UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
 
FORM 10-Q
(Mark One)
 
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2016
OR
¨
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: 814-00939
________________ 
HMS Income Fund, Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland
(State or Other Jurisdiction of
Incorporation or Organization)
 
45-3999996
(I.R.S. Employer
Identification No.)
 
 
 
2800 Post Oak Boulevard
Suite 5000
Houston, Texas
(Address of Principal Executive Offices)
 
77056-6118
(Zip Code)
 
(888) 220-6121
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and formal fiscal year, if changed since last report)
 
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 preceding 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 þ No o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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 o No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):
Large accelerated filer o 
 
Accelerated filer o 
 
Non-accelerated filer þ 
 
Smaller reporting company o
 
 
 
 
(Do not check if a smaller
reporting company)
 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes oNo þ
 
The issuer had 66,757,981 shares of common stock outstanding as of May 12, 2016.




TABLE OF CONTENTS
 
PART I — FINANCIAL INFORMATION 
Item 1.
Condensed Consolidated Financial Statements:
 
 
Condensed Consolidated Balance Sheets
 
Condensed Consolidated Statements of Operations
 
Condensed Consolidated Statements of Changes in Net Assets
 
Condensed Consolidated Statements of Cash Flows
 
Condensed Consolidated Schedules of Investments
 
Notes to the Condensed Consolidated Financial Statements
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Item 4.
Controls and Procedures
 
 
 
PART II — OTHER INFORMATION 
 
 
 
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits
 
 
 
Signatures
 
Exhibit Index
 
  



PART I — FINANCIAL INFORMATION

Item 1.    Condensed Consolidated Financial Statements

HMS Income Fund, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands, except share and per share amounts)
 
March 31, 2016
 
December 31, 2015
 
(Unaudited)
 
 
ASSETS
 
 
 
Portfolio investments at fair value:
 
 
 
Non-Control/Non-Affiliate investments (amortized cost: $880,163 and $866,499 as of March 31, 2016 and December 31, 2015, respectively)
$
809,806

 
$
812,205

Affiliate investments (amortized cost: $30,459 and $23,949 as of March 31, 2016 and December 31, 2015, respectively)
32,298

 
25,303

Control investments (amortized cost: $13,171 and $14,241 as of March 31, 2016 and December 31, 2015, respectively)
15,728

 
15,480

Total portfolio investments (amortized cost: $923,793 and $904,689 as of March 31, 2016 and December 31, 2015, respectively)
857,832

 
852,988

 
 
 
 
Cash and cash equivalents
20,505

 
24,001

Interest receivable
8,248

 
7,927

Receivable for securities sold
11,824

 
1,995

Prepaid and other assets
700

 
511

Deferred offering costs (net of accumulated amortization of $9,030 and $9,018 as of March 31, 2016 and December 31, 2015, respectively)
296

 
1,107

Deferred financing costs (net of accumulated amortization of $1,733 and $1,370 as of March 31, 2016 and December 31, 2015, respectively)
4,952

 
4,883

Total assets
$
904,357

 
$
893,412

 
 
 
 
LIABILITIES
 

 
 

Accounts payable and other liabilities
$
1,011

 
$
624

Payable for unsettled trades
514

 
—

Stockholder distributions payable
3,805

 
3,717

Due to affiliates
4,791

 
5,723

Payable for securities purchased
3,563

 
11,696

Notes payable
395,000

 
380,000

Total liabilities
408,684

 
401,760

 
 
 
 
Commitments and Contingencies (Note 11)
 
 
 
 
 
 
 
NET ASSETS
 

 
 

Common stock, $.001 par value; 150,000,000 shares authorized, 64,661,916 and 62,382,044 issued and outstanding as of March 31, 2016 and December 31, 2015, respectively
65

 
62

Additional paid-in capital
564,233

 
546,508

Accumulated distributions in excess of net investment income
(2,662
)
 
(3,219
)
Net unrealized (depreciation)
(65,963
)
 
(51,699
)
Total net assets
495,673

 
491,652

 
 
 
 
Total liabilities and net assets
$
904,357

 
$
893,412

 
 
 
 
Net asset value per share
$
7.67

 
$
7.88


See notes to the condensed consolidated financial statements.

1


HMS Income Fund, Inc.
Condensed Consolidated Statements of Operations
(dollars in thousands, except share and per share amounts)
(Unaudited) 
 
Three Months Ended
 
March 31, 2016
 
March 31, 2015
INVESTMENT INCOME:
 

 
 

Interest, fee and dividend income:
 

 
 

Non-Control/Non-Affiliate investments
$
20,438

 
$
11,358

Affiliate investments
587

 
199

Control investments
234

 
236

Total interest, fee and dividend income
21,259

 
11,793

EXPENSES:
 

 
 

Interest expense
3,710

 
1,975

Base management and incentive fees
4,987

 
3,365

Administrative services expenses
533

 
437

Offering costs
12

 
—

Professional fees
428

 
203

Insurance
47

 
49

Other general and administrative
328

 
232

Expenses before fee and expense waivers
10,045

 
6,261

Waiver of incentive fees
(493
)
 
(358
)
Waiver of administrative services expenses
(533
)
 
(437
)
Total expenses, net of fee and expense waivers
9,019

 
5,466

 
 
 
 
NET INVESTMENT INCOME
12,240

 
6,327

 
 
 
 
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
 

 
 

Non-Control/Non-Affiliate investments
(646
)
 
20

Affiliate investments
—

 
—

Control investments
—

 
—

Total realized gain (loss) from investments
(646
)
 
20

 
 
 
 
NET REALIZED INCOME
11,594

 
6,347

 
 
 
 
NET UNREALIZED APPRECIATION (DEPRECIATION)
 

 
 

Non-Control/Non-Affiliate investments
(16,066
)
 
2,912

Affiliate investments
485

 
928

Control investments
1,318

 
—

Total net unrealized appreciation (depreciation)
(14,263
)
 
3,840

 
 
 
 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
(2,669
)
 
$
10,187

 
 
 
 
PER SHARE INFORMATION - BASIC AND DILUTED
 
 
 
NET INVESTMENT INCOME PER SHARE
$
0.19

 
$
0.17

NET REALIZED INCOME PER SHARE
$
0.18

 
$
0.18

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE (EARNINGS PER SHARE)
$
(0.04
)
 
$
0.28

DISTRIBUTIONS DECLARED PER SHARE
$
0.17

 
$
0.17

WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED
63,230,882

 
36,265,941



See notes to the condensed consolidated financial statements.

2


HMS Income Fund, Inc.
Condensed Consolidated Statements of Changes in Net Assets
For the Three Months Ended March 31, 2016 and March 31, 2015
(dollars in thousands, except number of shares)
(Unaudited) 
 
 
Three Months Ended March 31, 2016
 
Three Months Ended March 31, 2015
Change in Net Assets from Operations:
 
 
 
 
Net investment income
 
$
12,240

 
$
6,327

Net realized gain (loss) on investments
 
(646
)
 
20

Net unrealized appreciation (depreciation)
 
(14,263
)
 
3,840

Net increase (decrease) in net assets resulting from operations
 
(2,669
)
 
10,187

 
 
 
 
 
Change in Net Assets from Shareholders' Distributions:
 
 
 
 
Distributions from net investment income
 
(11,037
)
 
(6,240
)
Distributions from net realized gain on investments
 
—

 
(20
)
Net decrease in net assets resulting from shareholders' distributions
 
(11,037
)
 
(6,260
)
 
 
 
 
 
Change in Net Assets from Capital Share Transactions:
 
 
 
 
Issuance of common stock, net of issuance costs
 
13,461

 
87,371

Reinvestment of shareholder distributions
 
5,794

 
2,884

Repurchase of common stock
 
(1,528
)
 
(289
)
Offering costs
 
—

 
(1,476
)
Net increase in net assets resulting from capital share transactions
 
17,727

 
88,490

 
 
 
 
 
Total Increase in Net Assets
 
4,021

 
92,417

Net Assets at beginning of period
 
491,652

 
260,063

Net Assets at end of the period
 
$
495,673

 
$
352,480

 
 
 
 
 
NAV at end of the period
 
$
7.67

 
$
8.57

 
 
 
 
 
Common shares outstanding, beginning of period
 
62,382,044

 
30,967,120

Issuance of common shares
 
1,746,007

 
9,894,080

Issuance of common shares pursuant to distribution reinvestment plan
 
734,373

 
325,967

Repurchase of common shares
 
(200,508
)
 
(33,842
)
Common shares outstanding, end of period
 
64,661,916

 
41,153,325


See notes to the condensed consolidated financial statements.


