#) | 106 Main St., Mineola, NY 11951 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/13/2041 | 234.1 | 234.1 | 264.3 | 0.09 | % | ||||||||||||||
| Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano | (#) | 11 Kirby Rd, Cromwell, CT 06419 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/12/2041 | 118.6 | 118.6 | 133.9 | 0.04 | % | ||||||||||||||
| Sabir Inc. dba Bear Diner | (#) | 603 Pulaski Hwy, Bear, DE 19701 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/11/2041 | 110.8 | 110.8 | 125.1 | 0.04 | % | ||||||||||||||
| Marc S. Rosenberg P.C. dba Mammuth and Rosenberg | (#) | 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/29/2026 | 11.7 | 11.7 | 12.2 | — | % |
F-305
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Warner Home Comfort, LLC dba Smith Piping | (#) | 1571 Canton Rd., NW, Carrollton, OH 44615 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/29/2041 | 73.7 | 73.7 | 83.2 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Hard Exercise Works Winter Park LLC | (#) | 11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/29/2026 | 21.2 | 21.2 | 22.1 | 0.01 | % |
| Alpha Omega Trucking LLC | (#) | 14432-52 State Line Rd, Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus | 2.75% | 4/29/2041 | 157.1 | 157.1 | 177.4 | 0.06 | % |
| Empowerschool LLC and Empower Autism Academy, LLC | (#) | 1250 South A. W. Grimes Rd, Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/29/2041 | 135.7 | 135.7 | 153.2 | 0.05 | % |
| Loriet LLC | (#) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 4/29/2026 | 3.9 | 3.9 | 4.1 | — | % |
| Costume World Inc | (#) | 950 South Federal Hwy, Deerfield Beach, FL 33441 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 4/28/2041 | 1,153.3 | 1,153.3 | 1,302.1 | 0.42 | % |
| Accent Comfort Services, LLC | (#) | 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/26/2026 | 46.9 | 46.9 | 48.9 | 0.02 | % |
| Automotive Core Recycling, LLC and 828 Old Colony Road, LLC | (#) | 27-29 Cooper St., Meriden, CT 06053 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/22/2041 | 223.3 | 223.3 | 252.1 | 0.08 | % |
| AAA Mill Direct, Inc. dba Carpet Mill Outlets | (#) | 1 North Armistead Ave, Hampton, VA 23669 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 4/21/2026 | 4.1 | 4.1 | 4.3 | — | % |
| KNS Early Learning Academy LLC | (#) | 57 Merritt St. SE, Marietta, GA 30060 | Social Assistance | Term Loan | Prime plus | 2.75% | 4/6/2041 | 45.6 | 45.6 | 51.5 | 0.02 | % |
| Waterfalls Quick Lube LLC and Veracruz Shabo LLC | (#) | 1325 Broad St., Central Falls, RI 02863 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/6/2041 | 245.9 | 245.9 | 277.6 | 0.09 | % |
| Vehicle Safety Supply LLC | (#) | 15 East 72nd St., Ste 14-H, New York, NY 10021 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/31/2026 | 11.5 | 11.5 | 12.0 | — | % |
| Dana A. Farley dba Independent Cabinets | (#) | 5805 NE Minder Rd, Poulsbo, WA 98370 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/31/2041 | 57.5 | 57.5 | 64.9 | 0.02 | % |
| Christian Soderquist dba Soderquist Plumbing and Heating LLC | (#) | 7 Oak Dr, Sandy Hook, CT 06482 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/31/2041 | 50.6 | 50.6 | 57.1 | 0.02 | % |
| Cameo Carter, MD A Professional Corporation dba The Garden Pediatric | (#) | 101 East Redlands Blvd., Ste 106, Redlands, CA 92373 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/31/2026 | 38.4 | 38.4 | 40.0 | 0.01 | % |
| MTS Car Service LLC | (#) | 9 Gibson Court Apt# 1, Norwalk, CT 06854 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 3/30/2026 | 5.4 | 5.4 | 5.6 | — | % |
| Gordon Rogers and Heidi Rogers dba Stone House Motor Inn | (#) | 162 Danielson Pike, Foster, RI 02825 | Accommodation | Term Loan | Prime plus | 2.75% | 3/30/2026 | 11.7 | 11.7 | 12.2 | — | % |
| Wyldewood Cellars, Inc. | (#) | 951 East 119th St, Mulvane, KS 67120 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/30/2041 | 932.5 | 932.5 | 1,052.8 | 0.34 | % |
| Barrocas Gym LLC dba Snap Fitness | (#) | 260 West Main St., Avon, CT 06001 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/29/2026 | 9.6 | 9.6 | 10.0 | — | % |
| Marathon Engineering Corporation | (#) | 5615 2nd St. W, Lehigh Acres, FL 33971 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/28/2041 | 40.1 | 40.1 | 45.3 | 0.01 | % |
F-306
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Revolution Physical Therapy LLC dba Apex Network Physical Therapy | (#) | 2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/25/2026 | 11.7 | 11.7 | 12.2 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ActKnowledge, Inc | (#) | 365 5th Ave, New York, NY 10016 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/24/2026 | 64.1 | 64.1 | 67.1 | 0.02 | % |
| Precious Care LLC and Precious Care Management LLC | (#) | 186-06 Union Turnpike, Fresh Meadows, NY 11364 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/21/2026 | 272.6 | 272.6 | 283.5 | 0.09 | % |
| Kekoa Enterprises Inc dba Signarama Sandy | (#) | 8942 South 700 East, Sandy, UT 84070 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/18/2026 | 25.4 | 25.4 | 26.4 | 0.01 | % |
| Taylors Zinn Enterprises Inc dba Eons Auto Care Inc | (#) | 330 West Harden St., Graham, NC 27253 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/18/2041 | 72.2 | 72.2 | 81.5 | 0.03 | % |
| Brian T Rice dba BD Logging | (#) | 800 3rd St Apt B, St Marys, WV 26170 | Forestry and Logging | Term Loan | Prime plus | 2.75% | 3/17/2026 | 0.9 | 0.9 | 1.0 | — | % |
| R & D Enterprises Inc dba My Pool Man | (#) | 291 North Texas Ave., Orlando, FL 32805 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/15/2026 | 25.6 | 25.6 | 26.6 | 0.01 | % |
| Mustafa Inc and Raouf Properties LLC | (#) | 3538 Pin Oak Dr, San Antonio, TX 78229 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/14/2041 | 66.7 | 66.7 | 75.4 | 0.02 | % |
| Dupre Capital LLC dba Fastsigns | (#) | 215 Quartermaster Court, Jeffersonville, IN 47130 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 3/11/2026 | 29.9 | 29.9 | 31.1 | 0.01 | % |
| Step Up Academy of the Arts LLC | (#) | 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 | Educational Services | Term Loan | Prime plus | 2.75% | 3/9/2026 | 4.1 | 4.1 | 4.3 | — | % |
| Faith Summit Supply Inc dba Summit Supply and Summit True Value | (#) | 8584 US Business Hwy 277, Haskell, TX 79521 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 3/9/2026 | 11.5 | 11.5 | 12.1 | — | % |
| Swerve Salon LLC | (#) | 1419 N Wells St., Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/8/2026 | 40.5 | 40.5 | 42.1 | 0.01 | % |
| J & W Hardwood Flooring Inc | (#) | 14967 Madison St, Brighton, CO 80602 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/7/2026 | 3.8 | 3.8 | 4.0 | — | % |
| Living Essentials HVAC Corp | (#) | 42 West St., Apt 24, Randolph, MA 02368 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 2/28/2026 | 7.6 | 7.6 | 7.9 | — | % |
| The River Beas, LLC dba Subway and Punam Singh | (#) | 5516 Baltimore Ave, Hyattsville, MD 20781 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2041 | 120.3 | 120.3 | 135.8 | 0.04 | % |
| Drug Detection Laboratories, Inc. and Minh Tran | (#) | 9700 Business Park Dr, Sacramento, CA 95827 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/28/2026 | 10.0 | 10.0 | 10.4 | — | % |
| Aaradhya LLC dba Market Square Laundry | (#) | 7727 Crittenden St., Philadelphia, PA 19118 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/23/2026 | 39.0 | 39.0 | 40.6 | 0.01 | % |
| Ei3 Corporation | (#) | 136 Summit Ave, Montvale, NJ 07645 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 2/12/2026 | 164.7 | 164.7 | 172.5 | 0.06 | % |
| Gilmore Heights Dental Holdings, LTD and Chas Rob LLC | (#) | 2250 Warrensville Center Rd, University Heights, OH 44118 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 2/12/2029 | 204.8 | 204.8 | 221.1 | 0.07 | % |
| Jersey Shore Marina & Boat Sales, Inc. | (#) | 841 Route 70 East, Brick, NJ 08724 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/12/2041 | 384.0 | 384.0 | 433.6 | 0.14 | % |
| Wildflour Bakery & Cafe LLC | (#) | 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/28/2026 | 31.0 | 31.0 | 32.4 | 0.01 | % |
F-307
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Dolarian Realty LLC and OV's Restaurant Inc | (#) | 34 Old Colony Ave, East Taunton, MA 02718 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/5/2041 | 60.1 | 60.1 | 67.9 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt | (#) | 1196 Inverness Lane, Stow, OH 44224 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/29/2025 | 54.7 | 54.7 | 56.9 | 0.02 | % |
| MCF Forte LLC | (#) | 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2025 | 9.1 | 9.1 | 9.5 | — | % |
| Panditos LLC dba White Lotus Home | (#) | 431 Raritan Ave, Highland Park, NJ 08904 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 12/28/2025 | 7.7 | 7.7 | 8.0 | — | % |
| 800 on the Trax LLC and Matrix Z LLC | (#) | 800 SW 21st Terrace, Fort Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/23/2040 | 228.7 | 228.7 | 258.2 | 0.08 | % |
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc | (#) | 24201 North Hwy 1, Fort Bragg, CA 95437 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/23/2040 | 90.7 | 90.7 | 102.4 | 0.03 | % |
| Joyce Outdoor Advertising Chicago LLC | (#) | 2443 West 16th St., Chicago, IL 60608 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/22/2040 | 266.7 | 266.7 | 301.1 | 0.10 | % |
| Premier Athletic Center of Ohio Inc. and Gates Investments and Wade | (#) | 8957 Kingsridge Dr, Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/22/2028 | 570.8 | 570.8 | 616.5 | 0.20 | % |
| Hattingh Incorporated dba Prosthetic Care Facility | (#) | 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/21/2025 | 8.8 | 8.8 | 9.1 | — | % |
| Accent Tag and Label Inc | (#) | 2201 Rittenhouse St, Des Moines, IA 50321 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 12/18/2040 | 586.6 | 586.6 | 662.2 | 0.21 | % |
| Trip Consultants U.S.A. Inc. | (#) | 311 85th St., Brooklyn, NY 11209 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/18/2025 | 80.8 | 80.8 | 83.8 | 0.03 | % |
| Sourceco Limited Liability Company | (#) | 17 Palmer Ave, West Long Branch, NJ 07764 | Merchant Wholesalers, Nondurable Goods | Term Loan | Fixed | 6.5% | 12/17/2025 | 21.8 | 21.8 | 21.5 | 0.01 | % |
| Abitino's JFK LLC dba Abitino's | (#) | Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2022 | 26.8 | 26.8 | 27.0 | 0.01 | % |
| JAG Unit 1, LLC | (#) | 1 West Main St., Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/16/2025 | 130.3 | 130.3 | 135.1 | 0.04 | % |
| Swalm Street LLC and New York Home Health Care Equipment LLC | (#) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Fixed | 7.5% | 12/16/2040 | 360.0 | 360.0 | 352.6 | 0.11 | % |
| Moments to Remember USA LLC dba Retain Loyalty | (#) | 1250 Sanders Ave SW, Massillon, OH 44646 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/16/2025 | 45.3 | 45.3 | 47.2 | 0.02 | % |
| New York Home Health Care Equipment, LLC | (#) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/16/2025 | 496.4 | 496.4 | 518.3 | 0.17 | % |
| Basista Family Limited Partnership and UPE, Inc. | (#) | 3401 Brecksville Rd, Richfield, OH 44286 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 12/14/2040 | 303.0 | 303.0 | 342.1 | 0.11 | % |
| DC Enterprises Ltd. dba Lakeview True Value | (#) | 318 North F St., Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 12/14/2025 | 10.9 | 10.9 | 11.4 | — | % |
| LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC | (#) | 880 Lowcountry Blvd, Mount Pleasant, SC 29464 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/4/2040 | 444.7 | 444.7 | 502.0 | 0.16 | % |
F-308
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| DWeb Studio, Inc. | (#) | 10800 E. Bethany Dr, Ste 275, Aurora, CO 80014 | Educational Services | Term Loan | Prime plus | 2.75% | 11/25/2025 | 5.4 | 5.4 | 5.6 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy | (#) | 3105 NW 107 Ave Ste 102, Doral, FL 33172 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 11/20/2025 | 42.7 | 42.7 | 44.3 | 0.01 | % |
| S.B.B. Enterprises Inc dba Williamston Hardware | (#,^) | 139 S Putnam St., Williamston, MI 48895 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/19/2040 | 95.8 | 95.8 | 108.1 | 0.03 | % |
| Financial Network Recovery Inc | (#,^) | 250 E Easy St. Ste 1, Simi Valley, CA 93065 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/26/2025 | 18.8 | 18.8 | 19.4 | 0.01 | % |
| ADMO Inc dba Mid States Equipment | (#,^) | 16180 Westwoods Business Park, Ellisville, MO 63021 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 10/8/2025 | 10.5 | 10.5 | 10.9 | — | % |
| R.H. Hummer Jr., Inc. | (#,^) | 2141 P Ave, Williamsburg, IA 52361 | Truck Transportation | Term Loan | Prime plus | 2.75% | 9/30/2025 | 187.1 | 187.1 | 195.4 | 0.06 | % |
| Barub Realty LLC and Barub LLC dba Woodlawn Cabinets | (#,^) | 1838 Adee Ave, Baychester, NY 10469 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 9/30/2040 | 80.3 | 80.3 | 90.6 | 0.03 | % |
| Binky's Vapes LLC | (#,^) | 10539 Greenbelt Rd Ste 102, Lanham, MD 20706 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/30/2025 | 10.3 | 10.3 | 10.7 | — | % |
| Greensward of Marco Inc. | (#,^) | 54 Marco Lake Dr, Marco Island, FL 34146 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/28/2040 | 77.6 | 77.6 | 87.6 | 0.03 | % |
| RIM Investments LLC and RIM Architects LLC | (#,^) | 645 G St. Ste 400, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/28/2040 | 350.5 | 350.5 | 395.7 | 0.13 | % |
| Daniel W. Stark dba Mountain Valley Lodge and RV Park | (#,^) | 223 Hwy 80, Rodeo, NM 88056 | Accommodation | Term Loan | Prime plus | 2.75% | 9/25/2040 | 11.9 | 11.9 | 13.4 | — | % |
| Prestigious LifeCare for Seniors LLC | (#,^) | 5701 North Pine Island Rd, Tamarac, FL 33321 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/25/2025 | 4.5 | 4.5 | 4.7 | — | % |
| St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn | (#,^) | 10 West Orvis St., Massena, NY 13662 | Accommodation | Term Loan | Prime plus | 2.75% | 9/24/2040 | 549.1 | 549.1 | 619.9 | 0.20 | % |
| Finish Strong Inc dba FASTSIGNS St Peters | (#,^) | 98 North Hillview Dr, St Peters, MO 63376 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 9/23/2025 | 23.0 | 23.0 | 23.7 | 0.01 | % |
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/21/2025 | 22.8 | 22.8 | 23.6 | 0.01 | % |
| Vanderhoof LLC dba Soxfords | (#,^) | 11 Sellecks Walk, Pound Ridge, NY 10576 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 9/18/2025 | 4.7 | 4.7 | 4.9 | — | % |
| MiJoy Inc dba Imo's Pizza | (#,^) | 215 South Kirkwood Rd, Kirkwood, MO 63122 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/18/2025 | 3.8 | 3.8 | 3.9 | — | % |
| Naeem Khan LTD | (#,^) | 260 West 36h St., New York, NY 10018 | Apparel Manufacturing | Term Loan | Prime plus | 2.75% | 9/17/2025 | 57.5 | 57.5 | 59.4 | 0.02 | % |
| FirstVitals Health and Wellness Inc | (#,^) | 521 Ala Moana Blvd. Ste 261, Honolulu, HI 96813 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 9/15/2025 | 79.6 | 79.6 | 82.3 | 0.03 | % |
| Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc | (#,^) | 170 Main St., North Kingstown, RI 02852 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 9/8/2040 | 123.1 | 123.1 | 139.0 | 0.04 | % |
| Empower Autism Academy | (#,^) | 1250 South A. W. Grimes Rd, Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/4/2040 | 601.8 | 601.8 | 679.4 | 0.22 | % |
F-309
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Elite Institute LLC dba Huntington Learning Center | (#,^) | 13526 Village Park Dr Ste 214, Orlando, FL 32837 | Educational Services | Term Loan | Prime plus | 2.75% | 8/28/2025 | 6.8 | 6.8 | 7.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| God Be Glorified Inc dba GBG Inc | (#,^) | 40 West. 162nd St, South Holland, IL 60473 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 8/20/2025 | 23.9 | 23.9 | 24.7 | 0.01 | % |
| GDP Gourmet LLC dba Joe and John's Pizza Restaurant | (#,^) | 136 New Jersey Ave, Absecon, NJ 08201 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/19/2040 | 127.0 | 127.0 | 143.4 | 0.05 | % |
| Gold Jet Corp. | (#,^) | 2472 Broadway, New York, NY 10025 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 8/14/2025 | 34.7 | 34.7 | 36.0 | 0.01 | % |
| SKJ Inc dba Subway | (#,^) | 401 S Woodlawn Ave, Bloomington, IN 47401 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/13/2025 | 41.7 | 41.7 | 43.2 | 0.01 | % |
| LP Industries Inc dba Childforms | (#,^) | 110 Charleston Dr, Mooresville, NC 28117 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 7/29/2025 | 66.3 | 66.3 | 69.0 | 0.02 | % |
| Free Ion Advisors LLC | (#,^) | 322 Evandale Rd, Scarsdale, NY 10583 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 7/21/2025 | 28.4 | 28.4 | 29.3 | 0.01 | % |
| Murrayville Donuts, Inc dba Dunkin' Donuts | (#) | 2304 N College Rd, Wilmington, NC 28405 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2040 | 319.9 | 319.9 | 361.1 | 0.12 | % |
| Jonathan E Nichols and Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Dr, Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/30/2025 | 32.4 | 32.4 | 33.7 | 0.01 | % |
| Thrifty Market, Inc. dba Thrifty Foods | (#,^) | 702 10th St, Wheatland, WY 82201 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/30/2030 | 193.0 | 193.0 | 212.3 | 0.07 | % |
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave, Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/29/2030 | 201.9 | 201.9 | 222.3 | 0.07 | % |
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St., Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/26/2025 | 9.7 | 9.7 | 10.1 | — | % |
| SofRep, Inc dba Force 12 Media | (#,^) | 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 | Other Information Services | Term Loan | Prime plus | 2.75% | 6/26/2025 | 34.4 | 34.4 | 35.6 | 0.01 | % |
| TJU-DGT Inc dba The Lorenz Cafe | (#,^) | 714-718 Lorenz Ave, Pittsburgh, PA 15220 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/26/2029 | 13.4 | 13.4 | 14.6 | — | % |
| Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling | (#,^) | 13886 Campo Rd, Jamul, CA 91935 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 6/26/2040 | 331.4 | 331.4 | 374.2 | 0.12 | % |
| CEM Autobody LLC dba Dawn's Autobody | (#,^) | 7 Division St, Keyport, NJ 07735 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/26/2040 | 118.2 | 118.2 | 133.4 | 0.04 | % |
| Wolf Enviro Interests, LLC and Enviromax Services Inc | (#,^) | 18002 Mueschke Rd, Cypress, TX 77433 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/25/2040 | 215.0 | 215.0 | 242.7 | 0.08 | % |
| Ohs Auto Body, Inc. dba Ohs Body Shop | (#,^) | 3560 Hwy 93 South, Kalispell, MT 59901 | Repair and Maintenance | Term Loan | Fixed | 7.22% | 6/25/2040 | 1,070.0 | 1,070.0 | 1,048.1 | 0.34 | % |
| Evinger PA One, Inc. dba Postal Annex, Falcon | (#,^) | 7661 McLaughlin Rd, Falcon, CO 80831 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 6/24/2025 | 10.0 | 10.0 | 10.4 | — | % |
| RJI Services, Inc. | (#,^) | 353 E Angeleno Ste G, Burbank, CA 91502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/23/2025 | 9.7 | 9.7 | 10.1 | — | % |
| Real Help LLC dba Real Help Decorative Concrete | (#,^) | 2221 Broadway St., Buffalo, NY 14212 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 6/22/2025 | 23.0 | 23.0 | 23.9 | 0.01 | % |
| KRN Logistics, LLC and Newsome Trucking, Inc | (#) | 2262 Hwy 53 W, Jasper, GA 30143 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/19/2025 | 59.2 | 59.2 | 61.5 | 0.02 | % |
F-310
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare | (#,^) | 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/18/2025 | 20.1 | 20.1 | 20.9 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AM PM Properties, LLC and AM PM Willington, LLC | (#,^) | 1308 Stafford Rd, Storrs Mansfield, CT 06268 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/17/2040 | 75.7 | 75.7 | 85.5 | 0.03 | % |
| Mirage Plastering Inc and Mpire LLC and Mpire II LLC | (#,^) | 1802 W Grant Rd Ste 114, Tucson, AZ 85745 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/12/2040 | 121.0 | 121.0 | 136.6 | 0.04 | % |
| Eldredge Tavern LLC dba Gonyea's Tavern | (#,^) | 150 Main St., Pascoag, RI 02859 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/8/2040 | 49.1 | 49.1 | 55.4 | 0.02 | % |
| ViAr Visual Communications, Inc. dba Fastsigns 281701 | (#,^) | 4721 University Way NE, Seattle, WA 98105 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/5/2025 | 26.8 | 26.8 | 27.8 | 0.01 | % |
| Medworxs LLC | (#,^) | 10901 W. Toller Dr, Littleton, CO 80127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/3/2025 | 54.0 | 54.0 | 56.0 | 0.02 | % |
| DTM Parts Supply Inc. | (#) | 31 Sageman St, Mount Vernon, NY 10550 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 7% | 6/2/2025 | 35.4 | 35.4 | 35.0 | 0.01 | % |
| XCESSIVE THROTTLE, INC dba Jake's Roadhouse | (#,^) | 5980 Lamar St., Arvada, CO 80003 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2025 | 3.5 | 3.5 | 3.6 | — | % |
| Villela CPA PL | (#,^) | 777 Brickell Ave, Ste 500, Miami, FL 33131 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 5/27/2025 | 3.8 | 3.8 | 3.9 | — | % |
| Douglas Posey and Sally Watkinson dba Audrey's Farmhouse | (#,^) | 2188 Brunswyck Rd, Wallkill, NY 12589 | Accommodation | Term Loan | Prime plus | 2.75% | 5/20/2040 | 151.5 | 151.5 | 171.1 | 0.06 | % |
| 15 McArdle LLC and No Other Impressions Inc | (#,^) | 15 McArdle St., Rochester, NY 14611 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 5/15/2040 | 160.3 | 160.3 | 180.9 | 0.06 | % |
| South Park Properties LLC and Midlothian Hardware LLC | (#,^) | 4751 147th St., Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 5/6/2040 | 41.6 | 41.6 | 46.9 | 0.02 | % |
| Matthew Taylor and Landon Farm LLC | (#) | 6103 N Church St, Greensboro, NC 27455 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 5/4/2040 | 87.5 | 87.5 | 98.8 | 0.03 | % |
| Cares Inc dba Dumpling Grounds Day Care Center | (#,^) | 4508 Blakiston St., Philadelphia, PA 19136 | Social Assistance | Term Loan | Prime plus | 2.75% | 5/1/2040 | 70.5 | 70.5 | 79.6 | 0.03 | % |
| Diamond Solutions LLC | (#,^) | 7845 East Evans Rd. Ste A, Scottsdale, AZ 85260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 2.75% | 4/21/2025 | 8.0 | 8.0 | 8.3 | — | % |
| Faramarz Nikourazm dba Car Clinic Center | (#,^) | 10707 Shady Trail, Dallas, TX 75220 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/3/2040 | 63.8 | 63.8 | 72.0 | 0.02 | % |
| Copper Beech Financial Group LLC | (#,^) | 1223 North Church St., Moorestown, NJ 08057 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 3/30/2025 | 50.6 | 50.6 | 52.4 | 0.02 | % |
| Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes | (#,^) | 40 Buzzard Ridge Rd, Sequim, WA 98382 | Accommodation | Term Loan | Prime plus | 2.75% | 3/27/2040 | 261.3 | 261.3 | 295.0 | 0.10 | % |
| Shorr Enterprises Inc dba New Design Furniture Manufacturers | (#,^) | 3033 NW 28 St., Lauderdale Lakes, FL 33311 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/27/2025 | 43.1 | 43.1 | 44.7 | 0.01 | % |
| Shellhorn and Hill Inc dba Total Fleet Service | (#,^) | 501 South Market St, Wilmington, DE 19801 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 3/27/2040 | 423.2 | 423.2 | 477.8 | 0.15 | % |
F-311
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC | (#,^) | 5600 N. River Rd #925, Rosemont, IL 60018 | Real Estate | Term Loan | Prime plus | 2.75% | 3/27/2025 | 512.3 | 512.3 | 529.5 | 0.17 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC | (#,^) | 800 James Ave, Scranton, PA 18510 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/26/2040 | 46.7 | 46.7 | 52.8 | 0.02 | % |
| Zero-In Media Inc | (#,^) | 1123 Broadway Ste 704, New York, NY 10010 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus | 2.75% | 3/25/2025 | 9.1 | 9.1 | 9.4 | — | % |
| Loriet LLC | (#,^) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 3/24/2025 | 4.9 | 4.9 | 5.0 | — | % |
| Shelton Incorporated dba Mrs. Winners | (#,^) | 4509 N. Henry Blvd., Stockbridge, GA 30281 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/20/2040 | 97.4 | 97.4 | 110.0 | 0.04 | % |
| Jaymie Hazard dba Indigo Hair Studio and Day Spa | (#,^) | 2016 Warwick Ave, Warwick, RI 02889 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/20/2040 | 37.3 | 37.3 | 42.2 | 0.01 | % |
| R & R Security and Investigations Inc dba Pardners Lake Buchanan | (#,^) | 15615 State Route 29, Buchanan Dam, TX 78609 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/19/2040 | 73.8 | 73.8 | 83.4 | 0.03 | % |
| MMS Realty, LLC and Molecular MS Diagnostics LLC | (#,^) | 1224 Greenwich Ave, Warwick, RI 02886 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 3/18/2040 | 132.9 | 132.9 | 150.0 | 0.05 | % |
| Royal Crest Motors LLC | (#,^) | 769 Amesbury Rd, Haverhill, MA 01830 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 3/16/2040 | 79.0 | 79.0 | 89.2 | 0.03 | % |
| Luigi's on Main LLC and Luigi's Main Street Pizza Inc | (#,^) | 491 Montauk Hwy, Eastport, NY 11941 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/4/2025 | 4.6 | 4.6 | 4.7 | — | % |
| Pace Motor Lines, Inc. | (#,^) | 1425 Honeyspot Rd Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus | 2.75% | 2/26/2025 | 25.8 | 25.8 | 26.8 | 0.01 | % |
| Kingseal LLC dba Desoto Health and Rehab Center | (#,^) | 475 Nursing Home Dr, Arcadia, FL 34266 | Nursing and Residential Care Facilities | Term Loan | Prime plus | 2.75% | 2/26/2040 | 1,103.9 | 1,103.9 | 1,246.3 | 0.40 | % |
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus | 2.75% | 2/19/2040 | 53.8 | 53.8 | 60.8 | 0.02 | % |
| Grand Blanc Lanes, Inc. and H, H and H, LLC | (#,^) | 5301 S Saginaw Rd, Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/31/2039 | 114.3 | 114.3 | 129.0 | 0.04 | % |
| First Prevention and Dialysis Center, LLC | (#,^) | 17940 NW 27th Ave, Miami Gardens, FL 33056 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/30/2024 | 100.7 | 100.7 | 104.1 | 0.03 | % |
| Bowlerama Inc | (#,^) | 3031 New Castle Ave, New Castle, DE 19720 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/24/2039 | 1,072.3 | 1,072.3 | 1,210.6 | 0.39 | % |
| The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast | (#,^) | 114-115 Medical Center Ave, Sebring, FL 33870 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/23/2039 | 473.3 | 473.3 | 534.4 | 0.17 | % |
| Thermoplastic Services Inc and Paragon Plastic Sheet, Inc | (#,^) | 1700 W 4th St., Dequincy, LA 70633 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 12/23/2039 | 429.7 | 429.7 | 485.1 | 0.16 | % |
| B.S. Ventures LLC dba Dink's Market | (#,^) | 48649 Hwy 58, Oakridge, OR 97463 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/19/2039 | 46.2 | 46.2 | 52.1 | 0.02 | % |
| Will Zac Management LLC dba Papa John's | (#) | 2410 West Jefferson St., Ste B, Joliet, IL 60435 | Food Services and Drinking Places | Term Loan | Fixed | 6.25% | 12/19/2024 | 36.5 | 36.5 | 36.1 | 0.01 | % |
F-312
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| The Jewelers Inc. dba The Jewelers of Las Vegas | (#,^) | 2400 Western Ave, Las Vegas, NV 89102 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 2.75% | 12/19/2024 | 466.1 | 466.1 | 480.5 | 0.16 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| B & W Towing, LLC and Boychucks Fuel LLC | (#,^) | 701 Addison Rd, Painted Post, NY 14870 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/17/2039 | 136.7 | 136.7 | 154.4 | 0.05 | % |
| Kemmer LLC and Apples Tree Top Liquors LLC | (#,^) | 1300 S Jackson St., Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/4/2039 | 119.0 | 119.0 | 134.3 | 0.04 | % |
| Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman | (#,^) | 988 Hemlock St., Cannon Beach, OR 97110 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/25/2039 | 101.7 | 101.7 | 114.8 | 0.04 | % |
| Legacy Estate Planning Inc dba American Casket Enterprises | (#,^) | 2176 Route 119 North, Greensburg, PA 15601 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 11/21/2024 | 15.4 | 15.4 | 15.9 | 0.01 | % |
| DC Real LLC and DC Enterprises LTD dba Lakeview True Value | (#,^) | 318 North F St., Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 11/20/2039 | 102.8 | 102.8 | 116.1 | 0.04 | % |
| Heartland American Properties LLC and Skaggs RV Outlet LLC | (#,^) | 301 Commerce Dr, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 10/31/2039 | 409.1 | 409.1 | 461.8 | 0.15 | % |
| DNT Storage and Properties LLC | (#,^) | 38 Old National Pike, West Alexander, PA 15376 | Real Estate | Term Loan | Prime plus | 2.75% | 10/10/2039 | 87.0 | 87.0 | 98.2 | 0.03 | % |
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 10/10/2024 | 65.4 | 65.4 | 67.5 | 0.02 | % |
| Doctors Express Management of Central Texas LLC | (#,^) | 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 10/8/2024 | 2.3 | 2.3 | 2.4 | — | % |
| Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory | (#,^) | 900 Alpine Rd, Bridgeville, PA 15017 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 10/3/2039 | 104.9 | 104.9 | 118.4 | 0.04 | % |
| Sumad LLC dba BrightStar Care of Encinitas | (#,^) | 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 10/2/2024 | 19.0 | 19.0 | 19.6 | 0.01 | % |
| Roccos LLC and Sullo Pantalone Inc dba Rocco's | (#,^) | 79 Beach Rd Units B13 and B14, Vineyard Haven, MA 02568 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/30/2039 | 218.1 | 218.1 | 246.3 | 0.08 | % |
| Gordon E Rogers dba Stonehouse Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 02825 | Accommodation | Term Loan | Prime plus | 2.75% | 9/26/2039 | 49.0 | 49.0 | 55.4 | 0.02 | % |
| Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out | (#,^) | 308 Kennedy St. NW, Washington, DC 20011 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/23/2024 | 5.4 | 5.4 | 5.6 | — | % |
| Ryan Crick and Pamela J. Crick and Crick Enterprises Inc | (#,^) | 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/17/2039 | 124.1 | 124.1 | 140.1 | 0.05 | % |
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 N Beach St., Fort Worth, TX 76111 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 9/15/2024 | 106.1 | 106.1 | 109.2 | 0.04 | % |
| Tavern Properties LLC and Wildwood Tavern LLC | (#,^) | 6480 West Touhy Ave, Niles, IL 60714 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/15/2039 | 365.3 | 365.3 | 412.4 | 0.13 | % |
| B&P Diners LLC dba Engine House Restaurant | (#,^) | 71 Lafayette St.,, Salem, MA 01970 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/10/2024 | 27.8 | 27.8 | 28.6 | 0.01 | % |
F-313
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Atlas Auto Body Inc dba Atlas Auto Sales | (#,^) | 20 Providence St., West Warwick, RI 02893 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 8/22/2039 | 43.8 | 43.8 | 49.5 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Katie Senior Care LLC dba Home Instead Senior Care | (#,^) | 222E Eufaula St Ste 220, Norman, OK 73069 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/15/2024 | 36.0 | 36.0 | 37.0 | 0.01 | % |
| Alpha Preparatory Academy LLC | (#,^) | 4462 Mink Livsey Rd, Snellville, GA 30039 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/15/2039 | 124.0 | 124.0 | 140.0 | 0.05 | % |
| Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook | (#,^) | 10463 Hamer Rd, Georgetown, OH 45121 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 8/8/2039 | 117.5 | 117.5 | 115.1 | 0.04 | % |
| Almost Home Property LLC and Almost Home Daycare LLC | (#,^) | 35 Copps Hill Rd, Ridgefield, CT 06877 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/7/2039 | 560.9 | 560.9 | 633.3 | 0.20 | % |
| 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC | (#,^) | 575 Columbus Ave, New Haven, CT 06519 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/30/2039 | 17.3 | 17.3 | 19.5 | 0.01 | % |
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/24/2039 | 127.0 | 127.0 | 143.4 | 0.05 | % |
| AMG Holding, LLC and Stetson Automotive, Inc | (#,^) | 309 Route 9, Waretown, NJ 08758 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/30/2039 | 173.9 | 173.9 | 196.4 | 0.06 | % |
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/30/2039 | 740.4 | 740.4 | 835.9 | 0.27 | % |
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave Route 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/30/2024 | 31.5 | 31.5 | 32.4 | 0.01 | % |
| Nikobella Properties LLC and JPO Inc dba Village Car Wash | (#,^) | 1372 South US Route 12, Fox Lake, IL 60020 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/25/2039 | 434.2 | 434.2 | 490.3 | 0.16 | % |
| Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val | (#,^) | 1313 West Park St. #1, Livingston, MT 59047 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 2.75% | 6/20/2039 | 197.5 | 197.5 | 223.0 | 0.07 | % |
| Sico & Walsh Insurance Agency Inc and The AMS Trust | (#,^) | 106 Concord Ave, Belmont, MA 02478 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 6/6/2039 | 78.2 | 78.2 | 88.3 | 0.03 | % |
| Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel | (#,^) | 15637 St Clair Ave, Cleveland, OH 44110 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 6/3/2024 | 5.3 | 5.3 | 5.4 | — | % |
| Long Island Barber Institute Inc | (#,^) | 266 Greenwich St., Hempstead, NY 11550 | Educational Services | Term Loan | Prime plus | 2.75% | 6/2/2039 | 47.0 | 47.0 | 53.0 | 0.02 | % |
| Pocono Coated Products, LLC | (#,^) | 100 Sweetree St., Cherryville, NC 28021 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 5/30/2024 | 7.0 | 7.0 | 7.1 | — | % |
| Jonesboro Health Food Center LLC | (#,^) | 1321 Stone St., Jonesboro, AR 72401 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 5/27/2024 | 19.6 | 19.6 | 20.1 | 0.01 | % |
| The River Beas LLC and Punam Singh | (#,^) | 11704 Centurion Way, Potomac, MD 20854 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/8/2039 | 76.2 | 76.2 | 86.0 | 0.03 | % |
| AS Boyals LLC dba Towne Liquors | (#,^) | 117 South Broad St., Woodbury City, NJ 08096 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/29/2039 | 91.6 | 91.6 | 103.4 | 0.03 | % |
F-314
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/23/2027 | 44.6 | 44.6 | 47.5 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Island Wide Realty LLC and Long Island Partners, Inc. | (#,^) | 201-203-205 West Merrick Rd, Valley Stream, NY 11580 | Real Estate | Term Loan | Prime plus | 2.75% | 4/22/2039 | 87.3 | 87.3 | 98.5 | 0.03 | % |
| Wilshire Media Systems Inc | (#,^) | 2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 4/17/2024 | 54.5 | 54.5 | 56.0 | 0.02 | % |
| 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC | (#,^) | 1899 State Route 35, South Amboy, NJ 08879 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/9/2039 | 94.3 | 94.3 | 106.5 | 0.03 | % |
| Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle | (#,^) | 16701 E. Iliff Ave, Aurora, CO 80013 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 2.75% | 3/31/2039 | 376.9 | 376.9 | 425.5 | 0.14 | % |
| Kemmer, LLC and Pitts Package Store, Inc. | (#,^) | 201 S. Main St., Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/31/2039 | 98.6 | 98.6 | 111.4 | 0.04 | % |
| 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co | (#) | 636 South Center St., New Washington, OH 44854 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 3/20/2039 | 67.1 | 67.1 | 75.8 | 0.02 | % |
| Cormac Enterprises and Wyoming Valley Beverage Incorporated | (#,^) | 63 S Wyoming Ave, Edwardsville, PA 18704 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/20/2039 | 92.9 | 92.9 | 104.9 | 0.03 | % |
| R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern | (#,^) | 3111 and 3135 Delsea Dr, Franklinville, NJ 08322 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/28/2039 | 349.6 | 349.6 | 394.7 | 0.13 | % |
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave, Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus | 2.75% | 2/28/2024 | 98.1 | 98.1 | 100.5 | 0.03 | % |
| 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International | (#,^) | 952 Boston Post Rd, Milford, CT 06460 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2039 | 173.2 | 173.2 | 195.6 | 0.06 | % |
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 2/28/2039 | 179.3 | 179.3 | 202.4 | 0.07 | % |
| 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki | (#,^) | 96 Mill St., Berlin, CT 06037 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/12/2039 | 117.9 | 117.9 | 133.1 | 0.04 | % |
| JWB Industries, Inc. dba Carteret Die Casting | (#,^) | 74 Veronica Ave, Somerset, NJ 08875 | Primary Metal Manufacturing | Term Loan | Prime plus | 2.75% | 2/11/2024 | 78.3 | 78.3 | 80.2 | 0.03 | % |
| 986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC | (#,^) | 986 Dixwell Ave, Hamden, CT 06510 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/7/2039 | 83.3 | 83.3 | 94.1 | 0.03 | % |
| Sarah Sibadan dba Sibadan Agency | (#,^) | 102-05 101st Ave, Ozone Park, NY 11416 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 1/27/2039 | 108.0 | 108.0 | 121.9 | 0.04 | % |
| Icore Enterprises Inc dba Air Flow Filters Inc | (#,^) | 151 W 24th St, Hialeah, FL 33010 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 1/15/2024 | 5.9 | 5.9 | 6.0 | — | % |
| Nutmeg North Associates LLC Steeltech Building Products Inc | (#,^) | 636 Nutmeg Rd North, South Windsor, CT 06074 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 12/31/2038 | 762.4 | 762.4 | 860.8 | 0.28 | % |
F-315
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Amboy Woodbridge Realty LLC and United Premium Foods LLC | (#) | One Amboy Ave, Woodbridge, NJ 07095 | Food Manufacturing | Term Loan | Fixed | 7% | 6/14/2024 | 1,813.7 | 1,813.7 | 1,797.8 | 0.58 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| KK International Trading Corporation | (#,^) | 219 Lafayette Dr, Syosset, NY 11791 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 12/23/2028 | 112.1 | 112.1 | 121.4 | 0.04 | % |
| Kurtis Sniezek dba Wolfe's Foreign Auto | (#,^) | 712 5th St., New Brighton, PA 15066 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/20/2038 | 74.0 | 74.0 | 83.5 | 0.03 | % |
| 920 CHR Realty LLC V. Garofalo Carting Inc | (#,^) | 920 Crooked Hill, Brentwood, NY 11717 | Waste Management and Remediation Services | Term Loan | Prime plus | 2.75% | 12/10/2038 | 348.4 | 348.4 | 393.3 | 0.13 | % |
| DKB Transport Corp | (#,^) | 555 Water Works Rd, Old Bridge, NJ 08857 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/5/2038 | 115.5 | 115.5 | 130.4 | 0.04 | % |
| Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle | (#,^) | 1455 S Richland Creek Rd, Sugar HIll, GA 30518 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/3/2038 | 85.7 | 85.7 | 96.8 | 0.03 | % |
| BVIP Limousine Service LTD | (#,^) | 887 W Liberty, Medina, OH 44256 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 11/27/2038 | 63.5 | 63.5 | 71.7 | 0.02 | % |
| AcuCall LLC | (#,^) | 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 11/21/2023 | 4.0 | 4.0 | 4.1 | — | % |
| Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL | (#,^) | 3039-3043 Hedley, Springfield, IL 62704 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 11/18/2023 | 11.2 | 11.2 | 11.5 | — | % |
| Polpo Realty, LLC Polpo Restaurant, LLC | (#,^) | 554 Old Post Rd #3, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/6/2038 | 53.0 | 53.0 | 59.8 | 0.02 | % |
| Mid-Land Sheet Metal Inc | (#,^) | 125 E Fesler St., Santa Maria, CA 93454 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/31/2038 | 114.6 | 114.6 | 129.3 | 0.04 | % |
| Master CNC Inc & Master Properties LLC | (#,^) | 11825 29 Mile Rd, Washington, MI 48095 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 10/31/2038 | 494.7 | 494.7 | 558.5 | 0.18 | % |
| 1 North Restaurant Corp dba 1 North Steakhouse | (#,^) | 322 W. Montauk Hwy, Hampton Bays, NY 11946 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/31/2038 | 174.0 | 174.0 | 196.4 | 0.06 | % |
| Janice B. McShan and The Metropolitan Day School, LLC | (#,^) | 2817 Lomb Ave, Birmingham, AL 35208 | Social Assistance | Term Loan | Prime plus | 2.75% | 10/31/2023 | 10.3 | 10.3 | 10.6 | — | % |
| Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd | (#,^) | 77 Mill Rd, Freeport, NY 11520 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 10/24/2038 | 121.5 | 121.5 | 137.2 | 0.04 | % |
| Greenbrier Technical Services, Inc | (#,^) | 407 E. Edgar Ave, Ronceverte, WV 24970 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 10/24/2023 | 29.8 | 29.8 | 30.4 | 0.01 | % |
| Lenoir Business Partners LLC LP Industries, Inc dba Childforms | (#,^) | 2040 Norwood, Lenoir, NC 28645 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2038 | 254.0 | 254.0 | 286.8 | 0.09 | % |
| LP Industries, Inc dba Childforms | (#,^) | 110 Charleston Dr, Ste 105-107, Morresville, NC 28117 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 9/30/2038 | 103.5 | 103.5 | 116.9 | 0.04 | % |
| Cencon Properties LLC and Central Connecticut Warehousing Company, Inc | (#,^) | 37 Commons Court, Waterbury, CT 06704 | Warehousing and Storage | Term Loan | Prime plus | 2.75% | 9/30/2038 | 284.6 | 284.6 | 321.4 | 0.10 | % |
| Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC | (#,^) | 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/27/2038 | 276.4 | 276.4 | 312.1 | 0.10 | % |
F-316
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral | (#,^) | 17 Pearl St., Mystic, CT 06355 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/26/2038 | 82.5 | 82.5 | 93.1 | 0.03 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus | 2.75% | 9/25/2038 | 75.4 | 75.4 | 85.1 | 0.03 | % |
| Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta | (#,^) | 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 | Educational Services | Term Loan | Prime plus | 2.75% | 9/20/2023 | 10.7 | 10.7 | 10.9 | — | % |
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/20/2038 | 221.1 | 221.1 | 249.6 | 0.08 | % |
| Maynard Enterprises Inc dba Fastsigns of Texarkana | (#,^) | 3735 Mall Dr, Texarkana, TX 75501 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 9/18/2023 | 3.7 | 3.7 | 3.8 | — | % |
| Grafio Inc dba Omega Learning Center-Acworth | (#,^) | 5330 Brookstone Dr, Ste 320, Acworth, GA 30101 | Educational Services | Term Loan | Prime plus | 2.75% | 9/13/2023 | 38.1 | 38.1 | 38.8 | 0.01 | % |
| The Berlerro Group, LLC dba Sky Zone | (#,^) | 111 Rodeo Dr, Edgewood, NY 11717 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 9/12/2023 | 132.8 | 132.8 | 135.3 | 0.04 | % |
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 9/12/2028 | 31.2 | 31.2 | 33.7 | 0.01 | % |
| Prospect Kids Academy Inc | (#,^) | 532 St Johns Place, Brooklyn, NY 11238 | Educational Services | Term Loan | Prime plus | 2.75% | 9/11/2038 | 102.5 | 102.5 | 115.7 | 0.04 | % |
| Schmaltz Holdings, LLC and Schmaltz Operations, LLC | (#,^) | 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 9/4/2038 | 183.8 | 183.8 | 207.5 | 0.07 | % |
| Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis | (#,^) | 15150 Evans St., Gulfport, MS 39503 | Social Assistance | Term Loan | Prime plus | 2.75% | 8/30/2023 | 9.5 | 9.5 | 9.7 | — | % |
| Caribbean Concepts, Inc. dba Quick Bleach | (#,^) | 120 East 56th St., St.#730, New York, NY 10022 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 8/12/2023 | 4.9 | 4.9 | 4.9 | — | % |
| Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC | (#,^) | 38 Carmen Lane, Monroe, CT 06468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 7/24/2023 | 2.5 | 2.5 | 2.5 | — | % |
| Angkor Restaurant Inc | (#,^) | 10 Traverse St., Providence, RI 02903 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/19/2038 | 76.3 | 76.3 | 86.1 | 0.03 | % |
| Harbor Ventilation Inc and Estes Investment, LLC | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/19/2038 | 1.9 | 1.9 | 2.2 | — | % |
| Tri County Heating and Cooling Inc. | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 7/19/2023 | 18.1 | 18.1 | 18.5 | 0.01 | % |
| Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC | (#,^) | 1 Poppy Ave, Neptune, NJ 07753 | Truck Transportation | Term Loan | Prime plus | 2.75% | 7/17/2023 | 11.2 | 11.2 | 11.4 | — | % |
| Maxiflex LLC | (#,^) | 512 Verret St., New Orleans, LA 70114 | Miscellaneous Manufacturing | Term Loan | Prime plus | 2.75% | 6/28/2023 | 8.8 | 8.8 | 8.9 | — | % |
| GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat | (#,^) | 411 Sharp St., Millville, NJ 08332 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 6/28/2038 | 79.6 | 79.6 | 89.8 | 0.03 | % |
| 2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. | (#,^) | 2141 P Ave, Williamsburg, IA 52361 | Truck Transportation | Term Loan | Prime plus | 2.75% | 6/19/2026 | 236.0 | 236.0 | 248.5 | 0.08 | % |
F-317
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||
| Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services | (#,^) | 200 North Branford Rd, Branford, CT 06405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus | 2.75% | 6/18/2028 | 486.4 | 486.4 | 524.2 | 0.17 | % | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc | (#,^) | 24 Elm St., Montpelier, VT 05602 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 6/14/2023 | 68.3 | 68.3 | 69.4 | 0.02 | % | Elite Structures Inc | (#,^) | 401 Old Quitman Rd, Adel, GA 31620 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/12/2038 | 684.5 | 684.5 | 772.8 | 0.25 | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Absolute Desire LLC and Mark H. Szierer and Sophisticated Smile | (#,^) | 85 Reaville Ave, Flemington, NJ 08822 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/5/2038 | 154.2 | 154.2 | 174.1 | 0.06 | % | ||||||||||||||
| Gregory P Jellenek OD and Associates PC | (#,^) | 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/28/2023 | 11.6 | 11.6 | 11.8 | — | % | ||||||||||||||
| Ryan D. Thornton and Thornton & Associates LLC | (#,^) | 800 Bethel St., Ste 200, Honolulu, HI 96813 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 5/24/2023 | 8.2 | 8.2 | 8.3 | — | % | ||||||||||||||
| Peanut Butter & Co., Inc. | (#,^) | 250 West 54th St., New York, NY 10019 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 4/30/2023 | 17.7 | 17.7 | 18.0 | 0.01 | % | ||||||||||||||
| 1258 Hartford TPKE, LLC and Phelps and Sons, Inc | (#,^) | 1258 Hartford Turnpike, Vernon, CT 06066 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 3/29/2038 | 101.0 | 101.0 | 114.1 | 0.04 | % | ||||||||||||||
| Xela Pack, Inc. and Aliseo and Catherine Gentile | (#,^) | 8300 Boettner Rd, Saline, MI 48176 | Paper Manufacturing | Term Loan | Prime plus | 2.75% | 3/27/2028 | 151.2 | 151.2 | 162.4 | 0.05 | % | ||||||||||||||
| A & M Commerce, Inc. dba Cranberry Sunoco | (#,^) | 398 Baltimore Blvd, Westminster, MD 21157 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 3/27/2038 | 263.5 | 263.5 | 297.5 | 0.10 | % | ||||||||||||||
| American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center | (#,^) | 3937 Sherman Ave, Saint Joseph, MO 64506 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/25/2038 | 455.5 | 455.5 | 514.3 | 0.17 | % | ||||||||||||||
| Michael A.and HeatherR. Welsch dba Art & FrameEtc. | (#,^) | 2819 West T C Jester Blvd., Houston, TX 77018 | Miscellaneous Store Retailers | Term Loan | Prime plus | 2.75% | 3/22/2038 | 54.7 | 54.7 | 61.8 | 0.02 | % | ||||||||||||||
| Sound Manufacturing, Inc. and Monster Power Equipment Inc. | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 3/15/2023 | 77.8 | 77.8 | 78.9 | 0.03 | % | ||||||||||||||
| Osceola River Mill, LLC Ironman Machine, Inc. | (#,^) | 27 Hungerford St., Pittsfield, MA 01201 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 2/20/2038 | 69.7 | 69.7 | 78.7 | 0.03 | % | ||||||||||||||
| Retain Loyalty LLC | (#,^) | 1250 Sanders Ave SW, Massillon, OH 44647 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 2/15/2038 | 93.6 | 93.6 | 105.7 | 0.03 | % | ||||||||||||||
| Sherill Universal City dba Golden Corral LP | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/28/2038 | 372.8 | 372.8 | 420.9 | 0.14 | % | ||||||||||||||
| Macho LLC Madelaine Chocolate Novelties Inc | (#,^) | 96-03 Beach Channel Dr, Rockaway Beach, NY 11693 | Food Manufacturing | Term Loan | Prime plus | 2.75% | 12/31/2037 | 403.9 | 403.9 | 456.0 | 0.15 | % | ||||||||||||||
| Polpo Realty LLC & Polpo Restaurant LLC | (#,^) | 554 Old Post Rd #3, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/27/2037 | 426.5 | 426.5 | 481.5 | 0.16 | % | ||||||||||||||
| Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC | (#,^) | 38 Carmen Lane, Monroe, CT 06468 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus | 2.75% | 11/28/2037 | 183.3 | 183.3 | 206.9 | 0.07 | % | ||||||||||||||
| Richmond Hill Mini Market, LLC | (#,^) | 101 Richmond Hill Ave, Stamford, CT 06902 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 11/27/2037 | 148.2 | 148.2 | 167.3 | 0.05 | % |
F-318
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| DRV Enterprise, Inc. dba Cici's Pizza # 339 | (#,^) | 5771 East Fowler Ave, Temple Terrace, FL 33617 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/26/2022 | 7.6 | 7.6 | 7.6 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| U & A Food and Fuel, Inc. dba Express Gas & Food Mart | (#,^) | 1345 Wampanoag Trail, East Providence, RI 02915 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/21/2037 | 77.1 | 77.1 | 87.0 | 0.03 | % |
| R & J Petroleum LLC Manar USA, Inc. | (#,^) | 305 Quincy Shore Dr, Quincy, MA 02107 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 11/20/2037 | 144.2 | 144.2 | 162.8 | 0.05 | % |
| St Judes Physical Therapy P.C. | (#,^) | 7712 Fourth Ave, Brooklyn, NY 11209 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 11/19/2022 | 2.5 | 2.5 | 2.6 | — | % |
| Hi-Def Imaging, Inc. dba SpeedPro Imaging | (#,^) | 3580 Progress Dr, Unit Q, Bensalem, PA 19020 | Printing and Related Support Activities | Term Loan | Prime plus | 2.75% | 11/9/2022 | 2.8 | 2.8 | 2.8 | — | % |
| Reidville Hydraulics Mfg Inc dba Summit | (#,^) | 175 Industrial Lane, Torrington, CT 06790 | Machinery Manufacturing | Term Loan | Prime plus | 2.75% | 11/2/2037 | 210.1 | 210.1 | 237.2 | 0.08 | % |
| O'Rourkes Diner LLC dba O'Rourke's Diner | (#,^) | 728 Main St., Middletown, CT 06457 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 9/19/2037 | 52.9 | 52.9 | 59.8 | 0.02 | % |
| AJK Enterprise LLC dba AJK Enterprise LLC | (#,^) | 1901 Naylor Rd, SE, Washington, DC 20020 | Truck Transportation | Term Loan | Prime plus | 2.75% | 8/27/2022 | 1.2 | 1.2 | 1.3 | — | % |
| Suncoast Aluminum Furniture, Inc | (#,^) | 6291 Thomas Rd, Fort Myers, FL 33912 | Furniture and Related Product Manufacturing | Term Loan | Prime plus | 2.75% | 8/17/2037 | 286.3 | 286.3 | 323.2 | 0.10 | % |
| Central Tire, Inc. dba Cooper Tire & Auto Services | (#,^) | 1111 S Tillotson Ave, Muncie, IN 47304 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 6/29/2037 | 227.2 | 227.2 | 256.6 | 0.08 | % |
| KIND-ER-ZZ Inc dba Kidville | (#,^) | 30 Maple St., Summit, NJ 07901 | Educational Services | Term Loan | Prime plus | 2.75% | 6/15/2022 | 3.5 | 3.5 | 3.5 | — | % |
| Graphish Studio, Inc. and Scott Fishoff | (#,^) | 231 Main St., Stanford, CT 06901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 6/14/2022 | 1.3 | 1.3 | 1.3 | — | % |
| Tracey Vita-Morris dba Tracey Vita's School of Dance | (#,^) | 4181 9th Ave West, Bradenton, FL 34025 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 5/10/2022 | 1.3 | 1.3 | 1.4 | — | % |
| Access Staffing, LLC | (#,^) | 360 Lexington Ave, 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/30/2022 | 7.9 | 7.9 | 7.9 | — | % |
| Manuel P. Barrera and Accura Electrical Contractor, Inc. | (#,^) | 6187 NW 167th St. Unit H3, Miami, FL 33015 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 3/23/2028 | 53.2 | 53.2 | 57.2 | 0.02 | % |
| Shweiki Media, Inc. dba Study Breaks Magazine | (#,^) | 4954 Space Center Dr, San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 3/22/2027 | 604.4 | 604.4 | 642.2 | 0.21 | % |
| ATI Jet, Inc. | (#,^) | 7007 Boeing Dr, El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus | 2.75% | 12/28/2026 | 250.8 | 250.8 | 265.7 | 0.09 | % |
| J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company | (#,^) | 2900 South 20th St., Philadelphia, PA 19145 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 12/22/2036 | 130.8 | 130.8 | 147.6 | 0.05 | % |
| 39581 Garfield, LLC and Tricounty Neurological Associates, P.C. | (#,^) | 39581 Garfield Rd, Clinton Township, MI 48038 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2036 | 20.1 | 20.1 | 22.7 | 0.01 | % |
| 39581 Garfield, LLC and Tri County Neurological Associates, P.C. | (#,^) | 39581 Garfield Rd, Clinton Township, MI 48038 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 9/30/2036 | 59.2 | 59.2 | 66.8 | 0.02 | % |
F-319
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||
| Michael S. Decker & Janet Decker dba The Hen House Cafe | (#,^) | 401 Caribou St., Simla, CO 80835 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/30/2036 | 12.5 | 12.5 | 14.1 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Valiev Ballet Academy, Inc | (#,^) | 635 - 637 Londonderry Lane, Denton, TX 76205 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 8/12/2036 | 32.3 | 32.3 | 36.4 | 0.01 | % |
| LaHoBa, LLC d/b/a Papa John's | (#,^) | 3001 Pontchartrain Dr, Slidell, LA 70458 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 8/3/2036 | 58.6 | 58.6 | 66.2 | 0.02 | % |
| Lavertue Properties LLP dba Lavertue Properties | (#,^) | 24 Wakefield St., Rochester, NH 13867 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus | 2.75% | 6/29/2036 | 33.9 | 33.9 | 38.3 | 0.01 | % |
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave Route 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 6/29/2036 | 265.0 | 265.0 | 299.1 | 0.10 | % |
| Profile Performance, Inc. and Eidak Real Estate, L.L.C. | (#,^) | 44600 Michigan Ave, Canton, MI 48188 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 4/20/2036 | 95.5 | 95.5 | 107.8 | 0.03 | % |
| Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store | (#,^) | 2267 Fernberg Trail, Ely, MN 55731 | Nonstore Retailers | Term Loan | Prime plus | 2.75% | 4/18/2036 | 107.8 | 107.8 | 121.7 | 0.04 | % |
| Michael S. Korfe dba North Valley Auto Repair | (#,^) | 7516 B 2nd St., NW, Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 3/24/2036 | 11.5 | 11.5 | 13.0 | — | % |
| Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. | (#,^) | 64-68 North Central Ave, Valley Stream, NY 11580 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 1/28/2036 | 84.1 | 84.1 | 95.0 | 0.03 | % |
| Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center | (#,^) | 2879 Limekiln Pike, Glenside, PA 19038 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 11/30/2035 | 25.3 | 25.3 | 28.5 | 0.01 | % |
| Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery | (#,^) | 2320 2nd St., Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 9/2/2035 | 36.5 | 36.5 | 41.2 | 0.01 | % |
| Tanner Optical Inc. dba Murphy Eye Care | (#,^) | 305 Shirley Ave, Douglas, GA 31533 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 6/22/2035 | 64.5 | 64.5 | 72.9 | 0.02 | % |
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 North Beach St., Haltom City, TX 76111 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 3/29/2024 | 12.0 | 12.0 | 12.3 | — | % |
| D & D's Divine Beauty School of Esther, LLC | (#,^) | 5524 Germantown Ave, Philadelphia, PA 19144 | Educational Services | Term Loan | Fixed | 6% | 8/1/2031 | 38.3 | 38.3 | 37.8 | 0.01 | % |
| Bliss Coffee and Wine Bar, LLC | (#) | 1402-A Handlir Dr, Bel Air, MD 21015 | Food Services and Drinking Places | Term Loan | Fixed | 6% | 11/30/2022 | 57.5 | 57.5 | 57.1 | 0.02 | % |
| 1911 East Main Street Holdings, Corp | (#,^) | 1911 East Main St., Endicott, NY 13760 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 5/18/2032 | 8.8 | 8.8 | 9.9 | — | % |
| Water Works Laundromat, LLC | (#,^) | 968-970 Bergen St., Newark, NJ 07104 | Personal and Laundry Services | Term Loan | Prime plus | 2.25% | 9/7/2027 | 109.5 | 109.5 | 115.4 | 0.04 | % |
| Dave Kris, and MDK Ram Corp. | (#,^) | 15 Elm Park, Groveland, MA 01930 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 2/5/2026 | 15.1 | 15.1 | 15.9 | 0.01 | % |
| Head To Toe Personalized Pampering, Inc. | (#,^) | 2331 North State Rd 7, Lauderhill, FL 33313 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 1/27/2031 | 6.6 | 6.6 | 7.4 | — | % |
F-320
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Accrual Investments (1) (22) | |||||||||||||||
| Moonlight Multi Media Production, Inc. | (#,^) | 2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309 | Other Information Services | Term Loan | Fixed | 5.3% | 2/1/2025 | 0.4 | 0.4 | 0.4 | — | % | |||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| David M. Goens dba Superior Auto Paint & Body, Inc. | (#) | 1912 Manhattan Ave, Harvey, LA 70058 | Repair and Maintenance | Term Loan | Fixed | 6% | 8/26/2024 | 7.2 | 7.2 | 7.2 | — | % | |||
| Whirlwind Car Wash, Inc. | (#,^) | 1370 Le Anne Marie Circle, Columbus, OH 43026 | Repair and Maintenance | Term Loan | Prime plus | 2% | 4/9/2029 | 10.6 | 10.6 | 11.3 | — | % | |||
| Shuttle Car Wash, Inc. dba Shuttle Car Wash | (#,^) | 745 Cheney Hwy, Ttitusville, FL 32780 | Repair and Maintenance | Term Loan | Prime plus | 2.25% | 11/10/2028 | 8.0 | 8.0 | 8.6 | — | % | |||
| Min Hui Lin | (#,^) | 1916 Broad St., Lanett, AL 36863 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/30/2028 | 11.2 | 11.2 | 12.0 | — | % | |||
| Auto Sales, Inc. | (#,^) | 1925 State St., Hamden, CT 06417 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6% | 8/17/2023 | 2.2 | 2.2 | 2.2 | — | % | |||
| Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC | (#) | 3118 Bayshore Ave, Brigantine, NJ 08203 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6% | 9/14/2023 | 15.0 | 15.0 | 14.9 | — | % | |||
| Track Side Collision & Tire, Inc. | (#,^) | 98-16 160 Ave, Ozone Park, NY 11414 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus | 2.75% | 6/16/2025 | 2.4 | 2.4 | 2.5 | — | % | |||
| Deesha Corporation, Inc. dba Best Inn & Suites | (#,^) | 9225 Pkwy East, Birmingham, AL 35206 | Accommodation | Term Loan | Prime plus | 2.25% | 2/14/2025 | 12.3 | 12.3 | 12.6 | — | % | |||
| Randall D. & Patricia D. Casaburi dba Pat's Pizzazz | (#,^) | 386 Winsted Rd, Torrington, CT 06790 | Furniture and Home Furnishings Stores | Term Loan | Prime plus | 2.75% | 3/13/2023 | 1.7 | 1.7 | 1.7 | — | % | |||
| Naseeb Corporation | (#,^) | 1696 North Broad St., Meriden, CT 06450 | Accommodation | Term Loan | Prime plus | 2.25% | 3/31/2024 | 10.7 | 10.7 | 10.9 | — | % | |||
| Stillwell Ave Prep School | (#,^) | 1990 Stillwell Ave, Brooklyn, NY 11214 | Social Assistance | Term Loan | Prime plus | 2.75% | 1/14/2023 | 5.7 | 5.7 | 5.8 | — | % | |||
| Alyssa Corp dba Knights Inn | (#,^) | 1105 Columbus Pkwy, Opelika, AL 36801 | Accommodation | Term Loan | Prime plus | 2.25% | 9/30/2023 | 24.9 | 24.9 | 25.3 | 0.01 | % | |||
| Bhailal Patel dba New Falls Motel | (#,^) | 201 Lincoln Hwy, Fairless Hills, PA 19030 | Accommodation | Term Loan | Prime plus | 2.75% | 3/27/2023 | 0.4 | 0.4 | 0.4 | — | % | |||
| Pegasus Automotive, Inc. | (#,^) | 3981 Hylan Blvd, Staten Island, NY 10308 | Gasoline Stations | Term Loan | Prime plus | 2.75% | 12/23/2022 | 1.0 | 1.0 | 1.0 | — | % | |||
| Total SBA Unguaranteed Accrual Investments | $ | 377,844.5 | $ | 377,844.5 | $ | 393,910.1 | 127.36 | % |
F-321
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||
| D & D Optics Inc dba Sterling Optical | (*,#,^) | 1487 East LaSalle Dr, Bismark, ND 58503 | Ambulatory Health Care Services | Term Loan | Prime plus | 0.00 | % | 12/21/2028 | $ | 41.1 | $ | 41.1 | $ | 20.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Edge Studios Inc Radiant Yoga LLC | (*,#,^) | 448 Howe Ave, Sacramento, CA 95825 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 0.00 | % | 11/1/2027 | 49.1 | 49.1 | 47.9 | 0.02 | % | |||
| 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop | (*,#,^) | 217 W Main St., Centralia, WA 98531 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 7.75 | % | 1/6/2029 | 94.6 | 94.6 | 48.0 | 0.02 | % | |||
| ABC Sandblasting, LLC | (*,#,^) | 14029 56th St. NW, Williston, ND 58801 | Specialty Trade Contractors | Term Loan | Prime plus | 0.00 | % | 10/31/2029 | 145.0 | 145.0 | 26.2 | 0.01 | % | |||
| Acton Hardware LLC and Mark Allgood & Jamie Allgood | (*,#) | 31814 Crown Valley Rd, Acton, CA 93510 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 8.00 | % | 3/24/2041 | 117.1 | 117.1 | 39.3 | 0.01 | % | |||
| Advance Case Parts RE Holdings LLC and Advance Case Parts Inc | (*,#) | 12485-12489 NW 44th St., Coral Springs, FL 33071 | Repair and Maintenance | Term Loan | Fixed | 7.75 | % | 3/31/2040 | 318.3 | 318.3 | 12.1 | 0.00 | % | |||
| Albas Bar & Grill LLC | (*,#,^) | 221 Self Main St., Homer City, PA 15748 | Food Services and Drinking Places | Term Loan | Fixed | 6.00 | % | 10/13/2042 | 43.9 | 43.9 | 7.7 | 0.00 | % | |||
| Alive Design, LLC | (*,#) | 1906 NE 23 rd Ave, Cape Coral, FL 33909 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75 | % | 3/13/2027 | 8.7 | 8.7 | 8.3 | 0.00 | % | |||
| All Printing Solutions, Inc. dba Pryntcomm | (*,#) | 303 E. Sioux Ave., Pierre, SD 57501 | Printing and Related Support Activities | Term Loan | Fixed | 7.75 | % | 6/27/2041 | 491.8 | 491.8 | 81.6 | 0.03 | % | |||
| Amboy Group, LLC dba Tommy Moloney's | (*,#) | 1 Amboy Ave, Woodbridge, NJ 07095 | Food Manufacturing | Term Loan | Fixed | 7.00 | % | 6/14/2024 | 1,458.1 | 1,458.1 | 1,292.6 | 0.42 | % | |||
| Anderson Companies LLC | (*,#,^) | 3015 S White Horse Pike, Hammonton, NJ 08037 | Administrative and Support Services | Term Loan | Prime plus | 0.00 | % | 6/28/2044 | 191.8 | 191.8 | 184.5 | 0.06 | % | |||
| Anglin Cultured Stone Products LLC | (*,#,^) | 877 Salem Church Rd, Newark, DE 19702 | Construction of Buildings | Term Loan | Fixed | 8.25 | % | 12/27/2042 | 630.5 | 630.5 | 170.7 | 0.06 | % | |||
| Anglin Cultured Stone Products LLC dba Anglin Construction | (*,#) | 877 Salem Church Rd, Newark, DE 19702 | Specialty Trade Contractors | Term Loan | Fixed | 8.25 | % | 6/30/2025 | 185.8 | 185.8 | 158.2 | 0.05 | % | |||
| Anurag, LLC dba Oakwood Package Store | (*,#,^) | 191-195 Oakwood Ave, West Hartford, CT 06107 | Food and Beverage Stores | Term Loan | Prime plus | 0.00 | % | 6/6/2043 | 127.6 | 127.6 | 61.4 | 0.02 | % | |||
| Apple Tree NC Inc dba Williams Farm & Garden Center | (*,#) | 109 Barkside Lane, New Bern, NC 28562 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 0.00 | % | 7/28/2041 | 316.1 | 316.1 | 301.3 | 0.10 | % | |||
| Arclay ,LLC | (*,#,^) | 49 Geyser Rd Ste 100, Saratoga Springs, NY 12866 | Nonmetallic Mineral Product Manufacturing | Term Loan | Fixed | 8.00 | % | 5/5/2030 | 137.1 | 137.1 | 37.6 | 0.01 | % | |||
| Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud | (*,#) | 2646 South Rd, Poughkeepsie, NY 12601 | Gasoline Stations | Term Loan | Fixed | 7.75 | % | 9/26/2024 | 15.7 | 15.7 | 15.5 | 0.01 | % | |||
| AWA Fabrication & Construction, L.L.C. | (*,#) | 811 Country Rd #99, Headland, AL 36345 | Fabricated Metal Product Manufacturing | Term Loan | Fixed | 6.00 | % | 4/30/2025 | 34.4 | 34.4 | 1.6 | 0.00 | % | |||
| B for Blonde, LLC dba Blo Blow Dry Bar | (*,#) | 142 East 49th St., New York, NY 10017 | Personal and Laundry Services | Term Loan | Fixed | 6.00 | % | 2/12/2026 | 39.7 | 39.7 | 37.8 | 0.01 | % | |||
| B for Brunette dba Blo | (*,#,^) | 50 Glen Cove Rd, Greenvale, NY 11548 | Personal and Laundry Services | Term Loan | Fixed | 6.00 | % | 9/10/2023 | 20.5 | 20.5 | 19.5 | 0.01 | % | |||
| D for Dream LLC dba Blo Blow Dry Bar Inc | (*,#,^) | 460 East 3rd Ave, New York, NY 10016 | Personal and Laundry Services | Term Loan | Fixed | 6.00 | % | 5/13/2029 | 66.7 | 66.7 | 31.3 | 0.01 | % |
F-322
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| B&B Fitness and Barbell, Inc. dba Elevations Health Club | (*,#) | Route 611 North, Scotrun, PA 18355 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6.00 | % | 6/22/2035 | 1,385.8 | 1,385.8 | 179.7 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| B&C Texas Leasing Inc and M&W Hot Oil, Inc. | (*,#,^) | 8124 Sprague Rd, Odessa, TX 73764 | Support Activities for Mining | Term Loan | Prime plus | 2.75 | % | 3/30/2028 | 748.3 | 748.3 | 169.3 | 0.05 | % |
| B&C Texas Leasing Inc.,M & W Hot Oill, Inc | (*,#,^) | 8124 Sprague Rd, Odessa, TX 79764 | Support Activities for Mining | Term Loan | Prime plus | 2.75 | % | 3/30/2043 | 256.1 | 256.1 | 247.0 | 0.08 | % |
| B4 Fitness LLC dba The Zoo Health Club | (*,#) | 4 Beehive Dr, Epping, NH 03042 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25 | % | 9/23/2026 | 12.3 | 12.3 | 11.1 | 0.00 | % |
| Baker Sales, Inc. d/b/a Baker Sales, Inc. | (*,#) | 60207 Camp Villere Rd, Slidell, LA 70460 | Nonstore Retailers | Term Loan | Fixed | 6.00 | % | 3/29/2036 | 177.4 | 177.4 | 91.2 | 0.03 | % |
| Band Sawn Lumber,LLC and Nathan Ryan Adams | (*,#,^) | 1873 State Hwy 29, Johnstown, NY 12095 | Wood Product Manufacturing | Term Loan | Fixed | 7.75 | % | 5/15/2042 | 90.0 | 90.0 | 24.4 | 0.01 | % |
| Baobab Asset Management LLC | (*,#,^) | 2 Greenwich Office Park, Ste 260, Greenwich, CT 06831 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 0.00 | % | 6/28/2029 | 42.1 | 42.1 | 41.1 | 0.01 | % |
| BB Services, LLC | (*,#,^) | 580 39 Rd, Palisade, CO 81526 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 6/27/2029 | 95.1 | 95.1 | 92.3 | 0.03 | % |
| Bear Creek Entertainment LLC dba The Woods at Bear Creek | (*,#,^) | 3510 Bear Creek Rd, Franklinville, NY 14737 | Accommodation | Term Loan | Prime plus | 2.75 | % | 8/12/2041 | 1,608.1 | 1,608.1 | 123.4 | 0.04 | % |
| Bear Creek Entertainment, LLC dba The Woods at Bear Creek | (*,#) | 3510 Bear Creek Rd, Franklinville, NY 14737 | Accommodation | Term Loan | Fixed | 7.25 | % | 12/30/2024 | 85.4 | 85.4 | 82.4 | 0.03 | % |
| Bebos Inc dba Pizza Hut & Sunoco | (*,#) | 2003 West 5th St., Clifton, TX 76634 | Gasoline Stations | Term Loan | Fixed | 7.75 | % | 3/28/2028 | 126.6 | 126.6 | 4.7 | 0.00 | % |
| Bev's Sweets LLC | (*,#,^) | 3778 Hwy 254, Cleveland, GA 30528 | Administrative and Support Services | Term Loan | Fixed | 6.00 | % | 9/30/2044 | 210.5 | 210.5 | 177.7 | 0.06 | % |
| Big Picture Group LLC | (*,#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 0.00 | % | 12/12/2027 | 286.8 | 286.8 | 276.6 | 0.09 | % |
| Big Picture Group LLC | (*,#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 0.00 | % | 6/28/2029 | 132.1 | 132.1 | 127.4 | 0.04 | % |
| Bloomquist Communications Inc. | (*,#) | 131 East Trinity Place, Decatur, GA 30030 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 0.00 | % | 10/31/2026 | 36.5 | 36.5 | 35.6 | 0.01 | % |
| Bone Bar & Grill LLC | (*,#) | 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 | Food Services and Drinking Places | Term Loan | Fixed | 7.00 | % | 6/30/2042 | 34.7 | 34.7 | 18.1 | 0.01 | % |
| Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. | (*,#) | 201 Highland Ave, East Syracuse, NY 13057 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25 | % | 3/13/2039 | 201.2 | 201.2 | 191.7 | 0.06 | % |
| Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps | (*,#) | 690 South Creek Rd, West Chester, PA 19382 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25 | % | 3/30/2031 | 145.7 | 145.7 | 143.9 | 0.05 | % |
| Calhoun Satellite Communications, Inc. | (*,#) | 1914 Tigertail Blvd, Dania Beach, FL 33004 | Telecommunications | Term Loan | Fixed | 7.00 | % | 12/2/2026 | 333.8 | 333.8 | 239.1 | 0.08 | % |
| Capital Containers LLC | (*,#,^) | 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 12/15/2027 | 10.4 | 10.4 | 10.2 | 0.00 | % |
F-323
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber | (*,#) | 320 Fair St., Kutztown, PA 19530 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 7.50 | % | 9/30/2027 | 366.2 | 366.2 | 132.9 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Central Medical Clinic, PLLC- Clinica Central | (*,#) | 393 North Dunlap St. Ste LL26, LL34, LL38, St. Paul, MN 55104 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25 | % | 6/7/2029 | 13.2 | 13.2 | 12.9 | 0.00 | % |
| Chickamauga Properties, Inc., MSW Enterprises, LLP | (*,#) | 214 Sutherland Way, Rocky Face, GA 30740 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6.25 | % | 12/22/2035 | 59.0 | 59.0 | 57.6 | 0.02 | % |
| Children First Home Health Care Inc | (*,#,^) | 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 | Ambulatory Health Care Services | Term Loan | Fixed | 7.50 | % | 12/27/2028 | 282.4 | 282.4 | 57.5 | 0.02 | % |
| CIS BIG DOG, LLC | (*,#,^) | 8920 US HWY, 62 WEST, Cynthiana, KY 41031 | Administrative and Support Services | Term Loan | Prime plus | 2.75 | % | 9/19/2027 | 46.7 | 46.7 | 44.5 | 0.01 | % |
| Clark Realty LLC | (*,#) | 4 Walker Way, Albany, NY 12205 | Real Estate | Term Loan | Fixed | 8.00 | % | 8/29/2041 | 73.3 | 73.3 | 30.5 | 0.01 | % |
| Cleland Pharmacy LLC | (*,#,^) | 202 S First St., Wakeeney, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus | 0.00 | % | 3/28/2029 | 18.8 | 18.8 | 11.9 | 0.00 | % |
| Royal Blue Investments, Inc. and Cleland Pharmacy LLC | (*,#,^) | 202 S. 1st St., Wakeeny, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus | 0.00 | % | 7/31/2042 | 49.3 | 49.3 | 47.6 | 0.02 | % |
| Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai | (*,#) | 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 | Repair and Maintenance | Term Loan | Fixed | 6.75 | % | 9/26/2039 | 553.3 | 553.3 | 411.1 | 0.13 | % |
| Commonwealth Diagnostics International, Inc | (*,#,^) | 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 0.00 | % | 9/20/2027 | 951.0 | 951.0 | 906.3 | 0.29 | % |
| Conference Services International ETC LLC | (*,#,^) | 4802 West Van Buren St., Phoenix, AZ 85007 | Administrative and Support Services | Term Loan | Fixed | 8.00 | % | 8/14/2028 | 517.4 | 517.4 | 8.8 | 0.00 | % |
| Custom Software, Inc. a Colorado Corporation dba M-33 Access | (*,#) | 380 E. Borden Rd, Rose City, MI 48654 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 6.25 | % | 11/30/2024 | 177.4 | 177.4 | 75.2 | 0.02 | % |
| CZAR Industries, Inc. | (*,#,^) | 1424 Heath Ave, Ewing, NJ 08638 | Machinery Manufacturing | Term Loan | Fixed | 8.25 | % | 12/19/2027 | 141.3 | 141.3 | 54.3 | 0.02 | % |
| D&G Capital LLC dba Miami Grill 277 | (*,#) | 2521 North Federal Hwy, Unit C, Boca Raton, FL 33431 | Food Services and Drinking Places | Term Loan | Fixed | 6.50 | % | 12/16/2025 | 42.7 | 42.7 | 10.7 | 0.00 | % |
| D.A.F.S Transport, LLC | (*,#,^) | 207 S. Teresa St., Monahans, TX 79756 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 12/21/2028 | 560.6 | 560.6 | 540.7 | 0.17 | % |
| Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In | (*,#,^) | 299 Utica Ave, Brooklyn, NY 11203 | Food Manufacturing | Term Loan | Prime plus | 0.00 | % | 6/27/2043 | 337.0 | 337.0 | 321.1 | 0.10 | % |
| Dean 1021 LLC dba Pure Pita | (*,#,^) | 106 Central Ave, Westfield, NJ 07090 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 4/29/2025 | 37.1 | 37.1 | 24.0 | 0.01 | % |
| Dependable Lawn Care, Inc. | (*,#,^) | 2320 138TH ST, Blue Island, IL 60406 | Administrative and Support Services | Term Loan | Prime plus | 0.00 | % | 3/21/2029 | 461.9 | 461.9 | 223.3 | 0.07 | % |
| Dependable Lawn Care, Inc. | (*,#,^) | 2320 138th St., Blue Island, IL 60406 | Administrative and Support Services | Term Loan | Prime plus | 0.00 | % | 3/21/2044 | 185.7 | 185.7 | 108.8 | 0.04 | % |
F-324
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac | (*,#) | 6555 NW 9th Ave, Fort Lauderdale, FL 33309 | Ambulatory Health Care Services | Term Loan | Prime plus | 0.00 | % | 12/30/2029 | 24.3 | 24.3 | 24.0 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DG Business Solutions, Inc | (*,#,^) | 11008 Rene St., Lenexa, KS 66215 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 0.00 | % | 9/30/2029 | 200.8 | 200.8 | 191.3 | 0.06 | % |
| Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown | (*,#,^) | 2685 US Hwy 41, Calhoun, GA 30701 | Support Activities for Transportation | Term Loan | Fixed | 5.25 | % | 12/28/2035 | 1,316.8 | 1,316.8 | 622.9 | 0.20 | % |
| Doxa Deo Inc dba Luv 2 Play | (*,#) | 1600 Village Market Blvd, Leesburg, VA 20175 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25 | % | 2/28/2026 | 80.6 | 80.6 | 78.7 | 0.03 | % |
| Driven Warehouse/Distribution LLC | (*,#) | 271 East North Ave, Glendale, IL 60139 | Truck Transportation | Term Loan | Fixed | 8.00 | % | 12/22/2027 | 726.2 | 726.2 | 328.0 | 0.11 | % |
| Dynamic Dental Corporation | (*,#,^) | 3760 NW 126th Ave, Coral Springs, FL 33065 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 7.50 | % | 5/31/2029 | 60.4 | 60.4 | 59.0 | 0.02 | % |
| E & I Holdings, LP & PA Farm Products, LLC | (*,#) | 1095 Mt Airy Rd, Stevens, PA 17578 | Food Manufacturing | Term Loan | Fixed | 6.00 | % | 4/30/2030 | 4,705.7 | 4,705.7 | 3,495.2 | 1.13 | % |
| Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC | (*,#,^) | 4401 N I-35 #113, Denton, TX 76207 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 3/31/2024 | 155.4 | 155.4 | 21.0 | 0.01 | % |
| Earth First Recycling, LLC and 191 Clark Road, LLC | (*,#,^) | 400 Island Park Rd, Easton, PA 18040 | Merchant Wholesalers, Durable Goods | Term Loan | Fixed | 8.00 | % | 6/5/2027 | 338.0 | 338.0 | 311.1 | 0.10 | % |
| Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels | (*,#,^) | 11949 Borden Ave, San Fernando, CA 91340 | Specialty Trade Contractors | Term Loan | Fixed | 8.25 | % | 12/31/2022 | 43.9 | 43.9 | — | 0.00 | % |
| Ericon, Inc. | (*,#) | 740 Davenport Ave, Fremont, NE 68025 | Gasoline Stations | Term Loan | Fixed | 8.25 | % | 12/1/2041 | 705.6 | 705.6 | 570.4 | 0.18 | % |
| ERT Group Inc and Curt's Tools Inspection Inc | (*,#) | 5229 142nd Dr. NW, Williston, ND 58801 | Support Activities for Mining | Term Loan | Fixed | 6.00 | % | 3/18/2041 | 694.9 | 694.9 | 390.6 | 0.13 | % |
| Evergreen Pallet LLC and Evergreen Recycle LLC | (*,#) | 302 W 53rd St N., Wichita, KS 67204 | Wood Product Manufacturing | Term Loan | Fixed | 7.25 | % | 3/16/2026 | 835.5 | 835.5 | 282.6 | 0.09 | % |
| Magill Truck Line LLC and Jeff J. Ralls | (*,#) | 211 West 53rd St. N., Park City, KS 67204 | Truck Transportation | Term Loan | Fixed | 7.25 | % | 2/23/2026 | 176.5 | 176.5 | 32.9 | 0.01 | % |
| Evernook Valley Milk LLC | (*,#,^) | 7448 Emmerson Rd, Everson, WA 98247 | Animal Production and Aquaculture | Term Loan | Fixed | 7.50 | % | 8/31/2042 | 637.5 | 637.5 | 452.2 | 0.15 | % |
| Excel RP Inc | (*,#,^) | 6531 Park Ave, Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | Fixed | 8.25 | % | 8/30/2023 | 66.8 | 66.8 | 66.0 | 0.02 | % |
| Excel RP Inc | (*,#) | 6531 Park Ave, Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | Fixed | 8.25 | % | 3/25/2026 | 95.2 | 95.2 | 24.3 | 0.01 | % |
| Excel RP, Inc./Kevin and Joann Foley | (*,#) | 6531 Park Ave, Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | Fixed | 8.25 | % | 7/8/2028 | 32.4 | 32.4 | 32.1 | 0.01 | % |
| Florida Apnea Diagnostics LLC | (*,#,^) | 2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25 | % | 10/20/2027 | 134.2 | 134.2 | 34.7 | 0.01 | % |
| Flower City Customs Inc. | (*,#,^) | 1805 Tebor Rd, Unit 4, Webster, NY 14580 | Repair and Maintenance | Term Loan | Prime plus | 0.00 | % | 12/17/2030 | 10.0 | 10.0 | 9.6 | 0.00 | % |
F-325
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Four Seasons Laser Center Inc. | (*,#,^) | 4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus | 0.00 | % | 6/26/2042 | 208.4 | 208.4 | 189.4 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Four Seasons Laser Center Inc. | (*,#,^) | 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus | 0.00 | % | 3/28/2029 | 12.2 | 12.2 | — | 0.00 | % |
| Freedom Enterprises, Inc | (*,#) | 2431 14th Ave SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 12/20/2029 | 290.0 | 290.0 | 211.5 | 0.07 | % |
| Freedom Enterprises, Inc - New RE company to be formed | (*,#) | 2431 14th Ave SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 12/20/2044 | 203.3 | 203.3 | 193.8 | 0.06 | % |
| Frontier Sand LLC | (*,#,^) | 305 Country Hwy AA, New Auburn, WI 54757 | Mining (except Oil and Gas) | Term Loan | Fixed | 8.25 | % | 11/30/2027 | 463.6 | 463.6 | 239.7 | 0.08 | % |
| GEM2K, LLC dba Precision Precast Group | (*,#,^) | 4150 E Magnolia St., Phoenix, AZ 85034 | Miscellaneous Manufacturing | Term Loan | Fixed | 8.25 | % | 5/19/2027 | 140.4 | 140.4 | 59.2 | 0.02 | % |
| Grand Manor Realty, Inc. & Kevin LaRoe | (*,#) | 318 S. Halsted St., Chicago, IL 60661 | Real Estate | Term Loan | Fixed | 6.00 | % | 2/20/2023 | 19.0 | 19.0 | 18.5 | 0.01 | % |
| Greensboro Plastic Surgical Associates, PA | (*,#,^) | 2716 Henry St., Greensboro, NC 27405 | Ambulatory Health Care Services | Term Loan | Fixed | 6.00 | % | 6/29/2042 | 535.0 | 535.0 | 501.4 | 0.16 | % |
| GT Performance Plus Inc | (*,#,^) | 4210 College St., Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 0.00 | % | 6/11/2044 | 96.3 | 96.3 | 92.9 | 0.03 | % |
| GT Performance Plus Inc | (*,#,^) | 4210 College St., Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 0.00 | % | 6/11/2029 | 66.8 | 66.8 | 64.4 | 0.02 | % |
| H.M.C, Incorporated | (*,#,^) | 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 | Furniture and Related Product Manufacturing | Term Loan | Fixed | 8.25 | % | 7/3/2028 | 183.8 | 183.8 | 53.2 | 0.02 | % |
| Hackensack Steel Corporation and Luzerne Ironworks Inc | (*,#,^) | 300 Sly St., Swoyersville, PA 18709 | Specialty Trade Contractors | Term Loan | Fixed | 6.00 | % | 11/10/2026 | 170.1 | 170.1 | 166.1 | 0.05 | % |
| Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d | (*,#,^) | 34 35th St., Brooklyn, NY 11232 | Food Manufacturing | Term Loan | Fixed | 6.00 | % | 12/14/2027 | 77.2 | 77.2 | 28.4 | 0.01 | % |
| HDD Solutions, LLC | (*,#) | 6550 Progress Pkwy, Cedar Hill, MO 63016 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 8.25 | % | 12/31/2028 | 552.8 | 552.8 | 371.7 | 0.12 | % |
| HG Ventures, Inc. dba Diamond Head Trucking | (*,#,^) | 100 Phoenix Dr, Finleyville, PA 15332 | Truck Transportation | Term Loan | Fixed | 7.50 | % | 6/29/2030 | 794.6 | 794.6 | 86.1 | 0.03 | % |
| Humd, LLC dba La Rosa Chicken and Grill | (*,#) | 3111 N. University Dr, Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 1/31/2030 | 124.6 | 124.6 | 121.6 | 0.04 | % |
| iFood, Inc. dba Steak N Shake | (*,#,^) | 2840 E Millbrook Rd, Raleigh, NC 27604 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 6/30/2039 | 541.9 | 541.9 | 516.4 | 0.17 | % |
| iFood, Inc. dba Steak N Shake | (*,#,^) | 5900 Duraleigh Rd, Raleigh, NC 27612 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 7/31/2024 | 148.5 | 148.5 | 141.5 | 0.05 | % |
| IHC Hardware Inc. | (*,#,^) | 614 Broad St., Story City, IA 50248 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6.00 | % | 12/6/2042 | 95.1 | 95.1 | 61.1 | 0.02 | % |
| Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc | (*,#,^) | 4899 Griggs Rd, Houston, TX 77021 | Ambulatory Health Care Services | Term Loan | Fixed | 7.75 | % | 12/27/2043 | 967.7 | 967.7 | 217.5 | 0.07 | % |
F-326
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery | (*,#,^) | 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 | Ambulatory Health Care Services | Term Loan | Fixed | 6.00 | % | 3/29/2044 | 820.8 | 820.8 | 668.3 | 0.22 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| J&K Fitness, LLC dba Physiques Womens Fitness Center | (*,#) | 2505 Verot School Rd, Lafayette, LA 70508 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.00 | % | 6/8/2036 | 14.6 | 14.6 | 14.3 | 0.00 | % |
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#) | 640 Dubois St., Du Bois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6.00 | % | 11/10/2026 | 33.1 | 33.1 | 32.3 | 0.01 | % |
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#) | 640 Dubois St., Dubois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 6.00 | % | 11/10/2041 | 426.4 | 426.4 | 416.3 | 0.13 | % |
| Japp Business Inc dba Pick and Eat and Japp Drink Corp. | (*,#) | 4179 Broadway, New York, NY 10033 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 11/30/2025 | 72.3 | 72.3 | 42.8 | 0.01 | % |
| Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill | (*,#,^) | 24480 W 10 Mile RD, Southfield, MI 48033 | Food Services and Drinking Places | Term Loan | Fixed | 6.00 | % | 1/4/2029 | 34.8 | 34.8 | 25.7 | 0.01 | % |
| Jessie's Radiator and Automotive | (*,#,^) | 1777 N Ventura Ave, Ventura, CA 93001 | Repair and Maintenance | Term Loan | Prime plus | 0.00 | % | 10/31/2029 | 14.7 | 14.7 | 14.3 | 0.00 | % |
| JMD Aviation Holdings, LLC | (*,#,^) | 8050 North West 90th St., Medley, FL 33166 | Rental and Leasing Services | Term Loan | Prime plus | 0.00 | % | 12/15/2027 | 397.5 | 397.5 | 388.1 | 0.13 | % |
| Johnny's Boy LLC | (*,#,^) | 127 East King St., Martinsburg, WV 25401 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 6/7/2044 | 97.3 | 97.3 | 92.7 | 0.03 | % |
| Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto | (*,#) | 200 West Adams St, Cochranton, PA 16314 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6.25 | % | 10/29/2039 | 11.1 | 11.1 | 1.4 | 0.00 | % |
| Kids at Heart,LLC dba Monster Mini Golf | (*,#) | 10 Newbury St., Danvers, MA 01923 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6.75 | % | 9/22/2026 | 17.8 | 17.8 | 16.5 | 0.01 | % |
| Kidtastic LLC dba The Little Gym of Audubon | (*,#) | 2850 Audubon Dr, Audubon, PA 19403 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25 | % | 7/27/2026 | 44.9 | 44.9 | 44.3 | 0.01 | % |
| Kostekos Inc dba New York Style Pizza | (*,#) | 10 South King St., Gloucester, NJ 08030 | Food Services and Drinking Places | Term Loan | Fixed | 8.00 | % | 2/6/2040 | 34.8 | 34.8 | 17.7 | 0.01 | % |
| LA Diner Inc dba Loukas L A Diner | (*,#) | 3205 Route 22 East, Branchburg, NJ 08876 | Food Services and Drinking Places | Term Loan | Fixed | 7.25 | % | 9/28/2037 | 92.8 | 92.8 | 63.5 | 0.02 | % |
| LAN Doctors Inc | (*,#) | 14 Pierson Court, Mahwah, NJ 07430 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 8.25 | % | 8/28/2025 | 52.6 | 52.6 | 50.7 | 0.02 | % |
| LAN Doctors Inc | (*,#) | 14 Pierson Court, Mahwah, NJ 07430 | Professional, Scientific, and Technical Services | Term Loan | Fixed | 8.25 | % | 3/16/2026 | 43.4 | 43.4 | 41.9 | 0.01 | % |
| Legacy Roof Contractors LLC | (*,#,^) | 32091 Broken Branch Circle, Spanish Fort, AL 36527 | Specialty Trade Contractors | Term Loan | Fixed | 6.00 | % | 2/28/2044 | 294.0 | 294.0 | 192.9 | 0.06 | % |
| Linqserv Inc. | (*,#,^) | 1555 Lyell Ave, Rochester, NY 14606 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 7.50 | % | 11/9/2027 | 261.2 | 261.2 | 15.9 | 0.01 | % |
| Luv 2 Play Nor Cal, LLC | (*,#,^) | 82 Clarksville Rd, Folsom, CA 95682 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 0.00 | % | 9/25/2029 | 101.8 | 101.8 | 67.0 | 0.02 | % |
| Luv 2 Play Nor Cal, LLC dba Luv 2 Play | (*,#) | 82 Clarksville Rd, Folsom, CA 95630 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 0.00 | % | 9/27/2026 | 34.4 | 34.4 | 33.6 | 0.01 | % |
| Luv 2 Play Temecula, LLC | (*,#) | 26469 Ynez Rd, Temecula, CA 92591 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 0.00 | % | 8/15/2026 | 33.4 | 33.4 | 32.6 | 0.01 | % |
F-327
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Malhame & Company Publishers & Importers Inc. | (*,#,^) | 180 Orville Rd, Bohemia, NY 11780 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus | 0.00 | % | 6/29/2027 | 63.7 | 63.7 | 61.4 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mariam Diner Inc dba Country Kitchen Restaurant | (*,#) | 17393 Main St., Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | Fixed | 8.00 | % | 3/18/2026 | 42.8 | 42.8 | 3.8 | 0.00 | % |
| Marlin Lighting LLC | (*,#,^) | 7207 B Lockport Pl, Lorton, VA 22079 | Specialty Trade Contractors | Term Loan | Fixed | 6.00 | % | 12/19/2028 | 80.2 | 80.2 | 78.3 | 0.03 | % |
| Matchless Transportation LLC dba First Class Limo | (*,#) | 31525 Aurora Rd # 5, Solon, OH 44139 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 6.25 | % | 5/31/2020 | 118.8 | 118.8 | 26.8 | 0.01 | % |
| Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad | (*,#) | 780 S Peace Haven Rd, Winston Salem, NC 27103 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Fixed | 7.00 | % | 11/25/2025 | 10.5 | 10.5 | 6.6 | 0.00 | % |
| MIT LLC | (*,#,^) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75 | % | 3/31/2042 | 84.9 | 84.9 | 68.8 | 0.02 | % |
| Mojo Brands Media, LLC | (*,#) | 3260 University Blvd., Ste 100, Winter Park, FL 32792 | Broadcasting (except Internet) | Term Loan | Fixed | 6.00 | % | 8/28/2023 | 673.2 | 673.2 | 114.5 | 0.04 | % |
| Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma | (*,#,^) | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75 | % | 6/27/2029 | 1,083.3 | 1,083.3 | 961.9 | 0.31 | % |
| Morris Glass and Construction Inc | (*,#) | 40058 Hwy 30, Astoria, OR 97103 | Specialty Trade Contractors | Term Loan | Fixed | 15.00 | % | 10/1/2023 | 319.6 | 319.6 | 145.9 | 0.05 | % |
| Mr. Lube, Inc | (*,#,^) | 721 E Westpoint Dr., Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Prime plus | 2.75 | % | 6/22/2043 | 654.6 | 654.6 | 623.7 | 0.20 | % |
| Mr. Lube, Inc. | (*,#,^) | 721 E. West Point Dr, Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Prime plus | 2.75 | % | 6/22/2028 | 516.8 | 516.8 | 69.3 | 0.02 | % |
| Murf & Sons LLC | (*,#,^) | 3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746 | Food Services and Drinking Places | Term Loan | Fixed | 6.00 | % | 11/16/2027 | 44.9 | 44.9 | 43.9 | 0.01 | % |
| N Transport LLC | (*,#,^) | 5348 W Brown Ave, Fresno, CA 93722 | Truck Transportation | Term Loan | Fixed | 8.00 | % | 11/20/2027 | 365.8 | 365.8 | 31.8 | 0.01 | % |
| National Dredging Services of North Florida, Inc. | (*,#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus | 0.00 | % | 6/27/2028 | 40.1 | 40.1 | 38.3 | 0.01 | % |
| National Dredging Services of North Florida, Inc. | (*,#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus | 0.00 | % | 6/27/2043 | 27.2 | 27.2 | 26.0 | 0.01 | % |
| Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC | (*,#,^) | 2520 Pennsylvania Ave, Ogden, UT 84401 | Truck Transportation | Term Loan | Fixed | 8.25 | % | 6/20/2028 | 505.7 | 505.7 | 31.2 | 0.01 | % |
| Panther Ironworks and Rigging Solutions LLC | (*,#) | 1028 Washburn Switch Rd, Shelby, NC 28150 | Specialty Trade Contractors | Term Loan | Fixed | 6.00 | % | 11/10/2026 | 112.7 | 112.7 | 83.1 | 0.03 | % |
| Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa | (*,#) | 412 and 500 Main St., La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 7.00 | % | 9/28/2026 | 558.1 | 558.1 | 28.3 | 0.01 | % |
| Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv | (*,#) | 412 and 500 Main St., La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | Fixed | 7.00 | % | 9/28/2041 | 110.1 | 110.1 | 30.0 | 0.01 | % |
| Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo | (*,#,^) | 421 S. Oak St., Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 0.00 | % | 3/27/2042 | 388.0 | 388.0 | 369.7 | 0.12 | % |
F-328
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Pecos Entertainment LLC dba State Theater | (*,#,^) | 421 South Oak St, Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus | 0.00 | % | 12/31/2029 | 123.4 | 123.4 | 120.5 | 0.04 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pecos Inn LLC dba Econo Lodge | (*,#) | 2207 W Third St., Pecos, TX 79772 | Accommodation | Term Loan | Prime plus | 0.00 | % | 4/28/2041 | 621.9 | 621.9 | 592.7 | 0.19 | % |
| Peter K Lee MD, PC dba Atlanta Primary Care | (*,#,^) | 211 Roberson Mill Rd, Milledgeville, GA 31061 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25 | % | 9/13/2043 | 859.6 | 859.6 | 785.3 | 0.25 | % |
| Peter K Lee MD, PC dba Atlanta Primary Care LLC | (*,#,^) | 5 Ashford Way, Hawkinsville, GA 31061 | Ambulatory Health Care Services | Term Loan | Fixed | 8.25 | % | 9/13/2028 | 381.0 | 381.0 | 372.0 | 0.12 | % |
| Picon Motors LLC dba The New Young's Motors | (*,#,^) | 199-211 Central Ave, Orange, NJ 07080 | Motor Vehicle and Parts Dealers | Term Loan | Fixed | 6.00 | % | 6/12/2029 | 213.8 | 213.8 | 102.9 | 0.03 | % |
| Play4Fun dba Luv 2 Play | (*,#,^) | 13722 Jamboree Rd, Irvine, CA 92602 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 7.50 | % | 3/7/2028 | 148.1 | 148.1 | 144.6 | 0.05 | % |
| Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and | (*,#) | 13851 S State HWY 34, Scurry, TX 75158 | Specialty Trade Contractors | Term Loan | Fixed | 8.25 | % | 10/28/2025 | 431.8 | 431.8 | 160.7 | 0.05 | % |
| Prestige Construction of Florida, LLC | (*,#,^) | 1404 Yorktown St. Ste E, Deland, FL 34944 | Construction of Buildings | Term Loan | Fixed | 6.00 | % | 5/23/2042 | 105.1 | 105.1 | 101.3 | 0.03 | % |
| Providence Management Environmental, LLC, Tindol Energy Group, LLC | (*,#,^) | 6570 W Hwy 67, Cleburne, TX 76033 | Waste Management and Remediation Services | Term Loan | Fixed | 6.00 | % | 6/19/2029 | 70.0 | 70.0 | 68.3 | 0.02 | % |
| R & K Contracting Inc | (*,#) | 3605 NW 31st Ave, Fort Lauderdale, FL 33309 | Specialty Trade Contractors | Term Loan | Prime plus | 0.00 | % | 2/18/2026 | 8.3 | 8.3 | 8.1 | 0.00 | % |
| Ramjay Inc. | (*,#,^) | 85 S. Bragg St. Ste 303, Alexandria, VA 22312 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 8.25 | % | 1/13/2027 | 322.0 | 322.0 | 99.4 | 0.03 | % |
| Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC | (*,#,^) | 85 SW 5th Ave, Delray Beach, FL 33444 | Ambulatory Health Care Services | Term Loan | Fixed | 7.75 | % | 12/28/2028 | 104.8 | 104.8 | 0.5 | 0.00 | % |
| RG Productions LLC | (*,#,^) | 2414 W Battlefield Ste H, Springfield, MO 65807 | Rental and Leasing Services | Term Loan | Fixed | 6.00 | % | 3/28/2029 | 76.1 | 76.1 | 7.7 | 0.00 | % |
| Rich's Food Stores LLC dba Hwy 55 of Wallace | (*,#) | 611 East Southerland St., Wallace, NC 28466 | Food Services and Drinking Places | Term Loan | Fixed | 8.25 | % | 9/14/2026 | 99.3 | 99.3 | 41.6 | 0.01 | % |
| Rihahn Inc. dba RDBL, Inc | (*,#,^) | 1397 McGuire Rd, Lamar, AR 72846 | Forestry and Logging | Term Loan | Fixed | 6.00 | % | 9/14/2028 | 115.0 | 115.0 | 44.9 | 0.01 | % |
| RIHAHN INC dba RDBL, INC. | (*,#,^) | 1397 McGuire Rd, Lamar, AR 72846 | Forestry and Logging | Term Loan | Prime plus | 0.00 | % | 2/5/2029 | 5.4 | 5.4 | — | 0.00 | % |
| Route 130 SCPI Holdings LLC Route 130 SCPI Operations LLC | (*,#) | 423-429 Route 156, Trenton, NJ 08620 | Food Services and Drinking Places | Term Loan | Fixed | 6.25 | % | 9/30/2039 | 279.5 | 279.5 | 45.8 | 0.01 | % |
| RWBB LLC | (*,#,^) | 4120 7th Ave, Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 6/26/2044 | 74.3 | 74.3 | 49.0 | 0.02 | % |
| RWBB LLC | (*,#) | 4120 7th Ave, Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 12/19/2029 | 15.2 | 15.2 | 14.5 | 0.00 | % |
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (*,#) | 726-740 South Fleming St., Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 8.25 | % | 11/23/2040 | 738.3 | 738.3 | 657.2 | 0.21 | % |
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (*,#,^) | 726-740 South Fleming St., Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 0.00 | % | 12/24/2041 | 492.0 | 492.0 | 480.3 | 0.16 | % |
F-329
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | |||||||||||||
| Sanabi Investment, LLC dba Oscar's Moving and Storage | (*,#,^) | 11421 N W 107th St., #13, Miami, FL 33178 | Truck Transportation | Term Loan | Fixed | 0.00 | % | 3/5/2027 | 83.4 | 83.4 | 68.9 | 0.02 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sandlot Ventures LLC and Sandbox Ventures LLC | (*,#,^) | 1857A Elmdale Ave, Glenview, IL 60025 | Amusement, Gambling, and Recreation Industries | Term Loan | Fixed | 6.00 | % | 9/25/2040 | 88.1 | 88.1 | 59.3 | 0.02 | % |
| Select Propane & Fuel Inc. and Select Fuel & Convenience LLC | (*,#) | 3822 State Route 3, Red Bud, IL 62278 | Merchant Wholesalers, Nondurable Goods | Term Loan | Fixed | 7.50 | % | 2/10/2030 | 521.6 | 521.6 | 34.6 | 0.01 | % |
| Shining Star Kids, Inc. dba Brain Balance | (*,#,^) | 17323 Ventura Blvd, Encino, CA 91316 | Educational Services | Term Loan | Prime plus | 0.00 | % | 1/7/2029 | 77.2 | 77.2 | 73.6 | 0.02 | % |
| Shooter's Gun Club, LLC | (*,#,^) | 2429 Iowa St. Stes B, C and D, Lawrence, KS 66046 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 0.00 | % | 4/27/2030 | 169.9 | 169.9 | 136.0 | 0.04 | % |
| Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation | (*,#,^) | 3031 Patrick St, Kissimmee, FL 34741 | Air Transportation | Term Loan | Fixed | 8.25 | % | 12/12/2027 | 417.4 | 417.4 | 397.8 | 0.13 | % |
| Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men | (*,#,^) | 426 15th St. NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus | 0.00 | % | 6/8/2043 | 365.3 | 365.3 | 348.1 | 0.11 | % |
| Skyways, LTD | (*,#,^) | 350 15th St. NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus | 0.00 | % | 3/22/2029 | 740.7 | 740.7 | 217.3 | 0.07 | % |
| Sovereign Communications LLC | (*,#) | 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 | Broadcasting (except Internet) | Term Loan | Fixed | 6.75 | % | 2/7/2024 | 627.4 | 627.4 | 113.6 | 0.04 | % |
| Space Express, LLC | (*,#,^) | 2775 Burris Rd, Davie, FL 33314 | Truck Transportation | Term Loan | Fixed | 6.00 | % | 3/12/2029 | 123.5 | 123.5 | 39.7 | 0.01 | % |
| Specialty Surgery Center, Inc. | (*,#,^) | 5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342 | Ambulatory Health Care Services | Term Loan | Fixed | 6.00 | % | 6/28/2029 | 1,007.9 | 1,007.9 | 146.4 | 0.05 | % |
| SSI Refrigerated Express Inc. and Robert M Stallone | (*,#,^) | 1001 E. Cooley Dr Ste 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 11/17/2027 | 43.9 | 43.9 | — | 0.00 | % |
| SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express | (*,#,^) | 1001 E. Cooley Dr Ste 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus | 0.00 | % | 2/28/2027 | 149.8 | 149.8 | 106.7 | 0.03 | % |
| Stat Constructor L.P | (*,#,^) | 9573 US Hwy 220, Stoneville, NC 27048 | Specialty Trade Contractors | Term Loan | Prime plus | 0.00 | % | 8/30/2028 | 88.1 | 88.1 | 83.9 | 0.03 | % |
| StillBasi Holdings, Inc. dba Buxton Auto Transport | (*,#,^) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | Fixed | 6.00 | % | 3/29/2029 | 263.6 | 263.6 | 227.2 | 0.07 | % |
| Suncrest Stone Products LLC | (*,#) | 341 County Farm Rd, Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | Fixed | 7.25 | % | 8/29/2041 | 429.2 | 429.2 | — | 0.00 | % |
| Suncrest Stone Products LLC | (*,#) | 341 County Farm Rd, Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | Fixed | 7.50 | % | 8/29/2026 | 529.5 | 529.5 | 99.9 | 0.03 | % |
| T and B Boots Inc dba Takken's Shoes | (*,#) | 72 South Main St., Templeton, CA 93465 | Clothing and Clothing Accessories Stores | Term Loan | Fixed | 7.25 | % | 12/7/2026 | 380.7 | 380.7 | 371.6 | 0.12 | % |
| Tarver-Henley Inc. and Tar-Hen LLC | (*,#,^) | 2125 College Ave, Jackson, AL 36545 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Fixed | 7.75 | % | 6/21/2042 | 97.8 | 97.8 | 38.4 | 0.01 | % |
F-330
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||
| The Alba Financial Group, Inc. | (*,#) | 1420 Spring Hill Rd, McLain, VA 22102 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Fixed | 6.00 | % | 3/10/2021 | 0.1 | 0.1 | 0.1 | 0.00 | % | |||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| The Country House Restaurant, LLC and Pelton Real Estate, LLC | (*,#,^) | 677 US Route 7, Pittsford, VT 05763 | Food Services and Drinking Places | Term Loan | Prime plus | 0.00 | % | 6/30/2042 | 47.3 | 47.3 | 42.7 | 0.01 | % | |||
| Victorian Restaurant and Tavern, LLC | (*,#,^) | 226 Maple Ave, Cheshire, CT 06410 | Food Services and Drinking Places | Term Loan | Fixed | 8.25 | % | 2/22/2042 | 80.0 | 80.0 | 64.0 | 0.02 | % | |||
| Video Vault & Tanning LLC and Mosaic Salon LLC | (*,#) | W7003 Parkview Dr, Ste A & B, Greenville, WI 54942 | Rental and Leasing Services | Term Loan | Prime plus | 0.00 | % | 6/4/2040 | 59.9 | 59.9 | 58.5 | 0.02 | % | |||
| White Hawk Inc. | (*,#,^) | 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 | Truck Transportation | Term Loan | Fixed | 8.25 | % | 12/15/2026 | 917.5 | 917.5 | 59.1 | 0.02 | % | |||
| Wilban LLC | (*,#) | 454 US Hwy 22, Whitehouse Station, NJ 08889 | Food Services and Drinking Places | Term Loan | Fixed | 7.50 | % | 3/11/2026 | 9.0 | 9.0 | 8.7 | 0.00 | % | |||
| Wilban LLC | (*,#) | 454 US Hwy 22, Whitehouse Station, NJ 08889 | Food Services and Drinking Places | Term Loan | Fixed | 7.25 | % | 3/28/2039 | 238.6 | 238.6 | 80.5 | 0.03 | % | |||
| Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan | (*,#,^) | 33-51 11th St., Astoria, NY 11106 | Merchant Wholesalers, Nondurable Goods | Term Loan | Fixed | 8.25 | % | 4/28/2027 | 75.8 | 75.8 | 72.2 | 0.02 | % | |||
| Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van | (*,#,^) | 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 | Transit and Ground Passenger Transportation | Term Loan | Fixed | 7.75 | % | 9/27/2028 | 313.9 | 313.9 | 213.9 | 0.07 | % | |||
| Total Unguaranteed Non-Accrual SBA Investments | 54,125.5 | 54,125.5 | $ | 30,506.8 | 9.86 | % | ||||||||||
| Total Unguaranteed SBA Investments | $ | 431,970.0 | $ | 431,970.0 | $ | 424,416.9 | 137.22 | % |
F-331
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||
| The Hall at the Yard | 1412 Alden Rd, Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/2/2031 | $ | 2,013.2 | $ | 2,013.2 | $ | 2,219.6 | 0.72 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Little Angels Daycare | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus | 2.75% | 10/3/2046 | 258.1 | 258.1 | 292.0 | 0.09 | % | |||
| Clean Energyz LLC | 881 Alma Real Dr Ste T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/11/2031 | 155.4 | 155.4 | 174.1 | 0.06 | % | |||
| Woodzzy LLC | 1133 Clarkson Ave, Brooklyn, NY 11212 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/19/2046 | 1,617.4 | 1,617.4 | 1,833.7 | 0.59 | % | |||
| Five Rivers 1938 Enterprise Inc. | 3032 W Jack London Blvd, Livermore, CA 94551 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 1/28/2032 | 174.7 | 174.7 | 195.7 | 0.06 | % | |||
| Kamboj Investments Inc. dba Chicago's Pizza | 1156 South Main St., Manteca, CA 95337 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/29/2031 | 135.4 | 135.4 | 151.7 | 0.05 | % | |||
| Crux Solutions, LLC | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 12/30/2031 | 175.3 | 175.3 | 196.4 | 0.06 | % | |||
| Montauk Donut Group Inc. | 1669 Montauk Hwy, Bellport, NY 11713 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/12/2031 | 736.1 | 736.1 | 819.9 | 0.27 | % | |||
| THE JAR CIRCLE INC | 3545 Merrick Rd, Seaford, NY 11783 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/20/2031 | 125.0 | 125.0 | 139.2 | 0.05 | % | |||
| MA Allen LLC dba Premier Martial Arts | 380 East Bethany Dr, Allen, TX 75002 | Educational Services | Term Loan | Prime plus | 2.75% | 3/25/2031 | 83.5 | 83.5 | 93.0 | 0.03 | % | |||
| Tiny's Gumbo Bar NYC LLC | 275 Church St., New York, NY 10013 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/25/2032 | 326.4 | 326.4 | 365.6 | 0.12 | % | |||
| Shrijee LLC | 908 Washington St., Manitowoc, WI 54220 | Accommodation | Term Loan | Prime plus | 2.75% | 12/31/2046 | 1,072.4 | 1,072.4 | 1,221.2 | 0.39 | % | |||
| LAOR | 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 | Health and Personal Care Stores | Term Loan | Prime plus | 2.75% | 5/26/2047 | 1,546.2 | 1,546.2 | 1,743.3 | 0.56 | % | |||
| RGV Poke LLC | 5401 North 10 St. Unit 126, McAllen, TX 78504 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/2/2032 | 123.1 | 123.1 | 137.9 | 0.04 | % | |||
| Alaska Industrial Paint LLC | 1301 North Post Rd, Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 1/8/2032 | 193.8 | 193.8 | 217.0 | 0.07 | % | |||
| B & W Towing LLC | 701 Addison Rd, Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus | 2.75% | 2/9/2047 | 646.9 | 646.9 | 737.5 | 0.24 | % | |||
| Black Market Restaurant Group Inc | 29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 3/24/2032 | 265.5 | 265.5 | 297.3 | 0.10 | % | |||
| C.D.A. Serviceability Trust Inc. | 4501 6th Ave, Tacoma, WA 98406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 9/27/2046 | 622.5 | 622.5 | 709.7 | 0.23 | % | |||
| CJ REAL ESTATE PARTNERS LLC | 1800 E Palm Ave, Tampa, FL 33605 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/28/2047 | 2,078.0 | 2,078.0 | 2,345.5 | 0.76 | % | |||
| Jafar & Jamal Inc. | 11 Highland Ave, Malden, MA 02148 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/29/2032 | 177.1 | 177.1 | 198.4 | 0.06 | % | |||
| Metro of Livernois | 17149 Livernois, Detroit, MI 48221 | Telecommunications | Term Loan | Prime plus | 2.75% | 1/29/2047 | 1,822.1 | 1,822.1 | 2,059.0 | 0.67 | % | |||
| Mitchell Authentic, Inc. dba Rock Box Fitness | 4880 Lower Roswell Rd, Marietta, GA 30068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/12/2032 | 356.5 | 356.5 | 396.1 | 0.13 | % |
F-332
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Balanced Health & Fitness LLC | 5110 Mae Anne Dr, Ste 702, Reno, NV 89521 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 2/19/2032 | 155.0 | 155.0 | 173.6 | 0.06 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Kynytyx Inc. | 990A Station Rd, Bellport, NY 11713 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 5/22/2032 | 641.8 | 641.8 | 717.2 | 0.23 | % |
| M&P_CAL, LLC | 8086 East Santa Canyon Rd, Anaheim, CA 92808 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/22/2032 | 127.8 | 127.8 | 143.1 | 0.05 | % |
| Kedai Indonesian Café | 110 S Mountain Ave, Upland, CA 91786 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/27/2032 | 85.8 | 85.8 | 96.1 | 0.03 | % |
| Potato Bros LLC dba Crumbl Cookies | 1435 N Wells St., Chicago, IL 60610 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 3/28/2032 | 129.5 | 129.5 | 145.1 | 0.05 | % |
| INE Incorporated | 1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/3/2032 | 102.0 | 102.0 | 114.2 | 0.04 | % |
| Square One Step LLC | 10710 Barker Cypress Rd, Ste B, Cypress, TX 77433 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 4/4/2032 | 151.4 | 151.4 | 169.5 | 0.05 | % |
| Bofill's Barbeque LLC | 15159 South Cicero Ave, Oak Forest, IL 60452 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 2/10/2047 | 270.0 | 270.0 | 307.8 | 0.10 | % |
| Fyzical Therapy & Balance Center | 3780 Riverchase Village, Ste 900, Hoover, AL 35244 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 3/19/2032 | 78.7 | 78.7 | 88.1 | 0.03 | % |
| Gerland Investments, Inc. | 12611 I-10 West, Ste 102, San Antonio, TX 78230 | Educational Services | Term Loan | Prime plus | 2.75% | 4/22/2032 | 72.0 | 72.0 | 80.7 | 0.03 | % |
| LR Greenview LLC | 2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 4/24/2032 | 48.2 | 48.2 | 53.9 | 0.02 | % |
| Hotworxs Studio | 13435 University Ave, Clive, IA 50325 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/30/2032 | 137.2 | 137.2 | 153.7 | 0.05 | % |
| Foster the Community LLC | 13451 and 13453 Fishhawk Blvd, Riverview, FL 33569 | Personal and Laundry Services | Term Loan | Prime plus | 2.75% | 3/8/2032 | 74.4 | 74.4 | 83.3 | 0.03 | % |
| Suha Signs LLC | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/9/2032 | 183.6 | 183.6 | 205.6 | 0.07 | % |
| Suha Promotions LLC | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 4/9/2032 | 170.1 | 170.1 | 190.5 | 0.06 | % |
| Suha Restaurants | 8211 Byron Center Ave SW, Byron Center, MI 49315 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/9/2032 | 423.8 | 423.8 | 474.6 | 0.15 | % |
| IV Therapy Management | 2 Sears Dr, Paramus, NJ 07652 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 5/13/2032 | 42.3 | 42.3 | 47.4 | 0.02 | % |
| Momentum Metal Finishing | 1286 Anvilwood Ave, Sunnyvale, CA 94089 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/13/2047 | 253.9 | 253.9 | 288.1 | 0.09 | % |
| BGF Bobby Q’s Inc | 365 W Sunrise Hwy, Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 10/13/2047 | 444.0 | 444.0 | 504.0 | 0.16 | % |
| La Taqueria Inc | 10 Greenwich Ave, GREENWICH, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 4/17/2032 | 109.5 | 109.5 | 121.6 | 0.04 | % |
| Yours II Cosmetology Academy Inc. | 1416 W Columbia Ave, Battle Creek, MI 49015 | Educational Services | Term Loan | Prime plus | 2.75% | 12/21/2047 | 2,471.3 | 2,471.3 | 2,783.2 | 0.90 | % |
| Alaska Industrial Paint LLC | 1301 North Post Rd, Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 6/21/2047 | 75.0 | 75.0 | 85.1 | 0.03 | % |
F-333
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Colorado Avocado LLC | 11590 Ridgeline Dr, Colorado Springs, CO 80921 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/27/2032 | 26.3 | 26.3 | 29.2 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 3 Generations LLC | 2800 Baton Rouge Rd, Williamstown, KY 41097 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 5/29/2032 | 27.5 | 27.5 | 30.5 | 0.01 | % |
| Clean Pro 1, LLC | 385 Boston Post Rd, Orange, CT 06477 | Construction of Buildings | Term Loan | Prime plus | 2.75% | 5/29/2047 | 294.1 | 294.1 | 333.9 | 0.11 | % |
| Ride4U | 747 N State Rd 7, Plantation, FL 33317 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/29/2046 | 3,656.3 | 3,656.3 | 4,085.9 | 1.32 | % |
| Northcomm LLC | 213 Cascade View Court, East Wenatchee, WA 98802 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 225.0 | 225.0 | 252.0 | 0.08 | % |
| Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade | 100 Village Rd, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 3/16/2029 | 99.2 | 99.2 | 106.1 | 0.03 | % |
| NJ Floats Inc | 327 Route 202/206, Bedminster Township, NJ 07921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 6/12/2046 | 822.0 | 822.0 | 914.5 | 0.30 | % |
| Vendall Ventures LLC | 25027 South Interstate, WaKeeney, KS 67672 | Accommodation | Term Loan | Prime plus | 2.75% | 12/17/2046 | 823.5 | 823.5 | 934.7 | 0.30 | % |
| Maxwell Hendry & Simmons LLC | 1619 Jackson St., Fort Myers, FL 33901 | Real Estate | Term Loan | Prime plus | 2.75% | 12/17/2031 | 457.5 | 457.5 | 508.4 | 0.16 | % |
| Regal Express Corporation | 4122 County Rd 516, Matawan, NJ 07747 | Truck Transportation | Term Loan | Prime plus | 2.75% | 12/20/2031 | 402.5 | 402.5 | 447.3 | 0.14 | % |
| Vidya Technologies LLC | 2509 George Mason Dr, Virginia Beach, VA 23456 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/20/2031 | 45.1 | 45.1 | 50.5 | 0.02 | % |
| The Handyman Clarksville LLC | 2727 Union Hall Rd, Clarksville, TN 37040 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/22/2031 | 562.5 | 562.5 | 625.1 | 0.20 | % |
| LDI Energy Services LLC | 6519 103 West Ave, Tioga, ND 58852 | Support Activities for Mining | Term Loan | Prime plus | 2.75% | 12/22/2046 | 819.8 | 819.8 | 930.4 | 0.30 | % |
| Rana N Hassan MD PC | 71 Franklin Ave, Franklin Square, NY 11010 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/22/2031 | 342.0 | 342.0 | 380.0 | 0.12 | % |
| BYC LaQuinta LLC | 78430 CA-111, La Quinta, CA 92253 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/22/2046 | 1,711.1 | 1,711.1 | 1,937.8 | 0.63 | % |
| Outdoor Equipment Manufacturer LLC | 3520 NW 51st St., Miami, FL 33142 | Textile Product Mills | Term Loan | Prime plus | 2.75% | 12/23/2031 | 281.3 | 281.3 | 312.5 | 0.10 | % |
| CNJ Services LLC | 5519 Ironhorse Rd, North Chesterfield, VA 23234 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/23/2031 | 72.3 | 72.3 | 80.9 | 0.03 | % |
| Riaz & Son, Inc. | 100-15 94th Ave, Ozone Park, NY 11416 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/23/2046 | 443.3 | 443.3 | 503.1 | 0.16 | % |
| Sk8 House Virginia Beach LLC | 600 Lynnhaven Pkwy, Virginia Beach, VA 23452 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/23/2031 | 89.3 | 89.3 | 100.0 | 0.03 | % |
| Alaska Demolition LLC | 2817 Rampart Dr, Anchorage, AK 99501 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/27/2046 | 3,750.0 | 3,750.0 | 4,190.6 | 1.35 | % |
| Freedom Construction LLC | 2897 E Massengale Rd, Shelbyville, IN 46176 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/28/2031 | 61.2 | 61.2 | 68.5 | 0.02 | % |
| Shieldcoat Technologies Inc. | 308 Ellen Trout Dr, Lufkin, TX 75904 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/28/2046 | 2,212.5 | 2,212.5 | 2,483.5 | 0.80 | % |
F-334
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Lotus Care LLC | 14000 Sunfish Lake Blvd, NW, MN 55303 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/28/2031 | 127.5 | 127.5 | 142.8 | 0.05 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Unique Surveillance LLC | 925 South 21st Ave, Hollywood, FL 33020 | Administrative and Support Services | Term Loan | Prime plus | 2.75% | 12/28/2031 | 3,678.0 | 3,678.0 | 4,045.8 | 1.31 | % |
| CS Concept Holdings LLC | 4350 Canada Rd, :, Lakeland, TN 38002 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/28/2031 | 432.0 | 432.0 | 483.8 | 0.16 | % |
| Monticello Corporation | 600 Preston Ave, Charlottesville, VA 22903 | Food and Beverage Stores | Term Loan | Prime plus | 2.75% | 12/29/2031 | 630.0 | 630.0 | 705.6 | 0.23 | % |
| Beyond The Numbers CPAs Inc. | 1004 Lewis Ave, Billings, MT 59102 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2046 | 1,260.0 | 1,260.0 | 1,438.0 | 0.46 | % |
| Oh Crumb On! | 57 East 3rd Ave, Spring Grove, PA 17362 | Couriers and Messengers | Term Loan | Prime plus | 2.75% | 12/29/2031 | 42.5 | 42.5 | 47.6 | 0.02 | % |
| Altitude Roofing LLC | 2909 N Tindle Blvd, Flagstaff, AZ 86004 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 240.0 | 240.0 | 268.8 | 0.09 | % |
| The Dance Affair, Inc. | 850 N Winchester Blvd, San Jose, CA 95128 | Educational Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 45.9 | 45.9 | 51.4 | 0.02 | % |
| Belcher's Electric LLC | 138 Dorchester St., Greenwood, SC 29646 | Specialty Trade Contractors | Term Loan | Prime plus | 2.75% | 12/29/2031 | 114.8 | 114.8 | 128.5 | 0.04 | % |
| Nova Engineering Inc. | 4373 Viewridge Ave, Ste A, San Diego, CA 92123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 150.0 | 150.0 | 168.0 | 0.05 | % |
| Lillie Mae's Place, LLC | 57 Main St., East Haven, CT 06512 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2046 | 891.0 | 891.0 | 1,019.1 | 0.33 | % |
| Bright Horizons Preschool, LLC | 275 Enterprise Dr, Valdosta, GA 31601 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 660.8 | 660.8 | 750.0 | 0.24 | % |
| Arclight Industries LLC | 340 Quail Run Rd,, Venetia, PA 15367 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2046 | 337.5 | 337.5 | 386.0 | 0.12 | % |
| Champion Volleyball Club of Houston LLC | 19418 Pinehurst Trail Dr, Humble, TX 77346 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/29/2046 | 484.5 | 484.5 | 549.9 | 0.18 | % |
| Eastern Aero Marine, Inc. | 5502 NW 37th Ave, Miami, FL 33142 | Transportation Equipment Manufacturing | Term Loan | Prime plus | 2.75% | 12/29/2046 | 3,750.0 | 3,750.0 | 4,190.6 | 1.35 | % |
| Hacienda Car Wash Inc. | 2400 S Goliad St., Rockwall, TX 75087 | Repair and Maintenance | Term Loan | Prime plus | 2.75% | 12/29/2031 | 90.0 | 90.0 | 100.8 | 0.03 | % |
| Happy Wheels Charter LLC | 4 Old Elm St., Salusbury, MA 01952 | Transit and Ground Passenger Transportation | Term Loan | Prime plus | 2.75% | 12/29/2046 | 540.0 | 540.0 | 612.9 | 0.20 | % |
| Kosovar Corporation | 355 Smith Ridge Rd, South Salem, NY 10590 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2046 | 1,020.0 | 1,020.0 | 1,156.4 | 0.37 | % |
| Pole Dance Carolinas LLC | 9826 Gilead Rd, C -200, Hunterville, NC 28078 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus | 2.75% | 12/29/2031 | 123.8 | 123.8 | 138.6 | 0.04 | % |
| Henry J. Fishman | 2021 K St. Ste 400 NW, Washington, DC 20006 | Ambulatory Health Care Services | Term Loan | Prime plus | 2.75% | 12/29/2031 | 1,012.5 | 1,012.5 | 1,123.9 | 0.36 | % |
| Inspired Education 2 LLC | 221 Edinburg Rd, Mercerville, NJ 08619 | Social Assistance | Term Loan | Prime plus | 2.75% | 12/29/2046 | 2,250.0 | 2,250.0 | 2,542.5 | 0.82 | % |
| RV Liquidation Center | 984 W Shaw Ave, Clovis, CA 93612 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 2.75% | 12/29/2031 | 1,038.8 | 1,038.8 | 1,151.7 | 0.37 | % |
| CPH Milpitas LLC | 1806 Milmont Dr, Milpitas, CA 95035 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 12/29/2031 | 262.5 | 262.5 | 294.0 | 0.10 | % |
F-335
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||
| 3815 Media Inc. | 3201 Peachtree Corners Circle, Peachtree Corners, GA 30092 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 2.75% | 12/30/2031 | 1,125.0 | 1,125.0 | 1,247.3 | 0.40 | % | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||
| Calderon Insurance Agency | 5127 Franklin Blvd, #3, Sacramento, CA 95820 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 2.75% | 12/29/2046 | 543.5 | 543.5 | 616.8 | 0.20 | % | |||||||||||||
| 899 Toscanini LLC | 899 Main St., Cambridge, MA 02139 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 11/9/2031 | 270.0 | 270.0 | 302.4 | 0.10 | % | |||||||||||||
| Jones Roger Shermann Inn Inc. | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 6/4/2030 | 60.6 | 60.6 | 60.6 | 0.02 | % | |||||||||||||
| Hackstaff Restaurants | 248 W 1st. St. Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus | 2.75% | 7/15/2029 | 402.2 | 402.2 | 402.2 | 0.13 | % | |||||||||||||
| Matrix Z LLC | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus | 6.50% | 2/27/2029 | 10.2 | 10.2 | 10.2 | — | % | Rello Inc. | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 4/17/2029 | 5.0 | 5.0 | 5.0 | — | % | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||
| 2Choice2Friends LLC | 901 W Braker Lane, Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 4/17/2029 | 10.3 | 10.3 | 10.3 | — | % | |||||||||||||
| NYM Solutions Inc. | 12150 SW 128th St. CT Ste 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 5/6/2029 | 10.4 | 10.4 | 10.4 | — | % | |||||||||||||
| Clowers Trucking by Faith LLC | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus | 6.5% | 5/23/2029 | 10.6 | 10.6 | 10.6 | — | % | |||||||||||||
| MCM Design LLC | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/23/2029 | 8.1 | 8.1 | 8.1 | — | % | |||||||||||||
| Still Photography | 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/6/2029 | 10.5 | 10.5 | 10.5 | — | % | |||||||||||||
| Archer Cleaners Inc. | 1514 W. 33rd St., Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/10/2029 | 10.5 | 10.5 | 10.5 | — | % | |||||||||||||
| Law Office of Paula Padilla PLLC | 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 6/13/2029 | 4.2 | 4.2 | 4.2 | — | % | |||||||||||||
| Campuscuts LLC | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 6/21/2029 | 6.3 | 6.3 | 6.3 | — | % | |||||||||||||
| Port Diesel LLC | 3212 Alex Trask Dr, Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus | 6.5% | 6/21/2029 | 10.5 | 10.5 | 10.5 | — | % | |||||||||||||
| Menshka Inc. | 88 High St., Mountclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 7/10/2029 | 10.5 | 10.5 | 10.5 | — | % | |||||||||||||
| Lawrence Adeyemo & Co LLC | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 7/19/2029 | 8.5 | 8.5 | 8.5 | — | % | |||||||||||||
| Gradstreet LLC | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 7/30/2029 | 6.1 | 6.1 | 6.1 | — | % | |||||||||||||
| A&S Services LLC | 3888 Lightner Rd, Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 8/7/2029 | 10.6 | 10.6 | 10.6 | — | % | |||||||||||||
| Crystal Clear Accounting | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/26/2029 | 2.8 | 2.8 | 2.8 | — | % | |||||||||||||
| Doghouse Sport Fishing Charters Inc. | 83413 Overseas Hwy, Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus | 6.5% | 8/30/2029 | 10.6 | 10.6 | 10.6 | — | % |
F-336
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| No Push Back LLC | 5405 Neshaminy Blvd, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 8/30/2029 | 10.3 | 10.3 | 10.3 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Host Marketing LLC | 206 Bell Lane, Ste B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 9/18/2029 | 10.7 | 10.7 | 10.7 | — | % |
| Standard Real Estate Services LLC | 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus | 6.5% | 9/19/2029 | 10.7 | 10.7 | 10.7 | — | % |
| Bargain Store | 107 Tabernacle Church Rd, Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus | 6.5% | 10/11/2029 | 10.7 | 10.7 | 10.7 | — | % |
| Powerlift Dumbwaiters Inc. | 2444 Georgia Slide Rd, Georgetown, CA 95634 | Machinery Manufacturing | Term Loan | Prime plus | 6.5% | 10/16/2029 | 10.4 | 10.4 | 10.4 | — | % |
| Pine Mountain Residential LLC | 10240 Cosmopolitan Circle, Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 10/16/2029 | 10.7 | 10.7 | 10.7 | — | % |
| James Clark and Company Inc. | 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 10/22/2029 | 10.7 | 10.7 | 10.7 | — | % |
| Sean McNamara | 5639 Wood Lane, Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus | 6.5% | 11/14/2029 | 10.8 | 10.8 | 10.8 | — | % |
| The Pinnacle Group | 105 Springside Dr, Akron, OH 44333 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/14/2029 | 10.8 | 10.8 | 10.8 | — | % |
| Standard Capital Corp. | 2349 Wessington Dr, Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 12/5/2029 | 11.0 | 11.0 | 11.0 | — | % |
| Scott’s Hardware Inc | 200 Tuckerton Rd, Medford, NJ 08055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus | 6.5% | 12/6/2029 | 10.9 | 10.9 | 10.9 | — | % |
| HADD Corp | 364 Rugby Rd, Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/17/2029 | 10.9 | 10.9 | 10.9 | — | % |
| La Tradicion Cubana Inc. | 9357 S.W. 40th St., Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus | 6.5% | 12/20/2029 | 11.0 | 11.0 | 11.0 | — | % |
| 2 N 1 Home and Lawn LLC | 1300 Ridenour Blvd, Kennesaw, GA 30152 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 2/3/2030 | 11.1 | 11.1 | 11.1 | — | % |
| All Modes Transportation and Logistics | 4313 Collingtree Dr, Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus | 6.5% | 2/14/2030 | 11.0 | 11.0 | 11.0 | — | % |
| Green Farm Inc. | 1018 W SR 424 Ste 100, Longwood, FL 32750 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 11/19/2030 | 11.7 | 11.7 | 11.7 | — | % |
| Flex Beauty Labs LLC | 7512 Dr. Phillip Blvd, Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 6.5% | 11/24/2030 | 11.7 | 11.7 | 11.7 | — | % |
| Dearly Loved Counseling LLC | 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus | 6.5% | 11/24/2030 | 11.7 | 11.7 | 11.7 | — | % |
| Diane's Accounting Service | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/3/2030 | 11.8 | 11.8 | 11.8 | — | % |
| Combs Creative LLC | 157 Antler Ridge Circle,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/4/2030 | 5.2 | 5.2 | 5.2 | — | % |
| Travel with Love, LLC | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/4/2030 | 4.7 | 4.7 | 4.7 | — | % |
F-337
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Jamali LLC | 2741 Raceway Fairfield West, Pensacola, FL 32503 | Food Services and Drinking Places | Term Loan | Prime plus | 6.5% | 12/11/2030 | 11.8 | 11.8 | 11.8 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Donald W. Harris | 1625 US-59 N, Linden, TX 75563 | Warehousing and Storage | Term Loan | Prime plus | 6.5% | 12/11/2030 | 11.8 | 11.8 | 11.8 | — | % |
| David Benson LLC | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.8 | 11.8 | 11.8 | — | % |
| Savannah Area Language & Culture Exchange, LLC | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.8 | 11.8 | 11.8 | — | % |
| Vege Investments, LLC | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus | 6.5% | 12/16/2030 | 11.8 | 11.8 | 11.8 | — | % |
| ASIL Ventures, LLC | 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/22/2030 | 4.0 | 4.0 | 4.0 | — | % |
| SPECTRUM DYNAMICS, INC | 27727 Dalton Bluff Court, Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.8 | — | % |
| KCL Business Service Inc | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.8 | — | % |
| Chris' Angels Cleanning Service LLC | 2090 Dunwoody Club Dr, Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.8 | — | % |
| Tiki Torch Liquors | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 12/23/2030 | 11.8 | 11.8 | 11.8 | — | % |
| Austen Felder Holdings | 23642 Hwy 25, Franklinton, LA 70438 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/18/2031 | 11.9 | 11.9 | 11.9 | — | % |
| Diamond Ridge Professionals | 8629 Mesquite Circle, Magna, UT 84044 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 1/19/2031 | 17.8 | 17.8 | 17.8 | 0.01 | % |
| Centre for Autism Treatment | 13090 Sundown Rd, Victorville, CA 92392 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/20/2031 | 17.8 | 17.8 | 17.8 | 0.01 | % |
| Londerpass Inc. | 108 N Fiore Pkwy, Vernon Hills, IL 60061 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/21/2031 | 17.8 | 17.8 | 17.8 | 0.01 | % |
| Andrew’s Spotless Cleaning LLC | 1604 Marcella Dr, Covington, KY 41011 | Administrative and Support Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 17.8 | 17.8 | 17.8 | 0.01 | % |
| Wild Thing Accounting & Tax LLC | 805 NE 190th Ave, Portland, OR 97230 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 17.8 | 17.8 | 17.8 | 0.01 | % |
| Wild Wellness LLC | 151 Lake St., Lancaster, OH 43130 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 7.8 | 7.8 | 7.8 | — | % |
| VIIXVII Sewing Studio LLC | 277 E Girard Ave, Philadelphia, PA 19125 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus | 6.5% | 1/22/2031 | 13.2 | 13.2 | 13.2 | — | % |
| Skypie Studio and Crafts LLC | 933 Mary Ave, Opelousas, LA 70570 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 1/22/2031 | 17.1 | 17.1 | 17.1 | 0.01 | % |
| Jazma Wise | 110 Golden Pine Rd SW, Austell, GA 30168 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 1/28/2031 | 11.4 | 11.4 | 11.4 | — | % |
| uniguide Media LLC | 105 Pearl St., Sausalito, CA 94965 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 2/11/2031 | 17.9 | 17.9 | 17.9 | 0.01 | % |
| Alima Mandiang | 242 E. Claremont Rd, Philadelphia, PA 19120 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 2/17/2031 | 7.2 | 7.2 | 7.2 | — | % |
F-338
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Benevolent Family Services LLC | 522 S Independence Blvd, Ste 201, Virginia Beach, VA 23452 | Ambulatory Health Care Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 18.1 | 18.1 | 18.1 | 0.01 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| INB Enterprise LLC | 7761 Diamondback Dr, College Park, MD 20742 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 3/15/2031 | 18.1 | 18.1 | 18.1 | 0.01 | % |
| Blasco Tire | 960 Memorial Dr, Griffin, GA 30223 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 6.5% | 3/24/2031 | 18.0 | 18.0 | 18.0 | 0.01 | % |
| Stephanie Doty | 82 Diggins Dr, Folsom, CA 95630 | Insurance Carriers and Related Activities | Term Loan | Prime plus | 6.5% | 4/14/2031 | 10.7 | 10.7 | 10.7 | — | % |
| Lockett Trucking and Transport LLC | 612 Colebridge Dr, Blacklick, OH 43004 | Truck Transportation | Term Loan | Prime plus | 6.5% | 4/14/2031 | 18.1 | 18.1 | 18.1 | 0.01 | % |
| RV Solar LLC | 3442 E Bulk Lane, Oak Creek, WI 53154 | Specialty Trade Contractors | Term Loan | Prime plus | 6.5% | 4/14/2031 | 18.1 | 18.1 | 18.1 | 0.01 | % |
| Foy Commerce LLC | 1725 Park Lane S, Ste 2,, Jupiter, FL 33458 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 5/5/2031 | 18.2 | 18.2 | 18.2 | 0.01 | % |
| JERAGARDENS WEDDING RENTALS LLC | 5842 South 1150 West, Ogden, UT 84405 | Rental and Leasing Services | Term Loan | Prime plus | 6.5% | 7/20/2031 | 18.4 | 18.4 | 18.4 | 0.01 | % |
| Basha Home Improvements LLC | 41 Van Houten Ave, Jersey City, NJ 07305 | Construction of Buildings | Term Loan | Prime plus | 6.5% | 7/21/2031 | 7.5 | 7.5 | 7.5 | — | % |
| Tarun LLC DBA signature wine and liquor | 325 South Limestone, Lexington, KY 40508 | Food and Beverage Stores | Term Loan | Prime plus | 6.5% | 7/23/2031 | 18.4 | 18.4 | 18.4 | 0.01 | % |
| C4 Technologies Inc | 171 C Ave, Ste C, Coronado, CA 92118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus | 6.5% | 8/6/2031 | 18.5 | 18.5 | 18.5 | 0.01 | % |
| Dennis Hair Studio Inc. | 1566 Union Turnpike, New Hyde Park, NY 11040 | Personal and Laundry Services | Term Loan | Prime plus | 6.5% | 9/13/2031 | 18.6 | 18.6 | 18.6 | 0.01 | % |
| Asthma & Allergy Medical Care, P.C. | 68 Nassau Rd, Huntington, NY 11743 | PPP | Term Loan | Fixed | 1.0% | 5/4/2022 | 16.1 | 16.1 | 16.1 | 0.01 | % |
| Kore Surgical Inc | 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275 | PPP | Term Loan | Fixed | 1.0% | 5/5/2022 | 8.0 | 8.0 | 8.0 | — | % |
| Dental Designs of Fort Myers, LLC | 3220 Forum Blvd, #104, Fort Myers, FL 33905 | PPP | Term Loan | Fixed | 1.0% | 5/12/2022 | 34.8 | 34.8 | 34.8 | 0.01 | % |
| Child Welfare League of America Inc. | 727 15th St NW, Ste 1200, Washington, DC 20005 | PPP | Term Loan | Fixed | 1.0% | 5/13/2022 | 20.0 | 20.0 | 20.0 | 0.01 | % |
| Quality Pool Management | 161 Rombout Rd, Poughkeepsie, NY 12603 | PPP | Term Loan | Fixed | 1.0% | 5/13/2022 | 6.4 | 6.4 | 6.4 | — | % |
| CCG Advisors | 817 W Peachtree St., Ste 205, Atlanta, GA 30308 | PPP | Term Loan | Fixed | 1.0% | 5/19/2022 | 21.5 | 21.5 | 21.5 | 0.01 | % |
| Caveonix | 7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043 | PPP | Term Loan | Fixed | 1.0% | 5/20/2022 | 31.0 | 31.0 | 31.0 | 0.01 | % |
| Hamilton Technology Services | 14115 West 59th Place, Arvada, CO 80004 | PPP | Term Loan | Fixed | 1.0% | 5/21/2022 | 15.3 | 15.3 | 15.3 | — | % |
| North Carolina Baptist Foundation, Inc. | 201 Convention Dr, Cary, NC 27511 | PPP | Term Loan | Fixed | 1.0% | 5/21/2022 | 25.7 | 25.7 | 25.7 | 0.01 | % |
F-339
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||
| Carrie Risatti | 307 Montana Ave, #201, Santa Monica, CA 90403 | PPP | Term Loan | Fixed | 1.0% | 5/21/2022 | 1.7 | 1.7 | 1.7 | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Easy Content Media LLC | 706 Van Nest Dr, Martinsville, NJ 08836 | PPP | Term Loan | Fixed | 1.0% | 5/26/2022 | 5.8 | 5.8 | 5.8 | — | % |
| Jennie Kwon Designs | 643 S Olive St, Los Angeles, CA 90014 | PPP | Term Loan | Fixed | 1.0% | 5/26/2022 | 5.4 | 5.4 | 5.4 | — | % |
| Scalini's, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | Fixed | 1.0% | 5/27/2022 | 17.7 | 17.7 | 17.7 | 0.01 | % |
| Sports Academy Integrated Sports Medicine, LLC | 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 | PPP | Term Loan | Fixed | 1.0% | 5/27/2022 | 31.4 | 31.4 | 31.4 | 0.01 | % |
| Frenchy's | 1460 3rd St S, Jacksonville Beach, FL 32250 | PPP | Term Loan | Fixed | 1.0% | 5/28/2022 | 8.6 | 8.6 | 8.6 | — | % |
| Yoga Connection of Pembroke Pines, Inc | 12592 Pines Blvd, #103, Pembroke Pines, FL 33027 | PPP | Term Loan | Fixed | 1.0% | 5/28/2022 | 2.3 | 2.3 | 2.3 | — | % |
| Shalik, Morris & Company, LLC | 80 Crossways Park Dr W, Woodbury, NY 11797 | PPP | Term Loan | Fixed | 1.0% | 5/29/2022 | 108.3 | 108.3 | 108.3 | 0.03 | % |
| Hawk Management LLC | 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052 | PPP | Term Loan | Fixed | 1.0% | 5/29/2022 | 1.8 | 1.8 | 1.8 | — | % |
| Special Events Staffing | 1015 N Lake Ave, Ste 205, Pasadena, CA 91104 | PPP | Term Loan | Fixed | 1.0% | 6/1/2022 | 54.6 | 54.6 | 54.6 | 0.02 | % |
| The On The Line Company, Inc | 101 Arch St, Ste 225, Boston, MA 02110 | PPP | Term Loan | Fixed | 1.0% | 6/1/2022 | 9.7 | 9.7 | 9.7 | — | % |
| Zola Electric Labs, Inc. | 555 De Haro St, San Francisco, CA 94107 | PPP | Term Loan | Fixed | 1.0% | 6/2/2022 | 50.0 | 50.0 | 50.0 | 0.02 | % |
| Wavecrest Sales LLC | 501 NE Wavecrest Way, Boca Raton, FL 33432 | PPP | Term Loan | Fixed | 1.0% | 6/2/2022 | 2.0 | 2.0 | 2.0 | — | % |
| Flynn Gallagher Associates LLC | 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 | PPP | Term Loan | Fixed | 1.0% | 6/2/2022 | 0.3 | 0.3 | 0.3 | — | % |
| Princeton Van Service | 92 north main St. bldg 4, WINDSOR, NJ 08561 | PPP | Term Loan | Fixed | 1.0% | 6/3/2022 | 1.7 | 1.7 | 1.7 | — | % |
| Apache Behavioral Health Services, Inc. | 249 W Ponderosa St, Whiteriver, AZ 85941 | PPP | Term Loan | Fixed | 1.0% | 6/3/2022 | 241.1 | 241.1 | 241.1 | 0.08 | % |
| Unity Worldwide Ministries Eastern Region | 800 Blanton Ave, Richmond, VA 23221 | PPP | Term Loan | Fixed | 1.0% | 6/4/2022 | 0.8 | 0.8 | 0.8 | — | % |
| Amanda Lopez | 23411 aliso viejo Pkwy, Aliso Viejo, CA 92656 | PPP | Term Loan | Fixed | 1.0% | 6/4/2022 | 0.5 | 0.5 | 0.5 | — | % |
| YMCA of West San Gabriel Valley | 401 East Corto St., Alhambra, CA 91801 | PPP | Term Loan | Fixed | 1.0% | 6/5/2022 | 15.7 | 15.7 | 15.7 | 0.01 | % |
| Seattle Ventures LLC | 2215 3rd Ave W, Seattle, WA 98119 | PPP | Term Loan | Fixed | 1.0% | 6/5/2022 | 2.1 | 2.1 | 2.1 | — | % |
| Andrew S. Gaffney Foundation | 245 South St, Morristown, NJ 07960 | PPP | Term Loan | Fixed | 1.0% | 6/5/2022 | 1.4 | 1.4 | 1.4 | — | % |
| LaFlower Construction, Inc. | 23888 Madison St, Torrance, CA 90505 | PPP | Term Loan | Fixed | 1.0% | 6/5/2022 | 0.1 | 0.1 | 0.1 | — | % |
F-340
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Accrual Investments (4a) | |||||||||||||||
| Camfed U.S.A. Foundation | 466 Geary St, Ste 400, San Francisco, CA 94102 | PPP | Term Loan | Fixed | 1.0% | 6/8/2022 | 18.2 | 18.2 | 18.2 | 0.01 | % | ||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| Dental Designs of Naples | 5048 Tamiami Trail N, Naples, FL 34103 | PPP | Term Loan | Fixed | 1.0% | 6/9/2022 | 21.1 | 21.1 | 21.1 | 0.01 | % | ||||
| OCC installations | 12102 Manley St, Garden Grove, CA 92845 | PPP | Term Loan | Fixed | 1.0% | 6/9/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||
| Mora Investment Management | 9 W Star Island Dr, Miami Beach, FL 33139 | PPP | Term Loan | Fixed | 1.0% | 6/10/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||