3


HMS Income Fund, Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited) 
 
Three Months Ended 
 March 31, 2016
 
Three Months Ended 
 March 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net increase (decrease) in net assets resulting from operations
$
(2,669
)
 
$
10,187

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
 
 
 
Principal repayments received and proceeds from sales of investments in portfolio companies
47,384

 
24,588

Investments in portfolio companies
(83,139
)
 
(187,231
)
Net unrealized (appreciation) depreciation of portfolio investments
14,263

 
(3,840
)
Net realized (gain) loss on sale of portfolio investments
646

 
(20
)
Amortization of deferred financing costs
363

 
211

Amortization of deferred offering costs
12

 
—

Accretion of unearned income
(2,267
)
 
(489
)
Net payment-in-kind interest accrual
(8
)
 
(194
)
Changes in other assets and liabilities:
 
 
 

Interest receivable
(321
)
 
(1,678
)
Prepaid and other assets
125

 
178

Due to affiliates
(79
)
 
2,355

Accounts payable and other liabilities
315

 
60

Payable for unsettled trades
514

 
(1,799
)
Net cash used in operating activities
(24,861
)
 
(157,672
)
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Proceeds from issuance of common stock
14,760

 
94,552

Redemption of common shares
(1,528
)
 
(289
)
Payment of selling commissions and dealer manager fees
(1,051
)
 
(8,675
)
Payment of offering costs
(301
)
 
(1,476
)
Payment of stockholder distributions
(5,156
)
 
(2,783
)
Repayments on notes payable
(106,000
)
 
(36,864
)
Proceeds from notes payable
121,000

 
118,000

Payment of deferred financing costs
(359
)
 
(752
)
Net cash provided by financing activities
21,365

 
161,713

 
 
 
 
Net increase (decrease) in cash and cash equivalents
(3,496
)
 
4,041

 
 
 
 
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
24,001

 
19,868

 
 
 
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
$
20,505

 
$
23,909

 
See notes to the condensed consolidated financial statements.


4

HMS Income Fund, Inc.
Condensed Consolidated Schedule of Investments
As of March 31, 2016
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (3)
Business Description
Type of Investment (2) (3)
Index Rate (22)
Principal (7)
Cost (7)
Fair Value
 
 
 
 
 
 
 
Control Investments (6)
GRT Rubber Technologies, LLC (8) (10) (13)
Engineered Rubber Product Manufacturer
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - December 19, 2019)
1 month LIBOR
$
6,848

$
6,736

$
6,848

 
 
Member Units (2,896 shares)
—
—

6,435

8,880

 
 
 
 
 
13,171

15,728

 
 
 
 
 
 
 
Subtotal Control Investments (6) (2% of total investments at fair value)
 
 
$
13,171

$
15,728

 
Affiliate Investments (4)
AFG Capital Group, LLC (10) (13)
Provider of Rent-to-Own Financing Solutions and Services
11.00% Secured Debt (Maturity Date - November 7, 2019)
None
$
3,240

$
3,125

$
3,201

 
 
Member Units (46 shares)
—
—

300

545

 
 
Warrants (10 equivalent shares, Expiration - November 7, 2024)
—
—

65

132

 
 
 
 
 
3,490

3,878

EIG Traverse Co-Investment, LP (9) (15)
Investment Partnership
LP Interests (EIG Traverse Co-Investment, LP) (Fully diluted 22.2%) (16)
—
—

9,805

9,805

Freeport First Lien Loan Fund III, LP (9) (15)
Investment Partnership
LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.0%) (16)
—
—

3,564

3,564

HW Temps LLC (8) (10) (13)
Temporary Staffing Solutions
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity Date - July 2, 2020)
1 month LIBOR
2,494

2,433

2,433

 
 
Preferred Member Units (800 shares) (16)
—
—

986

1,238

 
 
 
 
 
3,419

3,671

M.H. Corbin, LLC (10) (13)
Manufacturer and Distributor of Traffic Safety Products
10.00% Secured Debt (Maturity Date -August 31, 2020)
None
3,456

3,425

3,425

 
 
Preferred Member Units (1,000 shares)
 
—

1,500

1,500

 
 
 
 
 
4,925

4,925

Mystic Logistics, Inc. (10) (13)
Logistics and Distribution Services Provider for Large Volume Mailers
12.00% Secured Debt (Maturity Date - August 15, 2019)
None
2,362

2,302

2,362

 
 
Common Stock (1,468 shares) (16)
—
—

680

1,348

 
 
 
 
 
2,982

3,710

SoftTouch Medical Holdings LLC (8) (10) (13)
Home Provider of Pediatric Durable Medical Equipment
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity Date - October 31, 2019)
1 month LIBOR
1,425

1,404

1,425

 
 
Member Units (785 shares) (16)
—
—

870

1,320

 
 
 
 
 
2,274

2,745

 
 
 
 
 
 
 
Subtotal Affiliate Investments (4) (4% of total investments at fair value)
 
 
$
30,459

$
32,298

 
 
 
 
 
 
 
Non-Control/Non-Affiliate Investments (5)
AccuMed Corporation (8) (11)
Medical Device Contract Manufacturer
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - October 29, 2020)
3 month LIBOR
$
10,352

$
10,204

$
10,204

Adams Publishing Group, LLC (8) (11)
Local Newspaper Operator
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - November 3, 2020)
3 month LIBOR
9,263

9,084

9,089

Ahead, LLC (8) (11)
IT Infrastructure Value Added Reseller
LIBOR Plus 6.50%, Current Coupon 7.14%, Secured Debt (Maturity - November 2, 2020)
3 month LIBOR
9,875

9,595

9,628

Allflex Holdings III Inc. (8)
Manufacturer of Livestock Identification Products
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - July 19, 2021) (14)
3 month LIBOR
14,922

15,013

14,343

AmeriTech College Operations, LLC (10) (13)
For-Profit Nursing and Healthcare College
10.00% Secured Debt, (Maturity - January 31, 2020)
None
375

375

375

 
 
10.00% Secured Debt, (Maturity - November 30, 2019)
None
61

60

61

 
 
10.00% Secured Debt, (Maturity - May 15, 2016)
None
64

64

64

 
 
Preferred Member Units (364 shares, 5.0% cumulative) (16)
—
—

284

284

 
 
 
 
 
783

784

AMF Bowling Centers, Inc. (8)
Bowling Alley Operator
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - September 18, 2021)
3 month LIBOR
13,812

13,744

13,605

AP Gaming I, LLC (8) (11)
Developer, Manufacturer, and Operator of Gaming Machines
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - December 21, 2020)
3 month LIBOR
11,378

11,266

10,581

Apex Linen Service, Inc. (10) (13)
Industrial Launderers
13.00% Secured Debt, (Maturity - October 30, 2022)
None
3,000

2,945

2,945

 
 
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - October 30, 2022)
1 month LIBOR
400

400

400

 
 
 
 
 
3,345

3,345

Aptean, Inc. (8)
Enterprise Application Software Provider
LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity - February 26, 2020)
3 month LIBOR
4,404

4,404

4,296

Arcus Hunting, LLC (8) (11)
Manufacturer of Bowhunting and Archery Products and Accessories
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - November 13, 2019)
3 month LIBOR
5,987

5,859

5,915

Artel, LLC (8)
Provider of Secure Satellite Network and IT Solutions
LIBOR Plus 7.00% (Floor 1.25%), 7.25% Current/1.0% PIK, Current Coupon 8.25%, Secured Debt (Maturity - November 27, 2017)
3 month LIBOR
3,259

3,199

2,786

ATX Networks Corp. (8) (9)
Provider of Radio Frequency Management Equipment
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 11, 2021)
3 month LIBOR
14,888

14,619

14,739

BarFly Ventures, LLC (11)
Casual Restaurant Group
12.00% Secured Debt (Maturity Date - August 30, 2020)
None
1,374

1,350

1,254

 
 
Warrants (.364 equivalent shares, Expiration - August 31, 2025)
—
—

158

80

 
 
Options (.731 equivalent shares)
—
—

133

158

 
 
 
 
 
1,641

1,492

Berry Aviation, Inc. (11)
Airline Charter Service Operator
12.00% Current / 1.75% PIK Secured Debt (Maturity Date - January 30, 2020) (14)
None
1,407

1,387

1,395

 
 
Common Stock (138 shares)
—

—

100

122

 
 
 
 
 
1,487

1,517

Bioventus, LLC (8) (11)
Production of Orthopedic Healing Products
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - April, 10, 2020) (14)
1 month LIBOR
7,000

6,893

6,895

Blackbrush Oil and Gas LP (8)
Oil & Gas Exploration
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - July 30, 2021) (14)
3 month LIBOR
12,085

11,669

9,356

Blackhawk Specialty Tools LLC (8)
Oilfield Equipment & Services
LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (Maturity - August 1, 2019)
3 month LIBOR
8,380

7,916

6,914

Blue Bird Body Company (8)
School Bus Manufacturer
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - June 26, 2020)
3 month LIBOR
4,987

4,930

4,940

Bluestem Brands, Inc. (8) (9)
Multi-Channel Retailer of General Merchandise
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - November 6, 2020)
3 month LIBOR
14,417

14,143

12,777

Brightwood Capital Fund III, LP (9) (15)
Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (Fully diluted .52%) (16)
—
—

3,825

3,663

Brundage-Bone Concrete Pumping, Inc.
Construction Services Provider
10.38% Secured Bond (Maturity - September 1, 2021) (14)
None
12,000

12,099

12,000

Buca C, LLC (8) (10) (13)
Casual Restaurant Group
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - June 30, 2020)
1 month LIBOR
17,020

16,722

17,020

 
 
Preferred Member Units (4 units, 6.0% cumulative)
—
—

2,400

3,846

 
 
 
 
 
19,122

20,866

CAI Software, LLC (10) (13)
Provider of Specialized Enterprise Resource Planning Software
12.00% Secured Debt (Maturity Date - October 10, 2019)
None
1,085

1,061

1,085

 
 
Member Units (16,339 shares)
—
—

163

325

 
 
 
 
 
1,224

1,410

CJ Holding Company (8)
Oil and Gas Equipment and Services
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - March 24, 2020)
1 month LIBOR
5,940

5,212

2,643

CapFusion Holding, LLC (9) (10) (13)
Business Lender
13.00% Secured Debt (Maturity Date - March 25, 2021)
None
2,400

2,072

2,073

 
 
Warrants (400 equivalent shares, Expiration - March 24, 2026)
—
—

300

300

 
 
 
 
 
2,372

2,373

Cengage Learning Acquisitions, Inc. (8)
Provider of Educational Print and Digital Services
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - March 31, 2020)
1 month LIBOR
8,513

8,493

8,490

Cenveo Corporation
Provider of Commercial Printing, Envelopes, Labels, Printed Office Products
6.00% Secured Bond (Maturity - August 1, 2019)
None
10,000

8,486

7,275

Charlotte Russe, Inc. (8)
Fast-Fashion Retailer to Young Women
LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity - May 22, 2019)
3 month LIBOR
15,101

14,868

8,025

Clarius BIGS, LLC (11) (13) (18)
Prints & Advertising Film Financing
15.00% PIK Secured Debt (Maturity - January 5, 2015) (18)
None
2,429

2,171

291

 
 
20.00% PIK Secured Debt (Maturity - January 5, 2015) (18)
None
878

785

104

 
 
 
 
 
2,956

395

Compuware Corporation (8)
Provider of Software and Supporting Services
LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - December 15, 2019)
3 month LIBOR
14,803

14,419

14,335

Covenant Surgical Partners, Inc.
Ambulatory Surgical Centers
8.75% Secured Debt (Maturity - August 1, 2019)
None
9,500

9,500

9,120

CRGT, Inc. (8)
Provider of Custom Software Development
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 18, 2020)
3 month LIBOR
11,550

11,348

11,521

CST Industries, Inc. (8)
Storage Tank Manufacturer
LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity - May 22, 2017)
3 month LIBOR
1,871

1,871

1,857

Datacom, LLC (10) (13)
Technology and Telecommunications Provider
5.25%/5.25% PIK, Current Coupon 10.50% Secured Debt (Maturity - May 30, 2019)
None
1,245

1,226

1,144

 
 
Class A Preferred Member Units (1,530 units, 15.0% cumulative) (16)
—
—

131

136

 
 
Class B Preferred Member Units (717 units)
—
—

670

511

 
 
 
 
 
2,027

1,791

Digital River, Inc. (8)
Provider of Outsourced e-Commerce Solutions and Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - February 12, 2021)
3 month LIBOR
14,586

14,460

14,312

ECP-PF Holdings Groups, Inc. (11)
Fitness Club Operator
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - November 26, 2019)
3 month LIBOR
1,875

1,861

1,832

East West Copolymer & Rubber, LLC (10) (13)
Manufacturer of Synthetic Rubbers
12.00% Secured Debt (Maturity Date - October 17, 2019)
None
2,400

2,339

2,339

 
 
Warrants (627,697 equivalent shares, Expiration - October 15, 2024)
—
—

10

13

 
 
 
 
 
2,349

2,352

Energy & Exploration Partners, LLC (18)
Oil & Gas Exploration and Production
LIBOR plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - January 22, 2019) (8) (18)
3 month LIBOR
9,900

8,638

1,171

 
 
LIBOR plus 10.00% (Floor 1.00%), Current coupon 11.0% Secured Debt (Maturity - September 7, 2016) (8)
1 month LIBOR
609

596

607

 
 
 
 
 
9,234

1,778

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)
Technology-Based Performance Support Solutions
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - April 28, 2022) (14)
3 month LIBOR
10,902

10,396

5,177

Extreme Reach, Inc. (8)
Integrated TV and Video Advertising Platform
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - February 7, 2020)
3 month LIBOR
6,587

6,542

6,576

Flavors Holdings, Inc. (8)
Global Provider of Flavoring and Sweetening Products and Solutions
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - April 3, 2020)
3 month LIBOR
12,272

11,612

11,045

Fram Group Holdings, Inc. (8)
Manufacturer of Automotive Maintenance Products
LIBOR Plus 5.50% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity - July 29, 2017)
1 month LIBOR
7,776

7,519

7,180

GST Autoleather, Inc. (8)
Automotive Leather Manufacturer
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity Date - July 10, 2020)
3 month LIBOR
11,845

11,702

11,430

Guerdon Modular Holdings, Inc. (10) (13)
Multi-Family and Commercial Modular Construction Company
13.00% Secured Debt (Maturity - August 13, 2019)
None
2,600

2,549

2,575

 
 
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - August 13, 2019) (8)
1 month LIBOR
240

235

235

 
 
Common Stock (53,008 shares)
—
—

746

302

 
 