| Copperfield Investment & Development Company | 1721 Crystal Ann Ave, Las Vegas, NV 89106 | PPP | Term Loan | Fixed | 1.0% | 6/12/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||
| Dan Counts & Associates, Inc. | 1780 Prescott Ave, Monterey, CA 93940 | PPP | Term Loan | Fixed | 1.0% | 6/12/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||
| Sunburst Decorative Rock, Inc | 282 Live Oak Ave, Irwindale, CA 91706 | PPP | Term Loan | Fixed | 1.0% | 6/16/2022 | 18.3 | 18.3 | 18.3 | 0.01 | % | ||||
| DANIELLE | TATE | 347 Bianco Ridge Ave, Las Vegas, NV 89183 | PPP | Term Loan | Fixed | 1.0% | 3/31/2026 | 20.8 | 20.8 | 20.8 | 0.01 | % | |||
| David | Ortiz | 4004 Waterview Cir, Palm Springs, FL 33461 | PPP | Term Loan | Fixed | 1.0% | 4/26/2026 | 18.7 | 18.7 | 18.7 | 0.01 | % | |||
| Montalban Featherstone | 13513 7 Mile Rd, Detroit, MI 48205 | PPP | Term Loan | Fixed | 1.0% | 5/24/2026 | 20.8 | 20.8 | 20.8 | 0.01 | % | ||||
| Total SBA Guaranteed Accrual Investments | $ | 61,474.1 | $ | 61,474.1 | $ | 68,716.1 | 22.22 | % |
F-341
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBA Guaranteed Non-Accrual Investments (4b) | |||||||||||||||
| This is a Fly Closet LLC | (*) | 12408 Kingsview St., Bowie, MD 20721 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus | 9.75% | 1/30/2030 | 11.5 | 11.5 | 11.5 | — | % | |||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MIT LLC | (*) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus | 2.75% | 3/31/2042 | 254.7 | 254.7 | 254.7 | 0.08 | % | |||
| Neville Galvanizing, Inc | (*) | 2983 Grand Ave, Pittsburgh, PA 15225 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus | 6.00% | 12/15/2042 | 707.1 | 707.1 | 707.1 | 0.23 | % | |||
| Chavero's Auto Mart LLC | (*) | 1364 E Palma Vista Dr, Palmview, TX 78572 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus | 9.75% | 10/11/2029 | 12.5 | 12.5 | 12.5 | — | % | |||
| Crystal Cleaning Service | (*) | 26 Cooper Rd, Byhalia, MS 38611 | Administrative and Support Services | Term Loan | Prime plus | 0% | 5/9/2029 | 8.6 | 8.6 | 8.6 | — | % | |||
| R. JOHNSON CRAFTSMANSHIP | (*) | 346 Spring Garden Rd, Milford, NJ 08848 | Specialty Trade Contractors | Term Loan | Prime plus | 0% | 12/4/2030 | 10.0 | 10.0 | 10.0 | — | % | |||
| Moon Group, Inc. | (*) | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus | 2.75% | 6/27/2029 | 3,249.8 | 3,249.8 | 3,249.8 | 1.05 | % | |||
| Total SBA Guaranteed Non-Accrual Investments | $ | 4,254.2 | $ | 4,254.2 | $ | 4,254.2 | 0.32 | % | |||||||
| Total SBA Guaranteed Investments | $ | 65,728.3 | $ | 65,728.3 | $ | 72,970.3 | 23.59 | % | |||||||
| Total SBA Unguaranteed and Guaranteed Investments | $ | 497,698.3 | $ | 497,698.3 | $ | 497,387.2 | 160.82 | % |
F-342
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Ownership or Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Controlled Investments (5) (22) | ||||||||||||
| Automated Merchant Services, Inc. | (*,#) (7) (21) | 12230 Forest Hill Blvd., Wellington, FL 33414 | Data processing, Hosting, and Related Services | Common Stock | Fixed | 100% | — | — | — | — | — | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CDS Business Services, Inc. | (*,#) (8) | 1985 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Common Stock | Fixed | 100% | — | — | 4,428.0 | — | — | % |
| Line of Credit | Fixed | 5.5% | Dec 2023 | 20,000.0 | 20,000.0 | 7,300.0 | 2.36 | % | ||||
| Newtek Technology Solutions, Inc. | (#) (24) | 1904 W. Parkside Lane Phoenix, AZ 85027 | Data processing, Hosting, and Related Services | Common Stock | Fixed | 100% | — | — | 19,503.7 | 36,000.0 | 11.64 | % |
| Line of Credit | Fixed | 10% | Nov 2028 | 10,540.0 | 11,000.0 | 11,000.0 | 3.56 | % | ||||
| Line of Credit | Prime plus | 1% | April 2022 | 750.0 | — | — | — | % | ||||
| Line of Credit | Prime plus | 1% | July 2022 | 100.0 | 225.0 | 225.0 | 0.07 | % | ||||
| Newtek Insurance Agency, LLC | (*,#) (13) | 1981 Marcus Ave., Lake Success, NY 11042 | Insurance Carriers and Related Activities | Membership Interest | Own | 100% | — | — | 2,035.0 | 2,300.0 | 0.74 | % |
| PMTWorks Payroll, LLC | (*,#) (9) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 5,128.1 | — | — | % |
| Term Loan | Fixed | 10% | Sept 2022 | 435.0 | 435.0 | 324.0 | 0.10 | % | ||||
| Term Loan | Fixed | 10% | May 2022 | 750.0 | 750.0 | 558.6 | 0.18 | % | ||||
| Term Loan | Fixed | 12% | May 2022 | 500.0 | 500.0 | 372.4 | 0.12 | % | ||||
| Term Loan | Fixed | 10% | July 2022 | 1,000.0 | 1,000.0 | 745.0 | 0.24 | % | ||||
| Small Business Lending, LLC | (*,#) (12) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 100% | — | — | 598.0 | 4,000.0 | 1.29 | % |
| Term Loan | Fixed | 10% | June 2023 | 400.0 | 400.0 | 400.0 | 0.13 | % | ||||
| ADR Partners, LLC dba banc-serv Partners, LLC | (*,#) (19) | 8777 Purdue Rd, Indianapolis, IN 46268 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 100% | — | — | 7,085.2 | — | — | % |
| Newtek Merchant Solutions, LLC | (#) (11) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 16,438.0 | 114,500.0 | 37.02 | % |
| Mobil Money, LLC | (#) (17) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Membership Interest | Own | 100% | — | — | 2,980.0 | 3,900.0 | 1.26 | % |
| Newtek Business Lending, LLC | (#) (10) | 14 East Washington St., Orlando, FL 32801 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 100% | — | — | 36,406.4 | 47,406.4 | 15.33 | % |
| Newtek Conventional Lending, LLC | (#) (18) (23) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 50% | — | — | 26,903.0 | 29,463.6 | 9.53 | % |
| Titanium Asset Management, LLC | (*,#) (14) | 1981 Marcus Ave., Lake Success, NY 11042 | Administrative and Support Services | Term Loan | Fixed | 10% | March 2023 | 900.0 | 900.0 | 603.3 | 0.20 | % |
F-343
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Ownership or Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Controlled Investments (5) (22) | |||||||||||||||
| Membership Interest | Own | 100% | — | — | — | — | — | % | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Excel WebSolutions, LLC | (*,#) (15) | 888 East Brighton Ave. Syracuse, NY 13205 | Data processing, Hosting, and Related Services | Term Loan | Fixed | 10% | June 2023 | 159.2 | 159.2 | — | — | % | |||
| Membership Interest | Own | 100% | — | — | — | — | — | % | |||||||
| POS on Cloud, LLC | (#) (20) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Term Loan | Fixed | 10% | Sept 2023 | 1,300.0 | 1,300.0 | 1,300.0 | 0.42 | % | |||
| Membership Interest | Own | 50.14% | — | — | — | — | — | % | |||||||
| Total Controlled Investments | $ | 36,834.2 | $ | 157,289.0 | $ | 260,398.3 | 84.19 | % |
F-344
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Ownership or Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Control Investments (22) | |||||||||||||||
| EMCAP Loan Holdings, LLC | (+,#) (16) | 1140 Reservoir Ave., Cranston, RI 02920 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Membership Interest | Own | 4.67% | — | $ | — | $ | 1,000.0 | $ | 1,000.0 | 0.32 | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total Non-Control Investments | $ | — | $ | 1,000.0 | $ | 1,000.0 | 0.32 | % | |||||||
| Total Investments | $ | 534,532.5 | $ | 655,987.3 | $ | 758,785.5 | 245.33 | % |
^ Investment has been pledged as collateral under the Securitization Trusts.
* Non-income producing security.
Fair value determined using significant unobservable inputs.
- Restricted security. The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of December 31, 2021 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.10125%, with the exception of PPP loans. The SBA reimburses the Company for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. The 1% interest rate shown for PPP loans is the rate that would be in effect if the PPP loans were not forgiven by the SBA. See NOTE 2—SIGNIFICANT ACCOUNTING POLICIES.
(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2021 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan was past its original maturity date, was in default and the entity ceased operating. As such, the fair value of the investment is zero. On July 16, 2021, a certificate of dissolution was filed.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
F-345
See accompanying notes to consolidated financial statements.
(8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing to small and medium size businesses; 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard payroll management, payment and tax reporting services to SMBs; 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets and loan origination services to other parts of the Company’s business finance platform; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.).
(11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.).
(12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform.
(13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)
(16) 4.67% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.). The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.
(17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
(19) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.
(21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
F-346
See accompanying notes to consolidated financial statements.
(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2021, 7.4% of total assets are non-qualifying assets.
(24) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) were wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The Schedule of Investments shows SIDCO under NTS.
As of December 31, 2021, the federal tax cost of investments was $656.0 million resulting in estimated gross unrealized gains and losses of $173.8 million and $62.7 million, respectively.
F-347
See accompanying notes to consolidated financial statements.
Table of Contents
| NEWTEKONE, INC. AND SUBSIDIARIES<br><br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
|---|
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:
The Company is a leading business and financial solutions provider to SMBs. NewtekOne and its subsidiaries provide SMBs with the following Newtek® branded business and financial solutions: Newtek Bank, Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek Technology. As of January 6, 2023, the Company became a financial holding company and has ceased to be a BDC.
On January 6, 2023, the Company completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC.
The Company also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company. As a result, as of January 6, 2023, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money; NBC; PMT; NIA; TAM; Newtek Business Services Holdco 6, Inc; NCL.; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period.
On January 17, 2023, the Company changed its name from Newtek Business Services Corp. to NewtekOne, Inc.
Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value
For the years ended December 31, 2022 and 2021, the Company applied fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions reflected those that management believed market participants would use in pricing the financial instrument at the measurement date.
For the years ended December 31, 2022 and 2021, the availability of observable inputs varied depending on the financial instrument and was affected by a wide variety of factors, including, for example, the type of product, whether the product was new, whether the product was traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation was based on models or inputs that were less observable or unobservable in the market the determination of fair value required more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value was greatest for financial instruments classified as Level 3.
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Table of Contents
Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in NOTE 6—FAIR VALUE MEASUREMENTS.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.
Consolidation
As provided under ASC Topic 946 — Investment Companies, for the years ended December 31, 2022 and 2021, the Company generally did not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consisted of providing services to the Company.
Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.
Although the Company owns more than 25% of the voting securities of NCL, the Company does not have sole control over significant actions of NCL for purposes of the 1940 Act or otherwise, and does not consolidate its interest in NCL.
Distributions
For the years ended December 31, 2022 and 2021, dividends and distributions to the Company's common stockholders were recorded on the ex-dividend date. The timing and amount to be paid out as a dividend or distribution was determined by the Company's Board each quarter and is generally based upon the annual taxable earnings estimated by management.
Cash
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2022, cash deposits in excess of insured amounts totaled $90.6 million. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of December 31, 2022.
Restricted Cash
Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, cash reserves associated with securitization transactions, and cash margin as collateral for derivative instruments. As of December 31, 2022, total restricted cash was $71.9 million.
The following table provides a reconciliation of cash and restricted cash as of December 31, 2022 and 2021:
| December 31, 2022 | December 31, 2021 | |||
|---|---|---|---|---|
| Cash | $ | 53,692 | $ | 2,397 |
| Restricted cash | 71,914 | 184,463 | ||
| Cash and restricted cash | $ | 125,606 | $ | 186,860 |
Broker Receivable
Broker receivable represents amounts due from third parties for loans which have been traded at year end but have not yet settled.
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Transfers of Financial Assets
For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability.
From 2010 through January 6, 2023, NSBF engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. A securitization uses a special purpose entity (the “Trust”), which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. The Company therefore consolidated the entities using the carrying amounts of the Trust’s assets and liabilities and reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities.
Servicing Assets
For the years ended December 31, 2022 and 2021, the Company accounted for servicing assets in accordance with ASC Topic 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets were measured at fair value at each reporting date and the Company reported changes in the fair value of servicing assets in earnings in the period in which the changes occur. The Company earned servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.
Due to Participants
Due to participants represents amounts due to third party investors in the SBA guaranteed portion of SBA 7(a) and PPP loans. When the Company receives principal payments, including PPP loan forgiveness, after the loan has been either partially or fully sold to the participant, the remittances received by the Company are either owed in part of in full to the participant and amounts are recorded as a liability on the consolidated statements of assets and liabilities.
Derivative Instruments
The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change.
The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.
Income Taxes
Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.
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The Company’s U.S. federal and state income tax returns prior to fiscal year 2019 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.
The Company elected to be treated as a RIC under the Code beginning with the 2015 tax year and, through the year ended December 31, 2022, operated in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes the Company and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return.
As a RIC, the Company was required to pay a 4% excise tax if it did not distribute in each calendar year an amount at least
equal to the sum of:
•98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year;
•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month
•period ending on October 31 of such calendar year; and
•100% of any income or gains recognized, but not distributed, in preceding years.
For the years ended December 31, 2022, 2021 and 2020, no U.S. federal excise taxes were due.
The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $19.2 million and $12.7 million at December 31, 2022 and December 31, 2021, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Stock Repurchase Program
On June 21, 2022, the Company's Board of Directors approved a repurchase program under which the Company may repurchase up to 500,000 shares of the Company’s common stock, par value $0.02 per share, through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940 and the Securities Exchange Act of 1934, as amended. The Company’s repurchase program terminated on December 21, 2022. The Company has not repurchased any common shares under the repurchase program during the years ended December 31, 2022.
Investment Income
For the years ended December 31, 2022 and 2021, management reviewed all loans that became 90 days or more past due on principal or interest or when there was reasonable doubt that principal or interest would be collected for possible placement on management’s designation of non-accrual status. Interest receivable was analyzed regularly and reserved against when deemed uncollectible. Interest payments received on non-accrual loans were recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans were restored to accrual status when past due principal and interest was paid and, in management’s judgment, was likely to remain current, although we may have made exceptions to this general rule if the loan had sufficient collateral value and is in the process of collection.
On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provided an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate loans under the Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020, which PPP was extended through May 31, 2021, with PPP lenders allowed to continue to close PPP loans approved by the SBA prior to May 31, 2021. Pursuant to the PPP, the SBA reimbursed NSBF for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. Such fees were accounted for under ASC-310 Receivables and deferred until the PPP loan participations were sold to one of the banks which had entered into PPP loan participation agreements with NSBF. Refer to NOTE 3—INVESTMENTS. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans in July 2021.
For the years ended December 31, 2022 and 2021, dividend income was recognized on an accrual basis for preferred equity
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securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on common equity securities, we assessed many factors including a portfolio company’s cumulative undistributed income and operating cash flow. Cash distributions from common equity securities received in excess of such undistributed amounts were recorded first as a reduction of our investment and then as a realized gain on investment.
The Company earns servicing income related to the guaranteed portions of SBA loan investments which it sells into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.
The Company earns a variety of fees from borrowers in the ordinary course of conducting its business, including packaging, legal, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as “one time” fees in connection with the origination of new debt investments with non-affiliates.
For the years ended December 31, 2022 and 2021, investment transactions were accounted for on a trade-date basis. Realized gains or losses on investments were measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reported current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Stock – Based Compensation
The Company accounts for its equity-based compensation plan using the fair value method, as prescribed by ASC Topic 718 – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term.
Recently Adopted Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates, however, the impact of the adoption is not expected to be material. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.
In November 2020, the SEC published Release No. IC-34084, Use of Derivatives by Registered Investment Companies and Business Development Companies, and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and certain testing and board reporting requirements. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules, provided that the BDC adopts written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain record keeping requirements. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so and has adopted written policies and procedures that are reasonably designed to manage the Company’s derivatives risks and comply with the record keeping requirements.
In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The adoption of Rule 2a-5 did not have a material impact on the consolidated financial statements.
Beginning in 2023, the Company anticipates applying accounting standards applicable to a financial holding company.
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New Accounting Standards
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit
the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.
In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments” (Topic 326) and in April 2019, the FASB issued ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (collectively, “CECL”). CECL changed how entities measure potential credit losses for most financial assets and certain other instruments that are not measured at fair value. CECL replaced the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost. While ASU 2016-13 does not require any particular method for determining the CECL allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. CECL is effective for the Company beginning January 1, 2023; however, the Company intends to continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. After the Acquisition on January 6, 2023, the Company owns and will consolidate Newtek Bank, which will apply CECL. The Company is currently re-evaluating the impact of adopting CECL accounting including for Newtek Bank. The Company will have the CECL analysis completed to report in our upcoming 10-Q filing for the quarter ended March 31, 2023.
Segments
The Company determined that as a BDC it had a single reporting segment and operating unit structure. For the years ended December 31, 2022 and 2021, the Company issued debt and makes equity investments in portfolio companies in various industries. The Company separately evaluated the performance of each of its lending and investment relationships. However, because each of these debt and equity investment relationships have similar business and economic characteristics, they were aggregated into a single lending and investment segment. The Company will evaluate whether as a financial holding company it has a single reporting segment and operating unit structure.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.
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NOTE 3—INVESTMENTS:
Investments, all of which are in portfolio companies in the United States, consisted of the following at:
| December 31, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Fair Value | Cost | Fair Value | |||||
| Non-affiliate debt investments | $ | 551,253 | $ | 524,439 | $ | 497,698 | $ | 497,387 |
| Non-control investments: | ||||||||
| Equity | 1,360 | 1,360 | 1,000 | 1,000 | ||||
| Controlled investments: | ||||||||
| Equity | 99,195 | 241,113 | 93,717 | 208,106 | ||||
| Equity interest in joint ventures | 23,314 | 23,022 | 26,903 | 29,464 | ||||
| Debt | 32,300 | 18,104 | 36,669 | 22,828 | ||||
| Total investments | $ | 707,422 | $ | 808,038 | $ | 655,987 | $ | 758,785 |
SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
| December 31, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Fair Value | Cost | Fair Value | |||||
| Accrual | $ | 463,127 | $ | 470,835 | $ | 377,845 | $ | 393,910 |
| Non-Accrual | 69,666 | 34,433 | 54,125 | 30,507 | ||||
| Total SBA unguaranteed investments | $ | 532,793 | $ | 505,268 | $ | 431,970 | $ | 424,417 |
SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
| December 31, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Fair Value | Cost | Fair Value | |||||
| Accrual | $ | 13,491 | $ | 14,202 | $ | 61,474 | $ | 68,716 |
| Non-Accrual | 4,969 | 4,969 | 4,254 | 4,254 | ||||
| Total SBA guaranteed investments | $ | 18,460 | $ | 19,171 | $ | 65,728 | $ | 72,970 |
Beginning in March 2020, as a result of the uncertain economic impact to U.S. small businesses at the onset of the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans. During the duration of the PPP through the end of July 2021, NSBF funded approximately 26,200 PPP loans totaling $1.9 billion. Beginning in July 2021, NSBF redeployed resources to funding SBA 7(a) loans.
To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold participating interests to several participants. One participant continues to hold a 90% participation interest in 1 of the 2 PPP loans that remain as of December 31, 2022. NSBF continues to hold the PPP loan notes and the PPP loan documents for PPP loans yet to be forgiven by the SBA, in order to service the loans and facilitate the PPP loan forgiveness process. NSBF has agreed that it will repurchase the participant’s percentage of the outstanding principal and interest under certain circumstances, including any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees was recognized as interest income on sale of PPP loan participations. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources to funding SBA 7(a) loans.
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The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at:
| December 31, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Fair Value | Cost | Fair Value | |||||
| 7(a) | $ | 13,430 | $ | 14,141 | $ | 60,610 | $ | 67,852 |
| PPP | 61 | 61 | 864 | 864 | ||||
| Accrual SBA guaranteed investments | $ | 13,491 | $ | 14,202 | $ | 61,474 | $ | 68,716 |
The following table shows the Company’s portfolio investments by industry at:
| December 31, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Fair Value | Cost | Fair Value | |||||
| Data Processing, Hosting, and Related Services | $ | 61,434 | $ | 161,771 | $ | 59,552 | $ | 169,043 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 74,850 | 100,064 | 69,473 | 60,553 | ||||
| Food Services and Drinking Places | 48,551 | 48,796 | 48,782 | 51,840 | ||||
| Professional, Scientific, and Technical Services | 41,066 | 39,287 | 27,374 | 27,213 | ||||
| Specialty Trade Contractors | 42,330 | 38,314 | 25,250 | 24,745 | ||||
| Ambulatory Health Care Services | 28,900 | 26,879 | 23,078 | 21,483 | ||||
| Amusement, Gambling, and Recreation Industries | 24,743 | 25,917 | 28,806 | 29,578 | ||||
| Merchant Wholesalers, Durable Goods | 22,219 | 22,059 | 14,725 | 15,107 | ||||
| Administrative and Support Services | 23,400 | 21,249 | 25,320 | 25,036 | ||||
| Merchant Wholesalers, Nondurable Goods | 19,501 | 18,637 | 12,649 | 12,115 | ||||
| Truck Transportation | 23,846 | 18,245 | 24,929 | 21,937 | ||||
| Repair and Maintenance | 17,108 | 17,280 | 18,301 | 18,752 | ||||
| Fabricated Metal Product Manufacturing | 14,190 | 14,739 | 15,138 | 16,104 | ||||
| Personal and Laundry Services | 13,763 | 14,183 | 11,218 | 11,935 | ||||
| Construction of Buildings | 11,978 | 10,973 | 6,404 | 5,909 | ||||
| Accommodation | 11,476 | 10,428 | 13,795 | 13,529 | ||||
| Social Assistance | 9,282 | 9,993 | 12,967 | 14,401 | ||||
| Motor Vehicle and Parts Dealers | 10,186 | 9,651 | 12,760 | 11,427 | ||||
| Food Manufacturing | 10,830 | 8,951 | 12,760 | 11,427 | ||||
| Nursing and Residential Care Facilities | 8,187 | 8,697 | 4,781 | 5,206 | ||||
| Support Activities for Mining | 10,426 | 8,615 | 7,102 | 6,496 | ||||
| Rental and Leasing Services | 8,158 | 8,448 | 8,529 | 8,505 | ||||
| Transportation Equipment Manufacturing | 8,272 | 8,445 | 9,599 | 10,461 | ||||
| Building Material and Garden Equipment and Supplies Dealers | 8,731 | 8,369 | 6,504 | 6,845 | ||||
| Joint Ventures | 23,314 | 23,022 | 26,903 | 29,464 | ||||
| Other | 130,681 | 125,026 | 129,288 | 129,674 | ||||
| Total | $ | 707,422 | $ | 808,038 | $ | 655,987 | $ | 758,785 |
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The Company’s Non-Conforming Conventional Loan Program
Newtek Conventional Lending, LLC (NCL): On May 20, 2019, the Company and its joint venture partner launched NCL to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL ceased funding new non-conventional conforming loans during 2020. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million of Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of NCL’s portfolio of conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the NCL partners.
The following unaudited table shows NCL’s individual investments as of December 31, 2022:
| Portfolio Company | Industry | Investment Type | Interest Rate | Maturity | Principal | Cost | Fair Value1 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.50% | 4/1/2045 | $ | 2,180 | $ | 2,136 | $ | 2,059 |
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.50% | 4/1/2045 | 1,227 | 1,200 | 1,159 | |||
| Cocoa Beach Office LLC | Other Activities Related to Credit Intermediation | Term Loan | 2 Yr Libor plus | 5.70% | 8/1/2044 | 414 | 400 | 409 | |||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus | 6.00% | 11/1/2044 | 10,160 | 9,958 | 9,786 | |||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus | 6.00% | 11/1/2044 | 5,943 | 5,825 | 5,724 | |||
| The Camera Division, LLC | Commercial & Industrial Machinery & Equipment | Term Loan | 5 Yr Libor plus | 7.25% | 9/1/2029 | 10,275 | 9,984 | 10,140 | |||
| The Emerald Green Group, LLC | Full-Service Restaurant | Term Loan | 2 Yr Libor plus | 5.65% | 8/1/2029 | 3,327 | 3,175 | 3,087 | |||
| XL Soccer World Orlando II LLC | Fitness and Recreational Sport Centers | Term Loan | Prime plus | 3.25% | 11/1/2045 | 4,846 | 4,698 | 4,659 | |||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.50% | 8/1/2044 | 5,155 | 5,006 | 4,952 | |||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.50% | 8/1/2044 | 4,610 | 4,495 | 4,385 | |||
| Tricare Unlimited LLC and Geron Enterprises LLC | Nursing Care Facilities(Skilled Nursing Facilities) | Term Loan | 2 Yr Treasury plus | 6.51% | 1/1/2045 | 5,525 | 5,373 | 5,520 | |||
| E Entities LLC | Exterminating & Pest Control Services | Term Loan | 5 Yr Treasury plus | 7.71% | 1/1/2030 | 4,695 | 4,574 | 4,711 | |||
| Trinity MCC Realty, LLC | Motor Vehicle and Parts Dealers | Term Loan | 5 Yr Treasury plus | 6.58% | 2/1/2045 | 4,464 | 4,324 | 4,286 | |||
| Jaffe Real Estate LLC | Full-Service Restaurant | Term Loan | 5 Yr Treasury plus | 7.93% | 4/1/2045 | 2,199 | 2,139 | 2,265 | |||
| ARC Metal Stamping, LLC | Industrial Mold Manufacturing | Term Loan | 5 Yr Treasury plus | 7.43% | 1/1/2045 | 5,318 | 5,318 | 5,294 | |||
| McNeill Properties V, LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Treasury plus | 8.00% | 9/1/2046 | 10,180 | 10,180 | 10,159 | |||
| Total | $ | 80,518 | $ | 78,785 | $ | 78,595 |
(1) Fair value determined using significant unobservable inputs.
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The following unaudited table shows NCL’s individual investments as of December 31, 2021:
| Portfolio Company | Industry | Investment Type | Interest Rate | Maturity | Principal | Cost | Fair Value1 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.50% | 4/1/2045 | $ | 2,225 | $ | 2,181 | $ | 2,117 |
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.50% | 4/1/2045 | 1,253 | 1,225 | 1,192 | |||
| Cocoa Beach Office LLC | Other Activities Related to Credit Intermediation | Term Loan | 2 Yr Libor plus | 5.70% | 8/1/2044 | 422 | 407 | 415 | |||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus | 6.00% | 11/1/2044 | 10,321 | 10,115 | 10,447 | |||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus | 6.00% | 11/1/2044 | 6,037 | 5,917 | 6,110 | |||
| The Camera Division, LLC | Commercial & Industrial Machinery & Equipment | Term Loan | 5 Yr Libor plus | 7.25% | 9/1/2029 | 11,050 | 10,734 | 11,203 | |||
| The Emerald Green Group, LLC | Full-Service Restaurant | Term Loan | 2 Yr Libor plus | 5.65% | 8/1/2029 | 5,510 | 5,344 | 5,173 | |||
| XL Soccer World Orlando II LLC | Fitness and Recreational Sport Centers | Term Loan | Prime plus | 3.25% | 11/1/2045 | 4,986 | 4,836 | 4,907 | |||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.55% | 8/1/2044 | 6,094 | 5,943 | 6,241 | |||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus | 5.55% | 8/1/2044 | 4,686 | 4,570 | 4,738 | |||
| Tricare Unlimited LLC and Geron Enterprises LLC | Nursing Care Facilities(Skilled Nursing Facilities) | Term Loan | 2 Yr Treasury plus | 6.51% | 1/1/2045 | 5,617 | 5,463 | 5,838 | |||
| E Entities LLC | Exterminating & Pest Control Services | Term Loan | 5 Yr Treasury plus | 7.71% | 1/1/2030 | 5,244 | 5,113 | 5,526 | |||
| Trinity MCC Realty, LLC | Motor Vehicle and Parts Dealers | Term Loan | 5 Yr Treasury plus | 6.58% | 2/1/2045 | 5,092 | 4,950 | 5,260 | |||
| Jaffe Real Estate LLC | Full-Service Restaurant | Term Loan | 5 Yr Treasury plus | 7.93% | 4/1/2045 | 2,228 | 2,167 | 2,453 | |||
| Berry Ventures Inc | Painting & Wall Covering Contractors | Term Loan | 5 Yr Treasury plus | 7.25% | 4/1/2045 | 212 | 199 | 225 | |||
| ARC Metal Stamping, LLC | Industrial Mold Manufacturing | Term Loan | 5 Yr Treasury plus | 7.43% | 1/1/2045 | 5,383 | 5,383 | 5,809 | |||
| McNeill Properties V, LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Treasury plus | 8.00% | 9/1/2046 | 10,277 | 10,277 | 11,472 | |||
| Total | $ | 86,637 | $ | 84,824 | $ | 89,126 |
(1) Fair value determined using significant unobservable inputs.
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The following tables show certain unaudited summarized financial information for NCL:
| Selected Statement of Assets and Liabilities Information | December 31, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (Unaudited) | (Unaudited) | ||||||||
| Cash | $ | 791 | $ | 1,845 | |||||
| Restricted cash | 2,362 | — | |||||||
| Investments in loans, at fair value (amortized cost of $78,785 and $84,824, respectively) | 78,595 | 89,126 | |||||||
| Other assets | 1,807 | 595 | |||||||
| Total assets | $ | 83,555 | $ | 91,566 | |||||
| Bank notes payable | $ | — | $ | 32,341 | |||||
| Securitization notes payable | 49,273 | — | |||||||
| Other liabilities | 1,109 | 297 | |||||||
| Total liabilities | 50,382 | 32,638 | |||||||
| Net assets | 33,173 | 58,928 | |||||||
| Total liabilities and net assets | $ | 83,555 | $ | 91,566 | Selected Statements of Operations Information | Year Ended December 31, | |||
| --- | --- | --- | --- | ||||||
| 2022 | 2021 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||
| Interest and other income | $ | 6,966 | $ | 6,300 | |||||
| Total expenses | 2,916 | 2,612 | |||||||
| Net investment income | 4,050 | 3,688 | |||||||
| Unrealized (depreciation) appreciation on investments | (4,494) | 282 | |||||||
| Net (decrease) increase in net assets resulting from operations | $ | (444) | $ | 3,970 |
Newtek-TSO II Conventional Credit Partners, LP (“Newtek-TSO JV”): On August 5, 2022, Newtek Commercial Lending, Inc., and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, Newtek-TSO JV, governed by the Amended and Restated Limited Partnership Agreement for the Newtek-TSO JV. Newtek-TSO JV began making investments during the fourth quarter of 2022. Newtek Commercial Lending, Inc. and TSO II each committed to contribute an equal share of equity funding to the Newtek-TSO JV and each have equal voting rights on all material matters. Newtek-TSO JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The intended purpose of Newtek-TSO JV is to invest in non-conforming conventional commercial and industrial term loans made to middle-market companies as well as small businesses.
The following unaudited table shows Newtek-TSO JV’s individual investments as of December 31, 2022:
| Portfolio Company | Industry | Investment Type | Interest Rate | Maturity | Principal | Cost | Fair Value1 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Black Star Hospitality Holdings, LLC | Food Services and Drinking Places | Term Loan | 5 Yr Treasury plus | 8.00% | 1/1/2032 | $ | 3,771 | $ | 3,450 | $ | 3,546 |
| Paradox Museum USA LLC | Museums, Historical Sites, and Similar Institutions | Term Loan | 5 Yr Treasury plus | 7.50% | 5/1/2033 | 5,000 | 4,844 | 5,152 | |||
| Royal Wholesale Food Inc | Merchant Wholesalers, Nondurable Goods | Term Loan | 5 Yr Treasury plus | 8.00% | 7/1/2047 | 3,992 | 3,854 | 4,084 | |||
| Leecount LLC | Administrative and Support Services | Term Loan | 5 Yr Treasury plus | 7.50% | 9/1/2032 | 1,675 | 1,580 | 1,673 | |||
| Aerosphere Holding Company, LLC | Transportation Equipment Manufacturing | Term Loan | 5 Yr Treasury plus | 9.00% | 9/1/2047 | 2,037 | 2,031 | 2,216 | |||
| MountChor Holdings Inc | Administrative and Support Services | Term Loan | 5 Yr Treasury plus | 8.00% | 10/1/2047 | 5,295 | 5,279 | 5,778 | |||
| Total | $ | 21,770 | $ | 21,038 | $ | 22,449 |
(1) Fair value determined using significant unobservable inputs.
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The following unaudited tables show certain summarized financial information for Newtek-TSO JV:
| Selected Statement of Assets and Liabilities Information | December 31, 2022 | ||||
|---|---|---|---|---|---|
| (Unaudited) | |||||
| Cash | $ | 1,046 | |||
| Restricted cash | 498 | ||||
| Investments in loans, at fair value (amortized cost of $21,038) | 22,449 | ||||
| Other assets | $ | 2,034 | |||
| Total assets | $ | 26,027 | |||
| Bank notes payable | $ | 12,950 | |||
| Other liabilities | 206 | ||||
| Total liabilities | 13,156 | ||||
| Net assets | 12,871 | ||||
| Total net assets | $ | 26,027 | Selected Statements of Operations Information | Year Ended December 31, 2022 | |
| --- | --- | ||||
| (Unaudited) | |||||
| Interest and other income | $ | 101 | |||
| Total expenses | 385 | ||||
| Net investment loss | (284) | ||||
| Unrealized (depreciation) appreciation on investments | — | ||||
| Net decrease in net assets resulting from operations | $ | (284) |
NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS:
Transactions with Affiliated Companies
An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled and non-controlled affiliated companies for the year ended December 31, 2022 were as follows:
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| Portfolio Company | Fair Value at December 31, 2021 | Purchases (Cost) | Principal Received | Net Realized Gains/(Losses) | Net Unrealized Gains/(Losses) | Fair Value at December 31, 2022 | Interest and Other Income | Dividend Income | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Controlled Investments | ||||||||||||||||
| Newtek Merchant Solutions, LLC | $ | 114,500 | $ | 100 | $ | — | $ | — | $ | (5,600) | $ | 109,000 | $ | — | $ | 14,550 |
| Automated Merchant Services, LLC | — | — | — | — | 53 | 53 | — | 720 | ||||||||
| Mobil Money, LLC | 3,900 | — | — | — | 4,350 | 8,250 | — | 400 | ||||||||
| Newtek Technology Solutions, Inc. | 47,225 | 400 | (225) | — | (8,900) | 38,500 | 1,118 | 1,500 | ||||||||
| banc-serv Partners, LLC | — | — | — | — | — | — | — | — | ||||||||
| CDS Business Services, Inc. | 7,300 | 2,600 | (2,600) | — | (1,496) | 5,804 | 1,346 | — | ||||||||
| Small Business Lending, LLC | 4,400 | 3,965 | (400) | — | 2,535 | 10,500 | 174 | — | ||||||||
| Newtek Insurance Agency, LLC | 2,300 | — | — | — | 3,200 | 5,500 | — | — | ||||||||
| PMTWorks Payroll, LLC | 2,000 | 3,275 | (2,685) | — | 1,010 | 3,600 | 328 | — | ||||||||
| Titanium Asset Management LLC | 603 | 822 | (900) | — | (329) | 196 | 426 | — | ||||||||
| POS on Cloud, LLC | 1,300 | 514 | — | — | — | 1,814 | 132 | — | ||||||||
| Excel WebSolutions, LLC | — | 230 | (159) | — | (71) | — | 69 | — | ||||||||
| Newtek Conventional Lending, LLC | 29,464 | 390 | (9,741) | — | (3,526) | 16,587 | — | 2,379 | ||||||||
| Newtek TSO II Conventional Credit Partners, LP | — | 5,762 | — | — | 673 | 6,435 | — | — | ||||||||
| Newtek Business Lending, LLC | 47,406 | 35,140 | (38,968) | — | 32,422 | 76,000 | — | 5,025 | ||||||||
| Total Controlled Investments | $ | 260,398 | $ | 53,198 | $ | (55,678) | $ | — | $ | 24,321 | $ | 282,239 | $ | 3,593 | $ | 24,574 |
| Non-Control Investments | ||||||||||||||||
| EMCAP Loan Holdings, LLC | $ | 1,000 | $ | — | $ | — | $ | — | $ | — | $ | 1,000 | $ | — | $ | 83 |
| Biller Genie Software, LLC | — | 360 | — | — | — | 360 | — | — | ||||||||
| Total Non-Control Investments | $ | 1,000 | $ | 360 | $ | — | $ | — | $ | — | $ | 1,360 | $ | — | $ | 83 |
| Total Affiliate Investments | $ | 261,398 | $ | 53,558 | $ | (55,678) | $ | — | $ | 24,321 | $ | 283,599 | $ | 3,593 | $ | 24,657 |
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Transactions related to our investments with controlled and non-controlled affiliated companies for the year ended December 31, 2021 were as follows:
| Portfolio Company | Fair Value at December 31, 2020 | Purchases (Cost) | Principal Received | Net Realized Gains/(Losses) | Net Unrealized Gains/(Losses) | Fair Value at December 31, 2021 | Interest and Other Income | Dividend Income | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Controlled Investments | ||||||||||||||||
| Newtek Merchant Solutions, LLC | $ | 111,500 | $ | — | $ | — | $ | — | $ | 3,000 | $ | 114,500 | $ | — | $ | 6,000 |
| Mobil Money, LLC | 2,500 | — | — | — | 1,400 | 3,900 | — | — | ||||||||
| Newtek Technology Solutions, Inc. (NTS)1 | 41,796 | 179 | (750) | — | 6,000 | 47,225 | 1,134 | 250 | ||||||||
| banc-serv Partners, LLC | — | — | — | (885) | 885 | — | — | — | ||||||||
| CDS Business Services, Inc. | 5,900 | 10,440 | — | — | (9,040) | 7,300 | 1,026 | — | ||||||||
| Small Business Lending, LLC | 10,050 | — | — | — | (5,650) | 4,400 | 41 | — | ||||||||
| Newtek Insurance Agency, LLC | 2,150 | 1,900 | — | — | (1,750) | 2,300 | 514 | — | ||||||||
| PMTWorks Payroll, LLC | — | 3,250 | — | — | (1,250) | 2,000 | 2,397 | — | ||||||||
| Titanium Asset Management LLC | 655 | — | — | — | (52) | 603 | 5 | — | ||||||||
| POS on Cloud, LLC | 1,050 | 250 | — | — | — | 1,300 | 110 | — | ||||||||
| Newtek Conventional Lending, LLC | 20,028 | 7,901 | — | — | 1,535 | 29,464 | — | 51 | ||||||||
| Advanced Cyber Security Systems, LLC | — | — | — | (381) | 381 | — | — | — | ||||||||
| Newtek Business Lending, LLC | 43,542 | 31,350 | (34,856) | — | 7,370 | 47,406 | — | 3,500 | ||||||||
| Total Controlled Investments | $ | 239,171 | $ | 55,270 | $ | (35,606) | $ | (1,266) | $ | 2,829 | $ | 260,398 | $ | 5,227 | $ | 9,801 |
| Non-Control Investments | ||||||||||||||||
| EMCAP Loan Holdings, LLC | $ | 1,000 | $ | — | $ | — | $ | — | $ | — | $ | 1,000 | $ | — | $ | 95 |
| Total Affiliate Investments | $ | 240,171 | $ | 55,270 | $ | (35,606) | $ | (1,266) | $ | 2,829 | $ | 261,398 | $ | 5,227 | $ | 9,896 |
(1) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The above table reflects the combined fair values, unrealized appreciation and amount of dividends credited to income.
Related Party Transactions
Notes Payable - Related Parties
In June 2015, the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC are $50.0 million. The outstanding balance has an interest rate equal to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2022, the Related Party RLOC interest rate was 6.72%. The Related Party RLOC has a maturity date of November 8, 2023. There was $24.3 million and $11.5 million in outstanding borrowings from NMS at December 31, 2022 and 2021, respectively, under the Related Party RLOC.
For the years ended December 31, 2022, 2021 and 2020, interest expense was $0.5 million, $0.4 million and $0.4 million, respectively.
Expenses Incurred from Controlled Portfolio Companies
The Company incurred expenses from certain controlled portfolio companies including managed technology services from NTS, origination and loan processing fees from various related parties and payroll processing fees from PMT for the years ended December 31, 2022, 2021 and 2020.
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| Year Ended | |||||||
|---|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||
| Managed technology services | $ | 1,484 | $ | 1,451 | $ | 1,754 | |
| Origination and loan processing | 19,140 | 19,227 | 9,886 | ||||
| Loan servicing | — | 46 | 37 | ||||
| Payroll processing fees | 35 | 36 | 34 | ||||
| Total | $ | 20,659 | $ | 20,760 | $ | 11,711 |
The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:
| Year Ended | |||||||
|---|---|---|---|---|---|---|---|
| Portfolio Company | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||
| Newtek Merchant Solutions, LLC | $ | 291 | $ | 251 | $ | 221 | |
| Newtek Technology Solutions, Inc. | 10 | 11 | 11 | ||||
| Small Business Lending, LLC | 380 | 287 | 292 | ||||
| Newtek Insurance Agency, LLC | 54 | 72 | 58 | ||||
| CDS Business Services, Inc. | 71 | 56 | 82 | ||||
| PMTWorks Payroll, LLC | 8 | 17 | 30 | ||||
| Newtek Business Lending, LLC | 8 | 6 | 6 | ||||
| Total | $ | 822 | $ | 700 | $ | 700 |
Amounts due from related parties were $1.3 million and $4.4 million at December 31, 2022 and December 31, 2021, respectively. Amounts due to related parties were $1.2 million and $1.5 million at December 31, 2022 and December 31, 2021, respectively.
Managerial Assistance Fees from Controlled Investments
As a BDC, the Company offered managerial assistance to all portfolio companies and provided managerial assistance to certain controlled portfolio companies for the years ended December 31, 2022, 2021, and 2020. Fees were recorded on a quarterly basis, were recurring in nature, and were charged consistently based on estimates of time and effort spent by certain employees providing managerial services. The table below summarizes amounts charged to each controlled portfolio company, and were recorded as a credit to salaries and benefits in the consolidated statements of operations.
| Year Ended | |||||||
|---|---|---|---|---|---|---|---|
| Portfolio Company | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||
| Newtek Merchant Solutions, LLC | $ | 471 | $ | 450 | $ | 402 | |
| Newtek Technology Solutions, Inc. (NTS)1 | 392 | 465 | 509 | ||||
| PMTWorks Payroll, LLC | 111 | 89 | 105 | ||||
| Newtek Insurance Agency, LLC | 164 | 129 | 127 | ||||
| Newtek Conventional Lending, LLC | 32 | 10 | — | ||||
| POS on Cloud, LLC | 4 | — | — | ||||
| CDS Business Services, Inc. | 307 | 211 | 123 | ||||
| International Professional Marketing, Inc. (IPM)1 | — | — | 91 | ||||
| SIDCO, LLC1 | — | — | 96 | ||||
| Mobil Money, LLC | 85 | 108 | 121 | ||||
| Newtek Business Lending, LLC | 232 | 161 | 135 | ||||
| Small Business Lending, LLC | 572 | 516 | 507 | ||||
| Total | $ | 2,370 | $ | 2,139 | $ | 2,216 |
(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. Managerial assistance fees for 2021 for IPM and SIDCO are included within NTS. Managerial assistance fees for 2022 for SIDCO are included within NTS.
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Purchase and Sale of Loans with Related Parties
In September 2020, the Company purchased one loan purchased from NBL, a wholly-owned controlled portfolio company. The Company was not affiliated with the borrower of the loan. In November 2021, the Company sold the loan to NCL at par. During the year ended December 31, 2022, the Company earned no interest income on non-control investments attributable to interest on the loan. During the years ended December 31, 2021 and 2020, the Company earned $0.4 million, and $0.4 million respectively in interest income on non-control investments attributable to interest on the loan.
Other Transactions with Related Parties
The nephew of the Chief Executive Officer of the Company is employed by one of the Company’s controlled portfolio companies and earned annual compensation in excess of $125,000 during 2022, 2021 and 2020.
NOTE 5—SERVICING ASSETS:
Servicing assets were measured at fair value for the years ended December 31, 2022 and 2021. The Company earned servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells.
The following tables summarizes the fair value and valuation assumptions related to servicing assets at December 31, 2022 and December 31, 2021:
| Servicing Assets | Weighted | Range | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Date | Fair Value | Unobservable Input | Average | Minimum | Maximum | ||||
| December 31, 2022 | $ | 30,268 | Discount factor1 | 16.50 | % | 16.50 | % | 16.50 | % |
| Cumulative prepayment rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| December 31, 2021 | $ | 28,008 | Discount factor1 | 12.60 | % | 12.60 | % | 12.60 | % |
| Cumulative prepayment rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % |
(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the years ended December 31, 2022, 2021, and 2020 was $13.7 million, $11.3 million, and $11.2 million, respectively.
NOTE 6—FAIR VALUE MEASUREMENTS:
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. For the years ended December 31, 2022 and 2021, in determining fair value, management used various valuation approaches, all of which were approved by the Company’s Board. In accordance with GAAP, a fair value hierarchy for inputs was used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
The fair value hierarchy gave the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gave the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy were as follows:
Level 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.
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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 have fallen into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy was based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety required judgment, and considered factors specific to the asset or liability. The Company assessed the levels of assets and liabilities at each measurement date. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the years ended December 31, 2022 or 2021.
Level 1 investments were valued using quoted market prices. Level 2 investments were valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities.
For certain investments, the Company generally calculated the fair value of the investment primarily based on the net asset NAV of the entity and adjusted the fair value for other factors that would affect the fair value of the investment. The Company used this valuation approach for its investment in NCL and Newtek-TSO JV.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that did not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments were generally subject to legal and other restrictions or otherwise were less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may have realized significantly less than the value at which such investment had previously been recorded.
The Company’s investments were subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments were traded. In addition, the ongoing COVID-19 pandemic, recent changes in inflation and base interest rates, supply chain disruptions, significant market volatility, risk of recession, the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, United Kingdom, the European Union and China could have further negatively impacted the fair value of the Company’s investments after December 31, 2022, in addition to other circumstances and events that are not yet known.
In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company complied with all applicable components of Rule 2a-5 by the compliance date in September 2022 for the year ended December 31, 2022.
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The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of December 31, 2022 and December 31, 2021:
| Fair Value Measurements at December 31, 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total | Level 1 | Level 2 | Level 3 | |||||
| Assets: | ||||||||
| SBA unguaranteed non-affiliate investments | $ | 505,268 | $ | — | $ | — | $ | 505,268 |
| SBA guaranteed non-affiliate investments | 19,171 | — | 19,171 | — | ||||
| Controlled investments | 259,217 | — | — | 259,217 | ||||
| Other real estate owned1 | 3,529 | — | — | 3,529 | ||||
| Non-control investments | 1,360 | — | — | 1,360 | ||||
| Servicing assets | 30,268 | — | — | 30,268 | ||||
| Controlled investments measured at NAV2 | 23,022 | — | — | — | ||||
| Total assets | $ | 841,835 | $ | — | $ | 19,171 | $ | 799,642 |
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities.
(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
The change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at December 31, 2022 included $20.0 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $27.2 million in unrealized appreciation on controlled investments and $10.1 million in unrealized depreciation on servicing assets.
| Fair Value Measurements at December 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total | Level 1 | Level 2 | Level 3 | |||||
| Assets: | ||||||||
| SBA unguaranteed non-affiliate investments | $ | 424,417 | $ | — | $ | — | $ | 424,417 |
| SBA guaranteed non-affiliate investments | 72,970 | — | 72,970 | — | ||||
| Controlled investments | 230,934 | — | — | 230,934 | ||||
| Other real estate owned1 | 2,354 | — | — | 2,354 | ||||
| Non-control investments | 1,000 | — | — | 1,000 | ||||
| Servicing assets | 28,008 | — | — | 28,008 | ||||
| Controlled investments measured at NAV2 | 29,464 | — | — | — | ||||
| Total assets | $ | 789,147 | $ | — | $ | 72,970 | $ | 686,713 |
| Liabilities: | ||||||||
| Derivative instruments3 | $ | 183 | $ | — | $ | 183 | $ | — |
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities.
(2) The Company’s investment in NCL was measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
(3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
The change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at December 31, 2021 included $5.1 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $1.3 million in unrealized depreciation on controlled investments and $6.8 million in unrealized depreciation on servicing assets.
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The following tables represents the changes in investments and servicing assets measured at fair value using Level 3 inputs for the years ended December 31, 2022 and 2021:
| Year Ended December 31, 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Investments | Controlled Investments | Servicing Assets | Non-Control Investments | Other Real Estate Owned1 | ||||||
| Fair value, December 31, 2021 | $ | 424,417 | $ | 230,935 | $ | 28,008 | $ | 1,000 | $ | 2,354 |
| Net change in unrealized appreciation (depreciation) on investments | (19,972) | 27,174 | — | — | (402) | |||||
| Change in net unrealized depreciation on servicing assets due to changes in valuation inputs or assumptions | — | — | (2,129) | — | — | |||||
| Change in net unrealized depreciation on servicing assets due to factors other than changes in valuation inputs or assumptions | — | — | (7,966) | — | — | |||||
| Realized loss | (16,629) | — | — | — | (353) | |||||
| SBA unguaranteed non-affiliate investments, funded | 189,769 | — | — | — | — | |||||
| Foreclosed real estate acquired | (3,466) | — | — | — | 3,466 | |||||
| Purchase of investments | — | 47,046 | — | 360 | — | |||||
| Sale of investment | — | — | — | — | (1,536) | |||||
| Return of investment | — | (38,968) | — | — | — | |||||
| Principal payments received on debt investments | (71,255) | (6,970) | — | — | — | |||||
| Additions to servicing assets | — | — | 12,355 | — | — | |||||
| Fair value, December 31, 2022 | $ | 505,268 | $ | 259,217 | $ | 30,268 | $ | 1,360 | $ | 3,529 |
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities.
| Year Ended December 31, 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBA Unguaranteed Investments | Controlled Investments | Servicing Assets | Non-Control Investments | Other Real Estate Owned1 | ||||||
| Fair value, December 31, 2020 | $ | 407,748 | $ | 219,143 | $ | 26,061 | $ | 6,447 | $ | 2,717 |
| Net change in unrealized appreciation (depreciation) on investments | 5,097 | 1,295 | — | — | (198) | |||||
| Change in net unrealized appreciation on servicing assets due to changes in valuation inputs or assumptions | — | — | (2,375) | — | — | |||||
| Change in net unrealized depreciation on servicing assets due to factors other than changes in valuation inputs or adjustments | — | — | (4,403) | — | — | |||||
| Realized loss | (10,371) | (1,266) | — | — | (424) | |||||
| SBA unguaranteed non-affiliate investments, funded | 85,191 | — | — | — | — | |||||
| Foreclosed real estate acquired | (2,171) | — | — | — | 2,171 | |||||
| Purchase of investments | — | 47,369 | — | — | — | |||||
| Purchase of loans from SBA | 6,945 | — | — | — | — | |||||
| Sale of investment | — | — | — | (5,394) | (1,912) | |||||
| Return of investment | — | (34,856) | — | — | — | |||||
| Principal payments received on debt investments | (68,023) | (750) | — | (54) | — | |||||
| Additions to servicing assets | — | — | 8,725 | — | — | |||||
| Fair value, December 31, 2021 | $ | 424,417 | $ | 230,935 | $ | 28,008 | $ | 1,000 | $ | 2,354 |
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities.
The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of December 31, 2022 and December 31, 2021. In addition to the inputs noted in the table below, according to our valuation policy we may also have used other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at December 31, 2022 and December 31, 2021.
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| Fair Value as of | Weighted | Range | |||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31, 2022 | Unobservable Input | Average1 | Minimum | Maximum | |||||
| Assets: | |||||||||
| SBA unguaranteed non-affiliate investments - accrual loans | $ | 470,835 | Market yields | 7.90 | % | 7.90 | % | 7.90 | % |
| Cumulative prepayment rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| SBA unguaranteed non-affiliate investments - non-accrual loans | $ | 34,433 | Market yields | 8.87 | % | 8.87 | % | 8.87 | % |
| Average cumulative default rate | 30.00 | % | 30.00 | % | 30.00 | % | |||
| Controlled equity investments1 | $ | 241,113 | EBITDA multiples-TTM2 | 8.0x | 7.50x | 8.50x | |||
| EBITDA multiples-NTM2 | 6.9x | 6.00x | 7.50x | ||||||
| Revenue multiples2 | 2.46x | 0.80x | 3.20x | ||||||
| Book value multiples2 | 1.00x | 0.80x | 1.20x | ||||||
| Weighted average cost of capital2 | 13.20 | % | 11.50 | % | 23.60 | % | |||
| Controlled debt investments | $ | 18,104 | Market yields | 10.00 | % | 10.00 | % | 10.00 | % |
| Non-control equity investments | $ | 1,000 | Market yields | 10.00 | % | 8.00 | % | 12.00 | % |
| $ | 360 | Recent transaction | N/A | N/A | N/A | ||||
| Servicing assets | $ | 30,268 | Market yields | 16.50 | % | 16.50 | % | 16.50 | % |
| Cumulative prepayment rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Other real estate owned | $ | 3,529 | Appraised value | N/A | N/A | N/A |
(1) Weighted by relative fair value.
(2) The Company valued $145.6 million of equity investments using a combination of EBITDA, both trailing twelve months (“TTM”) and next twelve months (“NTM”), revenue, book value, and earnings multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $95.3 million of investments using only discounted cash flows.
| Fair Value as of | Weighted | Range | |||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31, 2021 | Unobservable Input | Average1 | Minimum | Maximum | |||||
| Assets: | |||||||||
| SBA unguaranteed non-affiliate investments - accrual loans | $ | 393,910 | Market yields | 4.50 | % | 4.50 | % | 4.50 | % |
| Cumulative prepayment rate | 22.00 | % | 22.00 | % | 22.00 | % | |||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| SBA unguaranteed non-affiliate investments - non-accrual loans | $ | 30,507 | Market yields | 4.85 | % | 4.85 | % | 4.85 | % |
| Average cumulative default rate | 30.00 | % | 30.00 | % | 30.00 | % | |||
| Controlled equity investments1 | $ | 208,106 | EBITDA multiples-TTM2 | 8.30x | 7.50x | 9.00x | |||
| EBITDA multiples-NTM2 | 7.50x | 6.30x | 8.25x | ||||||
| Revenue multiples2 | 2.67x | 1.10x | 3.50x | ||||||
| Weighted average cost of capital2 | 12.34 | % | 11.00 | % | 18.50 | % | |||
| Controlled debt investments | $ | 22,828 | Market yields | 8.52 | % | 3.80 | % | 12.00 | % |
| Non-control equity investments | $ | 1,000 | Market yields | 9.50 | % | 8.00 | % | 12.00 | % |
| Servicing assets | $ | 28,008 | Market yields | 12.60 | % | 12.60 | % | 12.60 | % |
| Cumulative prepayment rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | |||
| Other real estate owned | $ | 2,354 | Appraised value | N/A | N/A | N/A |
(1) Weighted by relative fair value.
(2) The Company valued $152.8 million of equity investments using a combination of EBITDA, both training twelve months (“TTM”) and next twelve months (“NTM”), and revenue multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $55.3 million of investments using only discounted cash flows.
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NOTE 7—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES:
The following table details the components of accounts payable, accrued expenses and other liabilities at December 31, 2022 and December 31, 2021:
| December 31, 2022 | December 31, 2021 | |||
|---|---|---|---|---|
| Loan related remittances due to SBA | $ | 70 | $ | 80 |
| Accrued payroll and related expenses | 3,051 | 2,851 | ||
| Accrued interest | 2,846 | 1,869 | ||
| Loan processing, servicing and other loan related expenses | 2,059 | 3,052 | ||
| Other | 12,187 | 3,083 | ||
| Total accounts payable, accrued expenses and other liabilities | $ | 20,213 | 10,935 |
NOTE 8—BORROWINGS:
At December 31, 2022 and December 31, 2021, the Company had borrowings comprised of the following:
| December 31, 2022 | December 31, 2021 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Commitments | Borrowings Outstanding | Weighted Average Interest Rate | Commitments | Borrowings Outstanding | Weighted Average Interest Rate | |||||||
| Capital One line of credit - guaranteed1 | $ | 150,000 | $ | 10,500 | 6.75 | % | $ | 150,000 | $ | 50,000 | 2.50 | % |
| Capital One line of credit - unguaranteed1 | — | 45,385 | 7.75 | % | — | — | 3.50 | % | ||||
| 2024 Notes | 38,250 | 37,903 | 5.75 | % | 38,250 | 37,679 | 5.75 | % | ||||
| 2025 6.85% Notes2 | — | — | — | 15,000 | 14,545 | 6.85 | % | |||||
| 2025 5.00% Notes2 | 30,000 | 29,306 | 5.00 | % | — | — | — | |||||
| 2026 Notes | 115,000 | 112,846 | 5.50 | % | 115,000 | 112,128 | 5.50 | % | ||||
| Notes payable - related parties | 50,000 | 24,250 | 6.72 | % | 50,000 | 11,450 | 2.60 | % | ||||
| Notes payable - Securitization Trusts | 283,143 | 279,136 | 6.19 | % | 249,750 | 246,250 | 2.05 | % | ||||
| Total | $ | 666,393 | $ | 539,326 | 6.11 | % | $ | 618,000 | $ | 472,052 | 3.38 | % |
(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at December 31, 2022 and December 31, 2021.
(2) On March 31, 2022, the Company completed a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended of $15.0 million aggregate principal amount of its 2025 5.00% Notes to a single purchaser and caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the 2025 6.85% Notes on May 2, 2022. The Company also issued an addition $15.0 million in aggregate principal amount of 2025 5.00% Notes to the purchaser on May 2, 2022.
On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. As of December 31, 2022, our asset coverage was 169%.
Outstanding borrowings under the 2024 Notes, 2025 Notes, 2026 Notes, and Notes payable - Securitization Trusts consisted of the following:
| December 31, 2022 | December 31, 2021 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 Notes | 2025 5.00% Notes | 2026 Notes | Notes Payable- Securitization Trusts | 2024 Notes | 2025 6.85% Notes | 2026 Notes | Notes Payable- Securitization Trusts | |||||||||
| Principal balance | $ | 38,250 | $ | 30,000 | $ | 115,000 | $ | 283,143 | $ | 38,250 | $ | 15,000 | $ | 115,000 | $ | 249,750 |
| Unamortized deferred financing costs | (347) | (694) | (2,154) | (4,007) | (571) | (455) | (2,872) | (3,500) | ||||||||
| Net carrying amount | $ | 37,903 | $ | 29,306 | $ | 112,846 | $ | 279,136 | $ | 37,679 | $ | 14,545 | $ | 112,128 | $ | 246,250 |
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At December 31, 2022 and December 31, 2021, the carrying amount of the Company’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates.
The fair values of the fixed rate 2026 Notes and 2024 Notes are based on the closing public share price on the date of measurement. On December 31, 2022, the closing price of the 2026 Notes was $24.83 per note, or $114.2 million. On December 31, 2021, the closing price of the 2026 Notes was $25.77 per note, or $118.5 million. On December 31, 2022, the closing price of the 2024 Notes was $24.80 per note, or $37.9 million. On December 31, 2021, the closing price of the 2024 Notes was $25.40 per note, or $38.9 million. These borrowings are not recorded at fair value on a recurring basis. The fixed rate 2025 Notes are held at par as of December 31, 2022 and December 31, 2021.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the year ended December 31, 2022, 2021, and 2020 was $26.3 million, $20.5 million and $17.9 million, respectively.
Capital One Facilities
In May 2017, NSBF amended its Capital One facility to increase the facility from $50.0 million to $100.0 million and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100.0 million to $150.0 million. In May 2020, the facility was amended to extend both the maturity date and date on which the facility will convert to a term loan by a period of three years. On May 7, 2020, NSBF amended its existing line of credit with Capital One to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025. On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022.
At December 31, 2022, there was $10.5 million and $45.4 million outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2022, NSBF was in full compliance with all applicable loan covenants.
For the years ended December 31, 2022, 2021 and 2020, interest expense including amortization of related deferred financing costs was $4.0 million, $1.5 million and $1.4 million, respectively.
2026 Notes
In January 2021, the Company closed a public offering of $115.0 million aggregate principal amount of 5.50% Notes due 2026, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2021, and trade on the Nasdaq Global Market under the trading symbol “NEWTZ.”
For the years ended December 31, 2022 and 2021, interest expense including amortization of related deferred financing costs was $7.0 million and $6.7 million, respectively. No interest expense was incurred during the year ended December 31, 2020.
2025 Notes
On November 27, 2020, the Company closed an exempt offering of $5.0 million in aggregate principal amount of its 2025 6.85% Notes. The offering was consummated pursuant to the terms of a purchase agreement dated November 27, 2020 among the Company and an accredited investor. The purchase agreement provided for the 2025 6.85% Notes to be issued to the Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The 2025 6.85% Notes were scheduled to mature on November 30, 2025 and could be redeemed in whole or in part at any time. The 2025 6.85% Notes bear interest at a rate of 6.85% per year payable quarterly on February 28, May 31, August 31 and November 30, of each year, beginning February 28, 2021. Total net proceeds received after deducting structuring fees and
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estimated offering expenses was $4.8 million. The Company exercised its option to issue up to $10.0 million of additional 2025 6.85% Notes to the purchaser, and issued $10.0 million in additional 2025 6.85% Notes to the purchaser in an exempt offering in January 2021.
On March 31, 2022, the Company caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the Notes on May 2, 2022. The Notes were redeemed on May 2, 2022 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, May 2, 2022.
For the year ended December 31, 2022, 2021 and 2020, interest expense including amortization of related deferred financing costs was $0.4 million, $1.13 million and $0.04 million, respectively.
On January 23, 2023 we completed an exempt offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. Refer to NOTE 20—SUBSEQUENT EVENTS.
2024 Notes
On July 25, 2019, the Company closed a public offering of $55.0 million in aggregate principal amount of its 2024 Notes. The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after August 1, 2021. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on August 1, November 1, February 1 and May 1, of each year, beginning November 1, 2019. Total net proceeds received after deducting underwriters’ discount and expenses was $53.3 million. The 2024 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTL” and were rated “A-“ by Egan-Jones. A portion of the proceeds were used to redeem the outstanding 2022 Notes. In August 2019, the underwriters exercised their option to purchase an additional $8.25 million in aggregate principal amount of the 2024 Notes resulting in an additional $8.0 million in net proceeds. As a result of the redemption of the 2022 Notes, the Company recorded a $0.25 million loss on extinguishment of debt during the year ended December 31, 2019, equivalent to the balance of unamortized deferred financing costs as of the redemption date.
On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes.
On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million in aggregate principal amount of the Notes on the redemption date of December 29, 2021 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021, through, but excluding, the redemption date. As a result of the partial redemption of the 2024 Notes, the Company recorded a $0.6 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the redeemed portion of the remaining balance of unamortized deferred financing costs as of the redemption date.
For the years ended December 31, 2022, 2021, and 2020 interest expense including amortization of related deferred financing costs was $2.4 million, $4.7 million, and $4.1 million, respectively.
2023 Notes
On February 21, 2018, the Company closed a public offering of $50.0 million in aggregate principal amount of its 2023 Notes. In February 2018, the underwriters exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 2023 Notes. Total net proceeds received after deducting underwriters’ discount and expenses was $55.2 million. The 2023 Notes were listed on the Nasdaq Global Market under the trading symbol “NEWTI.” A portion of the proceeds were used to redeem the outstanding 2021 Notes. The 2023 Notes were scheduled to mature on March 1, 2023 and could be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after March 1, 2020. The 2023 Notes bore interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1 and December 1, of each year, beginning June 1, 2018.
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On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date of February 22, 2021, at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date. As a result of the redemption of the 2023 Notes, the Company recorded a $1.0 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the balance of unamortized deferred financing costs as of the redemption date.
No interest expense was incurred during the year ended December 31, 2022. For the years ended December 31, 2021 and 2020 interest expense including amortization of related deferred financing costs was $0.5 million, and $4.1 million, respectively.
Notes Payable - Securitization Trusts
Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities.
In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56.1 million of unguaranteed portions of SBA loans to the 2016-1 Trust. The 2016-1 Trust in turn issued securitization notes for the par amount of $53.4 million, consisting of $43.6 million Class A notes and $9.8 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. In December 2021, the 2016-1 Trust was terminated as a result of NSBF purchasing the 2016-1 Trust assets, with the 2016-1 Trust’s noteholders receiving the redemption price.
In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76.2 million of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75.4 million, consisting of $58.1 million Class A notes and $17.3 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively.
In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108.6 million of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108.6 million, consisting of $82.9 million Class A notes and $25.7 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044.
In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118.9 million of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118.9 million, consisting of $93.5 million of Class A notes and $25.4 million Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at a rate of LIBOR plus 1.83% across both classes.
In December 2021, NSBF completed its eleventh securitization which resulted in the transfer of $103.4 million of unguaranteed portions of SBA loans to the 2021-1 Trust, The 2021-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $79.7 million of Class A notes and $23.8 million Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at a rate of LIBOR plus 1.92% across both classes.
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In September 2022, NSBF completed its twelfth securitization which resulted in the transfer of $116.2 million of unguaranteed portions of SBA loans to the 2022-1 Trust. The 2022-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $95.4 million of Class A notes and $20.8 million Class B notes, against the 2022-1 Trust assets in a private placement. The Class A and Class B notes received an “A-” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is October 2049. The Class A and Class B notes bear interest at an average rate of 30-day average compounded SOFR plus 2.97% across both classes.
For the years ended December 31, 2022, 2021 and 2020, interest expense including amortization of related deferred financing costs and discount was $10.6 million, $5.5 million, and $7.9 million, respectively.
At December 31, 2022 and 2021, the assets of the consolidated Trusts totaled $14.1 million and $18.4 million, respectively. The liabilities of the consolidated Trusts totaled $283.1 million and $249.7 million, respectively.
Note Payable - Related Parties
In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC are $50.0 million. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.
At December 31, 2022, the Related Party RLOC interest rate was 6.72%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at December 31, 2022 and 2021 under the Related Party RLOC were $24.3 million and $11.5 million, respectively.
For the years ended December 31, 2022, 2021 and 2020, interest expense was $0.5 million, $0.4 million and $0.4 million, respectively.
Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows:
| December 31, | Borrowings | |
|---|---|---|
| 2023 | $ | 80,135 |
| 2024 | 38,250 | |
| 2025 | 30,000 | |
| 2026 | 115,000 | |
| 2027 | — | |
| Thereafter | 283,143 | |
| $ | 546,528 |
NOTE 9—DERIVATIVE INSTRUMENTS:
The Company historically used derivative instruments primarily to economically manage the fair value variability of certain fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2022 and December 31, 2021:
| December 31, 2022 | December 31, 2021 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value | Remaining | Fair Value | Remaining | ||||||||||
| Contract Type | Notional | Asset1 | Liability1 | Maturity (years) | Notional | Asset1 | Liability1 | Maturity (years) | |||||
| 5-year Swap Futures | $ | — | $ | — | $ | — | — | $ | 43,247 | — | $ | 183 | 0.25 |
(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.
The following table indicated the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in the consolidated statements of operations for the years ended December 31, 2022 and 2021:
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| Year Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2022 | December 31, 2021 | |||||||||
| Contract Type | Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | ||||||
| 5-year Swap Futures | $ | 183 | $ | 445 | $ | (183) | $ | 590 |
Collateral posted with our futures counterparty is segregated in the Company’s books and records. Historically, the Company’s counterparty held cash margin as collateral for derivatives, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.
NOTE 10—COMMITMENTS AND CONTINGENCIES:
Operating and Employment Commitments
The Company leases office space and other office equipment in several states under operating lease agreements which expire at various dates through 2027. Those office space leases which are for more than one year generally contain scheduled rent increases or escalation clauses.
The following summarizes the Company’s obligations and commitments, as of December 31, 2022 for future minimum cash payments required under operating lease and employment agreements:
| Year | Operating Leases | Employment Agreements1 | Total | |||
|---|---|---|---|---|---|---|
| 2023 | $ | 2,045 | $ | 417 | $ | 2,462 |
| 2024 | 2,099 | — | 2,099 | |||
| 2025 | 2,155 | — | 2,155 | |||
| 2026 | 2,035 | — | 2,035 | |||
| 2027 | 479 | — | 479 | |||
| Total | $ | 8,813 | $ | 417 | $ | 9,230 |
(1) Employment agreements with certain of the Company’s named executive officers
Legal Matters
In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit.
For example, the Company closed on its $5.4 million investment in BSP in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 million by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Holdco 5 obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. Holdco 5 has not recorded any gain contingency relating to this litigation.
As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
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Guarantees
The Company is a guarantor on the Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $12.0 million and will be reduced until the facility matures in May 2023. At December 31, 2022, total principal owed by NBC was $10.2 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL Capital One Facility. Maximum borrowings under the NBL Facility are $60.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lender’s commitments terminate in November 2024, with all amounts due under the NBL Facility maturing in November 2025. At December 31, 2022, total principal owed by NBL was $22.6 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL Deutsche Bank Facility. Maximum borrowings under the NBL Deutsche Bank Facility are $50.0 million. The Deutsche Bank Facility matures in November 2024. At December 31, 2022, there was zero balance of total principal owed by NBL. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL One Florida Bank Facility. Maximum borrowings under the NBL One Florida Bank Facility are $20.0 million. The Deutsche Bank Facility matures in September 2024. At December 31, 2022, total principal owed by NBL was $19.9 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $54.9 million. The Webster Facility matures in November 2027. At December 31, 2022, total principal outstanding was $39.9 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.
Unfunded Commitments
At December 31, 2022, the Company had $10.4 million of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.
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NOTE 11—FINANCIAL HIGHLIGHTS:
The financial highlights for the Company are as follows:
| Year Ended December 31, | Period Ended | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 12/31/20147 | |||||||||||||||||||
| Per share data¹ | |||||||||||||||||||||||||||
| Net asset value at beginning of period | $ | 16.72 | $ | 15.45 | $ | 15.70 | $ | 15.19 | $ | 15.08 | $ | 14.30 | $ | 14.06 | $ | 16.31 | $ | 13.49 | |||||||||
| Net investment income (loss) | (0.27) | 1.13 | 1.51 | (0.29) | (0.40) | (0.45) | (0.64) | (0.57) | (0.33) | ||||||||||||||||||
| Net realized gain on investments | 2.36 | 2.27 | 0.54 | 2.61 | 2.31 | 2.27 | 2.17 | 3.14 | 0.08 | ||||||||||||||||||
| Net realized gain (loss) on derivative transactions | 0.02 | 0.03 | — | — | — | — | — | — | — | ||||||||||||||||||
| Net unrealized appreciation (depreciation) on investments | (0.09) | 0.63 | (0.44) | 0.24 | 0.36 | 0.75 | 0.85 | 0.94 | 0.36 | ||||||||||||||||||
| Net unrealized depreciation on servicing assets | (0.42) | (0.30) | (0.07) | (0.27) | (0.30) | (0.20) | (0.16) | (0.13) | (0.02) | ||||||||||||||||||
| Net unrealized appreciation (depreciation) on derivative transactions | 0.01 | (0.01) | — | — | — | — | — | — | — | ||||||||||||||||||
| Change in deferred taxes | (0.27) | (0.06) | 0.05 | (0.16) | (0.06) | (0.12) | (0.34) | (0.06) | — | ||||||||||||||||||
| Net increase in net assets resulting from operations | 1.34 | 3.69 | 1.59 | 2.13 | 1.91 | 2.25 | 1.88 | 3.32 | 0.09 | ||||||||||||||||||
| Distributions to common stockholders | (2.75) | (3.15) | (2.05) | (2.15) | (1.80) | (1.64) | (1.53) | (4.45) | — | ||||||||||||||||||
| Stock-based compensation expense | 0.10 | 0.09 | 0.03 | 0.03 | 0.02 | 0.05 | 0.04 | — | — | ||||||||||||||||||
| Consolidation of Exponential Business Development Co., Inc. | — | — | — | — | — | — | (0.03) | — | — | ||||||||||||||||||
| Accretive effect of stock offerings (issuing shares above NAV per share) | 0.02 | 0.79 | 0.20 | 0.51 | 0.04 | 0.02 | — | 2.43 | 2.73 | ||||||||||||||||||
| Deferred tax asset reversal | — | — | — | — | — | — | — | (0.19) | — | ||||||||||||||||||
| Out of period adjustment related to BDC conversion | — | — | — | — | — | — | — | (0.06) | — | ||||||||||||||||||
| Exponential of NY LLC distributions to members | — | — | — | — | — | — | — | (0.25) | — | ||||||||||||||||||
| Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share) | 0.01 | 0.03 | — | 0.01 | 0.01 | 0.01 | — | — | — | ||||||||||||||||||
| Dilutive effect of purchase of vested stock for employee payroll tax withholding (purchase of shares above NAV) | (0.01) | (0.03) | — | — | — | — | — | — | — | ||||||||||||||||||
| Dilutive effect of restricted stock awards | (0.18) | (0.16) | (0.01) | (0.01) | (0.08) | — | (0.11) | (3.07) | — | ||||||||||||||||||
| Other⁴ | — | 0.01 | (0.01) | (0.01) | 0.01 | 0.09 | (0.01) | 0.02 | — | ||||||||||||||||||
| Net asset value at end of period | $ | 15.25 | $ | 16.72 | $ | 15.45 | $ | 15.70 | $ | 15.19 | $ | 15.08 | $ | 14.30 | $ | 14.06 | $ | 16.31 | |||||||||
| Per share market value at end of period | $ | 16.25 | $ | 27.63 | $ | 19.69 | $ | 22.65 | $ | 17.44 | $ | 18.49 | $ | 15.90 | $ | 14.32 | $ | 14.76 | |||||||||
| Total return based on market value² | (30.71) | % | 57.31 | % | (2.12) | % | 17.55 | % | 4.06 | % | 26.60 | % | 24.51 | % | 24.46 | % | 13.10 | % | |||||||||
| Total return based on average net asset value³ | 7.66 | % | 28.61 | % | 11.46 | % | 17.48 | % | 12.67 | % | 16.92 | % | 12.59 | % | 13.52 | % | 20.87 | % | |||||||||
| Shares outstanding at end of period (in thousands) | 24,609 | 24,159 | 21,970 | 20,530 | 18,919 | 18,457 | 14,624 | 14,509 | 10,206 |
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| Year Ended December 31, | Period Ended | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 12/31/20147 | |||||||||||||||||||
| Ratios/Supplemental Data: | |||||||||||||||||||||||||||
| Net assets at end of period | $ | 375,358 | $ | 403,887 | $ | 339,353 | $ | 322,226 | $ | 287,445 | $ | 278,329 | $ | 209,094 | $ | 203,949 | $ | 166,418 | |||||||||
| Ratio of expenses to average net assets | 23.60 | % | 22.44 | % | 18.64 | % | 21.29 | % | 20.15 | % | 19.20 | % | 19.48 | % | 17.42 | % | 20.46 | % | |||||||||
| Ratio of net investment income (loss) to average net assets | (1.54) | % | 7.38 | % | 9.9 | % | (1.84) | % | (2.65) | % | (3.23) | % | (4.48) | % | (3.34) | % | (11.99) | % | |||||||||
| Portfolio turnover6 | 95.78 | % | 173.92 | % | 206.49 | % | 130.71 | % | 130.41 | % | 116.40 | % | 109.60 | % | 103.50 | % | 5.08 | % | |||||||||
| Average debt outstanding | $ | 512,687 | $ | 472,121 | $ | 406,005 | $ | 388,525 | $ | 279,254 | $ | 193,747 | $ | 151,502 | $ | 128,680 | $ | 108,483 | |||||||||
| Average debt outstanding per share | $ | 20.83 | $ | 19.54 | $ | 18.48 | $ | 18.92 | $ | 14.76 | $ | 10.50 | $ | 10.36 | $ | 8.87 | $ | 10.63 | |||||||||
| Asset coverage ratio⁵ | 169 | % | 184 | % | 174 | % | 173 | % | 185 | % | 229 | % | 222 | % | 249 | % | 223 | % | |||||||||
| Senior securities outstanding | $ | 546,528 | $ | 479,451 | $ | 457,931 | $ | 439,550 | $ | 337,501 | $ | 221,007 | $ | 176,019 | $ | 134,816 | $ | 122,543 |
(1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2) Total return based on market value is calculated based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported and assumes reinvestment of dividends at prices obtained by the Company's DRIP plan during the period. The return does not reflect any sales load that may be paid by an investor.
(3) Total return based on change in NAV is calculated using the change in net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(4) Includes the impact of the different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(5) Calculated based on the amount of senior securities outstanding at period end.
(6) Portfolio turnover is calculated by dividing (a) the lesser of purchases or sales of portfolio securities by (b) the average total investments at fair value. The calculation includes PPP loan activity in 2021 and 2020.
(7) The Company converted to a BDC on November 12, 2014 and therefore a partial period is shown through December 31, 2014.
NOTE 12—STOCK BASED COMPENSATION:
Stock Plan
The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.
The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of December 31, 2022.
| Restricted Stock authorized under the plan1 | 1,500,000 |
|---|---|
| Less net restricted stock (granted)/forfeited during: | |
| Year ended December 31, 2016 | (120,933) |
| Year ended December 31, 2017 | (5,007) |
| Year ended December 31, 2018 | (93,568) |
| Year ended December 31, 2019 | (6,285) |
| Year ended December 31, 2020 | 2,639 |
| Year ended December 31, 2021 | (214,654) |
| Year ended December 31, 2022 | (250,622) |
| Restricted stock available for issuance as of December 31, 2022 | 811,570 |
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(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3.0 million shares, are available for awards of restricted stock and stock options under the Equity Incentive Plan. No more than 50% of the shares of stock reserved for the grant of awards under the Equity Incentive Plan may be restricted stock awards at any time during the term of the Equity Incentive Plan. No stock options have been granted under the Equity Incentive Plan.
As of December 31, 2022, there was $5.8 million of total unrecognized compensation expense related to unvested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of approximately 2.2 years as of December 31, 2022.
For the years ended December 31, 2022, 2021, and 2020, the Company recognized total stock-based compensation expense of $2.5 million, $2.1 million, and $0.6 million, respectively.
NOTE 13—COMMON STOCK:
Stock Repurchase Program
On June 21, 2022, the Company's Board of Directors approved a repurchase program under which the Company may repurchase up to 500,000 shares of the Company’s common stock, par value $0.02 per share, through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940 and the Securities Exchange Act of 1934, as amended. The repurchase program terminated on December 21, 2022. The Company has not repurchased any common shares under the repurchase program during the years ended December 31, 2022 and 2021.
2020 ATM Program
On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provided that the Company may offer and sell up to 6,400,000 shares of common stock from time to time through the placement agents. As of March 14, 2023, there were 3,330,246 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement, as amended.
The following table summarizes the total shares sold and net proceeds received under the 2020 ATM Equity Distribution Agreement:
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
|---|---|---|---|---|---|---|
| Shares sold | 107 | 1,940 | 1,023 | |||
| Net weighted average price per share | $ | 19.12 | $ | 25.91 | $ | 17.95 |
| Net proceeds | $ | 2,054 | $ | 50,261 | $ | 18,334 |
The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.
The Company does not currently have an effective shelf registration statement in place and therefore, the ATM program has been suspended as of January 6, 2023 however on January 27, 2023 the Company submitted a Form S-3 with the SEC in order to commence the process of re-establishing an effective shelf registration statement and intends to seek effectiveness of such registration statement upon completion of the SEC review process.
2019 ATM Program
On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. On February 28, 2020, the Company amended the 2019 ATM Equity Distribution Agreement to add UBS Securities LLC as a placement agent. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. As of June 24, 2020, the Company had sold 1,716,517 shares of its common stock under the Amended 2019 ATM Equity Distribution Agreement, and received net proceeds of $37.6 million. The Company paid the ATM placement agents a total of $0.8 million in compensation under the Amended 2019 ATM Equity Distribution Agreement.
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The following table summarizes the total shares sold and net proceeds received under the Amended 2019 ATM Equity Distribution Agreement:
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
|---|---|---|---|---|---|---|
| Shares sold | — | — | 359,819 | |||
| Net weighted average price per share | $ | — | $ | — | $ | 20.40 |
| Net proceeds | $ | — | $ | — | $ | 7,342 |
NOTE 14—EARNINGS PER SHARE:
The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | |||||
| Net increase in net assets resulting from operations | $ | 32,311 | $ | 84,142 | $ | 33,619 | |
| Weighted average shares outstanding | 24,198 | 22,795 | 21,146 | ||||
| Net increase in net assets resulting from operations per share | $ | 1.34 | $ | 3.69 | $ | 1.59 |
NOTE 15—LEASES:
Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to five years, some of which include renewal options that extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.
As the rate implicit in the leases generally is not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are excluded from our weighted-average remaining lease term.
The following table summarizes supplemental cash flow and other information related to our operating leases:
| Year Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | ||||||||
| Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ | 1,886 | $ | 1,555 | $ | 1,646 | ||||
| Weighted-average remaining lease term - operating leases | 4.41 years | 5.30 years | 6.12 years | |||||||
| Weighted-average discount rate - operating leases | 4.73 | % | 4.55 | % | 4.76 | % | ||||
| Total lease costs (included in other general and administrative costs on the consolidated statements of operations) | $ | 1,000 | $ | 894 | $ | 840 |
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The following table represents the maturity of the Company’s operating lease liabilities as of December 31, 2022:
| Maturity of Lease Liabilities | ||
|---|---|---|
| 2023 | $ | 2,045 |
| 2024 | 2,099 | |
| 2025 | 2,155 | |
| 2026 | 2,035 | |
| 2027 | 479 | |
| Thereafter | — | |
| Total future minimum lease payments | $ | 8,813 |
| Less: Imputed interest | $ | (840) |
| Present value of future minimum lease payments | $ | 7,973 |
NOTE 16—DIVIDENDS AND DISTRIBUTIONS:
The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the years ended December 31, 2022 and 2021.
| Date Declared | Ex-Dividend Date | Record Date | Payment Date | Amount Per Share | Cash Distribution | DRIP Shares Issued | DRIP <br>Shares Value | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Year ended December 31, 2022 | ||||||||||
| December 20, 2021 | March 18, 2022 | March 21, 2022 | March 31, 2022 | $ | 0.65 | $ | 15,361 | 9 | $ | 225 |
| April 20, 2022 | June 16, 2022 | June 20, 2022 | June 30, 2022 | $ | 0.75 | $ | 17,634 | 21 | $ | 374 |
| August 30, 2022 | September 19, 2022 | September 20, 2022 | September 30, 2022 | $ | 0.65 | $ | 15,325 | 21 | $ | 323 |
| November 17, 2022 | December 19, 2022 | December 20, 2022 | December 30, 2022 | $ | 0.70 | $ | 16,224 | 45 | $ | 692 |
| Year ended December 31, 2021 | ||||||||||
| February 23, 2021 | March 19, 2021 | March 22, 2021 | March 31, 2021 | $ | 0.50 | $ | 11,025 | 6 | $ | 140 |
| May 11, 2021 | June 14, 2021 | June 15, 2021 | June 30, 2021 | $ | 0.70 | $ | 15,433 | 6 | $ | 213 |
| August 10, 2021 | September 19, 2021 | September 20, 2021 | September 30, 2021 | $ | 0.90 | $ | 19,895 | 10 | $ | 264 |
| October 20, 2021 | December 19, 2021 | December 20, 2021 | December 30, 2021 | $ | 1.05 | $ | 23,791 | 50 | $ | 1,305 |
During the years ended December 31, 2022 and 2021, an additional 35,500 and 19,200 shares valued at $0.6 million and $0.5 million, respectively, were issued related to dividends on unvested restricted stock awards.