 
 
 
3,530

3,112

Guitar Center, Inc.
Musical Instruments Retailer
6.50% Secured Bond (Maturity - April 15, 2019)
None
15,015

13,879

13,514

Halcon Resources Corporation
Oil & Gas Exploration & Production
9.75% Unsecured Bond (Maturity - July 15, 2020) (17)
None
3,000

2,645

533

Hojeij Branded Foods, Inc. (8) (11)
Multi-Airport, Multi-Concept Restaurant Operator
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity Date - July 28, 2021)
3 month LIBOR
5,473

5,425

5,408

Horizon Global Corporation (8)
Auto Parts Manufacturer
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity Date - June 30, 2021)
1 month LIBOR
12,513

12,309

12,043

Hunter Defense Technologies, Inc. (8)
Provider of Military and Commercial Shelters and Systems
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity Date - August 5, 2019)
1 month LIBOR
10,495

10,400

8,658

Hygea Holdings Corp. (8) (11)
Provider of Physician Services
LIBOR Plus 9.25%, Current Coupon 9.87% Secured Debt (Maturity Date - February 24, 2019)
3 Month LIBOR
8,000

7,342

7,342

 
 
Warrants (4,880,735 equivalent shares, Expiration - February 24, 2023)
—
—

369

369

 
 
 
 
 
7,711

7,711

ICON Health and Fitness, Inc.
Producer of Fitness Products
11.88% Secured Bond (Maturity - October 15, 2016)
None
14,337

14,203

12,975

iEnergizer Limited (8) (9)
Provider of Business Outsourcing Solutions
LIBOR 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity - May 1, 2019)
1 month LIBOR
4,155

4,150

3,635

Indivior Finance, LLC (8) (9)
Specialty Pharmaceutical Company Treating Opioid Dependence
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 19, 2019)
3 month LIBOR
9,375

8,907

8,938

Industrial Container Services, LLC (8) (11)
Steel Drum Reconditioner
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - December 31, 2018)
3 month LIBOR
4,974

4,920

4,920

Inn of the Mountain Gods Resort and Casino
Hotel & Casino Owner & Operator
9.25% Secured Bond (Maturity - November 30, 2020)
None
10,749

10,558

9,943

Intertain Group Limited (8) (9)
Business-to-Consumer Online Gaming Operator
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - April 8, 2022)
1 month LIBOR
9,677

9,530

9,653

iPayment, Inc. (8)
Provider of Merchant Acquisition
LIBOR Plus 5.25% (Floor 1.50%), Current Coupon 6.75%, Secured Debt (Maturity - May 8, 2017)
3 month LIBOR
15,115

14,989

14,445

iQor US Inc. (8)
Business Process Outsourcing Services Provider
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - April 1, 2021)
3 month LIBOR
7,817

7,330

6,410

IronGate Energy Services, LLC
Oil and Gas Services
11.00% Secured Bond (Maturity - July 1, 2018)
None
5,825

5,828

1,398

Jackmont Hospitality, Inc. (8) (11)
Franchisee of Casual Dining Restaurants
LIBOR Plus 4.25% (Floor 1.00%)/ 2.50% PIK , Current Coupon 7.75%, Secured Debt (Maturity Date - May 26, 2021)
1 month LIBOR
8,904

8,869

8,520

Joerns Healthcare, LLC (8)
Manufacturer and Distributor of Health Care Equipment & Supplies
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - May 9, 2020)
3 month LIBOR
4,401

4,382

4,362

JSS Holdings, Inc. (8)
Aircraft Maintenance Program Provider
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity Date - August 31, 2021)
3 month LIBOR
14,381

14,060

13,662

Kellermeyer Bergensons Services, LLC (8)
Outsourced Janitorial Services to Retail/Grocery Customers
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - April 29, 2022) (14)
3 month LIBOR
14,700

14,594

13,965

Kendra Scott, LLC (8)
Jewelry Retail Stores
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity Date - July 17, 2020)
3 month LIBOR
9,750

9,664

9,726

Keypoint Government Solutions, Inc. (8)
Provider of Pre-Employment Screening Services
LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity - November 13, 2017)
3 month LIBOR
1,965

1,958

1,955

LaMi Products, LLC (8) (11)
General Merchandise Distribution
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - September 16, 2020)
3 month LIBOR
10,735

10,534

10,735

Larchmont Resources, LLC (8)
Oil & Gas Exploration & Production
LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity - August 7, 2019)
3 month LIBOR
13,230

11,956

6,086

Legendary Pictures Funding, LLC (8) (11)
Producer of TV, Film, and Comic Content
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 22, 2020)
3 month LIBOR
7,500

7,374

7,369

LJ Host Merger Sub, Inc. (8)
Managed Services and Hosting Provider
LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity - December 13, 2019)
3 month LIBOR
5,053

5,041

5,003

MediMedia USA, Inc. (8)
Provider of Healthcare Media and Marketing
LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity - November 20, 2018)
3 month LIBOR
11,904

11,829

11,636

Milk Specialties Company (8)
Processor of Nutrition Products
LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity - November 9, 2018)
3 month LIBOR
4,303

4,267

4,311

Minute Key, Inc. (10) (13)
Operator of Automated Key Duplication Kiosk
10.00% Current / 2.00% PIK Secured Debt (Maturity Date - September 19, 2019) (14)
None
3,846

3,743

3,743

 
 
Warrants (359,352 equivalent shares, Expiration - May 20, 2025)
—
—

70

70

 
 
 
 
 
3,813

3,813

Mood Media Corporation (8) (9)
Provider of Electronic Equipment
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - May 1, 2019)
3 month LIBOR
14,937

14,918

13,987

New Media Holdings II LLC (8) (9)
Local Newspaper Operator
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 4, 2020)
3 month LIBOR
14,819

14,666

14,494

North American Lifting Holdings, Inc. (8)
Crane Service Provider
LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity - November 27, 2020)
3 month LIBOR
1,091

818

815

North Atlantic Trading Company, Inc. (8)
Marketer/Distributor of Tobacco
LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity -January 13, 2020)
1 month LIBOR
10,989

10,993

10,879

Novitex Acquisition, LLC (8)
Provider of Document Management Services
LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity - July 7, 2020)
3 month LIBOR
11,558

11,324

10,518

Panolam Industries International, Inc. (8)
Decorative Laminate Manufacturer
LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity - August 23, 2017)
1 month LIBOR
7,291

7,238

7,219

Paris Presents, Inc. (8)
Branded Cosmetic and Bath Accessories
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - December 31, 2021) (14)
1 month LIBOR
7,500

7,369

7,350

Parq Holdings, LP (8) (9) (12)
Hotel and Casino Operator
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 17, 2020)
1 month LIBOR
12,500

12,359

11,719

Permian Holdings, Inc.
Storage Tank Manufacturer
10.50% Secured Bond (Maturity - January 15, 2018)
None
6,885

5,917

2,410

Pernix Therapeutics Holdings, Inc. (11)
Pharmaceutical Royalty - Anti-Migraine
12.00% Secured Bond (Maturity - August 1, 2020)
None
3,104

3,073

2,906

Pike Corporation (8)
Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - June 22, 2022) (14)
3 month LIBOR
13,334

13,045

13,223

Polyconcept Financial B.V. (8)
Promotional Products to Corporations and Consumers
LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity - June 28, 2019)
1 month LIBOR
5,312

5,304

5,246

Premier Dental Services, Inc. (8)
Dental Care Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - November 1, 2018)
3 month LIBOR
4,511

4,492

4,082

Prowler Acquisition Corporation (8)
Specialty Distributor to the Energy Sector
LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity - January 28, 2020)
3 month LIBOR
9,407

8,182

6,585

Raley's, Inc. (8)
Family-Owned Supermarket Chain in California
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - May 18, 2022)
3 month LIBOR
5,029

4,937

5,016

RCHP, Inc. (8)
Region Non-Urban Hospital Owner/Operator
LIBOR Plus 10.25% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity - October 23, 2019) (14)
2 month LIBOR
15,072

14,700

15,223

Renaissance Learning, Inc. (8)
Technology-based K-12 Learning Solutions
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - April 11, 2022) (14)
3 month LIBOR
12,950

12,506

11,558

RGL Reservoir Operations, Inc. (8) (9)
Oil & Gas Equipment & Services
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - August 13, 2021)
3 month LIBOR
3,940

3,844

1,005

RLJ Entertainment, Inc. (8) (11)
Movie and TV Programming Licensee and Distributor
LIBOR Plus 8.75% (Floor .25%), Current Coupon 9.37%, Secured Debt (Maturity - September 11, 2019)
3 month LIBOR
8,046

7,791

7,916

RM Bidder, LLC (11)
Acquisition Vehicle
Common Stock (1,854 shares)
—
—

31

29

 
 
Series A Warrants (124,915 equivalent shares, Expiration - October 20, 2025)
—
—

284

200

 
 
Series B Warrants (93,686 equivalent shares, Expiration - October 20, 2025)
—
—

—

—

 
 
 
 
 
315

229

Sage Automotive Interiors, Inc (8)
Automotive Textiles Manufacturer
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - October 8, 2021) (14)
3 month LIBOR
5,000

4,958

4,950

Salient Partners, LP (8)
Provider of Asset Management Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - June 9, 2021)
1 month LIBOR
7,369

7,237

7,148

Sorenson Communications, Inc.
Manufacturer of Communication Products for Hearing Impaired
9.00% Secured Bond (Maturity - October 31, 2020) (14)
None
11,710

11,246

10,656

Sotera Defense Solutions, Inc. (8)
Defense Industry Intelligence Services
LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity - April 21, 2017)
3 month LIBOR
3,440

3,350

3,182

Stardust Finance Holdings, Inc. (8)
Manufacturer of Diversified Building Products
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - March 13, 2022)
3 month LIBOR
2,475

2,420

2,456

 
 
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - March 13, 2023) (14)
3 month LIBOR
5,000

4,412

4,875

 
 
 
 
 
6,832

7,331

Synagro Infrastructure Company, Inc. (8)
Waste Management Services
LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - August 22, 2020)
3 month LIBOR
2,704

2,684

2,298

TaxAct, Inc. (8)
Provider of Tax Preparation Solutions
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - January 3, 2023)
1 month LIBOR
9,000

8,798

8,775

Teleguam Holdings, LLC (8)
Cable and Telecom Services Provider
LIBOR Plus 7.50% (Floor 1.25%), Current Coupon 8.75%, Secured Debt (Maturity - June 10, 2019) (14)
1 month LIBOR
3,000

3,016

2,978

Templar Energy, LLC (8)
Oil & Gas Exploration & Production
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - November 25, 2020) (14)
3 month LIBOR
3,000

2,983

338

Tervita Corporation (8) (9)
Oil and Gas Environmental Services
LIBOR Plus 5.00% (Floor 1.25%), Current Coupon 6.25%, Secured Debt (Maturity - May 15, 2018)
3 month LIBOR
1,003

1,008

847

The Topps Company, Inc. (8)
Trading Cards & Confectionary
LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity - October 2, 2018)
3 month LIBOR
978

972

960

TOMS Shoes, LLC (8)
Global Designer, Distributor, and Retailer of Casual Footwear
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - October 30, 2020)
3 month LIBOR
4,950

4,553

3,261

Travel Leaders Group, LLC (8) (12)
Travel Agency Network Provider
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 7, 2020)
3 month LIBOR
16,693

16,594

16,631

Unirush LLC (10) (13)
Provider of Prepaid Debt Card Solutions
12.00 Secured Debt (Maturity Date - February 1, 2019)
None
3,000

2,647

2,647

 
 
Warrants (111,181 equivalent shares, Expiration - February 2, 2026)
—
—

313

313

 
 
 
 
 
2,960

2,960

USJ-IMECO Holding Company, LLC (8)
Marine Interior Design and Installation
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 16, 2020)
3 month LIBOR
7,847

7,829

7,730

Valley Healthcare Group, LLC (8) (10) (13)
Provider of Durable Medical Equipment
LIBOR Plus 12.50% (Floor .50%), Current Coupon 13.00%, Secured Debt (Maturity - December 29, 2020)
1 month LIBOR
2,600

2,550

2,550

Vision Solutions, Inc. (8)
Provider of Information Availability Software
LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity - July 23, 2016)
1 month LIBOR
1,185

1,186

1,144

 
 
LIBOR Plus 8.00% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity - July 23, 2017) (14)
1 month LIBOR
875

872

809

 
 
 
 
 
2,058

1,953

Vivid Seats, LLC (8)
Provider of Online Secondary Ticket Marketplace
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - March 1, 2022)
1 month LIBOR
5,000

4,654

4,681

Volusion, LLC (10)
Provider of Online Software-as-a-Service eCommerce Solutions
10.50% Secured Debt (Maturity Date - January 24, 2020)
None
7,500

6,895

6,895

 
 
Preferred Member Units (2,090,001 shares)
—
—

6,000

6,000

 
 
Warrants (407,408 equivalent shares, Expiration - January 26, 2025)
—
—

600

600

 
 
 
 
 
13,495

13,495

Worley Claims Services, LLC (8) (11)
Insurance Adjustment Management and Services Provider
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - October 31, 2020)
1 month LIBOR
6,419

6,368

6,196

YP Holdings LLC (8)
Online and Offline Advertising Operator
LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity - June 4, 2018)
1 month LIBOR
12,347

14,281

13,415

 
 
 
 
 
 
 
Subtotal Non-Control/Non-Affiliate Investments (5) (94% of total portfolio investments at fair value)
 
 
$
880,163

$
809,806

 
 
 
 
 
 
 
Total Portfolio Investments
 
 
 
 
$
923,793

$
857,832

 
 
 
 
 
 
 
Short Term Investments (20)
 
 
 
 
 
 
Fidelity Institutional Money Market Funds
—
Prime Money Market Portfolio, Class II Shares (21)
—
—
$
4,615

$
4,615

US Bank Money Market Account (21)
—
—
—
—
5,284

5,284

UMB Bank Money Market Account (21)
—
—
—
—
4,334

4,334

 
 
 
 
 
 
 
Total Short Term Investments
 
 
 
 
$
14,233

$
14,233

(1) All investments are Middle Market portfolio investments, unless otherwise noted. All of the Company's assets are encumbered as security for the Company's credit agreements. See Note 4 - Borrowings.
(2) Debt investments are income producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.
(3) See Note 3 - Fair Value Hierarchy for Investments for summary geographic location of portfolio companies.
(4) Affiliate investments are generally defined by the 1940 Investment Company Act of 1940, as amended (the “1940 Act”), as investments in which between 5% and 25% of the voting securities are owned, or an investment in an investment company’s investment adviser, and the investments are not classified as Control investments.
(5) Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(6) Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(7) Principal is net of repayments. Cost represents amortized cost which is net of repayments and adjusted for the amortization of premiums and/or accretion of discounts, as applicable.
(8) Index based floating interest rate is subject to contractual minimum interest rates.
(9) The investment is not a qualifying asset in an eligible portfolio company under the 1940 Act. A business development company (“BDC”) may not acquire any asset other than qualifying assets in eligible portfolio companies unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. As of March 31, 2016, approximately 12.9% of the Company's investments were considered non-qualifying.
(10) Investment is classified as a Lower Middle Market investment.
(11) Investment is classified as a Private Loan portfolio investment.
(12) Investment or portion of investment is under contract to purchase and met trade date accounting criteria as of March 31, 2016. Settlement occurred or is scheduled to occur after March 31, 2016.
(13) Investment serviced by Main Street pursuant to servicing arrangements with the Company.
(14) Second lien secured debt investment.
(15) Investment is classified as an Other Portfolio investment.
(16) Income producing through dividends or distributions.
(17) Unsecured debt investment.
(18) Investment is on non-accrual status as of March 31, 2016.
(19) Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(20) Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
(21) Effective yield as of March 31, 2016 was approximately 0.01%.
(22) The 1, 2, 3, and 6-month London Interbank Offered Rate ("LIBOR") rates were 0.44%, 0.52%, 0.63% and 0.90%, respectively, as of March 31, 2016. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2016, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2016. The prime rate was 3.50% as of March 31, 2016.