NOTE 17—BENEFIT PLANS:
Defined Contribution Plan
The Company’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted in 2004 which covers substantially all employees based on eligibility. The Plan is designed to encourage savings on the part of eligible employees and qualifies under Section 401(k) of the Code. Under the Plan, eligible employees may elect to have a portion of their pay, including overtime and bonuses, reduced each pay period, as pre-tax contributions up to the maximum allowed by law. The Company may elect to make a matching contribution equal to a specified percentage of the participant’s contribution, on their behalf as a pre-tax contribution. For the years ended December 31, 2022, 2021 and 2020, the Company matched 50% of the first 2% of employee contributions, resulting in $0.1 million, $0.1 million and $0.1 million in expense, respectively.
NOTE 18—INCOME TAXES:
When the Company operated as a RIC, through the year ended December 31, 2022, the Company was required to distribute substantially all of its respective net taxable income each tax year as dividends to its shareholders. Accordingly, no provision for federal income tax has been made in the financial statements for the years ended December 31, 2022, 2021 and 2020.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-
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tax differences, including the offset of net operating losses against net short-term gains and nondeductible meals and entertainment, have no impact on net assets. During the year ended December 31, 2022, the Company decreased additional paid in capital by $19.4 million and increased accumulated undistributed earnings by $19.4 million. During the year ended December 31, 2021, the Company decreased additional paid in capital by $1.9 million and increased accumulated undistributed earnings by $1.9 million.
Taxable income generally differs from net increase (decrease) in net assets for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses and generally excludes unrealized appreciation (depreciation) on investments as investment gains and losses are not included in taxable income until they are realized.
The following table reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2022, 2021 and 2020:
| December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||
|---|---|---|---|---|---|---|
| Net increase in net assets | $ | 32,311 | $ | 84,142 | $ | 33,619 |
| Net change in unrealized appreciation (depreciation) on investments | 12,095 | (7,345) | 10,733 | |||
| Net change in deferred tax liabilities | 6,464 | 1,327 | (999) | |||
| GAAP versus tax basis consolidation of subsidiaries | (381) | 1,060 | 782 | |||
| Other income (deductions/losses) for tax, not book | 12 | 6 | (99) | |||
| Other differences | (7,829) | (5,262) | (705) | |||
| Taxable income before deductions for distributions | $ | 42,672 | $ | 73,928 | $ | 43,331 |
The tax character of distributions paid during the years ended December 31, 2022, 2021 and 2020 were as follows:
| December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||
|---|---|---|---|---|---|---|
| Ordinary income | $ | 48,306 | $ | 72,053 | $ | 43,393 |
| Return of capital | 17,852 | — | — |
The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Approximately 28% of the Company’s ordinary income was from qualified dividends. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.
The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings on a book basis for the years ended December 31, 2022, 2021 and 2020 were as follows:
| December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||
|---|---|---|---|---|---|---|
| Undistributed ordinary income - tax basis | $ | — | $ | 5,623 | $ | 3,577 |
| Net change in unrealized (depreciation) appreciation on investments | (5,467) | 13,096 | 7,077 | |||
| GAAP versus tax basis consolidation of subsidiaries | (2,348) | (2,728) | (1,668) | |||
| Other temporary differences | 28,438 | 19,750 | 13,294 | |||
| Total accumulated earnings - book basis | $ | 20,623 | $ | 35,741 | $ | 22,280 |
The differences between the components of distributable earnings on a tax basis and the amounts reflected in the consolidated statements of changes in net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period.
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For 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects.
NOTE 19—SUPPLEMENTAL FINANCIAL DATA:
In accordance with the SEC’s Regulation S-X and GAAP, we are not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which we have a controlling interest.
We had two unconsolidated subsidiaries that met at least one of the significance conditions under Rule 1-02(w) of Regulation S-X during certain periods presented for which we are required, pursuant to Rule 3-09 of Regulation S-X, to attach separate financial statements as exhibits to the Form 10-K. Accordingly, the audited consolidated financial statements of NMS and NBL for the years ended December 31, 2022, 2021 and 2020 have been attached as exhibits.
NOTE 20—SUBSEQUENT EVENTS:
Acquisition of NBNYC
On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. Management has not yet completed the acquisition accounting and expects to complete it in time for the next quarterly filing as of March 31, 2022.
Conversion to a Financial Holding Company
The Company has also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money, LLC; NBC; PMT; NIA TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period.
Employment Agreements with our Named Executive Officers
On January 13, 2023, Newtek Bank, our consolidated subsidiary, entered into an employment agreement, effective as of January 6, 2023, with Mr. Nicolas Young. Generally, under the employment agreement, Mr. Young will serve as the President and Chief Operating Officer of Newtek Bank and is entitled to a set annual base compensation in the amount of $500,000, which amount will increase to $650,000 on March 1, 2023, and cash bonuses pursuant to an annual cash bonus plan. In addition, Mr. Young is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off and sick leave. The employment agreement also provides for a severance payment in the case of Mr. Young being terminated without just cause, as defined therein, Mr. Young resigning with good reason, as defined therein, a
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change of control, as defined therein, or a non-renewal of Mr. Young’s employment agreement. Under the employment agreement, during the term of his employment, Mr. Young agrees to devote substantially all of his business time to Newtek Bank and to not engage in any business or activity contrary to the business or affairs of Newtek Bank. Newtek Bank agrees to indemnify Mr. Young for any and loss, expenses, or liability that he may incur as a result of his services for Newtek Bank. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time.
Effective as of March 1, 2023, the Company entered into one year employment agreements with Barry Sloane, Chief Executive Officer and President, Michael A. Schwartz, Chief Legal Officer and Chief Compliance Officer, and Nicolas Leger, Chief Accounting Officer (the “Employment Agreements”). Generally, under the Employment Agreements, Mr. Sloane, is entitled to a set annual base compensation of $700,000, Mr. Schwartz is entitled to a set annual base compensation of $450,000 and Mr. Leger is entitled to a set annual base compensation of $400,000. Each of Messrs, Sloane, Schwartz and Leger are entitled to a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Messrs. Sloane, Schwartz and Leger are entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off. The Employment Agreements also provide for severance payments in the case where Messrs. Sloane, Schwartz or Leger were to be terminated without just cause, as defined therein, or were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of their respective Employment Agreements. Under the Employment Agreements, during the terms of their employment, Messrs. Sloane, Schwartz and Leger agree to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Messrs. Sloane, Schwartz and Leger for any and all loss, expenses, or liability that they may incur as a result of their services for the Company. Cash bonuses will be based on performance and will be determined during the term of the Employment Agreements and therefore cannot be disclosed as this time.
Effective as of March 1, 2023, NSBF, the Company’s consolidated subsidiary, has entered into a one year employment agreement with Peter Downs, President of NSBF (the “Employment Agreement”). In addition, Mr. Downs serves as the Chief Lending Officer of the Company. Generally, under the Employment Agreement, Mr. Downs is entitled to a set annual base compensation of $625,000, and a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Mr. Downs is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave. The Employment Agreement also provides for a severance payment in the case of Mr. Downs were to be terminated without just cause, as defined therein, Mr. Downs were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of Mr. Down’s Employment Agreement. Under the Employment Agreement, during the term of his employment, Mr. Downs agrees to devote substantially all of his business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Mr. Downs for any and all loss, expenses, or liability that he may incur as a result of his services for the Company. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time.
Amendments to Articles of Incorporation
Effective January 13, 2023, we filed Articles of Amendment amending our Charter to change the name of the Company to “NewtekOne, Inc.”
2025 8.125% Notes
On January 23, 2023 we completed an exempt offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, including payment of expenses incurred in connection with the issuance of the notes and other working capital purposes. The Notes will mature on February 1, 2025. The Notes bear interest at a rate of 8.125% per year payable semiannually on February 1 and August 1 each year, commencing on August 1, 2023.
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Securities Purchase Agreement
On February 3, 2023, we entered into a Securities Purchase Agreement with Patriot Financial Partners IV, L.P., and Patriot Financial Partners Parallel IV, L.P. in respect of 20,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.02 per share, in a private placement transaction. The aggregate purchase price was $20.0 million.
Capital One Facility Waiver
On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022.
Dividends
On February 27, 2023, the Company declared a quarterly cash dividend of $0.18 per share, which is payable on April 14, 2023 to shareholders of record as of April 4, 2023.
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NewtekOne, Inc. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Year Ended December 31, 2022
| Portfolio Company | Investment1 | Amount of Realized Gain (Loss) | Amount of Unrealized Appreciation (Depreciation) | Amount of Interest or Dividends Credited to Income3 | Fair Value at December 31, 2021 | Gross Additions4 | Gross Reductions5 | Fair Value at December 31, 2022 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type | Ownership or Interest Rate | ||||||||||||||||||
| Automated Merchant Services, Inc. | Common Stock2 | Own | 100% | $ | — | $ | 53 | $ | 720 | $ | — | $ | 53 | $ | — | $ | 53 | ||
| CDS Business Services, Inc. | Common Stock2 | Own | 100% | — | — | — | — | — | — | — | |||||||||
| Line of Credit | Fixed | 10.0% | — | (1,496) | 1,346 | 7,300 | 2,696 | (4,192) | 5,804 | ||||||||||
| Newtek Technology Solutions, Inc. | Common Stock2 | Own | 100% | — | (8,900) | — | 36,000 | 400 | (8,900) | 27,500 | |||||||||
| Line of Credit | Fixed | 10% | — | — | 2,615 | 11,000 | — | — | 11,000 | ||||||||||
| Line of Credit6 | Prime plus | 0.5% | — | — | 2 | 225 | — | (225) | — | ||||||||||
| Newtek Insurance Agency, LLC | Membership Interest2 | Own | 100% | — | 3,200 | — | 2,300 | 3,200 | — | 5,500 | |||||||||
| PMTWorks Payroll, LLC | Membership Interest2 | Own | 100% | — | 325 | — | — | 3,685 | (85) | 3,600 | |||||||||
| Term Loans7 | Fixed | 10%-12% | — | 685 | 328 | 2,000 | 685 | (2,685) | — | ||||||||||
| Small Business Lending, LLC | Membership Interest2 | Own | 100% | — | 2,535 | — | 4,000 | 7,765 | (1,265) | 10,500 | |||||||||
| Term Loan | Fixed | 10% | — | — | 174 | 400 | — | (400) | — | ||||||||||
| banc-serv Partners, LLC | Membership Interest2 | Own | 100% | — | — | — | — | — | — | — | |||||||||
| Newtek Merchant Solutions, LLC | Membership Interest | Own | 100% | — | (5,600) | 14,550 | 114,500 | 100 | (5,600) | 109,000 | |||||||||
| Titanium Asset Management, LLC | Membership Interest2 | Own | 100% | — | (626) | — | — | 822 | (626) | 196 | |||||||||
| Term Loan7 | Fixed | 10% | — | 297 | 426 | 603 | 600 | (1,203) | — | ||||||||||
| Newtek Business Lending, LLC | Membership Interest | Own | 100% | — | 32,422 | 5,025 | 47,406 | 67,562 | (38,968) | 76,000 | |||||||||
| Newtek Conventional Lending, LLC | Membership Interest | Own | 50% | — | (3,526) | 2,379 | 29,464 | 577 | (13,454) | 16,587 | |||||||||
| Newtek TSO II Conventional Credit Partners, LP | Membership Interest | Own | 50.0% | — | 673 | — | — | 6,435 | — | 6,435 | |||||||||
| Mobil Money, LLC | Membership Interest | Own | 100% | — | 4,350 | 400 | 3,900 | 4,350 | — | 8,250 |
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| Portfolio Company | Investment1 | Amount of Realized Gain (Loss) | Amount of Unrealized Appreciation (Depreciation) | Amount of Interest or Dividends Credited to Income3 | Fair Value at December 31, 2021 | Gross Additions4 | Gross Reductions5 | Fair Value at December 31, 2022 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Type | Ownership or Interest Rate | ||||||||||||||||||
| POS on Cloud, LLC | Membership Interest2 | Own | 59.76% | — | — | — | — | 514 | — | 514 | |||||||||
| Term Loan | Fixed | 10% | — | — | 132 | 1,300 | — | — | 1,300 | ||||||||||
| Excel WebSolutions LLC | Membership Interest2 | Own | 100% | — | (230) | — | — | 230 | (230) | — | |||||||||
| Term Loans2 | Fixed | 10% | — | 159 | 69 | — | 159 | (159) | — | ||||||||||
| Total Controlled Investments | $ | — | $ | 24,321 | $ | 28,166 | $ | 260,398 | $ | 99,833 | $ | (77,992) | $ | 282,239 | |||||
| Non-Control Investments | |||||||||||||||||||
| EMCAP Loan Holdings, LLC | Membership Interest | Own | 4.67% | $ | — | $ | — | $ | 83 | $ | 1,000 | $ | — | $ | — | $ | 1,000 | ||
| Biller Genie Software, LLC | Membership Interest | Own | 1.82% | — | — | — | — | 360 | — | 360 | |||||||||
| Total Non-Control Investments | $ | — | $ | — | $ | 83 | $ | 1,000 | $ | 360 | $ | — | $ | 1,360 | |||||
| Total Affiliate Investments | $ | — | $ | 24,321 | $ | 28,249 | $ | 261,398 | $ | 100,193 | $ | (77,992) | $ | 283,599 |
This schedule should be read in connection with the Company’s Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements.
(1) 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, dividends, and other income credited to income for the year.
(4) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.
(5) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.
(6) Index based floating rate debt investment with interest at rate of Prime plus a contractual spread which typically reset monthly prior to repayment in the second quarter of 2022.
(7) Fixed rate debt investment prior to repayment during the third quarter of 2022.
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Exhibit 4.2
DESCRIPTION OF SECURITIES
As of December 31, 2022, NewtekOne, Inc. (the “Company,” “we,” “our,” or “us”) had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (1) our common stock and (2) our debt securities.
Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit.
A.Common Stock, $0.02 par value per share
As of December 31, 2022, the authorized capital stock of the Company consisted of 200,000,000 shares of stock, par value $0.02 per share, all of which are initially designated as common stock. Our common stock is traded on the Nasdaq Global Market under the ticker symbol “NEWT.”
All shares of our common stock have equal rights as to earnings, assets, voting, and distributions and, when they are issued, will be duly authorized, validly issued, fully paid and non-assessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our Board and declared by us out of assets legally available therefor. Shares of our common stock have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director.
Under our charter, our Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock without obtaining stockholder approval. Our charter also provides that the Board, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. See “Subsequent Events - Securities Purchase Agreement” within the December 31, 2022 10-K.
Options and Restricted Stock
On April 27, 2015, the Compensation, Corporate Governance and Nominating Committee and the Board of Directors approved the Amended and Restated 2014 Stock Incentive Plan (the “2015 Stock Plan”), subject to exemptive relief from the SEC and shareholder approval, in order to have increased flexibility to use restricted shares of common stock, in addition to stock options, to assist the Company in achieving its objectives with respect to long-term equity incentive compensation. On May 10, 2016, we received an exemptive order from the SEC permitting us to award restricted shares of common stock to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan.
The 2015 Stock Plan permitted us to issue awards of stock options and restricted shares of common stock in an aggregate amount of up to 20% of our issued and outstanding shares of common stock (the “Plan Maximum Shares”) as of the effective date of the plan. Under the 2015 Stock Plan, all of the Plan Maximum Shares are available for grants of stock options, and half of the Plan Maximum Shares (up to 10% of our issued and outstanding shares of common stock as of the effective date of the 2015 Stock Plan) is available for grants of restricted shares of common stock. The Compensation, Corporate Governance and Nominating Committee believes that restricted shares of common stock is the best method of encouraging stock ownership in the Company by eligible participants by giving them a proprietary interest in the Company’s performance, which more closely aligns compensation with the Company’s performance and provides a means to attract and retain persons of outstanding ability in key positions with the Company. In connection with our January 6, 2023 conversion to a financial holding company, the Company does not intent on granting any additional awards under the 2015 Stock Plan. The Company intends to amend the 2015 Stock Plan and submit it for stockholder approval at the 2023 annual meeting of stockholders
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act.
Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses
Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.
Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation
to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either case, a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.
Certain Provisions of the Maryland General Corporation Law and Our Charter and Bylaws
The Maryland General Corporation Law and our charter and bylaws contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.
Classified Board of Directors
Our Board is divided into three classes of directors serving staggered three-year terms. The first expires in 2025, the second class expires in 2023, and the third class expires in 2024. Upon expiration of their current terms, directors of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify and each year one class of directors will be elected by the stockholders. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure the continuity and stability of our management and policies.
Election of Directors
Our charter and bylaws provide that the affirmative vote of the holders of a plurality of the outstanding shares of stock entitled to vote in the election of directors cast at a meeting of stockholders duly called and at which a quorum is present will be required to elect a director. Pursuant to our charter our Board may amend the bylaws to alter the vote required to elect directors.
Number of Directors; Vacancies; Removal
Our charter provides that the number of directors will be set only by the Board in accordance with our bylaws. Our bylaws provide that a majority of our entire Board may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than one nor more than twelve. Our charter provides that, at such time as we have at least three independent directors and our common stock is registered under the Securities Exchange Act of 1934, as amended, we elect to be subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the board of directors. Accordingly, at such time, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.
Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors.
Action by Stockholders
Under the Maryland General Corporation Law, stockholder action can be taken only at an annual or special meeting of stockholders or (unless the charter provides for stockholder action by less than unanimous written consent, which our charter does not) by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of our bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting.
Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals
Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board and the proposal of business to be considered by stockholders may be made only (a) pursuant to our notice of the meeting, (b) by the Board or (c) by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of our bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that directors will be elected at the meeting, by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.
The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders.
Calling of Special Meetings of Stockholders
Our bylaws provide that special meetings of stockholders may be called by our Board and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.
Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws
Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our charter also provides that certain charter amendments, any proposal for our conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for our liquidation or dissolution requires the approval of the stockholders entitled to cast at least a majority of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority of our continuing directors (in addition to approval by our Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The “continuing directors” are defined in our charter as (1) our current directors, (2) those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office. In any event, in accordance with the requirements of the 1940 Act, any amendment or proposal that would have the effect of changing the nature of our business so as to cause us to cease to be, or to withdraw our election as, a BDC would be required to be approved by a majority of our outstanding voting securities, as defined under the 1940 Act.
Our charter and bylaws provide that the Board will have the exclusive power to make, alter, amend or repeal any provision of our bylaws. In a Special Meeting of Stockholders held on July 10, 2020, our stockholders rejected a proposal that would have allowed our stockholders to amend our bylaws.
No Appraisal Rights
Except with respect to appraisal rights arising in connection with the Control Share Act discussed below, as permitted by the Maryland General Corporation Law, our charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of the Board shall determine such rights apply.
Control Share Acquisitions
The Maryland General Corporation Law provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter (the “Control Share Act”). Shares owned by the acquirer, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of
which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:
a.one-tenth or more but less than one-third;
b.one-third or more but less than a majority; or
c.a majority or more of all voting power.
The requisite stockholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.
A person who has made or proposes to make a control share acquisition may compel the Board of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.
If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.
The Control Share Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Act any and all acquisitions by any person of our shares of stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future. However, the SEC staff has taken the position that, under the 1940 Act, an investment company may not avail itself of the Control Share Act. As a result, we will amend our bylaws to be subject to the Control Share Act only if the Board determines that it would be in our best interests and, after notification, the SEC staff does not object to our determination that our being subject to the Control Share Act does not conflict with the 1940 Act.
Business Combinations
Under Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder (the “Business Combination Act”). These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:
d.any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or
e.an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.
A person is not an interested stockholder under this statute if the board of directors approved in advance the transaction by which the stockholder otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.
After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:
f.80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
g.two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.
The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our Board has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by Board, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution may be altered or repealed in whole or in part at any time; however, our Board will adopt resolutions so as to make us subject to the provisions of the Business Combination Act only if the Board determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the Business Combination Act does not conflict with the 1940 Act. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.
Conflict with 1940 Act
Our bylaws provide that, if and to the extent that any provision of the Maryland General Corporation Law, including the Control Share Act (if we amend our bylaws to be subject to such Act) and the Business Combination Act, or any provision of our charter or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.
B.Debt Securities
•5.75% Notes due 2024 (the “2024 Notes”); and
•5.50% Notes due 2026 (the “2026 Notes,” and together with the 2024 Notes, the “Notes”).
The 2024 Notes
In July 2019, we issued $55.0 million in aggregate principal amount of 5.75% notes due 2024 (the “2024 Notes”). In August 2019, we closed on an additional $8.25 million in aggregate principal amount of the 2024 Notes pursuant to a fully-exercised overallotment option granted to the underwriters. The total net proceeds to us, after deducting underwriting discounts and offering expenses, were approximately $61.3 million.
On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes.
On December 29, 2021, the Company partially redeemed $40.0 million in aggregate principal amount of the $78.25 million of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. As of December 31, 2022, the outstanding principal balance of the 2024 Notes was $38.25 million.
The 2024 Notes were issued under a base indenture (the “Base Indenture”), dated September 23, 2015, by and between the Company and U.S. Bank National Association (the “Trustee”), as supplemented by the fourth supplemental indenture, dated as of July 29, 2019 (the “Fourth Supplemental Indenture”, and together with the Base Indenture and the Third Supplemental Indenture, the “Indenture”). The 2024 Notes bear interest at a rate of 6.25% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, beginning on November 1, 2019. The 2024 Notes will mature on August 1, 2024. The 2024 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after August 1, 2021. We have listed the 2024 Notes on The Nasdaq Global Select Market under the trading symbol “NEWTL.”
The 2026 Notes
In January 2021, we issued $115.0 million in aggregate principal amount of 5.50% notes due 2026 (the “2026 Notes,” and together with the 2024 Notes, the “Notes”). The 2026 Notes including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. Total net proceeds received after deducting underwriters’ discount and expenses was approximately $111.3 million. As of December 31, 2022 the outstanding principal balance of the 2026 Notes was $115.0 million.
The 2026 Notes were issues under the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”) to the Indenture, dated as of September 23, 2015, between the Company and the Trustee (the “Base Indenture”, and together with the Seventh Supplemental Indenture, the “Indenture”). The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1, of each year, beginning May 1, 2021. The 2026 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTZ.”
General
The Indenture provides that any debt securities proposed to be sold may be issued under the Indenture in one or more series.
The Indenture does not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the Indenture, when a single trustee is acting for all debt securities issued under the
Indenture, are called the “indenture securities.” The Indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See “— Resignation of Trustee” below. At a time when two or more trustees are acting under the Indenture, each with respect to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the Indenture, the powers and trust obligations of each trustee will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the Indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.
Except as described under “— Events of Default” and “— Merger or Consolidation” below, the Indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity.
We refer you to the applicable prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants, as applicable, that are described below, including any addition of a covenant or other provision providing event risk protection or similar protection.
We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.
Optional Redemption
The 2024 Notes and the 2026 may be redeemed in whole or in part at any time or from time to time at our option on or after August 1, 2020 and February 1, 2022, respectively, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to the date fixed for redemption.
You may be prevented from exchanging or transferring the Notes when they are subject to redemption. In case any Notes are to be redeemed in part only, the redemption notice will provide that, upon surrender of such Note, you will receive, without a charge, a new Note or Notes of authorized denominations representing the principal amount of your remaining unredeemed Notes. Any exercise of our option to redeem the Notes will be done in compliance with the 1940 Act.
If we redeem only some of the Notes, the trustee or, with respect to global securities, DTC will determine the method for selection of the particular Notes to be redeemed, in accordance with the Indenture and in accordance with the rules of any national securities exchange or quotation system on which the Notes are listed. Unless we default in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Notes called for redemption.
Global Securities
Each Note will be issued in book-entry form and represented by a global security that we deposit with and register in the name of The Depository Trust Company, New York, New York, known as DTC, or its nominee. A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all the Notes represented by a global security, and investors will be permitted to own only beneficial interests in a global security. For more information about these arrangements, see “Description of Notes — Book-Entry Procedures” below.
Termination of a Global Security
If a global security is terminated for any reason, interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated Notes directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders.
Payment
We will pay interest to the person listed in the trustee’s records as the owner of the Notes at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the Note on the interest due date. That day, usually about two weeks in advance of the interest due date, is called the “record date.” Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling the Notes must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the Notes to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued interest.”
Payments on Global Securities
We will make payments on the Notes so long as they are represented by a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will be governed by the rules and practices of the depositary and its participants, as described under “Description of Notes — Book-Entry Procedures.”
Payments on Certificated Securities
In the event the Notes become represented by certificated securities, we will make payments on the Notes as follows. We will pay interest that is due on an interest payment date to the holder of the Notes as shown on the trustee’s records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, New York and/or at other offices that may be specified in the Indenture or a notice to holders against surrender of the Note.
Alternatively, at our option, we may pay any cash interest that becomes due on the Notes by mailing a check to the holder at his, her or its address shown on the trustee’s records as of the close of business on the regular record date or by transfer to an account at a bank in the United States, in either case, on the due date.
Payment When Offices Are Closed
If any payment is due on the Notes on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the Indenture as if they were made on the original due date. Such payment will not result in a default under the Notes or the Indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.
Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on the Notes.
Events of Default
You will have rights if an Event of Default occurs in respect of the Notes, as described later in this subsection. The term “Event of Default” in respect of the Notes means any of the following:
| • | We do not pay the principal of (or premium, if any, on) any Note on its due date and such default is not cured within 5 days of its due date. |
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An Event of Default for the Notes does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other Indenture. The trustee may withhold notice to the holders of the Notes of any default, except in the payment of principal or interest, if it in good faith considers the withholding of notice to be in the best interests of the holders.
| • | We do not pay interest on any Note when due, and such default is not cured within 30 days of its due date. | | --- | --- || • | We remain in breach of any other covenant with respect to the Notes for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25.0% of the principal amount of the Notes. | | --- | --- || • | We file for bankruptcy, or certain other events of bankruptcy, insolvency, or reorganization occur and, in the case of certain orders or decrees entered against us under any bankruptcy law, such order or decree remains undischarged or unstayed for a period of 90 days. | | --- | --- || • | On the last business day of each of twenty-four consecutive calendar months, the Notes have an asset coverage, as defined in the 1940 Act, of less than 100% after giving effect to any exemptive relief granted to us by the SEC. | | --- | --- |
Remedies if an Event of Default Occurs
If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25% in principal amount of the Notes may declare the entire principal amount of all the Notes to be due and immediately payable. This is called a declaration of acceleration of maturity. In certain circumstances, a declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the Notes if (1) we have deposited with the trustee all amounts due and owing with respect to the Notes (other than principal that has become due solely by reason of such acceleration) and certain other amounts, (2) any other Events of Default have been cured or waived, and (3) we have deposited with the trustee a sum sufficient to pay all sums paid or advanced by the trustee and the reasonable compensation, expenses, disbursements, and advances of the trustee, its agents, and counsel as required under the Indenture in connection with the rescinded Event of Default.
The trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an “indemnity”). If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the Notes may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.
Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the Notes, the following must occur:
| • | you must give the trustee written notice that an Event of Default has occurred and remains uncured; |
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However, you are entitled at any time to bring a lawsuit for the payment of money due on your Notes on or after the due date.
| • | the holders of at least 25% in principal amount of all the Notes must make a written request that the trustee take action because of the default and must offer the trustee indemnity, security or both reasonably satisfactory to it against the cost and other liabilities of taking that action; | | --- | --- || • | the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and | | --- | --- || • | the holders of a majority in principal amount of the Notes must not have given the trustee a direction inconsistent with the above notice during that 60-day period. | | --- | --- |
Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.
Each year, we will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the Indenture and the Notes, or else specifying any default.
Waiver of Default
The holders of a majority in principal amount of the Notes may waive any past defaults other than a default:
| • | in the payment of principal (or premium, if any) or interest; or |
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Merger or Consolidation
| • | in respect of a covenant that cannot be modified or amended without the consent of each holder. |
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Under the terms of the Indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:
| • | where we merge out of existence or convey or transfer our assets substantially as an entirety, the resulting entity must agree, in a supplemental indenture, to be legally responsible for our obligations under the Notes and the Indenture; |
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Modification or Waiver
| • | the merger or sale of assets must not cause a default on the Notes and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under “Events of Default” above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded; and | | --- | --- || • | we must deliver to the trustee certain certificates and documents and an opinion of counsel. | | --- | --- |
There are three types of changes we can make to the Indenture and the Notes issued thereunder.
Changes Requiring Your Approval
First, there are changes that we cannot make to your Notes without your specific approval. The following is a list of those types of changes:
| • | change the stated maturity of the principal of or interest on the Notes; |
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Changes Not Requiring Approval
| • | reduce any amounts due on the Notes; | | --- | --- || • | reduce the amount of principal payable upon acceleration of the maturity of a Note following a default; | | --- | --- | | • | change the place or currency of payment on a Note; || • | impair your right to sue for payment; | | --- | --- || • | reduce the percentage of holders of Notes whose consent is needed to modify or amend the Indenture; and | | --- | --- || • | reduce the percentage of holders of Notes whose consent is needed to waive compliance with certain provisions of the Indenture or to waive certain defaults. | | --- | --- |
The second type of change does not require any vote by the holders of the Notes. This type is limited to clarifications and certain other changes that would not adversely affect holders of the Notes in any material respect.
Changes Requiring Majority Approval
Any other change to the Indenture and the Notes would require the following approval:
| • | if the change affects only the Notes, it must be approved by the holders of a majority in principal amount of the Notes; and |
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In each case, the required approval must be given by written consent.
| • | if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose. |
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The holders of a majority in principal amount of any series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “Description of Notes — Modification or Waiver — Changes Requiring Your Approval.”
Further Details Concerning Voting
When taking a vote, we will use the following rules to decide how much principal to attribute to the Notes:
The Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. The Notes will also not be eligible to vote if they have been fully defeased as described later under “Description of Notes — Defeasance — Full Defeasance.”
We will generally be entitled to set any day as a record date for the purpose of determining the holders of the Notes that are entitled to vote or take other action under the Indenture. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of the Notes, that vote or action may be taken only by persons who are holders of the Notes on the record date and must be taken within eleven months following the record date.
The trustee shall not be deemed to have notice of any default or Event of Default unless (i) written notice of any event which is in fact such a default is received by the trustee at the corporate trust office of the trustee and such notice references the Notes and the Indenture or (ii), in the case of a Default or Event of Default in the payment of the principal of (or premium, if any) or interest, if any, on any Notes, a responsible officer of the trustee has actual knowledge thereof.
Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the Indenture or the Notes or request a waiver.
Defeasance
The following defeasance provisions will be applicable to the Notes. “Defeasance” means that, by depositing with a trustee an amount of cash and/or government securities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional conditions noted below, we will be deemed to have been discharged from our obligations under the Notes. In the event of a “covenant defeasance,” upon depositing such funds and satisfying similar conditions discussed below we would be released from certain covenants under the Indenture relating to the Notes. The consequences to the holders of the Notes would be that, while they would no longer benefit from certain covenants under the Indenture, and while the Notes could not be accelerated for any reason, the holders of Notes nonetheless would be guaranteed to receive the principal and interest owed to them.
Covenant Defeasance
Under current U.S. federal income tax law and the Indenture, we can make the deposit described below and be released from some of the restrictive covenants in the Indenture under which the Notes were issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, the following must occur:
| • | Since the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the Notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will, in the written opinion of a nationally recognized accounting firm, generate enough cash to make interest, principal and any other payments on the Notes on their various due dates; |
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If we accomplish covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.
| • | we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the Notes any differently than if we did not make the deposit; | | --- | --- || • | we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with; | | --- | --- || • | defeasance must not result in a breach or violation of, or result in a default under, the Indenture or any of our other material agreements or instruments; | | --- | --- || • | no default or event of default with respect to the Notes shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency, or reorganization shall occur during the next 90 days. | | --- | --- |
Full Defeasance
If there is a change in U.S. federal income tax law, as described below, we can legally release ourselves from all payment and other obligations on the Notes (called “full defeasance”) if we put in place the following other arrangements for you to be repaid:
| • | Since the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will, in the written opinion of a nationally recognized accounting firm, generate enough cash to make interest, principal and any other payments on the Notes on their various due dates; |
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If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If your Notes were subordinated as described later under “Description of Notes — Indenture Provisions — Ranking,” such subordination would not prevent the trustee under the Indenture from applying the funds available to it from the deposit referred to in the first bullet of the preceding paragraph to the payment of amounts due in respect of such Notes for the benefit of the subordinated debtholders.
| • | we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal income tax law or an IRS ruling that allows us to make the above deposit without causing you to be taxed on the Notes any differently than if we did not make the deposit. Under current U.S. federal income tax law the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit; | | --- | --- || • | we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with; | | --- | --- || • | defeasance must not result in a breach or violation of, or constitute a default under, the Indenture or any of our other material agreements or instruments; and | | --- | --- || • | no default or event of default with respect to the Notes shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency, or reorganization shall occur during the next 90 days. | | --- | --- |
Other Covenants
In addition to any other covenants described in applicable prospectus supplement or accompanying prospectus, as well as standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securities can be surrendered for payment, payment of taxes by the Company and related matters, the following covenants will apply to the Notes:
| • | We agree that for the period of time during which the Notes are outstanding, we will not violate Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings. See “Risk Factors — Because we have received the approval of our stockholders, we are subject to 150% asset coverage beginning after July 26, 2018” in this Form 10-K. |
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Form, Exchange and Transfer of Certificated Registered Securities
| • | We agree that for the period of time during which Notes are Outstanding, pursuant to Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, the Company will not declare any dividend (except a dividend payable in stock of the issuer), or declare any other distribution, upon a class of the capital stock of the Company, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage (as defined in the Investment Company Act) of at least the threshold specified in Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, as such obligation may be amended or superseded, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and in each case giving effect to (i) any exemptive relief granted to the Company by the Commission, and (ii) any SEC no-action relief granted by the Commission to another business development company (or to the Company if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act, as such obligation may be amended or superseded, in order to maintain such business development company’s status as a regulated investment company under Subchapter M of the Code. |
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| • | If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable U.S. GAAP. |
If registered Notes cease to be issued in book-entry form, they will be issued:
| • | only in fully registered certificated form; |
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Holders may exchange their certificated securities for Notes of smaller denominations or combined into fewer Notes of larger denominations, as long as the total principal amount is not changed and as long as the denomination is equal to or greater than $25.
| • | without interest coupons; and | | --- | --- || • | unless we indicate otherwise, in denominations of $25 and amounts that are multiples of $25. | | --- | --- |
Holders may exchange or transfer their certificated securities at the office of the trustee. We have appointed the trustee to act as our agent for registering Notes in the names of holders transferring Notes. We may appoint another entity to perform these functions or perform them ourselves.
Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder’s proof of legal ownership.
We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.
If we redeem any of the Notes, we may block the transfer or exchange of those Notes selected for redemption during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to determine and fix the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated Notes selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any Note that will be partially redeemed.
If registered Notes are issued in book-entry form, only the depositary will be entitled to transfer and exchange the Notes as described in this subsection, since it will be the sole holder of the Notes.
Resignation of Trustee
The trustee may resign or be removed with respect to the Notes provided that a successor trustee is appointed to act with respect to the Notes. In the event that two or more persons are acting as trustee with respect to different series of Indenture securities under the Indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.
Indenture Provisions — Ranking
The Notes are designated as Senior Securities and, therefore, Senior Indebtedness under the Indenture. Senior Indebtedness is defined in the Indenture as the principal of (and premium, if any) and unpaid interest on:
| • | our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed, that we have designated as “Senior Indebtedness” for purposes of the Indenture and in accordance with the terms of the Indenture (including any Indenture securities designated as Senior Indebtedness), and |
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As unsecured obligations of the Company designated as Senior Indebtedness under the Indenture, the Notes rank:
| • | renewals, extensions, modifications and refinancings of any of this indebtedness. | | --- | --- || • | pari passu, or equal, with any of our existing and future unsecured indebtedness; | | --- | --- || • | senior to any of our future indebtedness that expressly provides it is subordinated to the Notes; | | --- | --- || • | effectively subordinated, or junior, to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and | | --- | --- || • | structurally subordinated, or junior, to all existing and future indebtedness and other obligations of any of our subsidiaries or financing vehicles, if any. | | --- | --- |
capitalonenewtek7a-waive
145883846v2 LIMITED WAIVER AGREEMENT This Limited Waiver Agreement (this “Agreement”), dated as of February 28, 2023 (the “Effective Date”), is entered into by and among NEWTEK SMALL BUSINESS FINANCE, LLC, a New York limited liability company (“Borrower”), CCC REAL ESTATE HOLDING CO. LLC, a Delaware limited liability company (“CCCRE”), NEWTEK ONE, INC. (f/k/a Newtek Business Services Corp.), a Maryland corporation (“Parent” and, together with CCCRE, the “Guarantors” and, each individually, a “Guarantor”), the Lenders signatory hereto, and CAPITAL ONE, NATIONAL ASSOCIATION, in its capacity as administrative agent (in such capacity, “Administrative Agent”). RECITALS: A. Borrower, certain Lenders and Administrative Agent are parties to that certain Fourth Amended and Restated Loan and Security Agreement, dated as of May 11, 2017 (as amended by that certain Omnibus Amendment to Loan Documents, dated as of May 31, 2018, that certain Omnibus Amendment No. 2 to Loan Documents, dated as of June 24, 2019, that certain Omnibus Amendment No. 3 to Loan Documents, dated as of September 13, 2019, and Omnibus Amendment No. 4 to Loan Documents, dated as of May 7, 2020, and as may be further amended, amended and restated, supplemented, or otherwise modified from time to time, the “Loan Agreement”). B. For the fiscal quarter ending December 31, 2022, Borrower failed to maintain net income of at least $1.00, which failure is in breach of the obligations of Section 6.7(b) of the Loan Agreement and results in an Event of Default under Section 8.1(d) of the Loan Agreement (hereinafter, the “Specified Event of Default”). C. Borrower has requested that Administrative Agent and Lenders agree to waive the Specified Event of Default and Administrative Agent and Lenders have agreed to such waiver, subject to the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Defined Terms. Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Loan Agreement. 2. Waiver of Specified Event of Default. Subject to the satisfaction of the conditions set forth in Section 3 of this Agreement, and in reliance on the representations and warranties of Borrower and each Guarantor set forth in this Agreement, the Administrative Agent and the Required Lenders hereby waive the Specified Event of Default solely to the extent that the Borrower’s actual net income for the quarter ended on December 31, 2022 is not less than negative Sixteen Million Dollars (-$16,000,000). Borrower acknowledges and agrees that, notwithstanding the waiver herein, if the Borrower’s net income for the quarter ended on December 31, 2022 is less than -$16,000,000, an immediate Event of Default shall exist under Section 8.1(d) of the Credit Agreement, which Event of Default shall not be deemed waived hereunder. The limited waiver of the Specified Event of Default is a one-time waiver only, and shall not be deemed to constitute an agreement by the Administrative Agent or Lenders to waive any future Default or Event of Default under any of the Loan Documents, or any future breach of any other provision of any of the Loan Documents. Except as set forth in this Section 2, nothing contained in this Agreement shall be construed as waiver by the Administrative Agent or any Lender of any covenant or provision of the Loan Agreement, the other Loan Documents, or of any other contract or instrument between the Borrower and the Administrative Agent, and the failure of the Administrative Agent or any Lender at any time or times hereafter to require strict performance by Borrower of any provision thereof shall not waive, affect or
2 145883846v2 diminish any right of the Administrative Agent or Lenders to thereafter demand strict compliance therewith. The Administrative Agent and Lenders hereby reserve all rights granted under the Loan Agreement, the other Loan Documents, and any other contract or instrument between the Borrower and the Administrative Agent. 3. Effectiveness; Conditions Precedent. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent: (a) The Administrative Agent shall have received counterparts of this Administrative Agent, duly executed by Borrower, the Guarantors, the Required Lenders, and the Administrative Agent; and (b) The Administrative Agent shall have received payment of all reasonable expenses of the Administrative Agent incurred in connection with this Agreement (including the reasonable fees and expenses of counsel to the Administrative Agent). 4. Representations and Warranties. In order to induce the Administrative Agent and the Required Lenders to enter into this Agreement, Borrower and each Guarantor hereby represents and warrants to the Administrative Agent and the Lenders as follows: (a) the representations and warranties of Borrower and each Guarantor contained in the Loan Agreement and in the other Loan Documents are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; (b) this Agreement has been duly authorized, executed and delivered by, and constitutes a legal, valid and binding obligation of, Borrower and each Guarantor, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally; and (c) after giving effect to this Agreement, no Default or Event of Default has occurred and is continuing. 5. Entire Agreement. This Agreement, together with the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or otherwise, except in writing signed by the Administrative Agent (with the consent of the Required Lenders). 6. Reaffirmations. (a) Except as specifically amended pursuant to the terms hereof, the Loan Agreement and all other Loan Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrower and each Guarantor. Borrower and each Guarantor covenants and agrees to comply with all of the terms, covenants and conditions of the Loan Agreement (subject to the limited waiver set forth herein) and the other Loan Documents to which it is a party, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on the part of the Administrative Agent or any Lender which might otherwise constitute or be construed as a waiver of or Agreement to such terms, covenants and conditions, or otherwise.
3 145883846v2 (b) Each Guarantor hereby expressly (i) consents to the execution by Borrower, the Administrative Agent and the Required Lenders of this Agreement; (ii) reaffirms, assumes and binds itself in all respects to all of the obligations, liabilities, duties, covenants, terms and conditions that are contained in its Guaranty Agreement; and (iii) agrees that all such obligations, liabilities, duties, covenants, terms and conditions under its respective Guaranty Agreement shall continue in full force and effect and shall not be discharged, limited, impaired or affected in any manner by this Agreement. 7. RELEASE. EACH OF BORROWER AND EACH GUARANTOR HEREBY ACKNOWLEDGES THAT BORROWER’S PAYMENT OBLIGATIONS UNDER THE LOAN DOCUMENTS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RESCISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, RECOUPMENT, CROSS- COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE ADMINISTRATIVE AGENT OR ANY LENDER. BASED UPON THE FACTS KNOWN TO BORROWER AND EACH GUARANTOR AS OF THE EFFECTIVE DATE, EACH OF BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, WHICH BORROWER OR ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST ANY OF THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE ADVANCES OR ANY OTHER OBLIGATIONS OWING TO THE ADMINISTRATIVE AGENT OR ANY LENDER, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND THE NEGOTIATION AND EXECUTION OF THIS AGREEMENT. 8. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Agreement. 9. Incorporation of Loan Agreement Provisions. The provisions contained in Section 12.1 (Governing Law), Section 12.19 (Consent to Jurisdiction) and Section 12.22 (Waiver of Jury Trial) of the Loan Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety. 10. Enforceability. Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. [Remainder of page intentionally blank; signature page follows.]
LIMITED WAIVER AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above. BORROWER: NEWTEK SMALL BUSINESS FINANCE, LLC By: Name: Barry Sloane Title: Chief Executive Officer GUARANTORS: CCC REAL ESTATE HOLDING CO. LLC By: Name: Barry Sloane Title: Chief Executive Officer NEWTEK ONE, INC. By: Name: Barry Sloane Title: Chief Executive Officer
LIMITED WAIVER AGREEMENT SIGNATURE PAGE ADMINISTRATIVE AGENT: CAPITAL ONE, NATIONAL ASSOCIATION By: Name: Title: LENDER: CAPITAL ONE, NATIONAL ASSOCIATION By: Name: Title:
LIMITED WAIVER AGREEMENT SIGNATURE PAGE LENDER: UBS BANK USA By: Name: Title: By: Name: Title:
employmentagreementnicol
NEWTEK BANK, NATIONAL ASSOCIATION _____________________________ EMPLOYMENT AGREEMENT WITH NICOLAS YOUNG _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of the 6th day of January 2023 (the “Effective Date”), by and between NEWTEK BANK, NATIONAL ASSOCIATION (the “Company”) and NICOLAS YOUNG (the “Executive”) (the Company and the Executive are collectively referred to as the “Parties”). WHEREAS, the Executive is to be employed by the Company as President and Chief Operating Officer; and WHEREAS, the Parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and as interpreted through applicable rulings and regulations in effect from time to time. (c) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s or Parent’s (defined below) voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board or the Parent’s board of directors (the Parent’s Board”), by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company or Parent by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board or the Parent’s Board (each an “Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two- thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the
2 foregoing, a Change in Control as defined in this Section 1(c) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). (d) “Common Stock” shall mean shares of the common stock, par value $0.02 per share, of Newtek Business Services Corp. the Company’s bank holding company (the “Parent”). (e) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, in any location that is outside of Miami-Dade, Broward, or Palm Beach Counties, Florida; (ii) a reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; (iv) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company, including a change in the Executive’s reporting requirements such that he is not reporting directly to the Chief Executive Officer (“CEO”) and the Board of the Company; or (v) the occurrence of a change-in- control as defined above. (f) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is to be employed as President and Chief Operating Officer of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a President and Chief Operating Officer. The Executive shall report to the CEO and the Board and shall be based in offices provided for him by the Company, which are currently located in Miami, Florida. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company, its subsidiaries and affiliates. The Executive’s other duties shall be such as the CEO or Board may from time to time reasonably direct. 3. Annual Base Compensation. The Company agrees to pay the Executive: (i) from the Effective Date through February 28, 2023, a salary at the rate of $500,000 per annum, and (ii) from March 1, 2023 through the balance of the Term, a salary at the rate of $650,000 per annum, payable in cash not less frequently than semi-monthly, which sums may increase from time to time. 4. Cash Bonuses/Incentive Compensation. The Board and CEO shall determine the Executive’s right to receive incentive compensation in the form of cash bonuses and other awards.