See notes to the condensed consolidated financial statements.

5


HMS Income Fund, Inc.
Condensed Consolidated Schedule of Investments
As of December 31, 2015
(dollars in thousands)
Portfolio Company (1) (3)
Business Description
Type of Investment (2) (3)
Index Rate (22)
Principal (7)
Cost (7)
Fair Value
 
 
Control Investments (6)
GRT Rubber Technologies, LLC (8) (10) (13)
Engineered Rubber Product Manufacturer
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - December 19, 2019)
1 month LIBOR
$
7,941

$
7,806

$
7,806

 
 
Member Units (2,896 shares)
—
—

6,435

7,674

 
 
 
 
 
14,241

15,480

 
 
 
 
 
 
Subtotal Control Investments (6) (2% of total portfolio investments at fair value)
 
 
$
14,241

$
15,480

 
 
 
 
 
 
 
Affiliate Investments (4)
AFG Capital Group, LLC (10) (13)
Provider of Rent-to-Own Financing Solutions and Services
11.00% Secured Debt (Maturity Date - November 7, 2019)
None
$
3,240

$
3,118

$
3,198

 
 
Member Units (46 shares)
—
—

300

505

 
 
Warrants (10 equivalent shares, Expiration - November 7, 2024)
—
—

65

122

 
 
 
 
 
3,483

3,825

EIG Traverse Co-Investment, LP (9) (15)
Investment Partnership
LP Interests (EIG Traverse Co-Investment, LP) (Fully diluted 6.6%) (16)
—
—

4,755

4,755

Freeport First Lien Loan Fund III, LP (9) (15)
Investment Partnership
LP Interests (Freeport First Lien Loan Fund III, LP) (Fully diluted 6.4%) (16)
—
—

2,077

2,077

HW Temps LLC (8) (10) (13)
Temporary Staffing Solutions
LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity Date - July 2, 2020)
1 month LIBOR
2,494

2,430

2,430

 
 
Member Units (800 shares)
—
—

986

986

 
 
 
 
 
3,416

3,416

M.H. Corbin LLC (10) (13)
Manufacturer and Distributor of Traffic Safety Products
10.00% Secured Debt (Maturity Date - August 31, 2021)
None
3,500

3,467

3,467

 
 
Member Units (1,000 shares)
—
—

1,500

1,500

 
 
 
 
 
4,967

4,967

Mystic Logistics, Inc. (10) (13)
Logistics and Distribution Services Provider for Large Volume Mailers
12.00% Secured Debt (Maturity Date - August 15, 2019)
None
2,362

2,299

2,361

 
 
Common Stock (1,468 shares) (16)
—
—

680

1,492

 
 
 
 
 
2,979

3,853

SoftTouch Medical Holdings LLC (8) (10) (13)
Home Provider of Pediatric Durable Medical Equipment
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity Date - October 31, 2019)
1 month LIBOR
1,425

1,402

1,402

 
 
Member Units (785 shares) (16)
—
—

870

1,008

 
 
 
 
 
2,272

2,410

 
 
 
 
 
 
 
Subtotal Affiliate Investments (4) (3% of total portfolio investments at fair value)
 
 
$
23,949

$
25,303

 
 
 
 
 
 
 
Non-Control/Non-Affiliate Investments (5)
AccuMed Corporation (8) (11)
Medical Device Contract Manufacturer
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - October 29, 2020)
2 month LIBOR
9,750

9,595

9,595

Adams Publishing Group, LLC (8) (11)
Local Newspaper Operator
LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - November 3, 2020)
2 month LIBOR
9,506

9,317

9,328

Ahead, LLC (8) (11)
IT Infrastructure Value Added Reseller
LIBOR Plus 6.50%, Current Coupon 6.76%, Secured Debt (Maturity - November 2, 2020)
1 month LIBOR
10,000

9,708

9,750

Allflex Holdings III Inc. (8)
Manufacturer of Livestock Identification Products
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - July 19, 2021) (14)
3 month LIBOR
14,922

15,013

14,713

AmeriTech College Operations, LLC (10) (13)
For-Profit Nursing and Healthcare College
10.00% Secured Debt, (Maturity - January 31, 2020)
None
375

375

375

 
 
10.00% Secured Debt, (Maturity - November 30, 2019)
None
61

60

60

 
 
10.00% Secured Debt, (Maturity - May 15, 2016)
None
64

64

64

 
 
Preferred Member Units (364 shares) (16)
—
—

284

284

 
 
 
 
 
783

783

AMF Bowling Centers, Inc. (8)
Bowling Alley Operator
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - September 18, 2021)
3 month LIBOR
13,847

13,777

13,720

AP Gaming I, LLC (8) (11)
Developer, Manufacturer, and Operator of Gaming Machines
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - December 21, 2020)
3 month LIBOR
11,407

11,290

11,036

Apex Linen Service, Inc. (10) (13)
Industrial Launderers
13.00% Secured Debt, (Maturity - October 30, 2022)
None
3,000

2,944

2,944

 
 
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - October 30, 2022)
1 month LIBOR
400

400

400

 
 
 
 
 
3,344

3,344

Aptean, Inc. (8)
Enterprise Application Software Provider
LIBOR Plus 4.25% (Floor 1.00%), Current Coupon 5.25%, Secured Debt (Maturity - February 26, 2020)
3 month LIBOR
4,415

4,415

4,323

Arcus Hunting, LLC (8) (11)
Manufacturer of Bowhunting and Archery Products and Accessories
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - November 13, 2019)
3 month LIBOR
4,770

4,665

4,665

Artel, LLC (8)
Land-Based and Commercial Satellite Provider
LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity - November 27, 2017)
3 month LIBOR
3,344

3,274

2,859

ATX Networks Corp. (8) (9)
Provider of Radio Frequency Management Equipment
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 11, 2021)
3 month LIBOR
14,925

14,645

14,701

BarFly Ventures, LLC (11)
Casual Restaurant Group
12.00% Secured Debt (Maturity Date - August 30, 2020)
None
1,374

1,348

1,348

 
 
Warrants (.364 equivalent shares, Expiration - August 31, 2025)
—
—

158

158

 
 
 
 
 
1,506

1,506

Berry Aviation, Inc. (11)
Airline Charter Service Operator
12.00% Current / 1.75% PIK Secured Debt (Maturity Date - January 30, 2020) (14)
None
1,407

1,386

1,386

 
 
Common Stock (138 shares)
—

—

100

100

 
 
 
 
 
1,486

1,486

Bioventus, LLC (8) (11)
Production of Orthopedic Healing Products
LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - April, 10, 2020) (14)
1 month LIBOR
7,000

6,888

6,895

Blackbrush Oil and Gas LP (8)
Oil & Gas Exploration
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - July 30, 2021) (14)
3 month LIBOR
12,085

11,655

9,758

Blackhawk Specialty Tools LLC (8)
Oilfield Equipment & Services
LIBOR Plus 5.25% (Floor 1.25%), Current Coupon 6.50%, Secured Debt (Maturity - August 1, 2019)
3 month LIBOR
8,500

8,047

7,862

Blue Bird Body Company (8)
School Bus Manufacturer
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - June 26, 2020)
3 month LIBOR
5,062

5,002

5,027

Bluestem Brands, Inc. (8) (9)
Multi-Channel Retailer of General Merchandise
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - November 6, 2020)
3 month LIBOR
14,619

14,330

13,705

Brightwood Capital Fund III, LP (9) (15)
Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (Fully diluted .52%) (16)
—
—

3,825

3,695

Brundage-Bone Concrete Pumping, Inc.
Construction Services Provider
10.38% Secured Bond (Maturity - September 1, 2021) (14)
None
10,000

10,173

9,750

Buca C, LLC (8) (10) (13)
Casual Restaurant Group
LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - June 30, 2020)
1 month LIBOR
17,020

16,708

16,708

 
 
Preferred Member Units (4 units)
—
—

2,472

2,472

 
 
 
 
 
19,180

19,180

CAI Software, LLC (10) (13)
Provider of Specialized Enterprise Resource Planning Software
12.00% Secured Debt (Maturity Date - October 10, 2019)
None
1,165

1,138

1,165

 
 
Member Units (16,339 shares)
—
—

163

250

 
 
 
 
 
1,301

1,415

CJ Holding Company (8)
Oil and Gas Equipment and Services
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - March 24, 2020)
1 month LIBOR
5,955

5,189

3,710

Cengage Learning Acquisitions, Inc. (8)
Provider of Educational Print and Digital Services
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - March 31, 2020)
1 month LIBOR
15,018

15,024

14,680

Cenveo Corporation
Provider of Commercial Printing, Envelopes, Labels, Printed Office Products
6.00% Secured Bond (Maturity - August 1, 2019)
None
10,000

8,719

7,050

Charlotte Russe, Inc. (8)
Fast-Fashion Retailer to Young Women
LIBOR Plus 5.50% (Floor 1.25%), Current Coupon 6.75%, Secured Debt (Maturity - May 22, 2019)
3 month LIBOR
15,101

14,853

10,541

Clarius BIGS, LLC (11) (13) (18)
Prints & Advertising Film Financing
15.00% PIK Secured Debt (Maturity - January 5, 2015) (18)
None
2,480

2,222

412

 
 
20.00% PIK Secured Debt (Maturity - January 5, 2015) (18)
None
896

803

149

 
 
 
 
 
3,025

561

Compuware Corporation (8)
Provider of Software and Supporting Services
LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - December 15, 2019)
3 month LIBOR
14,250

13,893

13,523

Covenant Surgical Partners, Inc.
Ambulatory Surgical Centers
8.75% Secured Debt (Maturity - August 1, 2019)
None
9,500

9,500

9,263

CRGT, Inc. (8)
Provider of Custom Software Development
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 18, 2020)
3 month LIBOR
14,168

13,918

14,098

CST Industries, Inc. (8)
Storage Tank Manufacturer
LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity - May 22, 2017)
3 month LIBOR
1,978

1,975

1,958

Datacom, LLC (10) (13)
Technology and Telecommunications Provider
10.50% Secured Debt (Maturity - May 30, 2019)
None
1,245

1,226

1,192

 
 
Preferred Member Units (1,530 units) (16)
—
—

131

131

 
 
Preferred Member Units (717 units)
—
—

670

564

 
 
 
 
 
2,027

1,887

Digital River, Inc. (8) (12)
Provider of Outsourced e-Commerce Solutions and Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - February 12, 2021)
3 month LIBOR
9,786

9,691

9,688

ECP-PF: CT Operations, Inc. (8) (11)
Fitness Club Operator
LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.00%, Secured Debt (Maturity - November 26, 2019)
3 month LIBOR
1,875

1,860

1,831

East West Copolymer & Rubber, LLC (10) (13)
Manufacturer of Synthetic Rubbers
12.00% Secured Debt (Maturity Date - October 17, 2019)
None
2,400

2,336

2,336

 
 
Warrants (627,697 equivalent shares, Expiration - October 15, 2024)
—
—

10

10

 
 
 
 
 
2,346

2,346

Energy & Exploration Partners, LLC (18)
Oil & Gas Exploration and Production
LIBOR plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - January 22, 2019) (8) (18)
3 month LIBOR
9,900

8,638

2,500

 
 
8.75% Secured Debt (Maturity - January 21, 2016)
None
233

233

233

 
 
 
 
 
8,871

2,733

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (8) (9)
Technology-Based Performance Support Solutions
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - April 28, 2022) (14)
3 month LIBOR
10,902

10,382

7,277

Extreme Reach, Inc. (8)
Integrated TV and Video Advertising Platform
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - February 7, 2020)
3 month LIBOR
6,853

6,822

6,742

Flavors Holdings, Inc. (8)
Global Provider of Flavoring and Sweetening Products and Solutions
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - April 3, 2020)
3 month LIBOR
8,438

8,135

7,509

Fram Group Holdings, Inc. (8)
Manufacturer of Automotive Maintenance Products
LIBOR Plus 5.50% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity - July 29, 2017)
1 month LIBOR
8,099

7,782

6,105

GST Autoleather, Inc. (8)
Automotive Leather Manufacturer
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity Date - July 10, 2020)
3 month LIBOR
9,875

9,796

9,529

Guerdon Modular Holdings, Inc. (10) (13)
Multi-Family and Commercial Modular Construction Company
11.00% Secured Debt (Maturity - August 13, 2019)
None
2,600

2,542

2,547

 
 
Common Stock (53,008 shares)
—
—

746

497

 
 
 
 
 
3,288

3,044

Guitar Center, Inc.
Musical Instruments Retailer
6.50% Secured Bond (Maturity - April 15, 2019)
None
13,015

12,135

10,933

Halcon Resources Corporation
Oil & Gas Exploration & Production
9.75% Unsecured Bond (Maturity - July 15, 2020) (17)
None
3,000

2,630

870

Hojeij Branded Foods, Inc. (8) (11)
Multi-Airport, Multi-Concept Restaurant Operator
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity Date - July 28, 2021)
3 month LIBOR
5,330

5,280

5,280

Horizon Global Corporation (8)
Auto Parts Manufacturer
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity Date - June 30, 2021)
1 month LIBOR
12,675

12,462

12,580

Hunter Defense Technologies, Inc. (8)
Provider of Military and Commercial Shelters and Systems
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity Date - August 5, 2019)
3 month LIBOR
10,495

10,420

10,390

ICON Health and Fitness, Inc.
Producer of Fitness Products
11.88% Secured Bond (Maturity - October 15, 2016)
None
13,337

13,252

12,670

iEnergizer Limited (8) (9)
Provider of Business Outsourcing Solutions
LIBOR Plus 6.00% (Floor 1.25%), Current Coupon 7.25%, Secured Debt (Maturity - May 1, 2019)
1 month LIBOR
4,312

4,305

3,988

Indivior Finance, LLC (8) (9)
Specialty Pharmaceutical Company Treating Opioid Dependence
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 19, 2019)
3 month LIBOR
9,500

9,003

8,930

Industrial Container Services, LLC (8) (11)
Steel Drum Reconditioner
LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - December 31, 2018)
3 month LIBOR
4,987

4,930

4,930

Inn of the Mountain Gods Resort and Casino
Hotel & Casino Owner & Operator
9.25% Secured Bond (Maturity - November 30, 2020)
None
10,749

10,551

9,943

Intertain Group Limited (8) (9)
Business-to-Consumer Online Gaming Operator
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - April 8, 2022)
3 month LIBOR
9,938

9,783

9,914

Invenergy Thermal Operating I, LLC (8)
Power Generation
LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - October 19, 2022)
3 month LIBOR
9,975