3 The Executive shall be part of and be entitled to participate in any incentive compensation program, including bonus or equity-based compensation programs, maintained by the Company or Newtek Business Services Corp,. the Company’s bank holding company, for, or offered by the Company to, senior officers. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall be eligible to participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall be eligible to participate in any fringe benefits which are or may become available to the Company’s and Parent’s senior management executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on January 5, 2024, or such earlier date as is determined in accordance with Section 11 (the “Term”). 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries or affiliates, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation or Section 13 of this Agreement. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Companyor (iii) violate any rules or polices promulgated by the Board.
4 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the CEO and Board may establish from time to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Vacation and Sick Leave. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as vacation time; provided that: (a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take a vacation, and the Executive shall not accumulate unused vacation from one fiscal year to the next, except in either case to the extent authorized by the CEO or the Board. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the CEO may in his discretion determine. Further, the CEO or Board may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Articles of Association and Bylaws, indemnify and hold harmless Executive from any and all loss, expense (including attorneys’ fees and costs), or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries or affiliates (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The CEO and Board may, based on a good faith determination and only after giving the Executive written notice specifying the basis for the termination and providing the Executive a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The CEO and Board may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. If Executive’s employment is terminated at any time for a reason other than Just Cause, the Executive
5 shall be entitled to a total severance payment equal to twelve (12) months of compensation calculated at one hundred (100) percent of Executive’s Annual Base Compensation in effect at the time of termination (the “Severance Payment”). The Severance Payment shall be paid in a lump sum within ten (10) business days after the termination of the Executive’s employment. Any Severance Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A. (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate Executive’s employment hereunder for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A. (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 30 days’ prior written notice to the CEO, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to one-hundred percent (100%) of Executive’s Annual Base Compensation in effect at the time of nonrenewal (the “Non-Renewal Payment”), which Non-Renewal Payment shall be paid in one lump sum within ten (10) days after the expiration of the term. However, if Executive is entitled to receive a Severance Payment payable pursuant to Section 11(b), Executive shall not be entitled to receive a Non-Renewal Payment. Any extension shall include all of same terms, obligations, and considerations set forth in this Agreement, including without limitation all terms relating to compensation, incentive benefits (except for the Award set forth in paragraph 4), benefits, the same conditions and rights to severance payments
6 (except for the non-renewal payment provided for in paragraph 11(f) hereof) and benefits, and the same rights and obligations with respect to the restrictive covenants. (g) Acceleration of Equity Awards. Upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof, fifty percent (50%) of any outstanding unvested Parent Restricted Stock Award granted to the Executive shall be accelerated in full, and thereafter said fifty percent (50%) of the Award shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing such Award. 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending one (1) year after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any alliance partner, referral partner, customer, merchant, independent sales agency (ISA), independent sales organization (ISO), or any intermediary of the Company or its subsidiaries or affiliates and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiaries or affiliates within the prior three years. The term Covered Customer, shall include any customer who becomes a customer of the Company or of any of its subsidiaries or affiliates after the Effective Date, and who was introduced to the Company primarily through the efforts of the Executive; however, the Restrictive Period shall apply to such a Covered Customer introduced to the Company primarily through the efforts of the Executive, only as long as: (i) Executive is employed by the Company; and (ii) for the one (1) year after termination of Executive’s employment only if Executive receives a Severance Payment or Non- Renewal Payment. (iii) Covered Employee. The term “Covered Employee” shall refer to any person who is or was employed by the Company or any of its subsidiaries or affiliates. The term Covered Employee includes any person who becomes employed by, or starts providing consulting services, to the Company or its subsidiaries or affiliates after the Effective Date, and who was introduced to or was hired by the Company or any of its subsidiaries or affiliates primarily through the efforts of the Executive; however, the Restrictive Period shall apply to such a Covered Employee who was introduced to or was hired by the Company or any of its subsidiaries or affiliates primarily through the efforts of the Executive, only as long as: (i) Executive is employed by the Company; and (ii) for the one (1) year after termination of Executive’s employment only if Executive receives a Severance Payment or Non-Renewal Payment. (iv) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company or its subsidiaries is engaged and (B) after
7 the Term, any business in which the Company or its subsidiaries was engaged as of the end of the Term. (v) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries or affiliates and any of their Covered Customers or Covered Employees; (ii) hire, or solicit for hire, any person who is a Covered Employee, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries or affiliates, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary or affiliate of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 13 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 13 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 13, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 14. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and
8 expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive or is otherwise deemed to be a prevailing party in any such dispute. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 15. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 16. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 17. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 18. Applicable Law and Venue. Except to the extent preempted by Federal law, the laws of the State of Florida shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. The Parties agree to submit any disputes relating to or arising from this Agreement or the employment of Executive by the Company to the exclusive jurisdiction of the state or federal courts in Miami-Dade, Broward, or Palm Beach Counties, Florida. 19. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 20. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties after the date hereof in accordance with Section 17, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supersede all previous agreements with respect to such matters. 21. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred
9 compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 22. Federal Deposit Insurance Act Compliance. Anything in this Agreement to the contrary notwithstanding, the Company will not be obligated to make any payment hereunder that would be prohibited as a “golden parachute payment” or “indemnification payment” under Section 18(k) of the Federal Deposit Insurance Act. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page]
10 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. NEWTEK BANK, NATIONAL ASSOCIATION By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Nicolas Young 099900.08507 EMF_US 85328991v4
employmentagreementbarry
116238/2 NEWTEKONE, INC. _____________________________ EMPLOYMENT AGREEMENT WITH BARRY SLOANE _____________________________ PREAMBLE. This Employment Agreement (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEKONE, INC. (the “Company”) and BARRY SLOANE (the “Executive”), effective immediately. WHEREAS, the Executive is currently employed by the Company as Chief Executive Officer and President, and serves as Chairman of the Board of Directors; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”)
2 (c) “Common Stock” shall mean the shares of the Company’s common stock, par value of $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; (v) a failure to elect or reelect the Executive to the Board or as Chairman of the Board; (vi) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. (f) “Protected Period” shall mean the period that begins on the date six months before a Change in Control and ends on the earlier of six months following the Change in Control or the expiration date of this Agreement. (g) “Trigger Event” shall mean (i) the Executive’s voluntary termination of employment within ninety (90) days of an event that both occurs during the Protected Period and constitutes Good Reason, or (ii) the termination by the Company or its successor(s) in interest, of the Executive’s employment for any reason other than Just Cause during the Protected Period. 2. Employment. The Executive is employed as Chief Executive Officer and President of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of the Chief Executive Officer and President as set forth in the Bylaws of the Company. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries and portfolio companies. The Executive’s other duties shall be such as the Board may from time to time reasonably direct, including normal duties as an officer of the Company.
3 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $700,000 per annum, payable in cash not less frequently than monthly. 4. Cash Bonuses. The Board shall determine the Executive’s right to receive cash bonuses. Cash Bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which Executive shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of his employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all his full business time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present, in the opinion of the Board, any conflict of interest with the Company or any of its subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. . During the Term of his employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company and its subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, or (iii) violate any rules or polices promulgated by the Board.
4 8. Facilities and Staff. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy, the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Board. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled - to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Board may in its discretion determine. Further, the Board may grant to the Executive a leave or leaves of absence, with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that Executive may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries (including any liability Executive may ever incur, as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Board may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Board may, by written notice to the Executive, immediately terminate his employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment (the “Severance Payment”) equal to two (2) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty (30) days after Executive’s
5 termination of employment. The remaining amount of the Severance Payment shall be paid in equal installments over a six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year following the year of termination and the total amount of any such Installment Payments which will be paid after April 1 exceeds the lesser of: (i) twice the Executive’s then Annual Base Compensation; or (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of any such Installment Payments that exceeds the foregoing threshold shall be accumulated and paid in the seventh (7 th ) month following the date of termination of employment, but only to the extent necessary to comply with the six (6) month delay rule pertaining to “specified employees” under Treasury Regulations Section 1.409A-3(i)(2). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Board of Directors, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or disability that results in collection of any long- term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services, then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to a Severance Payment equal to one (1.0) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty (30) days after his termination of employment. The remaining amount of the Severance Payment shall be paid in equal installments over a six (6) month period following the Executive’s termination of employment in Installment Payments. Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year
6 following the year of termination and the total amount of any such Installment Payments which will be paid after April 1 exceeds the lesser of: (i) twice the Executive’s then current base salary; or (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of any such Installment Payments that exceeds the foregoing threshold shall be accumulated and paid in the seventh (7th) month following the date of his termination of employment, but only to the extent necessary to comply with the six (6) month delay rule pertaining to “specified employees” under Treasury Regulations Section 1.409A-3(i)(2). (g) Acceleration of Equity Awards. All (a) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (b) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (c) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) and (f) hereof. 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision herein to the contrary, if a Trigger Event occurs during the Protected Period, the Executive shall be paid an amount equal to two (2) times the executive’s Annual Base Compensation plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Change in Control Payment”). If the Trigger Event occurs during the portion of the Protected Period that is prior to the date of the Change in Control, the Change in Control Payment shall be payable in the same manner as provided for under Section 11(b) herein upon a termination without Just Cause. If the Trigger Event occurs during the portion of the Protected Period that is on or after the date of the Change in Control, the Change in Control Payment shall be paid in a lump sum within ten (10) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner or any intermediary of the Company or its subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiaries within the prior three years.
7 (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any parent or subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if Executive breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement.” 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and
8 expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be
9 paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEKONE, INC. By: Salvatore Mulia, Chairman Compensation, Corporate Governance and Nominating Committee EXECUTIVE By: Barry Sloane, CEO & President
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NEWTEKONE, INC. _____________________________ EMPLOYMENT AGREEMENT WITH MICHAEL A. SCHWARTZ _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEKONE, INC. (the “Company”) and MICHAEL A. SCHWARTZ (the “Executive”). WHEREAS, the Executive is currently employed by the Company as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”).
2 (c) “Common Stock” shall mean shares of the Company’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is employed as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a Chief Legal Officer and Chief Compliance Officer as set forth in the Bylaws of the Company. The Executive shall report to the Chief Executive Officer in his role as Chief Legal Officer. The Executive shall report to the Board in his role as Chief Compliance Officer. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $450,000 per annum, payable in cash not less frequently than monthly.
3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or its subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, including, or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time
4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to annual paid time off in accordance with the policies that the Company periodically establishes for senior management Executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be
5 paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof.
6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or its subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiaries within the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the
7 Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected, and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company.
8 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page]
9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEKONE, INC. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Michael A. Schwartz
employmentagreementnicho
NEWTEKONE, INC. _____________________________ EMPLOYMENT AGREEMENT WITH NICHOLAS J. LEGER _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEKONE, INC. (the “Company”) and NICHOLAS J. LEGER (the “Executive”). WHEREAS, the Executive is employed by the Company as Executive Vice President and Chief Accounting Officer; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”).
2 (c) “Common Stock” shall mean shares of the Company’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is to be employed as Executive Vice President and Chief Accounting Officer of the Company. The Executive shall render such administrative and management services for the Company, its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a Chief Accounting Officer as set forth in the Bylaws of the Company. The Executive shall report to the Chief Executive Officer in his role as Chief Accounting Officer. The Executive shall also report to the Audit Committee of the Board. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $400,000 per annum, payable in cash not less frequently than monthly.
3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or its subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time
4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to paid time offin accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be
5 paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof.
6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or its subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiarieswithin the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the
7 Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company.
8 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page]
9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEKONE. INC. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Nicholas J. Leger
employmentagreementpeter
NEWTEK SMALL BUSINESS FINANCE, LLC _____________________________ EMPLOYMENT AGREEMENT WITH PETER DOWNS _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEK SMALL BUSINESS FINANCE, LLC (the “Company”) and PETER DOWNS (the “Executive”). WHEREAS, the Executive is currently employed by the Company as President; and WHEREAS, the Company is a wholly owned consolidated subsidiary of NewtekOne, Inc. (“Parent”) and Executive serves as Chief Lending Officer of Parent; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Managers of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of Company’s or Parent’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Company’s Board or Parent board of directors (“Parent Board”) by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Parent Board (the “Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the
2 Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). (c) “Common Stock” shall mean shares of Parent’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is employed as President of the Company. The Executive shall render such administrative and management services for the Company, its Parent and Parent’s subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a President as set forth in the Amended and Restated Operating Agreement of the Company. The Executive shall report to the Chief Executive Officer and the Board. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its Parent and subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $625,000 per annum, payable in cash not less frequently than monthly.
3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or Parent, or which will not present in the opinion of the Board any conflict of interest with the Company, Parent and any of Parent’s subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or Parent or Parent’s subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or Parent, or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company or Parent or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time
4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to an annual paid time off in accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company and Parent shall, to the extent permitted by the Company’s Operating Agreement and Parent’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company, Parent or any Parent’s subsidiaries (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the
5 immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Parent, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Parent, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof.
6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or Parent or Parent’s subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or Parent or Parent’s subsidiaries within the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or Parent or Parent’s subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or Parent or Parent’s subsidiaries, without the express written consent of the Company or Parent; or (iii) other than on behalf of the Company or Parent or Parent’s subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State.
7 (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company or Parent, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or Parent or any subsidiary of Parent, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company or Parent personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company or Parent which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company and Parent represent and warrant that the execution and delivery of this Agreement has been duly and properly authorized by their respective Board
8 and board of directors and that when so executed and delivered by them that this Agreement shall constitute the lawful and binding obligations of the Company and Parent. 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page]
9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEK SMALL BUSINESS FINANCE, LLC By: Barry Sloane, Chief Executive Officer NEWTEKONE, INC. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Peter Downs
Document
| NEWTEKONE INC. | |
|---|---|
| SUBSIDIARIES | |
| Name of Company | State of Incorporation/Organization |
| CCC Real Estate Holdings, LLC | Delaware |
| Exponential Business Development Co., Inc. | New York |
| NBSH Holdings, LLC | New York |
| Newtek Asset Backed Securities, LLC | New York |
| Newtek Business Services Holdco 1, Inc. (surviving entity of January 2021 merger with Newtek Business Services Holdco 2, Inc.) | New York |
| Newtek Business Services Holdco 3, Inc. | New York |
| Newtek Business Services Holdco 4, Inc. | New York |
| Newtek Business Services Holdco 5, Inc. (formerly Banc Serv Acquisition Co, Inc.) | New York |
| Newtek Business Services Holdco 6, Inc. | Florida |
| Newtek Commercial Lending, Inc. | New York |
| Newtek LSP Holdco, LLC | New York |
| Newtek Small Business Finance, LLC | New York |
| The Whitestone Group, LLC | New York |
| Wilshire DC Partners, LLC | District of Columbia |
| Wilshire Holdings I, Inc. | New York |
| Wilshire Louisiana Bidco, LLC | Louisiana |
| Wilshire Louisiana Partners II, LLC | Louisiana |
| Wilshire Louisiana Partners III, LLC | Louisiana |
| Wilshire Louisiana Partners IV, LLC | Louisiana |
| Wilshire New York Partners III, LLC | New York |
| Wilshire Partners, LLC | Florida |
a231consentofindependent
1 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the Registration Statement on Form S-3 of NewtekOne, Inc., formerly known as Newtek Business Services Corp. of our reports dated March 15, 2023 relating to the consolidated financial statements, and the consolidated financial statement schedules and the effectiveness of internal control over financial reporting of NewtekOne, Inc., formerly known as Newtek Business Services Corp., appearing in this Annual Report on Form 10-K of NewtekOne, Inc., formerly known as Newtek Business Services Corp. for the year ended December 31, 2022. We also consent to the incorporation by reference in such Registration Statement of our report dated March 15, 2023, relating to the senior securities table, appearing in Part II, Item 5 of the Form 10-K of the Company for the year ended December 31, 2022. We also consent to the reference to our firm under the headings “Senior Securities” in the Form 10-K and "Independent Registered Public Accounting Firm” in such Registration Statement on Form S-3. /s/ RSM US LLP Hartford, Connecticut March 15, 2023
nmsconsentletter31523
An Independent Member of Urbach Hacker Young International CONSENT OF INDEPENDENT AUDITOR We consent to the inclusion on Form 10-K of our reports dated March 1, 2023 and February 24, 2022 on our audits of the consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary, a wholly-owned subsidiary of NBSH Holdings LLC, as of December 31, 2022 and December 31, 2021, and for the years then ended. Melville, NY March 15, 2023
nblconsentofindependenta
1 Consent of Independent Auditor We consent to the incorporation by reference in the Registration Statement on Form S-3 of NewtekOne, Inc., formerly known as Newtek Business Services Corp. of our reports dated March 15, 2023 and April 29, 2022 relating to the financial statements of Newtek Business Lending, LLC, and Subsidiaries, appearing in the Annual Report to Shareholders, which is incorporated in this Annual Report on Form 10- K of NewtekOne, Inc., formerly known as Newtek Business Services Corp. for the year ended December 31, 2022. /s/ RSM US LLP Hartford, Connecticut March 15, 2023
Document
Exhibit 31.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Barry Sloane, certify that:
I have reviewed this annual report on Form 10-K of NewtekOne, Inc. (the “registrant”).
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
- The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: March 15, 2023 | /S/ BARRY SLOANE |
|---|---|
| Barry Sloane | |
| Principal Executive Officer |
Document
Exhibit 31.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Nicholas Leger, certify that:
I have reviewed this annual report on Form 10-K of NewtekOne, Inc. (the “registrant”).
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
- The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: March 15, 2023 | /S/ NICHOLAS LEGER |
|---|---|
| Nicholas Leger | |
| Principal Financial Officer |
Document
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K for the year ended December 31, 2022 (the “Report”) of NewtekOne, Inc. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Barry Sloane, as Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
| Date: March 15, 2023 | /S/ BARRY SLOANE |
|---|---|
| Barry Sloane, | |
| Principal Executive Officer |
Document
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K for the year ended December 31, 2022 (the “Report”) of NewtekOne, Inc. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Nicholas Leger, as Principal Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
| Date: March 15, 2023 | /S/ NICHOLAS LEGER |
|---|---|
| Nicholas Leger, | |
| Principal Financial Officer |
nmsdecemeber312022financ
Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC Consolidated Financial Statements and Independent Auditor’s Report December 31, 2022
Page: Independent Auditor’s Report 1-2 Consolidated Financial Statements Consolidated Balance Sheet 3 Consolidated Statement of Income 4 Consolidated Statement of Changes in Member's Equity 5 Consolidated Statement of Cash Flows 6 Notes to Consolidated Financial Statements 7-13 Newtek Merchant Solutions, LLC and Subsidiary Index Year Ended December 31, 2022
INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiary Opinion We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheet as of December 31, 2022, and the related consolidated statement of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiary as of December 31, 2022, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Newtek Merchant Solutions, LLC and Subsidiary and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibility of Management’s for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Newtek Merchant Solutions, LLC and Subsidiary’s ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued. Auditor’s Responsibility for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements. 1
In performing an audit in accordance with generally accepted auditing standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Newtek Merchant Solutions, LLC and Subsidiary’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Newtek Merchant Solutions, LLC and Subsidiary’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Melville, New York March 1, 2023 2
Cash $ 2,528,484 Accounts receivable 3,886,402 Prepaid expenses and other current assets 419,789 Inventory 120,086 Total current assets 6,954,761 Fixed assets, net 325,819 Restricted cash 524,670 Customer merchant accounts, net 163,209 Due from related parties 9,170 Notes receivable - related party 24,250,000 Goodwill 13,813,812 Total assets $ 46,041,441 Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses $ 2,268,079 Residuals payable 1,247,969 Chargeback reserves 290,778 Due to related parties 463,053 Bank notes payable, current 2,990,325 Total current liabilities 7,260,204 Bank notes payable, long-term, net (Note 7) 36,498,692 Total liabilities 43,758,896 Commitments and contingencies (Note 11) Member's equity 2,282,545 Total liabilities and member's equity $ 46,041,441 Current assets: See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Balance Sheet December 31, 2022 3
2022 Revenues Electronic payment processing $ 41,872,284 Expenses Electronic payment processing costs 18,374,104 Salaries and benefits 7,305,399 Professional fees 451,496 Depreciation and amortization 533,432 Other general and administrative costs 1,465,574 Total expenses 28,130,005 Income from operations 13,742,279 Interest expense, net (1,292,391) Interest income - related parties 546,489 Total other expenses (745,902) Net income $ 12,996,377 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Income December 31, 2022 4
Member’s Equity Balance - January 1, 2022 $ 7,920,517 Net income 12,996,377 Distributions (18,734,349) Contributions from member 100,000 Member's equity - December 31, 2022 $ 2,282,545 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Changes in Member's Equity December 31, 2022 5
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Cash Flows December 31, 2022 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: $ 12,996,377 Depreciation and amortization 533,432 Amortization of deferred financing costs 154,908 Changes in operating assets and liabilities: Accounts receivable (633,461) Prepaid expenses and other current assets (227,297) Inventory 200,557 Accounts payable and accrued expenses 177,669 Due to/from related parties 263,066 Net cash provided by operating activities 13,465,251 Cash flows from investing activities: (12,800,000) (57,143) 257,143 Net drawdowns from related party note Purchase of investment Sale of investment to Parent at cost Purchase of fixed assets (81,252) Net cash used in investing activities (12,681,252) Cash flows from financing activities: Dividends paid to shareholder (18,734,349) Contribution from member 100,000 Proceeds from term loan 19,308,500 Principal payments to Webster Bank (4,812,500) Additions to deferred financing costs (265,264) Net cash used in financing activities (4,403,613) Net decrease in cash and restricted cash (3,619,614) Cash and restricted cash - beginning of year 6,672,768 Cash and restricted cash - end of year $ 3,053,154 Supplemental disclosure of cash flow activities: Interest paid $ 867,648 See accompanying notes to these consolidated financial statements 6
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Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC \(“NMS”\) was organized as a limited liability company \(“LLC”\) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC \(“NBSH”\). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. \(“Holdco”\) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Corp. \(“Newtek”\). The accompanying consolidated financial statements include the accounts of NMS and its wholly-owned subsidiary, UPSWI Sales \(“UPS Sales”\), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable, line of credit and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party, line of credit and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2022, cash deposits in excess of insured amounts totaled approximately $1,994,000. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 and 2021 7
Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows at December 31, 2022. Cash $ 2,528,484 Restricted cash 524,670 Total cash and restricted cash $ 3,053,154 Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2022. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, automobile, website and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 8
Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps:Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2022 substantially all of the Company’s revenues were recognized at a point in time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 9
Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge- backs based primarily on historical experience and other relevant factors. The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third-party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2022, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Income Taxes The Company and its subsidiary are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through March 1, 2023, the date these consolidated financial statements were available to be issued. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 10
- Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2022: Terminals $ 1,531,775 Software 711,301 Telephone systems 96,717 Computer equipment 28,265 Automobile 24,576 Website 9,500 Leasehold improvements 4,420 2,406,554 Less: accumulated depreciation and amortization (2,080,735) $ 325,819 Depreciation and amortization expense related to fixed assets for the year ended December 31, 2022 was approximately $200,000. 4. Goodwill The carrying value of goodwill at December 31, 2022 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2022 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2022. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $163,000 at December 31, 2022. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $334,000 for the year ended December 31, 2022. Total expected amortization expense is as follows: Years Ending December 31, 2023 $ 150,343 2024 12,866 $ 163,209 Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 11
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 6. Investments During 2021, the Company made an investment in Biller Genie Software, LLC. The Company’s 1.74% interest is accounted for using the cost method because the Company’s investment is considered minor, representing less than 20% of the investee’s common stock. Therefore, the Company’s investment in Biller Genie Software, was carried at cost $200,000, at December 31, 2021. As of December 31, 2022 the Biller Genie Software investment was purchased at cost by Newtek Business Service Corp. 7. Line of Credit and Bank Notes Payable, Net In November 2022, the Company entered into an Amended Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $39,871,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $54,871,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and the Webster Term Loan provides for quarterly principal payments, with total remaining principal due at maturity. The Webster Facility matures in November 2027. Borrowings under the Webster Facility are classified either as a “Alternate Base Rate Loan” or a “SOFR Rate Loan” at the Company’s election. Each SOFR Rate Loan shall bear interest on the outstanding balance at a rate equal to SOFR plus 2.6%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2022 for the Webster Term Loan and Webster RLOC were 6.72% and 6.72%, respectively. The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2022. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2022 was approximately $1,157,000. Amortization of deferred financing costs for the year ended December 31, 2022 was approximately $155,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility was approximately $382,000 at December 31, 2022. Outstanding borrowings under the Webster RLOC was $0 at December 31, 2022. Outstanding borrowings under the Webster Term Loan consisted of the following at December 31, 2022: Principal $ 39,871,000 Unamortized deferred financing costs (381,983) Net carrying amount $ 39,489,017 Debt principal payments are as follows: Years Ending December 31, 2023 $ 2,990,325 2024 3,987,100 2025 3,987,100 2026 5,980,650 2027 22,925,825 $ 39,871,000 12
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Notes Receivable - Related Party The Company has extended a line of credit to Newtek. The Company had approximately $24,250,000 outstanding on its revolving line of credit with Newtek, at December 31, 2022. The line, which matures in November 2027, allows for maximum borrowings of $54,871,000 \(subject to availability\) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $546,000 during the year ended December 31, 2022. At December 31, 2022 there was approximately $274,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 9. Related Party Transactions The Company has related party transactions with Newtek and various portfolio companies of Newtek, including Automated Merchant Services, Inc. \(“AMS”\), Mobil Money LLC \(“MOB”\), Newtek Technology Solutions, Inc. \(“NTS”\) and PMTWorks Payroll, LLC \(“PMT”\). During the year ended December 31, 2022, the Company incurred residual expenses totaling approximately $181,000 from AMS and NTS, managed technology services costs of approximately $726,000 from NTS, licensing fees for zero cost payment processing of approximately $979,000 from MOB and payroll processing costs of approximately $22,000 from PMT. Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2022 were approximately $471,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2022 was approximately $291,000. 10. Stock Based Compensation Newtek has an incentive stock plan and contributes stock compensation expense to the Company using an allocation methodology similar to allocations utilized by Newtek and the Company recognizes compensation related expenses. The plan is summarized below: 2021 Stock Incentive Plan The 2021 Stock Incentive Plan allows employees and officers an opportunity to acquire Newtek’s common stock, par value $0.02 per share. Under the Plan,the Newtek has authorized that the awards should not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. Incentive Stock Plan shall remain in effect until terminated by Managers. The Plan allows for grants of options which vest in accordance with a continuous service condition. Dividends paid on Stock Incentive Plan are accrued as of the dividend payment date, in shares of Stock at the Market Value price. 11. Commitments and Contingencies The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 13
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Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC Consolidated Financial Statements and Independent Auditor’s Report December 31, 2021
Newtek Merchant Solutions, LLC and Subsidiary Index Year Ended December 31, 2021 Page: Independent Auditor’s Report 1-2 Consolidated Financial Statements Consolidated Balance Sheet 3 Consolidated Statement of Income 4 Consolidated Statement of Changes in Member's Equity 5 Consolidated Statement of Cash Flows 6 Notes to Consolidated Financial Statements 7 - 13
INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiary Opinion We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheet as of December 31, 2021, and the related consolidated statement of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiary as of December 31, 2021, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Newtek Merchant Solutions, LLC and Subsidiary and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibility of Management’s for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Newtek Merchant Solutions, LLC and Subsidiary’s ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued. Auditor’s Responsibility for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements. 1
In performing an audit in accordance with generally accepted auditing standards, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Newtek Merchant Solutions, LLC and Subsidiary’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Newtek Merchant Solutions, LLC and Subsidiary’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Melville, New York February 24, 2022 2
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Balance Sheet December 31, 2021 3 Current assets: Cash $ 6,198,459 Accounts receivable 3,252,940 Prepaid expenses and other current assets 192,492 Inventory, net 320,643 9,964,534 Fixed assets, net 444,311 Restricted cash 474,309 Customer merchant accounts, net 496,898 Due from related parties 321,018 Investment in Biller Genie 200,000 Notes receivable - related party 11,450,000 Goodwill 13,813,812 Total assets $ 37,164,882 Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses $ 1,327,022 Residuals payable 1,228,920 Chargeback reserves 1,073,213 Due to related parties 511,836 Bank notes payable, current 4,812,500 Total current liabilities 8,953,491 Bank notes payable, long-term, net (Note 7) 20,290,874 Total liabilities 29,244,365 Commitments and contingencies (Note 11) Member's equity 7,920,517 Total liabilities and member's equity $ 37,164,882 See accompanying notes to these consolidated financial statements
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Income December 31, 2021 4 2021 Revenues Electronic payment processing $ 38,374,865 Expenses Electronic payment processing costs 17,349,461 Salaries and benefits 6,596,072 Professional fees 362,106 Depreciation and amortization 757,630 Other general and administrative costs 1,324,013 Total expenses 26,389,282 Income from operations 11,985,583 Interest expense, net (917,187) Interest income - related parties 387,440 Total other expenses (529,747) Net income $ 11,455,836 See accompanying notes to these consolidated financial statements
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Changes in Member's Equity December 31, 2021 5 Member’s Equity Balance - January 1, 2021 $ 5,835,385 Net income 11,455,836 Contribution from member 389,352 Distributions (9,760,056) Balance - December 31, 2021 $ 7,920,517 See accompanying notes to these consolidated financial statements
Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Cash Flows December 31, 2021 6 Cash flows from operating activities: Net income $ 11,455,836 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 757,630 Amortization of deferred financing costs 149,116 Stock compensation expense 389,352 Changes in operating assets and liabilities: Accounts receivable (416,832) Prepaid expenses and other current assets 101,471 Inventory (153,323) Accounts payable and accrued expenses (1,565,218) Due to/from related parties 74,470 Net cash provided by operating activities 10,792,502 Cash flows from investing activities: Proceeds from related party note 12,640,000 Purchase of investment (200,000) Purchase of fixed assets (199,245) Net cash provided by investing activities 12,240,755 Cash flows from financing activities: Dividends paid to shareholder (9,428,537) Distribution to parent (331,519) Repayments of the line of credit (7,500,000) Principal payments to Webster Bank (3,500,000) Net cash used in financing activities (20,760,056) Net increase in cash and restricted cash 2,273,201 Cash - beginning of year 4,399,567 Cash - end of year $ 6,672,768 Supplemental disclosure of cash flow activities: Interest paid $ 884,415 See accompanying notes to these consolidated financial statements
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 7 1. Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC (“NMS”) was organized as a limited liability company (“LLC”) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC (“NBSH”). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Corp. (“Newtek”). The accompanying consolidated financial statements include the accounts of NMS and its wholly-owned subsidiary, UPSWI Sales (“UPS Sales”), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable, line of credit and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party, line of credit and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2021, cash deposits in excess of insured amounts totaled approximately $5,749,000. Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows at December 31, 2021. Cash $ 6,198,459 Restricted cash 474,309 Total cash and restricted cash $ 6,672,768
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 8 Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2021. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, automobile, website and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 9 Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2021 substantially all of the Company’s revenues were recognized at a point in time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge- backs based primarily on historical experience and other relevant factors. The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed.
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 10 In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third-party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2021, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Stock Based Compensation The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. The Company measures the grant date fair value based upon the market price of the of its wholly owned parent Newtek Business Services Corp. (“Newtek”) common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term. Income Taxes The Company and its subsidiary are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through February 24, 2022, the date these consolidated financial statements were available to be issued. 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2021: Terminals $ 1,490,330 Software 698,334 Telephone systems 96,717 Computer equipment 28,265 Automobile 24,576 Website 9,500 Leasehold improvements 4,420 2,352,142 Less: accumulated depreciation and amortization (1,907,831) $ 444,311 Depreciation and amortization expense related to fixed assets for the year ended December 31, 2021 was approximately $190,000.
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 11 4. Goodwill The carrying value of goodwill at December 31, 2021 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2021 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2021. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $497,000 at December 31, 2021. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $568,000 for the year ended December 31, 2021. Total expected amortization expense is as follows: Years Ending December 31, 2022 $ 333,690 2023 150,343 2024 12,865 $ 496,898 6. Investments During 2021, the Company made an investment in Biller Genie Software, LLC. The Company’s 1.74% interest is accounted for using the cost method because the Company’s investment is considered minor, representing less than 20% of the investee’s common stock. Therefore, the Company’s investment in Biller Genie Software, is carried at cost, $200,000, at December 31, 2021. Management analyzes this investment for potential impairment when events or changes in circumstances indicate that it is more likely than not that the cost of the investment will not be realized. There were no impairments during 2021. 7. Line of Credit and Bank Notes Payable, Net In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and the Webster Term Loan provides for quarterly principal payments, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2021 for the Webster Term Loan and was 2.60%.
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 12 The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2021. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2021 was approximately $803,000. Amortization of deferred financing costs for the year ended December 31, 2021 was approximately $149,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility was approximately $272,000 at December 31, 2021. Outstanding borrowings under the Webster RLOC was $0 at December 31, 2021. Outstanding borrowings under the Webster Term Loan consisted of the following at December 31, 2021: Principal $ 25,375,000 Unamortized deferred financing costs (271,626) Net carrying amount $ 25,103,374 Debt principal payments are as follows: Years Ending December 31, 2022 $ 4,812,500 2023 20,562,500 $ 25,375,000 8. Notes Receivable - Related Party The Company has extended a line of credit to Newtek. The Company had approximately $11,450,000 outstanding on its revolving line of credit with Newtek, at December 31, 2021. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $387,000 during the year ended December 31, 2021. 9. Related Party Transactions The Company has related party transactions with Newtek and various portfolio companies of Newtek, including Automated Merchant Services, Inc. (“AMS”), Mobil Money LLC (“MOB”), Newtek Technology Solutions, Inc. (“NTS”) and PMTWorks Payroll, LLC (“PMT”). During the year ended December 31, 2021, the Company incurred residual expenses totaling approximately $185,000 from AMS and NTS, managed technology services costs of approximately $699,000 from NTS, licensing fees for zero cost payment processing of approximately $523,000 from MOB and payroll processing costs of approximately $19,000 from PMT. Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2021 were approximately $450,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2021 was approximately $251,000.
Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 13 10. Stock Based Compensation Newtek has an incentive stock plan and contributes stock compensation expense to the Company using an allocation methodology similar to allocations utilized by Newtek and the Company recognizes compensation related expenses. The plan is summarized below: 2021 Stock Incentive Plan The 2021 Stock Incentive Plan allows employees and officers an opportunity to acquire Newtek’s common stock, par value $0.02 per share. Under the Plan, the Newtek has authorized that the awards should not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. Incentive Stock Plan shall remain in effect until terminated by Managers. The Plan allows for grants of options which vest in accordance with a continuous service condition. Dividends paid on Stock Incentive Plan are accrued as of the dividend payment date, in shares of Stock at the Market Value price. For the year ended December 31, 2021, Newtek contributed $389,352 of stock compensation expense to the Company. As of December 31, 2021, there was $57,833 of total unrecognized compensation expense related to unvested shares. This compensation expense is expected to be recognized over a remaining period of approximately 2 years. 11. Commitments and Contingencies The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
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Newtek Business Lending, LLC and Subsidiaries Consolidated Financial Statements and Independent Auditor’s Report December 31, 2022 and 2021
Page: Independent Auditor’s Report 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position as of December 31, 2022 and 2021 3 Consolidated Statements of Operations for the years ended December 31, 2022 and 2021 4 Consolidated Statements of Changes in Member's Equity for the years ended December 31, 2022 and 2021 5 Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 6 Notes to Consolidated Financial Statements for the years ended December 31, 2022 and 2021 7 - 18 Newtek Business Lending, LLC and Subsidiaries Index December 31, 2022 and 2021
1 Independent Auditor’s Report Board of Directors Newtek Business Lending, LLC, and Subsidiaries Opinion We have audited the consolidated financial statements of Newtek Business Lending, LLC and its subsidiaries (the Company), which comprise the consolidated statements of financial position, as of December 31, 2022 and 2021, the related consolidated statements of operations, changes in member’s equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.
2 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Hartford, Connecticut March 15, 2023
2022 2021 Assets Cash $ 8,548,899 $ 10,995,399 Restricted cash 1,289,569 919,134 Loans receivable at fair value 69,745,509 66,473,129 Accrued interest receivable 432,822 276,398 Derivative instruments 69,116 — Deferred financing costs 994,096 1,033,082 Prepaid expenses and other assets 223,660 31,374 Fixed assets, net of accumulated depreciation 11,440 22,937 Due from affiliates 158,922 36,990 Total assets $ 81,474,033 $ 79,788,443 Liabilities and Member's Equity Liabilities Accounts payable and accrued expenses $ 6,180,526 $ 3,885,794 Accrued interest payable 293,268 127,236 Derivative instruments — 42,657 Good faith deposits 645,434 748,084 Dividend payable 1,500,000 3,500,000 Due to affiliates 178,290 87,732 Bank note payable 42,520,809 35,241,245 Total liabilities 51,318,327 43,632,748 Commitments and Contingencies (Note 6) Member's equity Member's contributions 29,500,651 35,207,379 Member's distributions (10,125,000) (5,100,000) Retained earnings 10,780,055 6,048,316 Total member's equity 30,155,706 36,155,695 Total liabilities and member's equity $ 81,474,033 $ 79,788,443 December 31, See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Financial Position December 31, 2022 and 2021 3
2022 2021 Revenue Interest income $ 6,298,277 $ 4,794,140 Loan processing fees 4,317,861 2,753,908 Other income 1,525,474 790,405 Total revenue 12,141,612 8,338,453 Expenses Salaries and benefits 2,635,757 2,548,722 Interest expense 3,109,106 2,210,315 Referral fees 697,939 376,645 Other general and administrative expenses 1,790,292 1,537,214 Total expenses 8,233,094 6,672,896 Operating income 3,908,518 1,665,557 Net unrealized depreciation on loans receivable at fair value (2,240,302) (285,299) Net realized gain on sale of loans 511,315 2,401,108 Realized gain on derivative transactions 2,440,435 644,134 Unrealized gain (loss) on derivative transactions 111,773 (42,657) Net income $ 4,731,739 $ 4,382,843 See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Operations December 31, 2022 and 2021 4
Member's equity - December 31, 2020 $ 39,977,230 Capital contributions from member 31,350,000 Return of capital to member (36,054,378) Distributions to member (3,500,000) Net income 4,382,843 Member's equity - December 31, 2021 36,155,695 Capital contributions from member 35,140,000 Return of capital to member (40,846,728) Distributions to member (5,025,000) Net income 4,731,739 Member's equity - December 31, 2022 $ 30,155,706 See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Changes in Member’s Equity December 31, 2022 and 2021 5
Net unrealized depreciation on loans receivable at fair value 2,240,302 285,299 Net unrealized (gain) loss on derivative investments (111,773) 42,657 Realized gains on sale of loans (511,315) (2,401,108) Realized gains on sales of derivatives (2,440,435) (644,134) Amortization of deferred financing costs 740,956 693,858 Depreciation of fixed assets 9,028 10,336 Disposal of fixed assets 2,469 — Origination of loans receivable (89,483,021) (92,372,736) Sale of loans receivable 46,078,055 97,600,620 Sale of loans receivable to affiliate 21,770,244 5,130,948 Principal received on loans 16,633,356 3,755,986 Proceeds received on derivative transactions 2,440,435 644,134 Changes in operating assets and liabilities: Accrued interest receivable (156,424) 16,114 Prepaid expenses and other assets (192,286) 10,437 Accounts payable and accrued expenses 2,294,733 2,855,718 Accrued interest payable 166,032 14,943 Good faith deposits (102,650) 372,634 Dividend payable (2,000,000) 1,900,000 Due to/from affiliates (31,377) (111,398) Net cash provided by operating activities 2,078,068 22,187,151 Cash flows from financing activities: Net borrowings (repayments) on bank lines of credit 7,279,564 (8,975,000) Contributions from member 35,140,000 31,350,000 Return of capital to member (40,846,728) (30,899,000) Distributions to member (5,025,000) (3,500,000) Deferred financing costs paid (701,969) (1,144,552) Net cash used in financing activities (4,154,133) (13,168,552) Net (decrease) increase in cash and restricted cash (2,076,065) 9,018,600 Cash and restricted cash - beginning of year 11,914,533 2,895,933 Cash and restricted cash - end of year $ 9,838,468 $ 11,914,533 Supplemental disclosure of cash flow activities: Cash paid for interest $ 2,205,725 $ 1,501,514 Supplemental disclosure of non-cash activities: Sale of loans receivable to affiliate deemed return of capital $ — $ 5,155,378 Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 4,731,739 $ 4,382,843 Adjustments to reconcile net income to net cash used in operating activities: See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Cash Flows December 31, 2022 and 2021 6
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Organization and Description of Business Newtek Business Lending, LLC \(“NBL”\) was formed on March 14, 2018 as a single member Limited Liability Company \(“LLC”\) in accordance with the Delaware Limited Liability Company Act. NBL and its wholly-owned subsidiaries, NBL SPV I, LLC \(“SPV”\), NBL SPV II, LLC \(“SPV II”\), and NBL SPV III, LLC \(“SPV III”\) are collectively herein referred to as the “Company”. The Company is in the business of originating, purchasing and selling commercial loans under the U.S. Small Business Administration’s \(“SBA”\) 504 loans program as well as other conventional commercial loans. As of December 31, 2022, the Company’s membership interests were held by Newtek Business Services Corp., \(the “Parent” or “NBSC”\) through its subsidiary, Newtek Business Services Holdco 6, Inc. \(“Holdco”\). On January 6, 2023, NBL’s membership interests were transferred to and NBL became a wholly-owned subsidiary of Newtek Bank, National Association \(“Newtek Bank”\), a newly acquired subsidiary of the Parent. This transaction is further detailed in Note 12 which discusses subsequent events. 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America \(“GAAP”\). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the fair value of loans receivable. Consolidation Policy The consolidated financial statements include its accounts and results of operations and that of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash The Company maintains its cash balances at financial institutions of high credit quality, however, it is exposed to credit risk for amounts held in excess of FDIC limits. As of December 31, 2022, cash deposits in excess of insured amounts totaled approximately $7,389,000. The Company does not anticipate non-performance by these institutions. Restricted Cash Restricted cash includes amounts for cash margin held as collateral for derivative instruments. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows at December 31, 2022 and 2021: 2022 2021 Cash $ 8,548,899 $ 10,995,399 Restricted cash 1,289,569 919,134 Total cash and restricted cash $ 9,838,468 $ 11,914,533 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 7
Valuation of Loans Receivable Loans receivable have been recorded at fair value at December 31, 2022 and 2021. NBL elected the fair value option for loans receivable that we originated or purchased with the intent to sell to third parties. Fair value is applied to all of loans in accordance with relevant GAAP, which establishes a framework used to measure fair value and requires disclosures for fair value measurements. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The Company’s valuation technique includes a three-level fair value hierarchy which is more fully described in Note 3 of the consolidated financial statements. Deferred Financing Costs Deferred financing costs are amortized ratably over the terms of the related line-of-credit and recorded as interest expense in the accompanying consolidated statement of operations. Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. Revenue Recognition The Company records investment income when there is persuasive evidence of an arrangement, the fees are fixed and determinable, all contingencies are resolved and collection is reasonably assured. Interest income Interest on loan receivables are accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income on all loans are recognized as earned. Loans are placed on non-accrual status if they are over 90 days past due with respect to principal or interest and, in the opinion of management, interest or principal on individual loans is not collectible, or at such earlier time as management determines that the collectability of such principal or interest is unlikely. When a loan is designated as non-accrual, the accrual of interest is discontinued, and any accrued but uncollected interest income is reversed and charged against current income. At December 31, 2022, there was one non- accrual loan with a principal loan balance of approximately $250,000 with uncollected interest related to the loan of approximately $17,000. At December 31, 2021, there were one non-accrual loan with principal loan balances of approximately $250,000. Uncollected interest related to the loans was approximately $42,000. While a loan is classified as non-accrual and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Net realized gain on sale of loans Net realized gain on sale of loans relates to the income earned from the sale of both conventional and SBA 504 loans to third parties. Loans are generally sold for their outstanding principal balance plus a premium which is recognized when earned and recorded as net realized gain on sale of loans on the consolidated statements of operations. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 8
Net unrealized appreciation on loans receivable at fair value Net unrealized appreciation on loans receivable at fair value relates to the change in the recorded value of such loans based on the Company’s measurement of their fair market value. The adjustment to record the difference between the carrying value of loans receivable and their fair market value is presented on the consolidated statements of operations as net unrealized appreciation on loans receivable at fair value. Loan processing fee Loan processing fees are generally non-recurring in nature and earned as a “one time” fee in connection with the origination, administration, and legal fees of new SBA 504 loans. Other income Other income consists of loan modification fees, loan extension fees, loan prepayment fees as well as income derived from good faith deposits that is recognized when a potential borrower decides not to proceed with loan financing. Other income is generally non-recurring in nature and earned as a “one-time” fee. Employee Compensation The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. The Company measures the grant date fair value based upon the market price of NBSC’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term. Income Taxes The Company is a single member LLC and is treated as a “disregarded entity” for Federal, State, and/or Local income tax purposes. The Company passes all income and expenses to Holdco to be taxed at the holding company level. Accordingly, no liability for Federal, State and/or Local income taxes have been recorded in the accompanying consolidated financial statements. The Company evaluated its tax positions at year end, and based on its analysis, determined that there were no uncertain tax positions that require adjustment to the financial statements. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates, however, the impact of the adoption is not expected to be material. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 (Topic 842), “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations for lessees. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control the lease is treated as a financing lease. If the lessor doesn't convey risks and rewards or control an operating lease results. The new standard is effective for public business entities, certain not-for-profit entities and employee benefit plans that file financial statements with the U.S. Securities and Exchange Commission for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2021. Due to the fact that the Company currently has no leases, Topic 842 does not affect the consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 9
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Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability \(i.e., the “exit price”\) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy gives the highest priority \(Level 1\) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs \(Level 3\). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities: quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets included debt securities with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors including, the type and age of investment, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by Management in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Management uses prices and inputs that are current as of the measurement date, including periods of market dislocation, if applicable. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified to a lower level within the fair value hierarchy. The Company’s loans receivable at December 31, 2022 and 2021 were measured at fair value using Level 3 inputs of the value hierarchy by using the discounted cash flow method and comparable sales of similar assets, respectively. There were no loans receivable that were transferred into or out of Level 3 of the value hierarchy during the years ended December 31, 2022 and 2021. The following table provides a summary of quantitative information about the Company’s fair value measurements of loans receivable. In addition to the inputs noted below, according to its valuation policy, the Company may also use other valuation techniques and methodologies when determining fair value measurements. The following tables are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at December 31, 2022 and 2021. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 10
Fair Value at December 31, 2022 Unobservable Input Range Input Value Loans receivable at fair value $ 69,745,509 Market yields 0 - 7.5% 7.50% Average cumulative default rate n/a 20% Fair Value at December 31, 2021 Unobservable Input Range Input Value Loans receivable at fair value $ 66,473,129 Historical premiums to par value 0 - 7.4% 3.0% The following table presents loans receivable at fair value by loan term. December 31, 2022 December 31, 2021 Loans due in five years or less $ 18,945,924 $ 15,172,990 Loans due between five and ten years 22,134,706 21,257,059 Loans due after ten years 28,664,879 30,043,080 Loans receivable at fair value $ 69,745,509 $ 66,473,129 The following table presents the changes in loans receivable - measured at fair value using Level 3 inputs for the years ended December 31, 2022 and 2021. Fair value, December 31, 2020 $ 83,627,517 Loans funded 92,372,735 Sale of loans (97,600,620) Realized gains on sale of loans 2,401,108 Sale of loans to affiliate (10,286,326) Principal payments received (3,755,986) Net unrealized depreciation (285,299) Fair value, December 31, 2021 $ 66,473,129 Loans funded 89,483,021 Sale of loans (46,078,055) Realized gains on sale of loans 511,315 Sale of loans to affiliate (21,770,244) Principal payments received (16,633,356) Net unrealized depreciation (2,240,302) Fair value, December 31, 2022 $ 69,745,509 The supplement to Note 3 included in these consolidated financial statements presents loans receivable at fair value as a percentage of member’s capital on the consolidated statement of assets and liabilities for the year ended December 31, 2022 and 2021. At December 31, 2022, the Company’s loans receivable at fair value consisted of 35 loans, with an aggregate unpaid principal balance of approximately $70,314,000 and a fair value of approximately $69,746,000, compared to 30 loans Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 11
with an aggregate unpaid principal balance of approximately $64,802,000 and a fair value of $66,473,000 at December 31, 2021. At December 31, 2022, all loans had variable interest rates ranging from 5.80% to 11.30% with maturities between February 2023 and November 2047, with the exception of one loan that had an 8.00% fixed rate of interest maturing May 2023. Interest income earned for the year ended December 31, 2022 was approximately $6,298,000. At December 31, 2021, all loans had variable interest rates ranging from 5.25% to 8.00% with maturities between February 2022 and March 2042 with the exception of one loan that had an 8.00% fixed rate of interest maturing February 2022. Interest income earned for the period ended December 31, 2021 was approximately $4,794,000. 4. Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of certain fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2022 and 2021: Year Ended December 31, 2022 Fair Value Remaining Contract Type Notional Asset1 Liability1 Maturity (years) 5-year Swap Futures $ 25,864,312 $ 69,116 $ — 0.25 Year Ended December 31, 2021 Fair Value Remaining Contract Type Notional Asset1 Liability1 Maturity (years) 5-year Swap Futures $ 10,119,374 $ — $ 42,657 0.25 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in the consolidated statements of operations for the year ended December 31, 2022 and 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Contract Type Unrealized Gain/ (Loss) Realized Gain/ (Loss) Unrealized Gain/ (Loss) Realized Gain/ (Loss) 5-year Swap Futures $ 111,773 $ 2,440,435 $ (42,657) $ 644,134 Collateral posted with our futures counterparty is segregated in the Company’s books and records. The Company’s counterparty held cash margin as collateral for derivatives as of December 31, 2022 and 2021, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. 5. Bank Note Payable In July 2018, the Company entered into a revolving credit and security agreement (the “CO Facility”) with Capital One, N.A. (“Capital One”) which has been guaranteed by NBSC. The CO Facility allows for borrowings for a two year period Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 12
ending on the second anniversary of the execution of the agreement for an amount up to $75,000,000. The CO Facility provides that upon the occurrence of certain events, the maximum amount of the line of credit under the agreement can be increased from $75,000,000 to $150,000,000 at a later date upon request. In April 2019, the Company executed an amendment to the CO Facility with Capital One. The amendment, effective as of January 31, 2019, revised certain debt covenants as were previously defined by the CO Facility. In September 2019, the Company executed a second amendment to the CO Facility with Capital One. The amendment, effective as of April 30, 2019, revised certain definitions as were previously defined by the CO Facility. In July 2020, the Company executed a third and forth amendment to the CO Facility with Capital One. The amendment, effective as of July 31, 2020, revised certain definitions as were previously defined by the CO Facility In October 2020, the Company executed a fifth amendment to the CO Facility with Capital One. The amendment, effective October 27, 2020, revised certain definitions as were previously defined by the CO Facility. In November 2020, the Company executed a sixth amendment to the CO Facility with Capital One. The amendment, effective November 4, 2020, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. In November 2022, the Company executed a seventh amendment to the CO Facility with Capital One. The amendment, effective November 4, 2022, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. In December 2022, the Company executed a eighth amendment to the CO Facility with Capital One. The amendment, effective December 6, 2022, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. In addition, the amendment reduced the maximum amount on the facility from $75,000,000 to $60,000,000. As of December 31, 2022 and 2021, the Company had approximately $22,597,000 and $20,741,000, respectively, outstanding under the CO Facility. Advances under the CO Facility are classified either as a “Base Rate Advance” or a “SOFR Rate Advance” at the Company’s election. Each Base Rate Advance shall bear interest on the outstanding balance at a rate equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the 1-month SOFR Rate plus 1%. Each SOFR Rate Advance shall bear interest on the outstanding balance at a rate equal to (y) 1-month SOFR plus 1% (Floor of .50%) (z) the applicable margin of 2.75%. Additionally, the Company must pay a fee for the portion of the CO Facility that is unused. The unused line fee is calculated based upon the percentage of the CO Facility not being utilized. The OC Facility accrues the unused line fee as a percentage of the unused commitment amount at a rate ranging from 0.35% and 0.75%. The Company may make prepayments without a penalty or premium. The agreement requires certain restrictive covenants for which the Company is in compliance with as of December 31, 2022 and 2021. All balances outstanding under the CO Facility will become due in November 2025. Deferred financing costs incurred by the Company related to the CO Facility were approximately $424,000 and $75,000 during the period ended December 31, 2022 and 2021, respectively. In March 2021, the Company, through its newly formed subsidiary, NBL SPV II, LLC (“SPV II”), entered into a master repurchase agreement (the “DB Facility”) with Deutsche Bank AG (“DB”) in an amount up to $100,000,000. The DB Facility is a full recourse and uncommitted arrangement that allows DB to purchase eligible SBA 504 loans from the Company at a purchase price as determined by the agreement. In November 2022, the Company amended its DB Facility to reduce the facility amount from up to $150,000,000 to up to $50,000,000 and to include non-SBA loans as eligible loans under the facility. As of December 31, 2022 and 2021, the Company had approximately $0 and $11,100,000, respectively, outstanding balance under the DB Facility. Borrowings under the agreement bear interest at a rate equal to the 1-month SOFR rate plus an applicable spread of 2.75% or plus 4.5% (other than 504 Loans). The Company may make prepayments without a penalty or premium as long as the prepayment is either the result of a full payment made by the mortgagor of such loan, a whole loan sale by the Company, or in the event that a loan becomes subjected to a mandatory repurchase event as per the terms of the agreement. The DB Facility is guaranteed by NBSC and allows for borrowings for a two year period ending Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 13
on the second anniversary of the execution of the agreement for an amount up to $50,000,000. The agreement provides for two six-month extension periods as long as certain conditions are met as defined by the agreement. All balances outstanding under the Facility will become due on the second anniversary of the closing date, or November 2024, provided that the facility is not extended by the Company. Deferred financing costs incurred by the Company related to the DB Facility were approximately $223,000 and $893,000 during the period ended December 31, 2022 and 2021, respectively. In September 2021, the Company, through its newly formed subsidiary, NBL SPV III, LLC (“SPV III”), entered into a revolving line of credit agreement (the “OFB Facility”) with One Florida Bank, a Florida banking corporation (“OFB”), to finance eligible SBA 504 loans as determined by the agreement. The OFB Facility is guaranteed by NBL and NBSC and allows for borrowings up to $20,000,000 for a period of two years from the closing date. In September 2022, the Company amended its OFB Facility to include eligible non-SBA, or conventional, loans. as well as to extend the maturity date of the facility from September 2023 to September 2024 at which point all balances then outstanding under the facility will become due. As of December 31, 2022 and 2021, the Company had approximately $19,924,000 and $3,400,000, respectively, outstanding under the OFB Facility. Advances under the agreement accrue interest at a rate of Prime plus 1.0%. and in no event shall the total rate be less than 4.25%. Deferred financing costs incurred by the Company related to the OFB Facility were approximately $55,000 and $177,000 during the period ended December 31, 2022 and 2021, respectively. As presented on the consolidated statements of operations, interest expense for the years ended December 31, 2022 and 2021 was approximately $3,109,000 and $2,210,000, respectively, which included amortization of deferred financing costs of approximately $741,000 and $694,000, respectively. 6. Commitments and Contingencies Legal Contingencies In the normal course of business, the Company may become involved in various legal claims. However, management is not currently aware of any legal claims against the Company which would have a material adverse effect on the operations, cash flows or assets and liabilities of the Company. 7. Related Party Transactions Due to affiliates consists of amounts payable to the Company’s parent and other related parties, for expenses incurred on behalf of the Company. Due from affiliates consists of amounts receivable from the Company’s parent and other related parties for expenses paid on behalf of the other. During the years ended December 31, 2022 and 2021, the Company incurred expenses of approximately $33,000 and $22,000, respectively, of insurance premiums, approximately $6,000 and $15,000, respectively, of advertising costs, approximately $23,000 and $4,000, respectively, of professional fees, and approximately $70,000 and $26,000, respectively, in other operating expenses from NBSC, which are included in other operating expenses on the consolidated statements of operations. Furthermore, during the year ended December 31, 2022 and 2021, the Company incurred $232,000 and $161,000, respectively, from NBSC related to salaries for management and certain other employees that perform services for the Company, which are included in salaries and benefits on the consolidated statements of operations. The Company subleases office space from Newtek Small Business Finance, LLC (“NSBF”) in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space and amounted to rent expense of approximately $8,000 and $6,000 incurred for the year ended December 31, 2022 and 2021, respectively. Additionally, NSBF charged the Company approximately $2,000 and $5,000 respectively, in other operating expenses during the year Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 14
ended December 31, 2022 and 2021. These charges from NSBF were included in other general and administrative expenses on the consolidated statements of operations. The Company’s affiliates also performed certain services for the Company, which included approximately $73,000 and $71,000 for IT support from Newtek Technology Solutions, Inc. and approximately $4,000 and $4,000 in payroll processing fees from PMTWorks Payroll, LLC, during the year ended December 31, 2022 and 2021, respectively, which are included in other general and administrative expenses on the consolidated statements of operations. The Company also incurred approximately $393,000 and $274,000 in legal services from NSBF, and approximately $302,000 and $366,000 of loan servicing fees from Small Business Lending, LLC, during the year ended December 31, 2022 and 2021, respectively. During the year ended December 31, 2022 and 2021, the Company incurred approximately $16,000 and $15,000 of customer support services from Titanium Asset Management LLC, respectively. These expenses are included in other general and administrative expenses on the consolidated statements of operations. The Company performed administrative services for its affiliate, Newtek Conventional Lending, LLC (“NCL”), which consisted of loan underwriting, origination and packaging services, and closing and compliance services. During the year ended December 31, 2022 and 2021, these administrative services in the amount approximately $86,000 and $105,000, respectively, were included in other income on the consolidated statements of operations. In December 2022, the Company sold six loans that it had previously originated having an outstanding principal balance of approximately $21,770,000 to Newt-TSO II SPV, LLC. The loans were sold at discount to par value resulting in a realized loss of approximately $733,000, which has been included in net realized gain on sale of loans on the consolidated statements of operations. The Company is not affiliated with the borrowers of the loans. In November 2021, the Company sold one loan to NCL in the amount of $10,286,000. The sale was made at par and no realized or unrealized gains or losses have been recorded related to the transaction. The Company received $5,131,000 in cash and $5,155,000 was deemed a return of capital related to the transaction. The Company is not affiliated with the borrowers of the loans. 8. Concentration of Risk As of December 31, 2022, the Company had four borrowers that represented greater than 10% of total loans receivable at fair value. In aggregate, these borrowers represented approximately 52% of total loans receivable at fair value. For the period ended December 31, 2022, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 26% of total interest income. As of December 31, 2021, the Company had four borrowers that represented greater than 10% of total loans receivable at fair value. In aggregate, these borrowers represented approximately 49% of total loans receivable at fair value. For the period ended December 31, 2021, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 25% of total interest income. 9. Financial Highlights The financial highlights for the Company are as follows: 2022 2021 Total return on average member’s capital1 14.27 % 11.51 % Ratio of expenses to average member's capital1 24.83 % 17.53 % Ratio of income from investment operations to average member's capital1 14.27 % 11.51 % (1) Average member’s capital is the average of beginning and ending member’s capital for the years ended December 31, 2022 and 2021. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 15
- Stock Compensation During 2021, the Company’s Board approved the 2021 Stock Incentive Plan (the “Incentive Plan”) to advance the interests of the Company through providing select employees and officers grants of the Parent’s common stock currently traded on the Nasdaq Global Market, under the symbol “NEWT”. The grants made in accordance with the Incentive Plan were dated February 15, 2021 and vest in accordance with a continuous service condition. Per the terms of the Incentive Plan, the shares authorized shall not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. For the years ended December 31, 2022 and 2021, the Company recorded stock compensation expense of $42,000 and $371,000, respectively. which is included in salaries and benefits on the consolidated statements of operations. For the years ended December 31, 2022 and 2021, the Company accrued $34,000 and $53,000 related to unvested grants. 11. Employee Benefit Plans Defined Contribution Plan NBL’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted by NBSC in 2004 which covers substantially all employees based on eligibility. The Plan is designed to encourage savings on the part of eligible employees and qualifies under Section 401(k) of the Internal Revenue Code. Under the Plan, eligible employees may elect to have a portion of their pay, including overtime and bonuses, reduced each pay period, as pre-tax contributions. NBSC, through NBL, may elect to make a matching contribution equal to a specified percentage of the participant’s contribution, on their behalf as a pre-tax contribution. At December 31, 2022, NBL accrued approximately $13,000 for a matching contribution, which has not yet been paid. A matching contribution related to the year ended December 31, 2021 in the amount of $10,000 was made in May 2022. 12. Subsequent Events As of December 31, 2022, the Company’s membership interests were held by Newtek Business Services Corp., (the “Parent” or “NBSC”) through its subsidiary, Newtek Business Services Holdco 6, Inc. (“Holdco”). On January 6, 2023, the Parent completed the acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Parent acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Parent. In connection with the completion of the acquisition, the Parent contributed all of its membership interests in NBL to Newtek Bank. Upon the consummation of the acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 16
The following table presents selected information for loans receivable at fair value that were 5.0% or greater of member’s capital included on the consolidated statements of assets and liabilities at December 31, 2022. Loan Details, if applicable Principal (000's) Cost (000's) Fair Value (000's) % of Member's CapitalIndustry Loan Name Interest Rate Maturity Food Services and Drinking Places: Food Services and Drinking Places Von Esselborn, Inc. Prime plus 1.00% 05/01/34 $ 11,795 $ 11,795 $ 11,835 39.2% Food Services and Drinking Places All other n/a n/a 4,783 4,783 4,726 15.7% Accommodation: Accommodation Sigma Hospitality Wilkes Barre LP 5 Yr Treas plus 4.15% 04/01/32 8,927 8,927 8,486 28.1% Accommodation Novi Oaks Hotel, LLC Prime plus 3.50% 03/01/23 4,787 4,787 4,787 15.9% Accommodation Tradition One LLC Prime plus 3.25% 04/01/23 3,510 3,510 3,510 11.6% Accommodation All other n/a n/a 3,855 3,855 3,940 13.1% Nursing and Residential Care Facilities: Nursing and Residential Care Facilities Coconut Point Living, LLC 5 Yr Treas plus 4.85% 11/01/30 8,655 8,655 8,334 27.6% Nursing and Residential Care Facilities Anderson Behavioral Health, Inc. 5 Yr Treas plus 6.50% 11/01/47 7,208 7,208 7,376 24.5% Real Estate: Real Estate RPH Tacoma, LP Prime plus 3.00% 03/01/23 3,954 3,954 3,954 13.1% Real Estate All other n/a n/a 416 416 406 1.3% Printing and Related Support Activities 2,490 2,490 2,465 8.2% Building Material and Garden Equipment and Supplies Dealers 1,841 1,841 1,843 6.1% Fabricated Metal Product Manufacturing 1,709 1,709 1,713 5.7% Miscellaneous Manufacturing 1,404 1,404 1,404 4.7% Repair and Maintenance 1,256 1,256 1,255 4.2% Food and Beverage Stores 1,088 1,088 1,076 3.6% Amusement, Gambling, and Recreation Industries 919 919 919 3.0% Beverage and Tobacco Product Manufacturing 758 758 763 2.5% Performing Arts, Spectator Sports, and Related Industries 374 374 371 1.2% Personal and Laundry Services 262 262 259 0.9% Social Assistance 205 205 210 0.7% Sporting Goods, Hobby, Musical Instrument, and Book Stores 119 119 114 0.4% Total $ 70,315 $ 70,315 $ 69,746 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements - Supplement to Note 3 December 31, 2022 and 2021 17
The following table presents selected information for loans receivable at fair value that were 5.0% or greater of member’s capital included on the consolidated statements of assets and liabilities at December 31, 2021. Loan Details, if applicable Principal (000's) Cost (000's) Fair Value (000's) % of Member's CapitalIndustry Loan Name Interest Rate Maturity Real Estate RPH Tacoma, LP Prime plus 3.00% 11/01/32 $ 8,783 $ 8,783 $ 9,047 25.0% Nursing and Residential Care Facilities Coconut Point Living, LLC 5 Yr Treas plus 4.85% 11/01/30 8,736 8,736 8,998 24.9% Rental and Leasing Services: Rental and Leasing Services MaxStorage, LLC - 1st lien 5 Yr Treas plus 5.00% 11/01/31 5,875 5,875 6,051 16.7% Rental and Leasing Services MaxStorage, LLC - 2nd lien Prime plus 3.25% 04/01/22 1,834 1,834 1,834 5.1% Accommodation: Accommodation Tradition One LLC Prime plus 3.25% 04/01/32 4,360 4,360 4,491 12.4% Accommodation 537 Maple Hotel, LLC Prime plus 4.00% 02/01/22 2,030 2,030 2,030 5.6% Consumer Goods Rental: Consumer Goods Rental 100 Wilbur Place LLC - 1st lien Prime plus 3.00% 10/01/32 4,020 4,020 4,140 11.5% Consumer Goods Rental 100 Wilbur Place LLC - 2nd lien Prime plus 3.00% 10/01/22 2,616 2,616 2,616 7.2% Food Services & Drinking Places: Food Services & Drinking Places Black Star Hospitality Holdings, LLC 5 Yr Treas plus 8.00% 01/01/32 4,000 4,000 4,120 11.4% Food Services and Drinking Places Royal Palm Pointe Investors, LLC Prime plus 3.00% 02/01/32 2,194 2,194 2,259 6.2% Food Services and Drinking Places All others n/a n/a 4,549 4,549 4,647 12.9% Lessors on Nonresidential buildings: Lessors on Nonresidential buildings 110 Wilbur Place LLC - 1st lien Prime plus 3.00% 03/01/32 2,791 2,791 2,998 8.3% Lessors on Nonresidential buildings 110 Wilbur Place LLC - 2nd lien Prime plus 3.00% 03/01/22 2,158 2,158 2,158 6.0% Miscellaneous Manufacturing 3,140 3,140 3,192 8.8% Child Day Care Services 2,512 2,512 2,585 7.1% Professional, Scientific, and Technical Services 2,526 2,526 2,570 7.1% Amusement, Gambling, and Recreation Industries 1,139 1,139 1,167 3.2% Building Material and Garden Equipment and Supplies Dealers 987 987 1,015 2.8% Repair and Maintenance 336 336 336 0.9% Sporting Goods, Hobby, Musical Instrument, and Book Stores 216 216 219 0.6% Total $ 64,802 $ 64,802 $ 66,473 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements - Supplement to Note 3 December 31, 2022 and 2021 18
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Newtek Business Lending, LLC and Subsidiaries Consolidated Financial Statements and Independent Auditor’s Report December 31, 2021 and 2020
Page: Independent Auditor’s Report 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position as of December 31, 2021 and 2020 3 Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 4 Consolidated Statements of Changes in Member's Equity for the years ended December 31, 2021 and 2020 5 Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020 6 Notes to Consolidated Financial Statements 7 - 16 Newtek Business Lending, LLC and Subsidiaries Index December 31, 2021 and 2020
1 Independent Auditor’s Report Board of Directors Newtek Business Lending, LLC, and Subsidiaries Opinion We have audited the consolidated financial statements of Newtek Business Lending, LLC and Subsidiaries (the Company), which comprise the consolidated statements of financial position as of December 31, 2021 and 2020, the related consolidated statements of operations, changes in member’s equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations, changes in member’s equity and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
2 In performing an audit in accordance with GAAS, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit. New York, New York April 29, 2022
2021 2020 Assets Cash $ 10,995,399 $ 2,895,933 Restricted cash 919,134 — Loans receivable - held for sale, at fair value 66,473,129 83,627,517 Accrued interest receivable 276,398 292,512 Deferred financing costs 1,033,082 582,388 Prepaid expenses and other assets 31,374 41,811 Fixed assets, net of accumulated depreciation 22,937 33,273 Due from affiliates 36,990 37,652 Total assets $ 79,788,443 $ 87,511,086 Liabilities and Member's Equity Liabilities Accounts payable and accrued expenses $ 3,885,794 $ 1,030,075 Accrued interest payable 127,236 112,293 Derivative instruments 42,657 — Good faith deposits 748,084 375,450 Dividend payable 3,500,000 1,600,000 Due to affiliates 87,732 199,793 Bank note payable 35,241,245 44,216,245 Total liabilities 43,632,748 47,533,856 Commitments and Contingencies (Note 5) Member's equity Member's contributions 35,207,379 39,911,757 Member's distributions (5,100,000) (1,600,000) Retained earnings (accumulated deficit) 6,048,316 1,665,473 Total member's equity 36,155,695 39,977,230 Total liabilities and member's equity $ 79,788,443 $ 87,511,086 December 31, See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Financial Position December 31, 2021 and 2020 3
2021 2020 Revenue Interest income $ 4,794,140 $ 3,162,456 Net realized gain on sale of loans 2,401,108 239,554 Loan processing fees 2,753,908 2,403,926 Other income 790,405 263,065 Total revenue 10,739,561 6,069,001 Expenses Salaries and benefits 2,548,722 1,850,143 Interest expense 2,210,315 1,427,197 Referral fees 376,645 252,664 Other general and administrative expenses 1,537,214 956,308 Total expenses 6,672,896 4,486,312 Operating income 4,066,665 1,582,689 Net unrealized (depreciation) appreciation on loans receivable - held for sale, at fair value (285,299) 1,402,273 Realized gain on derivative transactions 644,134 — Unrealized loss on derivative transactions (42,657) — Net income $ 4,382,843 $ 2,984,962 See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Operations December 31, 2021 and 2020 4
Member's equity - December 31, 2019 $ 17,303,227 Capital contributions from member 40,285,000 Return of capital to member (18,995,959) Distributions to member (1,600,000) Net income 2,984,962 Member's equity - December 31, 2020 39,977,230 Capital contributions from member 31,350,000 Return of capital to member (36,054,378) Distributions to member (3,500,000) Net income 4,382,843 Member's equity - December 31, 2021 $ 36,155,695 See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Changes in Member’s Equity December 31, 2021 and 2020 5
Net unrealized depreciation (appreciation) on loans receivable - held for sale 285,299 (1,402,273) Net unrealized loss on derivative investments 42,657 — Amortization of deferred financing costs 693,858 309,989 Depreciation of fixed assets 10,336 7,721 Realized gains on sale of loans (2,401,108) (239,554) Origination of loans receivable (92,372,735) (83,390,702) Purchases of loans receivable from affiliate — (381,476) Sale of loans receivable 97,600,620 15,135,095 Sale of loans receivable to affiliate 5,130,948 — Principal received on loans 3,755,986 498,700 Changes in operating assets and liabilities: Accrued interest receivable 16,114 (191,912) Prepaid expenses and other assets 10,437 (21,576) Accounts payable and accrued expenses 2,855,718 450,134 Accrued interest payable 14,943 20,478 Good faith deposits 372,634 100,917 Dividend payable 1,900,000 1,600,000 Due to/from affiliates (111,398) 77,023 Net cash provided by (used in) operating activities 22,187,152 (64,442,474) Cash flows from investing activities: Purchase of fixed assets — (7,844) Net cash used in investing activities — (7,844) Cash flows from financing activities: Net borrowings on bank lines of credit (8,975,000) 32,050,932 Contributions from member 31,350,000 40,285,000 Return of capital to member (30,899,000) (3,700,001) Distributions to member (3,500,000) (1,600,000) Deferred financing costs paid (1,144,552) (446,724) Net cash (used in) provided by financing activities (13,168,552) 66,589,207 Net increase in cash and restricted cash 9,018,600 2,138,889 Cash - beginning of year 2,895,933 757,044 Cash - end of year $ 11,914,533 $ 2,895,933 Supplemental disclosure of cash flow activities: Cash paid for interest $ 1,501,514 $ 1,096,731 Supplemental disclosure of non-cash activities: Sale of loans receivable to affiliate deemed return of capital $ 5,155,378 $ 15,295,958 Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 4,382,843 $ 2,984,962 Adjustments to reconcile net income to net cash used in operating activities: See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Cash Flows December 31, 2021 and 2020 6
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Organization and Description of Business Newtek Business Lending, LLC \(“NBL”\) was formed on March 14, 2018 as a single member Limited Liability Company \(“LLC”\) in accordance with the Delaware Limited Liability Company Act. NBL and its wholly-owned subsidiaries, NBL SPV I, LLC \(“SPV”\), NBL SPV II, LLC \(“SPV II”\), and NBL SPV III, LLC \(“SPV III”\) are collectively herein referred to as the “Company”, which is currently in its start-up phase. The Company is in the business of originating, purchasing and selling commercial loans under the U.S. Small Business Administration’s \(“SBA”\) 504 loans program. All of the Company’s membership interests are held by Newtek Business Services Corp. \(the “Parent” or “NBSC”\) through its subsidiary Newtek Business Services Holdco 6, Inc. \(“Holdco”\). 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America \(“GAAP”\). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the fair value of loans receivable – held for sale. Consolidation Policy The consolidated financial statements include its accounts and results of operations and that of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash The Company maintains its cash balances at financial institutions of high credit quality, however, it is exposed to credit risk for amounts held in excess of FDIC limits. As of December 31, 2021, cash deposits in excess of insured amounts totaled approximately $10,329,000. The Company does not anticipate nonperformance by these institutions. Restricted Cash Restricted cash includes amounts for cash margin held as collateral for derivative instruments. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown int he statement of cash flows at December 31, 2021 and 2020: 2021 2020 Cash 10,995,399 2,895,933 Restricted cash 919,134 — Total cash and restricted cash 11,914,533 2,895,933 Newtek Business Lending, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 and 2020 7
Valuation of Loans Receivable - Held for Sale Loans receivable - held for sale have been recorded at fair value at December 31, 2021 and 2020. NBL elected the fair value option for loans receivable – held for sale that we originated or purchased with the intent to sell to third parties. Fair value is applied to all of loans in accordance with relevant GAAP, which establishes a framework used to measure fair value and requires disclosures for fair value measurements. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The Company’s valuation technique includes a three-level fair value hierarchy which is more fully described in note 3 of the consolidated financial statements. Fair Value The Company has the option to measure eligible financial assets, financial liabilities, and commitments at fair value on an instrument-by-instrument basis. This option is available when the Company first recognizes a financial asset or financial liability or enters into a firm commitment. Subsequent changes in the fair value of assets, liabilities, and commitments where the Company has elected the fair value option are recorded in the consolidated statements of operations. Deferred Financing Costs Deferred financing costs are amortized ratably over the terms of the related line-of-credit and recorded as interest expense in the accompanying consolidated statement of operations. Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. Revenue Recognition The Company records investment income when there is persuasive evidence of an arrangement, the fees are fixed and determinable, all contingencies are resolved and collection is reasonably assured. Interest income Interest on loan receivables are accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income on all loans are recognized as earned. Loans are placed on non-accrual status if they are over 90 days past due with respect to principal or interest and, in the opinion of management, interest or principal on individual loans is not collectible, or at such earlier time as management determines that the collectability of such principal or interest is unlikely. When a loan is designated as non-accrual, the accrual of interest is discontinued, and any accrued but uncollected interest income is reversed and charged against current income. At December 31, 2021, there was one non- accrual loan with a principal loan balance of approximately $250,000 with uncollected interest related to the loan of approximately $42,000. At December 31, 2020, there were two non-accrual loans with principal loan balances of approximately $637,000. Uncollected interest related to the loans was approximately $67,000. While a loan is classified as non-accrual and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 8
Net realized gain on sale of loans Net realized gain on sale of loans relates to the income earned from the sale of SBA 504 loans to third parties. 504 loans are generally sold for their outstanding principal balance plus a premium which is recognized when earned and recorded as net realized gain on sale of loans on the consolidated statements of operations. Net unrealized appreciation on loans receivable – held for sale, at fair value Net unrealized appreciation on loans receivable – held for sale relates to the change in the recorded value of such loans based on the Company’s measurement of their fair market value. The adjustment to record the difference between the carrying value of loans receivable and their fair market value is presented on the consolidated statements of operations as net unrealized appreciation on loans receivable – held for sale. Loan processing fee Loan processing fees are generally non-recurring in nature and earned as a “one time” fee in connection with the origination, administration, and legal fees of new SBA 504 loans. Other income Other income is derived from good faith deposits that are recorded as income when a potential borrower decides not to proceed with the SBA 504 loan financing. Other income is generally non-recurring in nature and earned as a “one-time” fee. Employee Compensation The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. The Company measures the grant date fair value based upon the market price of NBSC’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term. Income Taxes The Company is a single member LLC and is treated as a “disregarded entity” for Federal, State, and/or Local income tax purposes. The Company passes all income and expenses to Holdco to be taxed at the holding company level. Accordingly, no liability for Federal, State and/or Local income taxes have been recorded in the accompanying consolidated financial statements. The Company evaluated its tax positions at year end, and based on its analysis, determined that there were no uncertain tax positions that require adjustment to the financial statements. Recently Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. In May of 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, established a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP. The revenue standard's core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. ASU 2014-09 was originally effective for public business entities, certain not-for-profit entities and certain employee benefit plans for annual periods beginning after December 15, 2016, including interim reporting periods, and all other entities for annual periods beginning after December 15, 2017. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. This standard was adopted on January 1, 2019 with no material impact on the Company’s consolidated statements of operations or consolidated statements of financial position. In February 2016, the FASB issued ASU 2016-02 (Topic 842), “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations for lessees. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control the lease is treated as a financing lease. If the lessor doesn't convey risks and rewards or control an operating lease results. The new standard is effective for public business entities, certain not-for-profit entities and employee benefit plans that file financial statements with the U.S. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 9
Securities and Exchange Commission for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of ASU 2020-05 but does not expect the update to have a material impact on its consolidated statements of financial position or consolidated statements of operations. 3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities: quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets included debt securities with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors including, the type and age of investment, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by Management in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Management uses prices and inputs that are current as of the measurement date, including periods of market dislocation, if applicable. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified to a lower level within the fair value hierarchy. The Company’s loans receivable - held for sale at December 31, 2021 and 2020 were measured at fair value using Level 3 inputs of the value hierarchy by using comparable sales of similar assets. There were no loans receivable - held for sale that were transferred into or out of Level 3 of the value hierarchy during the years ended December 31, 2021 and 2020. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 10
The following table provides a summary of quantitative information about the Company’s fair value measurements of loans receivable - held for sale. In addition to the inputs noted below, according to its valuation policy, the Company may also use other valuation techniques and methodologies when determining fair value measurements. The following tables are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at December 31, 2021 and 2020. Fair Value at December 31, 2021 Unobservable Input Range Input Value Loans receivable - held for sale, at fair value $ 66,473,129 Historical prices 0 - 7.4% 3% Fair Value at December 31, 2020 Unobservable Input Range Input Value Loans receivable - held for sale, at fair value $ 83,627,517 Historical prices 1.0 - 3.5% 3% The following table presents loans receivable - held for sale at fair value by loan term. December 31, 2021 December 31, 2020 Loans due in five years or less $ 15,172,990 $ 17,307,672 Loans due between five and ten years 21,257,059 35,382,894 Loans due after ten years 30,043,080 30,936,950 Loans receivable - held for sale at fair value $ 66,473,129 $ 83,627,517 The following table presents the changes in loans receivable - held for sale measured at fair value using Level 3 inputs for the years ended December 31, 2021 and 2020. Fair value, December 31, 2019 $ 29,143,265 Loans funded 83,390,702 Purchase of loans from affiliate 381,476 Sale of loans (15,135,095) Realized gains on sale of loans 239,554 Sale of loans to affiliate (15,295,958) Principal payments received (498,700) Net unrealized appreciation 1,402,273 Fair value, December 31, 2020 $ 83,627,517 Loans funded 92,372,735 Sale of loans (97,600,620) Realized gains on sale of loans 2,401,108 Sale of loans to affiliate (10,286,326) Principal payments received (3,755,986) Net unrealized depreciation (285,299) Fair value, December 31, 2021 $ 66,473,129 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 11
At December 31, 2021, the Company’s loans receivable – held for sale, at fair value consisted of 30 loans, with an aggregated unpaid principal balance of approximately $64,802,000 and a fair value of approximately $66,473,000, compared to 33 loans with an aggregate unpaid principal balance of approximately $81,671,000 and a fair value of $83,628,000 million at December 31, 2020. At December 31, 2021, all loans had variable interest rates ranging from 5.66% to 9.50% with maturities between February 2022 and March 2042. Interest income earned for the year ended December 31, 2021 was approximately $4,794,000. At December 31, 2020, all loans had variable interest rates ranging from 5.25% to 8.00% with maturities between February 2021 and February 2050. Interest income earned for the period ended December 31, 2020 was approximately $3,162,000. 4. Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of certain fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2021: Fair Value Remaining Contract Type Notional Asset1 Liability1 Maturity (years) 5-year Swap Futures $ 10,119,374 $ — $ 42,657 0.25 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. The following table indicated the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in the consolidated statements of operations for the year ended December 31, 2021 and 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Contract Type Unrealized Gain/ (Loss) Realized Gain/ (Loss) Unrealized Gain/ (Loss) Realized Gain/ (Loss) 5-year Swap Futures $ (42,657) $ 644,134 $ — $ — Collateral posted with our futures counterparty is segregated in the Company’s books and records. The Company’s counterparty held cash margin as collateral for derivatives as of December 31, 2021, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. 5. Bank Note Payable In July 2018, the Company entered into a revolving credit and security agreement (the “CO Facility”) with Capital One, N.A. (“Capital One”) which has been guaranteed by NBSC. The CO Facility allows for borrowings for a two year period ending on the second anniversary of the execution of the agreement for an amount up to $75,000,000. The CO Facility provides that upon the occurrence of certain events, the maximum amount of the line of credit under the agreement can be increased from $75,000,000 to $150,000,000 at a later date upon request. In April 2019, the Company executed an amendment to the CO Facility with Capital One. The amendment, effective as of January 31, 2019, revised certain debt covenants as were previously defined by the CO Facility. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 12
In September 2019, the Company executed a second amendment to the CO Facility with Capital One. The amendment, effective as of April 30, 2019, revised certain definitions as were previously defined by the CO Facility. In July 2020, the Company executed a third and forth amendment to the CO Facility with Capital One. The amendment, effective as of July 31, 2020, revised certain definitions as were previously defined by the CO Facility In October 2020, the Company executed a fifth amendment to the CO Facility with Capital One. The amendment, effective October 27, 2020, revised certain definitions as were previously defined by the CO Facility. In November 2020, the Company executed a sixth amendment to the CO Facility with Capital One. The amendment, effective November 4, 2020, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. As of December 31, 2021 and 2020, the Company had approximately $20,741,000 and $44,216,000, respectively, outstanding under the CO Facility. Advances under the CO Facility are classified either as a “Base Rate Advance” or a “LIBOR Rate Advance” at the Company’s election. Each Base Rate Advance shall bear interest on the outstanding balance at a rate equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Rate plus 1.0%. Each LIBOR Rate Advance shall bear interest on the outstanding balance at a rate equal to (y) the alternative rate plus (z) the applicable margin of 2.75%. Additionally, the Company must pay a fee for the portion of the CO Facility that is unused. The unused line fee is calculated based upon the percentage of the CO Facility not being utilized. The OC Facility accrues the unused line fee as a percentage of the unused commitment amount at a rate ranging from 0.35% and 0.75%. The Company may make prepayments without a penalty or premium. The agreement requires certain restrictive covenants for which the Company is in compliance with as of December 31, 2021 and 2020. All balances outstanding under the CO Facility will become due on the third anniversary of the sixth amendment closing date, or October 2023. Deferred financing costs incurred by the Company related to the CO Facility were approximately $75,000 and $447,000 during the period ended December 31, 2021 and 2020, respectively. In March 2021, the Company, through its newly formed subsidiary, NBL SPV II, LLC (“SPV II”), entered into a master repurchase agreement (the “DB Facility”) with Deutsche Bank AG (“DB”) in an amount up to $100,000,000 The DB Facility is a full recourse and uncommitted arrangement that allows DB to purchase eligible SBA 504 loans from the Company at a purchase price as determined by the agreement. As of December 31, 2021, the Company had approximately $11,100,000, outstanding under the DB Facility. Borrowings under the agreement bear interest at a rate equal to the 3-month LIBOR rate plus an applicable spread of 2.75%. The Company may make prepayments without a penalty or premium as long as the prepayment is either the result of a full payment made by the mortgagor of such loan, a whole loan sale by the Company, or in the event that a loan becomes subjected to a mandatory repurchase event as per the terms of the agreement. The DB Facility is guaranteed by NBSC and allows for borrowings for a two year period ending on the second anniversary of the execution of the agreement for an amount up to $100,000,000. The agreement provides for two six-month extension periods as long as certain conditions are met as defined by the agreement. All balances outstanding under the Facility will become due on the second anniversary of the closing date, or March 2023, provided that the facility is not extended by the Company. Deferred financing costs incurred by the Company related to the DB Facility were approximately $893,000 during the period ended December 31, 2021. In September 2021, the Company, through its newly formed subsidiary, NBL SPV III, LLC (“SPV III”), entered into a revolving line of credit agreement (the “OFB Facility”) with One Florida Bank, a Florida banking corporation (“OFB”), to finance eligible SBA 504 loans as determined by the agreement. The OFB Facility is guaranteed by NBL and NBSC and allows for borrowings up to $20,000,000 for a period of two years from the closing date. All balances outstanding under the OFB Facility will become due on the maturity date, or September 2023. As of December 31, 2021, the Company had approximately $3,400,000, outstanding under the OFB Facility. Advances under the agreement accrue interest at a rate of Prime plus 1.0%. and in no event shall the total rate be less than 4.25%. Deferred financing costs incurred by the Company related to the OFB Facility were approximately $177,000 during the period ended December 31, 2021. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 13
As presented on the consolidated statements of operations, interest expense for the years ended December 31, 2021 and 2020 was approximately $2,210,000 and $1,427,000, respectively, which included amortization of deferred financing costs of approximately $694,000 and $310,000, respectively. 6. Commitments and Contingencies Operating Commitments The Company has a non-cancellable operating lease with future rentals as follows: Year Ending December 31, 2022 $ 85,105 Total $ 85,105 Rent expense for the years ended December 31, 2021 and 2020 was approximately $154,000 and $138,000, respectively. Legal Contingencies In the normal course of business, the Company may become involved in various legal claims. However, management is not currently aware of any legal claims against the Company which would have a material adverse effect on the operations, cash flows or assets and liabilities of the Company. 7. Related Party Transactions Due to affiliates consists of amounts payable to the Company’s parent and other related parties, for expenses incurred on behalf of the Company. Due from affiliates consists of amounts receivable from the Company’s parent and other related parties for expenses paid on behalf of the other. During the years ended December 31, 2021 and 2020, the Company incurred expenses of approximately $22,000 and $21,000, respectively, of insurance premiums, approximately $15,000 and $19,000, respectively, of advertising costs, approximately $4,000 and $5,000 , respectively, of professional fees, and approximately $26,000 and $6,000, respectively, in other operating expenses from NBSC, which are included in other operating expenses on the consolidated statements of operations. Furthermore, during the year ended December 31, 2021 and 2020, the Company incurred $161,000 and $135,000, respectively, from NBSC related to salaries for management and certain other employees that perform services for the Company, which are included in salaries and benefits on the consolidated statements of operations. The Company subleases office space from Newtek Small Business Finance, LLC (“NSBF”) in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space and amounted to rent expense of approximately $6,000 and $5,000 incurred for the year ended December 31, 2021 and 2020, respectively. Additionally, NSBF charged the Company approximately $5,000 and $1,000 respectively, in other operating expenses during the year ended December 31, 2021 and 2020. These charges from NSBF were included in other general and administrative expenses on the consolidated statements of operations. During the year ended December 31, 2020, the Company purchased one loan receivable in the amount of $381,000 from its affiliate, CDS Business Services, Inc. This loans is included in loans receivable – held for sale, at fair value on the consolidated statements of financial position at December 31, 2020. The Company’s affiliates also performed certain services for the Company, which included approximately $71,000 and $46,000 for IT support from Newtek Technology Solutions, Inc. and approximately $4,000 and $4,000 in payroll processing fees from PMTWorks Payroll, LLC, during the year ended December 31, 2021 and 2020, respectively, which are included in other general and administrative expenses on the consolidated statements of operations. The Company also incurred approximately $274,000 and $223,000 in legal services from NSBF, and approximately $366,000 and $249,000 of loan servicing fees from Small Business Lending, LLC, during the year ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2021 and 2020, the Company incurred approximately $15,000 and Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 14
$8,000 of customer support services from Titanium Asset Management LLC, respectively. These expenses are included in other general and administrative expenses on the consolidated statements of operations. The Company performed administrative services for its affiliate, Newtek Conventional Lending, LLC (“NCL”), which consisted of loan underwriting, origination and packaging services, and closing and compliance services. During the year ended December 31, 2021 and 2020, these administrative services in the amount approximately $105,000 and $84,000, respectively, were included in other income on the consolidated statement of operations. In November 2021, the Company sold one loan to NCL in the amount of $10,286,000. The sale was made at par and no realized or unrealized gains or losses have been recorded related to the transaction. The Company received $5,131,000 in cash and $5,155,000 was deemed a return of capital related to the transaction. The Company is not affiliated with the borrowers of the loans. In September 2020, the Company sold three loans to NBSC totaling $15,296,000. The sales were made at par and no realized or unrealized gains or losses have been recorded related to the transactions. The Company is not affiliated with the borrowers of the loans. 8. Concentration of Risk As of December 31, 2021, the Company had four borrowers that represented greater than 10% of total loans receivable – held for sale, at fair value. In aggregate, these borrowers represented approximately 49% of total loans receivable – held for sale, at fair value. For the period ended December 31, 2021, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 25% of total interest income. As of December 31, 2020, the Company had four borrowers that represented greater than 10% of total loans receivable – held for sale, at fair value. In aggregate, these borrowers represented approximately 54% of total loans receivable – held for sale, at fair value. For the period ended December 31, 2020, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 32% of total interest income. 9. Stock Compensation During 2021, the Company’s Board approved the 2021 Stock Incentive Plan (the “Incentive Plan”) to advance the interests of the Company through providing select employees and officers grants of the Parent’s common stock currently traded on the Nasdaq Global Market, under the symbol “NEWT”. The grants made in accordance with the Incentive Plan were dated February 15, 2021 and vest in accordance with a continuous service condition. Per the terms of the Incentive Plan, the shares authorized shall not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. For the year ended December 31, 2021, the Company recorded stock compensation expense of $371,000, which is included in salaries and benefits on the consolidated statement of operations. For the year ended December 31, 2021, the Company accrued $53,000 related to unvested grants. 10. Employee Benefit Plans Defined Contribution Plan NBL’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted by NBSC in 2004 which covers substantially all employees based on eligibility. The Plan is designed to encourage savings on the part of eligible employees and qualifies under Section 401(k) of the Internal Revenue Code. Under the Plan, eligible employees may elect to have a portion of their pay, including overtime and bonuses, reduced each pay period, as pre-tax contributions. NBSC, through NBL, may elect to make a matching contribution equal to a specified percentage of the participant’s contribution, on their behalf as a pre-tax contribution. At December 31, 2021, NBL accrued approximately $10,000 for a Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 15
matching contribution, which has not yet been paid. A matching contribution related to the year ended December 31, 2020 in the amount of $11,000 was made in March 2021. 11. Subsequent Events The Company evaluated subsequent events for potential recognition and/or disclosure through April 29, 2022, the date the consolidated financial statements were available to be issued, and has determined that no events have occurred that would require adjustments or disclosures in the consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 16
a995reportofindependentr
1 Report of Independent Registered Public Accounting Firm Board of Directors and Shareholders NewtekOne, Inc., formerly known as Newtek Business Services Corp. Our audits of NewtekOne, Inc., formerly known as Newtek Business Services Corp.’s (the Company) consolidated financial statements and internal control over financial reporting referred to in our report dated March 15, 2023, (appearing in the accompanying Form 10-K) also included an audit of the senior securities table of the Company appearing in this Form 10-K. This table is the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits of the consolidated financial statements. In our opinion, the senior securities table, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein. /s/ RSM US LLP Hartford, Connecticut March 15, 2023