9,775

9,676

iPayment, Inc. (8) (12)
Provider of Merchant Acquisition
LIBOR Plus 5.25% (Floor 1.50%), Current Coupon 6.75%, Secured Debt (Maturity - May 8, 2017)
3 month LIBOR
15,115

14,954

14,532

iQor US Inc. (8)
Business Process Outsourcing Services Provider
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - April 1, 2021)
3 month LIBOR
7,837

7,320

6,295

IronGate Energy Services, LLC
Oil and Gas Services
11.00% Secured Bond (Maturity - July 1, 2018)
None
5,825

5,828

3,204

Jackmont Hospitality, Inc. (8) (11)
Franchisee of Casual Dining Restaurants
LIBOR Plus 4.25% (Floor 1.00%)/ 2.50% PIK , Current Coupon 7.75%, Secured Debt (Maturity Date - May 26, 2021)
1 month LIBOR
8,715

8,678

8,325

Joerns Healthcare, LLC (8)
Manufacturer and Distributor of Health Care Equipment & Supplies
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - May 9, 2020)
3 month LIBOR
4,412

4,392

4,381

JSS Holdings, Inc. (8)
Aircraft Maintenance Program Provider
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity Date - August 31, 2021)
3 month LIBOR
14,566

14,230

13,765

Kellermeyer Bergensons Services, LLC (8)
Outsourced Janitorial Services to Retail/Grocery Customers
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - April 29, 2022) (14)
3 month LIBOR
14,700

14,591

14,553

Kendra Scott, LLC (8)
Jewelry Retail Stores
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity Date - July 17, 2020)
3 month LIBOR
9,875

9,784

9,801

Keypoint Government Solutions, Inc. (8)
Provider of Pre-Employment Screening Services
LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity - November 13, 2017)
3 month LIBOR
2,033

2,025

2,023

LaMi Products, LLC (8) (11)
General Merchandise Distribution
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - September 16, 2020)
3 month LIBOR
4,729

4,640

4,640

Larchmont Resources, LLC (8)
Oil & Gas Exploration & Production
LIBOR Plus 8.75% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity - August 7, 2019)
3 month LIBOR
13,268

11,918

9,420

Legendary Pictures Funding, LLC (8) (11)
Producer of TV, Film, and Comic Content
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 22, 2020)
3 month LIBOR
7,500

7,367

7,425

LJ Host Merger Sub, Inc. (8)
Managed Services and Hosting Provider
LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity - December 13, 2019)
3 month LIBOR
5,122

5,109

5,071

MAH Merger Corporation (8)
Sports-Themed Casual Dining Chain
LIBOR Plus 4.50% (Floor 1.25%), Current Coupon 5.75%, Secured Debt (Maturity - July 19, 2019)
1 month LIBOR
1,373

1,373

1,370

MediMedia USA, Inc. (8)
Provider of Healthcare Media and Marketing
LIBOR Plus 6.75% (Floor 1.25%), Current Coupon 8.00%, Secured Debt (Maturity - November 20, 2018)
3 month LIBOR
11,904

11,826

11,369

Milk Specialties Company (8)
Processor of Nutrition Products
LIBOR Plus 7.00% (Floor 1.25%), Current Coupon 8.25%, Secured Debt (Maturity - November 9, 2018)
3 month LIBOR
4,669

4,630

4,673

Minute Key, Inc. (10) (13)
Operator of Automated Key Duplication Kiosk
10.00% Current / 2.00% PIK Secured Debt (Maturity Date - September 19, 2019) (14)
None
3,530

3,426

3,426

 
 
Warrants (359,352 equivalent shares, Expiration - May 20, 2025)
—
—

70

70

 
 
 
 
 
3,496

3,496

Mood Media Corporation (8) (9)
Provider of Electronic Equipment
LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - May 1, 2019)
3 month LIBOR
14,975

14,953

14,282

New Media Holdings II LLC (8) (9)
Local Newspaper Operator
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 4, 2020)
3 month LIBOR
14,856

14,696

14,726

North Atlantic Trading Company, Inc. (8)
Marketer/Distributor of Tobacco
LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity -January 13, 2020)
3 month LIBOR
11,222

11,222

11,138

Novitex Acquisition, LLC (8)
Provider of Document Management Services
LIBOR Plus 6.25% (Floor 1.25%), Current Coupon 7.50%, Secured Debt (Maturity - July 7, 2020)
3 month LIBOR
11,632

11,387

10,963

Panolam Industries International, Inc. (8)
Decorative Laminate Manufacturer
LIBOR Plus 6.50% (Floor 1.25%), Current Coupon 7.75%, Secured Debt (Maturity - August 23, 2017)
1 month LIBOR
7,402

7,342

7,365

Paris Presents, Inc. (8)
Branded Cosmetic and Bath Accessories
LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - December 31, 2021) (14)
1 month LIBOR
7,500

7,364

7,350

Parq Holdings, LP (8) (9) (12)
Hotel and Casino Operator
LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 17, 2020)
1 month LIBOR
12,500

12,354

12,000

Permian Holdings, Inc.
Storage Tank Manufacturer
10.50% Secured Bond (Maturity - January 15, 2018)
None
6,885

5,819

2,616

Pernix Therapeutics Holdings, Inc. (11)
Pharmaceutical Royalty - Anti-Migraine
12.00% Secured Bond (Maturity - August 1, 2020)
None
3,341

3,309

3,305

Pike Corporation (8) (12)
Construction and Maintenance Services for Electric Transmission and Distribution Infrastructure
LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - June 22, 2022) (14)
3 month LIBOR
13,334

13,037

13,079

Polyconcept Financial B.V. (8)
Promotional Products to Corporations and Consumers
LIBOR Plus 4.75% (Floor 1.25%), Current Coupon 6.00%, Secured Debt (Maturity - June 28, 2019)
1 month LIBOR
5,312

5,303

5,279

Premier Dental Services, Inc. (8)
Dental Care Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - November 1, 2018)
3 month LIBOR
4,511

4,490

3,958

Prowler Acquisition Corporation (8)
Specialty Distributor to the Energy Sector
LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 5.50%, Secured Debt (Maturity - January 28, 2020)
3 month LIBOR
7,248

6,541

6,161

Raley's, Inc. (8)
Family-Owned Supermarket Chain in California
LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - May 18, 2022)
3 month LIBOR
5,094

4,998

5,069

RCHP, Inc. (8)
Region Non-Urban Hospital Owner/Operator
LIBOR Plus 10.25% (Floor 1.00%), Current Coupon 11.25%, Secured Debt (Maturity - October 23, 2019) (14)
2 month LIBOR
15,072

14,680

15,072

Renaissance Learning, Inc. (8)
Technology-based K-12 Learning Solutions
LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - April 11, 2022) (14)
3 month LIBOR
12,950

12,493

12,238

RGL Reservoir Operations, Inc. (8) (9)
Oil & Gas Equipment & Services
LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - August 13, 2021)
3 month LIBOR
3,950

3,850

1,534

RLJ Entertainment, Inc. (8) (11)
Movie and TV Programming Licensee and Distributor
LIBOR Plus 8.75% (Floor .25%), Current Coupon 9.08%, Secured Debt (Maturity - September 11, 2019)
3 month LIBOR
8,134

7,824

7,824

RM Bidder, LLC (11)
Acquisition Vehicle
Common Stock (1,854 shares)
—
—

31

30

 
 
Series A Warrants (124,915 equivalent shares, Expiration - October 20, 2025)
—
—

284

242

 
 
Series B Warrants (93,686 equivalent shares, Expiration - October 20, 2025)
—
—

—

—

 
 
 
 
 
315

272

Sage Automotive Interiors, Inc (8)
Automotive Textiles Manufacturer
LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - October 8, 2021) (14)
3 month LIBOR
5,000

4,956

4,950

Salient Partners, LP (8)
Provider of Asset Management Services
LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - June 9, 2021)
1 month LIBOR
7,388

7,250